What if the City of Orlando is unable to sell the current arena site for the projected sales price of $90 million?
First, the planned redevelopment that will produce the $90 million is considerably more than just the arena site. This includes all the City-owned land that will be part of the Creative Village, including not only the Amway Arena site but also the Bob Carr Performing Arts Centre site, a number of surface parking lots, certain property adjacent to both the arena and Bob Carr Performing Arts Centre, and some right-of-way that will be made available as a result of street realignments. The City is projecting that the sale of this property will commence sometime in 2011 and will continue for several years. Accordingly, the projects will likely be complete at the point that we determine the actual sales price for this property. However, the City has mitigated the risk that the committed funding will not be realized by (1) using a very conservative price per square foot and (2) not counting on any appreciation of this property in the assumed price. Prices for similar property have ranged from
