Proposed MLB Stadium Project Estimated to Create Over 25,000 Permanent Jobs and Generate $1.16 Billion Annual Economic Impact in Orange County
ORLANDO, FL / ACCESSWIRE / May 4, 2023 / Orlando City Baseball Dreamers, LLC (Orlando Dreamers) announced the recent filing of a formal application with the Orange County Tourist Development Tax (TDT) task force to partially fund a new Major League Baseball (MLB) stadium and associated parking garages, that will create approximately 25,000 permanent jobs and generate an estimated $1.16 billion in annual economic impact for Orange County.
The proposed $1.7 billion project includes the new MLB stadium, which would be owned by Orange County and be home to a Major League Baseball team, office space, retail shops, approximately 1,000 hotel rooms, and restaurants. Orlando Dreamers' application for TDT funds calls for Orange County to issue a $975 million 30-year municipal bond, with the balance of the project being financed by the MLB team and its affiliates. No additional government funding for ongoing stadium operations would be required from Orange County beyond the initial investment. An economic and fiscal impact study conducted by JLL, a leading professional services firm, projects the stadium's construction phase alone will result in more than 20,000 jobs and a boost of over $2.7 billion to the economy in Orange County.
"This project is about far more than baseball," said Orlando Dreamers Co-Founder and President Pat Williams. "It's about creating tens of thousands of well-paying jobs and year-round economic impact to support Orange County residents for generations to come."
The proposed stadium would not just be an economic engine but a source of civic pride. It would also feature a vibrant, state-of-the-art entertainment venue as well as a baseball museum.
"We have an incredible opportunity here to make our community more prosperous," said Orlando Dreamers President Pat Williams. "This project will spur economic growth throughout the county, help revitalize neighborhoods and improve the quality of life for everyone in Orange County."
The recently formed Citizen Advisory Task Force, which was formed to review and make recommendations on Orange County's TDT spending, conducted its first meeting in March 2023. The Citizen Advisory Task Force will review the Orlando Dreamers' application and is expected to provide its recommendations to the Board of County Commissioners in July.
Tourist Development Taxes (TDT) are utilized to fund tourism-related advertisements and facilities as mandated by Florida law. TDT-funded facilities in Orange County include the Dr. Phillips Performing Arts Center, Amway Center, Camping World Stadium, and Orange County Convention Center. The current TDT rate in Orange County is 6%.
About Orlando City Baseball Dreamers, LLC
Orlando City Baseball Dreamers, LLC was established to bring Major League Baseball to Orange County and Central Florida. The organization is led by Pat Williams, Founder of the Orlando Magic. Orlando is the largest media market in the United States without a Major League Baseball team, recently surpassing Miami in terms of media market size. Orlando is also the most visited destination in the world.
SOURCE: Orlando City Baseball Dreamers, LLC