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Orlando advances $160 million CRA bond plan, selects Morgan Stanley and approves $30 million canopy contract
Summary
The Orlando City Council and its CRA advanced a not-to-exceed $160 million tax-increment bond program to fund downtown activation projects and approved a $30 million guaranteed-maximum-price contract for a downtown canopy; Morgan Stanley was recommended as underwriter at a 4.16% fixed rate.
The Orlando City Council and the city’s Community Redevelopment Agency (CRA) moved forward Feb. 9 with financing and construction steps intended to accelerate downtown redevelopment. Council members approved a resolution authorizing the CRA to pursue a not-to-exceed $160,000,000 tax increment revenue bond program to fund projects including Lake Eola improvements, major street work, and a reimagined Church Street.
The measure followed a CRA presentation of a DTO (Downtown Orlando) plan amendment and an RFP seeking bond underwriters. David, a CRA staff member, said the city received three offers—JPMorgan, Morgan Stanley and Truist—and recommended Morgan Stanley’s package, which was…
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