The Orlando City Council unanimously approved a memorandum of understanding between the city and the University of Central Florida, promising about $75 million toward the school's downtown campus plans.
That $75 million-pledge
- $20 million in land transferred from the city to UCF
- $22.5 million-valued building called the Center for Emerging Media transferred to UCF
- $16.5 million for the city to realign Livingston and BRT project
- $4 million in stormwater improvements
- $2.5 million for the construction of Livingston Street from Terry Avenue to Parramore Avenue
- $2 million in in-kind parking over a five-year period from a lease with UCF on the CentroPlex 1 Garage
- $142,000 for the acquisition of the CSX Rail Spur
The city's developer partner Creative Village Development LLC pledged $7.7 million toward the project.
Before commissioners took a vote on the memo, Mayor Buddy Dyer had posted a blog to the city's website titled "Why We're Supporting the UCF/Valencia Downtown Campus."
"The campus would create 2,000 new direct and indirect jobs for our residents and have a $205 million impact on our economy each year," Dyer cites as his reasons for supporting the project. "...The project would serve as a catalyst for development at the rest of the 68-acre Creative Village site and further our revitalization efforts in Downtown and Parramore."
UCF plans to present its plans to the Florida Board of Governors
on March 2. The Orlando Magic, CFE Federal Credit Union, the Orange County Commission, Valencia College and UCF leaders have collectively raised $9 million, which will pay for one-third of the building. UCF also reached an understanding with Gov. Rick Scott for $20 million from the state, with several conditions attached. The school is also pulling $20 million from its own coffers.
UCF's Fred Kittinger told commissioners officials expect 7,698 students to enroll in the downtown campus and to award 1,840 degrees annually.