- Briefing Room
|Project Sponsor / Borrower||
City of Orlando, Orange County, Florida Department of Transportation, Millenia project development group
|Value Capture Techniques||Tax Increment Financing|
The Conroy Road Bridge and approach ramps are located just west of the City of Orlando where it crosses I-4. The bridge and ramps provide accessibility to a 400+ acre parcel situated on the east side of I-4 that contains the Mall at Millenia and other commercial development, including retail space and an office park. The City of Orlando, Orange County, FDOT, and the development group for the Millenia project developed the project through a public-private partnership.
This partnership used Tax Increment Financing (TIF) as a performance-based approach to link payment for the transportation improvements with the resulting economic development. The arrangement enabled the city and county to finance most of the transportation infrastructure through a Community Redevelopment Agency (CRA) district that served as the vehicle for issuing tax-exempt bonds to advance funding for the project.
The Millenia project development group agreed to have the site and building developers repay the city for debt service associated with the bridge project bonds through an annual special assessment district fee, which was fixed regardless of the level of actual development, plus a transportation impact fee based on the level of development under permit to be built.
FDOT loan - $5 million
CDA district TIF revenue bonds - $23 million
|Project Delivery / Contract Method||
Forbes Company of Southfield, Michigan and Taubman Centers, Inc. of Bloomfield Hills, Michigan (Millenia project development group)
|Project Advisors / Consultants||
|Duration / Status||
Designed and constructed between 1998 and 2000.
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