Construction has long begun on the property that will be the home to Orlando City beginning in the 2017 season. Since owner Flavio de Silva agreed to privately finance the stadium, Orlando City and the City of Orlando have been in negotiations for the final price of the land.
Jeff Weiner of the Orlando Sentinel reports the two sides agreed to a purchase price and payment plan. Orlando City will pay $18 million to purchase the land for the stadium in Downtown Orlando, helping more than defray the costs Orlando taxpayers have already spent on preparing the land for construction back when the city and county were planning to pay for much of the $155 million price tag for the stadium.
Orlando City announced in May it would cover the entire cost of the stadium, making it fully privately financed. That is particularly after now reaching an agreement to purchase the land from the city. Final details are still being worked out and the city will vote for final approval Monday, Jan. 25.
The current payment structure asks for a $4.1 million down payment with the rest of the sales price paid in installments with interest in the next 15 years.
This is an important step in finishing the soccer specific stadium Orlando City promised it would deliver as a condition of coming up to MLS. Phil Rawlins previously announced that, despite some delays, metal structures will begin getting erected and the stadium will begin taking real shape.
