If he does, the county, known globally for its citrus groves and cattle ranches, will set up a special taxing district and issue bonds to pay for an estimated $100 million worth of roads, utilities and water connections needed for the mammoth undertaking at Osceola Parkway near State Road 535.

The bonds will be repaid by Miller from special property taxes assessed on hotels and retail after they are built and operating. If Miller doesn't pay the taxes, the county will seize Miller's prime land, estimated at 500 acres and valued at $100 million or $200,000 per acre.

If Miller doesn't produce a moneyman in 27 weeks, the deal is dead. Miller is confident the deal will be alive by fall and that he will break ground by year end. The total build-out will take 10 years.

He couldn't be reached for comment at GlobeSt.com's publication deadline but a broker who has worked with Miller on the project, tells GlobeSt.com, on condition of anonymity, "he (Miller) has $70 million of his own money in this thing and he never likes to lose a nickel of his money."

Miller also has a $40 million personal mortgage on the project, covering some of his own money spent to date.

The deal also includes a plum for Miller: He gets up to $62 million back over an unspecified period of time from tourist taxes generated by the project after it is operating.

The project is gargantuan in size by any standard. The first phase will comprise a 1.2 million-sf World Expo Center; 1,200 hotel rooms; and a 140,000-sf Osceola Convention Center.

The final phase will entail a 3.6 million-sf Expo Center; 9,000 hotel rooms; 900 time share units; 1.2 million sf of office; and 1.1 million sf of retail.

The Orlando office of Trammell Crow Co. will develop and erect the buildings. DCO Energy confirms it has a $100 million contract to provide chilled water and electricity. AT&T will be laying fiber-optic cable along Osceola Parkway to the structures at World Expo Center.

The project has been controversial from the beginning because it never had the firm financing local governments like to see in a venture where taxpayer funds may have to be used, even temporarily.

The State Attorney's office for Orange and Osceola counties unsuccessfully sued the county to block the project, alleging Osceola County commissioners were pledging taxpayers' money to finance a private enterprise.

This time around, however, Osceola County officials feel they have a nothing-to-lose situation. If Miller's project dies, the county has pledged $35 million in bonds to pay for its own convention center. In Miller's plan, the convention center would be an integral part of World Expo Center.

It would also become a crucial competitor to the 4.4 million-sf Orange County Convention Center in south Orlando. That facility is completing a $750 million fourth phase. Convention Center managers worry that new rivals could chip away at its long-range bookings portfolio currently built up to five years in advance.

Instant Insights /

Developer Racing the Clock on $1.1-Bil Park Near Disney

Related Stories

Recommended For You