DeVos will probably kick in more than $10.5 million but a precise number is far from being determined, Vander Wiede indicated at a private meeting with the daily newspaper's executives. DeVos initially asked taxpayers to pay 80% or $200 million. The $10.5 million is 4.2% of the estimated cost.
The team's lease with the city expires in 2004 and DeVos has to decide whether to stay or leave Orlando before the end of this year, lawyers assisting both the city, Orange County and the Magic tell GlobeSt.com.
Vander Wiede couldn't be reached for comment at GlobeSt.com's publication deadline but representatives of RDV Sportsplex, DeVos' corporate umbrella company, tell GlobeSt.com the team owner is reconsidering the cost-effectiveness of expanding and renovating the existing 17,500-seat, 350,000-sf, 12-year-old, TD Waterhouse Center.
"He's looking at the numbers again," the source tells GlobeSt.com on condition of anonymity. "That's all I can tell you for the moment."
If true, that would be a turnaround from DeVos' previous position. After spending $200,000 on studies by national consulting groups, DeVos previously stated he feels investing about $200 million to renovate the old arena wouldn't be cost-effective when compared to the estimated $250 million cost of a new 19,000-seat court.
TD Waterhouse, formerly Orlando Arena, was completed in 1989 for $110 million. It's original projected cost was $45 million. Taxpayers still owe $40 million on the building's mortgage.
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