page_title: Amway Center
section_title: Financing
hierarchical_section_title: Amway Center / The road to approval / Financing
caption_attribution_description: English: Magic home game at Amway Center. First NBA regular season game at Amway Center against the Washington Wizards.
context_page_description: The Amway Center is a major sports arena and entertainment venue in Orlando, Florida, located in the Downtown area of the city. It is part of Downtown Orlando Master Plan 3: a plan that also involves improvements to Camping World Stadium and the completion of the Dr. Phillips Center for the Performing Arts. The arena is home to the Orlando Magic of the NBA, the Orlando Solar Bears of the ECHL, the Orlando Predators of the National Arena League, and hosted the 2012 NBA All-Star Game and the 2015 ECHL All-Star Game.
  Amway Center hosted the rounds of 64 and 32 games of the NCAA Division I Men's Basketball Tournament in 2014 and 2017. On January 14, 2013, the Arena Football League's Board of Directors voted to award ArenaBowl XXVI to Orlando in the summer of 2013. It hosted UFC on Fox: dos Anjos vs. Cerrone 2 on December 19, 2015.
context_section_description: The details of the agreement were finalized on December 22, 2006. In the agreement, the City of Orlando will take ownership of the new arena, while the Magic will control the planning and construction of the facility so long as contracting procedures are done in the same public manner as governments advertise contracts.  In addition, the City will be paid a part of naming rights and corporate suite sales, a share estimated to be worth $1.75 million the first year of the arena's opening.  The Magic will receive all proceeds from ticket sales for Magic games, while the City will receive all proceeds from ticket sales to all other events. The Orlando Magic will contribute at least $50 million in cash up-front, pick up any cost overruns, and pay rent of $1 million per year for 30 years. The City of Orlando will pay for the land and infrastructure. The remaining money will come from bonds which will be paid off by part of the Orange County Tourist Development Tax, collected as a surcharge on hotel stays, which was raised to 6% in 2006. The Magic will guarantee $100 million of these bonds.
  The Orlando City Council approved several operating agreements connected with the arena plans on May 22, 2007. The City Council approved the plan officially, 6-1, on July 23.  The Venue plan received final approval by the Orange County Board of County Commissioners, 5-2, in late evening of July 26 after a long day of public hearings.  Amendments were made by the County Commission which were approved on August 6 by the City Council, 6-1, sealing the deal once and for all. On December 1, 2007, the City and the Magic came to an agreement on nearly $8.5 million in compensation to three owners of the land where the arena is planned to be built.  An eminent domain hearing confirmed the agreement and finalized the sale.
caption: Amway Center in its basketball-venue arrangement after hosting its first NBA regular season game
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