Orlando Backs UCF Downtown Campus With $75M
In December of 2015 we told you about the generous $1.5M donation the Orlando Magic contributed to the UCF Downtown campus project and now it looks like the downtown campus has the cities support as well. The City of Orlando revealed on Tuesday their $75 Million commitment to the project. The deal has been in the works for months supporting the proof that local government and private developers have bought into the University of Central Florida’s downtown plan.
“We’ve been working with the city for the past year,” university spokeswoman Christine Dellert said. “It’s just formalizing their commitment … The city has been a partner since the beginning.”
UCF Needs Approval From Board Of Governors For Campus Project
UCF hopes to open a 165,000-square-foot building in fall 2018 for 7,700 UCF and Valencia College students as part of the larger Creative Village project on the western side of downtown. The school is seeking approval for the project from the Board of Governors, which oversees universities, and $20 million in funding from the state Legislature. An agreement set to be presented Monday to the City Council pledges that Orlando would hand over more than $42 million in land and property alone for the campus, plus road and sewer work and parking. Dyer said he thinks the project will have $15 million in private donations before it goes before the Board of Governors and said he is confident an amount short of $20 million wouldn’t derail the state funding.
“There could be language in the budget that says the state money is contingent on raising the remainder of the private money,” Dyer said.