Bombshell from Orange County comptroller may gut funding for major TDT projects

Welcome to Orlando Business Journal's weekly LinkedIn newsletter. I'm Digital Producer/Senior Staff Writer Richard Bilbao, rounding up Orlando business news to keep you in the know when time is short.

Orange County Comptroller Phil Diamond, the county's elected financial adviser, has advised the Board of County Commissioners to be prudent with the lucrative tourist development tax fund as it pertains to millions of dollars in requests from various prominent projects.

In fact, his recommended outlay would appear to cover less than half the total cost of those projects.

In an Aug. 17 letter obtained by?Orlando Business Journal, Diamond reminds county leaders of the sensitivity of the tourist development tax fund, which has been used previously to fund tourism-related projects and marketing campaigns. He also provides the county his estimate on how much the county should bond out to help fund projects.

"It is essential to remember that TDT is (as always has been) a volatile revenue source. As such, we would strongly recommend taking a conservative approach to leveraging or committing TDT collections based on unknown future collection levels," Diamond wrote in the letter to county leaders. "We believe the county could issue a maximum of approximately $800 [million to $900 million] of bonds in fiscal year 2026 for large project funding depending on market conditions and collections."

Go here for the full story.

And now, on to other big business deals, transactions and activity headlines from the week.

? ? ?

Sign up for Orlando Business Journal's emails?to get the latest business news for the metro Orlando area in your inbox twice a day. Already signed up and loving the work we do??Consider subscribing for less than $3 a week.

? ? ?

Real estate news of the week

• Big retail property next to Seminole Towne Center hits the market. Here's what to know.: The Marketplace at Seminole Towne Center is a 518,000-square-foot open-air shopping center adjacent the Seminole Towne Center mall in Sanford.
• Plans for new Tractor Supply Co. store surface in Osceola County. Here's where it would go.: The popular rural lifestyle retail chain based in Brentwood, Tennessee, sells an assortment of farm, home improvement and lawn and garden supplies, as well as feed and supplies for pets and livestock.
• Winter Garden-based WMG Development buys land next to under-construction Costco in Clermont: The seller was Plaza Collina (Orlando) ASLI VI LLLP, an entity related to Winter Park-based Avanti Properties Group.

? ? ?

Orlando news bites

Don't miss these other top stories:

• Here's why Massey Services' CEO bought the Linda's Winter Park Diner property: About 13 months ago, Massmen Properties — a real estate company owned by Massey Services Inc. President and CEO Tony Massey —?paid $4.2 million to buy most of a block along West Fairbanks Avenue?in Winter Park.
• Giant X-ray scanner made in Orlando brings down cost of F-35 fighter jet: Defense contractor Lockheed Martin Corp. (NYSE: LMT) has been able to reduce production costs of its F-35 combat aircraft with help from the?Orlando office of Rogers, Minnesota-based North Star Imaging.
• What's next for Brightline after Orlando train service start delay: The Miami-based intercity rail provider said it?would refund tickets bought for Sept. 1-6?after announcing it would not be able to start service to Orlando at that time.

? ? ?

Restaurant news & notes

Check out the latest news on popular local places to eat:

• City Beautiful Cafe opens in Orlando City Hall space: City Beautiful Cafe had its ribbon cutting on August 11 in a 1,912-square-foot restaurant space on the first floor of the building.
• New Lake Mary fried chicken restaurant to open soon: The new location for the popular California-based fried chicken chain will open at 4405 W. Lake Mary Blvd. on Aug. 18.

? ? ?

Nominations & Events

Things to put on your busy calendar:

• Nominate now for our 2023 Power Players, which honor business leaders and executives helping grow and innovate the way business is done throughout the region. The deadline is Aug. 22.
• Join us for a celebratory luncheon at SeaWorld's Ports of Call for?Central Florida's 2023 Best Places to Work?on Aug. 24.
• Nominate now for the 2023 Veterans of Influence, which?recognizes military veterans who have made a significant achievement in their careers in the past year, have a strong record of innovation or outstanding performance in their work, and are involved in our community. The deadline is Oct. 6.

? ? ?

Finally ... make your voice heard!

These?OBJ?polls are live. Let us know what you're thinking.

• Will you use Brightline's passenger train service for business travel?
• Should Florida legalize recreational marijuana?

? ? ?

Closing Note

Starting this week, the Orlando Business Journal will be unlocking a story in our morning and afternoon newsletters, making it available to read for free, for subscribers and non-subscribers alike. You’ll know which story is unlocked because its headline will start with “UNLOCKED.” Be sure to sign up for our newsletters here: bit.ly/3s9UkKB. To ensure you never miss a story, subscribe here: bit.ly/3QHey8W.

? ? ?

That's all for this week's top headlines, and thanks for supporting?OBJ.

This weekly round-up of Orlando business news was compiled by Richard Bilbao, digital producer/senior staff writer. Questions? Comments? Concerns? News tips? Send them to [email protected].