The Orlando Magic and Government Leaders are much closer to an agreement by the Magic purchasing up to a 6 million dollar insurance policy that could guarantee all arena loans do NOT have prohibitvely high interest rates.
The Magic have offered $50 million in upfront cash and an additional $12 million in advance lease payments that the city would be able to use for construction costs. The Magic have also pledged an additional 1.75 million per year for ongoing operating expenses AND an additional $10 million toward financing the new Arts Center.
We will see what happens in the coming weeks.
Alexander Harb -- PSEM®, E-Agent®
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