A sinking economy that has meant fewer tourists in Central Florida and dropping hotel room rates has led to a nearly 5% decline in tourist development tax revenue during the last six months, significantly damaging the City of Orlando’s plans for a $425 million performing arts center and a $175 million renovation of the Florida Citrus Bowl. “We are currently reviewing cost-reduction measures including timing, project schedules, site configuration and other opportunities to reduce the overall project budget,” Orlando Mayor Buddy Dyer says in a written statement. The projects are part of a three-venue, downtown improvement package, totaling more than
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