ORANGE COUNTY, Fla,None — The city of Orlando could be losing hundreds of thousands of dollars every year in rent from just one building.
WFTV reporter Kenneth Craig found out the Orlando Chamber of Commerce only pays the city one dollar per year for rent. The city is locked into that rate for several more years.
The lease said the deal stretches back 43 years and isn't up for renegotiation until 2018.
The Chamber of Commerce sits on a 16,000 square foot property in the middle of downtown land worth almost $3 million. The building could be sold for more than $1 million.
In addition, real estate experts say the building could rent anywhere from $160,000 to $320,000 a year.
City officials say there are several other properties with similar leases, like the library and the Orlando Science Center.
The city said the deal with the chamber was done because it helps businesses and promotes growth. The chamber has to pay to maintain the building, it’s also responsible for the taxes.
WFTV
