Orlando, FLA - On Monday, December 17th, the Dr, Phillips Orlando Performing Arts Center (DPAC) closed on an $80 million loan from Bank of America to fund its obligations related to the design and construction of the new performing arts center. DPAC is one of the first to close on what will be a number of financings related to the three community venues. The loan will fund the DPAC's obligations related to the design and construction phases of the performing arts center, including the acqusition of the First United Methodist Church parcel.

"We have had unprecedented support from the entire community." said Jim Pugh, chairman of the DPAC board of directors. "To date, we have received close to $85 million in pledges given over the next five to ten years and this loan allows us to move forward immediately.

Bank of America was selected through a competitive request for proposal process. Bank of America's proposal provided DPAC with the lowest interest rate and an aggresive transaction timeline that meets DPAC's obligations, including the acquisition of several parcels that consolidates the performing arts center site.

Bank of America is recognized as a leader in the financing of cultural facilities. The Bank of America team working with DPAC has advised on numerous cultural institution financings across the country in recent years, including the Orange County Performing Arts Center, the Dallas Performing Arts Center, and the Boston Museum of Fine Arts.

The Dr. Phillips Orlando Performing Arts Center (DPAC) a 501(c) 3 nonprofit corporations, is responsible to design, build and operate a performing arts center in Orlando. The vision of DPAC is to develop a destination that elevates the arts, provides the best arts education, generates urban renewal, and most importantly, is programmed to be fiscally responsible in construction and operations. For more information about the DPAC initiative, please visit www.orlandopac.org