NBA's Orlando Magic Secure New Arena Deal

A new arena is officially on the way for the NBA's Orlando Magic.

The Magic "locked in a key promise" in the team's deal for a new $480 million arena yesterday by agreeing to "build five community gymnasiums around Orange County," reports the Orlando Sentinel.

The agreement is "one of the last contracts Orlando Mayor Buddy Dyer needs nailed down to secure loans" for the new venue.

The gyms, valued at $25 million, were once part of a public-works package that fell victim this year to statewide property-tax cuts.

The team agreed to revive the gyms and cover half the costs during negotiations with Orange leaders this summer about the $1.1 billion downtown sports- and arts-venue plan that also includes a new performing-arts center and renovated Florida Citrus Bowl. Magic owners plan to raise the other half of the gym-construction costs from private sources.