Orlando officials began exploring stadium refurbishment project in 2004, when the Capital One Bowl bid to become a Bowl Championship Series (BCS) game, but was not chosen due to the stadium's aging condition. Camping World Stadium also submitted a bid for the ACC Championship Game, but lost to Jacksonville Municipal Stadium. The key reasons for losing the bids were the lack of modern luxury boxes, bench seating, and capacity. The hopes for Camping World Stadium became reality when, on September 29, 2006, Orlando Mayor Buddy Dyer announced an agreement on a $175-million renovation of Camping World Stadium. It is part of the "Triple Crown for Downtown", a $1.1-billion plan to redo the Orlando Centroplex with a new $480-million arena for the Orlando Magic, a new $375-million performing arts center, and the Camping World Stadium improvements. Conceptual drawings for the possible improvements include enclosed concourses on the east and west sides of the stadium and additions to the north side that will finally complete the lower bowl. The Orlando/Orange County Interlocal Agreement was approved by the Orlando City Council on August 6, 2007. However, the plans were heavily affected by the Great Recession of 2007–08.