Associated Press

ORLANDO - With a brand-new plan to bring long-awaited renovations to its 76-year-old Florida Citrus Bowl, Orlando officials are hoping the time is finally right to host a national championship game or one of the new college football playoff games.

After several years of false starts, Orlando Mayor Buddy Dyer and Orange County Mayor Teresa Jacobs announced a plan Monday that will finance a projected $175 million facelift for the stadium that currently hosts the Capital One Bowl and Russell Athletic Bowl games annually.

"I'm not promising the best stadium, but we will have a B-plus, A-minus stadium that we can host just about anything that can be hosted in a stadium,'' Dyer said.

A plan to fund the renovations was originally struck between the city and county in 2007 as part of a larger project that was also going to provide money for the Dr. Phillips Performing Arts Center and help build the new Amway Center. The economic downturn caused money to evaporate, with the city no longer able to secure credit to borrow needed money for all three projects. The Citrus Bowl renovations became the immediate casualty.

Dyer said bonds are expected to be issued in 2014, with construction beginning in either January or February of that year. The hope is that it will then be complete in time as not to interfere with any subsequent bowl seasons.

Among the upgrades expected for the 65,000-seat stadium are: new suites and about 8,000 club seats; and new banquet and ballroom spaces.

Florida Citrus Sports runs both the Capital One and newly named Russell Athletic bowls.