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West Palm Beach, Florida

Major League Baseball Spring Training. West Palm Beach, Florida. CONFIDENTIAL MATERIALS NOT FOR DISTRIBUTION. The Challenge.

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West Palm Beach, Florida

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  1. Major League Baseball Spring Training West Palm Beach, Florida CONFIDENTIAL MATERIALS NOT FOR DISTRIBUTION

  2. The Challenge How can the State of Florida, Palm Beach County, The City of West Palm Beach, the Washington Nationals and Houston Astros Baseball Organizations come together in a Public/Private Partnership and convert a former landfill site on 45th Street into an exciting, vibrant year-round first class athletic complex creating a new opportunity in that area for the citizens and the youth of Palm Beach County and solidify the east coast of Florida as THE tourist destination for MLB spring training baseball and national youth sporting events.

  3. Here’s How

  4. PARKING (300 FIELD SPACES) VIP(150 PERM. SPACES) (925 PERMANENT SPACES) U13 SOCCER FIELDS PARKING (1000 FIELD SPACES) ADULT SOCCER FIELDS PARKING (2700 FIELD SPACES) PARKING (500 FIELD SPACES)

  5. Spring Training Comparison Construction Other Development Project 2016 2-Team Year Cost Cost Cost Cost Equivalent Cost Equivalent Cost(b) Salt River Fields (2) 2011 $139M $45M $42M $226M $254.5M -- Camelback Ranch (2) 2009 $107M $11M $19M $137 $157.4M -- Goodyear Park (2) 2009 $80M $35M $30M $135M $155.1M -- Palm Beach (2) 2017 $121M $6M$19M$146M$146.0M -- JetBlue Ballpark (1) 2012 $59M $6M $20M $85M $96.7M $140M Wrigleyville West (1) 2014 $82M $10M $15M $107M $115.8M $159M Marc Taylor Study (2) 2017 $116M $30M $15M $161M $161M -- • ADD comparable second team cost with no site adversity

  6. The Cost to Build the Project

  7. Washington Nationals & Houston Astros Spring Training Construction Budget Site Work & Utilities $19,571,826 Stadium, Team Complexes & FFE $97,532,533 Architectural/Engineering Fees $ 8,863,000 Consultants $ 3,809,000 Other Soft Costs $ 3,829,750 Subtotal $133,606,109 Contingency (5%) $6,680,305 Total Construction $140,286,414 Rounded $140,000,000

  8. Financial Analysis Sources of Revenue for Project

  9. Financial Analysis $149,189,637 REQUEST $35,918,445 bonding capacity A 3.5% Growth Factor on $3M of Current TDC Current TDC $3M for 30yrs @ 3.98% $51,102,278 bonding capacity PALM BEACH COUNTY Florida Statutes $2.0M for 25yrs @ 3.71% $30,799,727 bonding capacity STATE OF FLORIDA ANNUAL RENT PAID BY THE TWO TEAMS Rent $2.1M for 27yrs @ 3.98% $31,369,187 bonding capacity

  10. Source & Use of Funds Bond Proceeds $149,189,637 Interest from Project Fund $402,500 Total $149,592,137 Roger Dean Debt $ 4,393,750 Stadium Project Costs $140,000,00 Cost of Issuance $1,637,375 Interest 3 Years (Minus Rev/Int) $3,555,075 $5,937 Total $149,592,137

  11. Key Points of Letter of Interest The Teams will pay a combined $2,100,00 annually toward the funding of the bonds. The Teams will maintain all areas of the facility on a year round basis at their own expense inclusive of soccer fields, parking areas, non-major league practice fields and the main stadium while being used by the County and City. This maintenance expense is expected to be in excess of $3,300,000 per year. The soccer fields, non-major league practice fields and the main stadium will be available for the County and City to use, in coordination with the Teams, beginning April 15 through December 15 of each year. Any excess bond proceeds in the initial raise not utilized for construction or cost of issuance will be used for the capital renewal and replacement program escrow fund to be established. Teams will provide marketing avails in Houston and Washington D.C. during each home game of the MLB regular season and spring training season to promote tourism in Palm Beach County, Florida. The Teams pledge to provide marketing value in excess of $1,000,000 each year ($500,000 each). The Teams will commit to a 30 year Term with options.

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