boise sports parkboiseauditorium.com/pdf/092717_final presentation.pdf · support the boise sports...
TRANSCRIPT
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BOISE SPORTS PARKREDEFINING DOWNTOWN
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PROJECT
WORK
• 2011 CSL Work
• Multi-Agency Project Team
• Community Partnerships
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COMMUNITY
OPPORTUNITY
• Family Entertainment and Professional Sports Teams
• Local, State, and Regional Sports Tournaments
• Private Investment in Mixed-Use Development
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LASTING ENVIRONMENTS | INNOVATIVE ENTERPRISES | VIBRANT COMMUNITIES
PROJECT PROCESS & NEXT STEPS
• Three Phases
• Phase I: Feasibility and Due
Diligence
• Complete
• Phase II : Project Financial Structure
• Fall 2017
• Phase III: Land Use Entitlement and
Permitting Process
• Winter 2018
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LASTING ENVIRONMENTS | INNOVATIVE ENTERPRISES | VIBRANT COMMUNITIES
L A S T I N G • I N N O V A T I V E • V I B R A N T
CONVENTION, SPORTS,
AND LEISURE
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MARKET STUDY FINDINGS:
BOISE SPORTS PARKSEPTEMBER 27, 2017
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CSL INTERNATIONAL
• Founded in 1988
• Former Partner’s of Big Four accounting firm
• Provide feasibility studies and business plans grounded in market realities
• Over 1,800 consulting engagements completed
• Extensive minor league baseball and soccer experience (75+ projects)
• Local market experience:
• Albertsons Stadium (Stueckle Sky Center)• Boise Centre Expansion
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Stadium
Multi-Family Housing
Office
Retail
Parking Deck
5,000 - 6,500 seats
300 units
120K sf
60K sf
700 spaces
$100M Mixed-Use Development
11-Acre Site
BOISE SPORTS PARK & MIXED USE DEVELOPMENT
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MARKET STUDY PURPOSE
1) Market Demand
2) Recommended Ownership / Operating Model
3) Financial Projections
4) Economic Impacts
BOISE SPORTS PARK STUDY FOCUS:
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KEY CONCLUSIONS1) Boise Sports Park will help ensure long-term viability of Boise
Hawks and secure a USL soccer team
2) Boise Sports Park can serve as an important community asset, hosting a variety of other events including Boise State athletics, high school sports, concerts, festivals and various community events
3) Improved financial position created by new venue and diversity of teams/uses allows Agon Sports & Entertainment to contribute approximately $1.0 M in annual rent to be applied to stadium funding
4) Public investment in Boise Sports Park will be dependent upon minimum $60 million private investment in mixed-use development that will account for majority of incremental economic impacts
5) Private management of the Boise Sports Park will limit the public sector’s operating risk and will serve to maximize utilization and economic impacts to the community
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OWNERSHIP & MANAGEMENT
BOISE SPORTS PARK RECOMMENDATION
OWNER:
Public – CCDC *
* CCDC would lease venue to City
MANAGEMENT:
Private - Agon Sports & Entertainment
• CCDC ownership tied to financing (similar to Boise Centre)
• Benefits of private management:
• Shifts operating risk to private sector
• Previous experience operating ballparks
• Creates efficiencies with team staff
• Ability to make decisions quicker
• Motivated operator to maximize utilization
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PROJECTED ATTENDANCE BOISE SPORTS PARK
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PROJECTED ATTENDANCE BOISE SPORTS PARK
0 50,000 100,000 150,000 200,000 250,000 300,000
2024
2023
2022
2021
2020
Tenants Other Events
259,300
253,250
247,200
241,150
235,100
Inaugural Year
Stabilized Year
Year 2
Year 3
Year 4
88% 12%
11%88%
88% 12%
11%88%
11%88%
Ford Idaho Center: 258,352 attendees (2012)
BSU Football: 205,640 attendees (2016 season)
Boise Centre: 152,400 attendees (2011)
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PRO FORMA KEY ASSUMPTIONS
Owner:
Operator:
Lease Term:
Annual Rent Paid by Agon:
Sports Park Revenues:
Sports Park O&M:
Capital Reserve:
CCDC
Agon
20 years
$1M Annually
Retained by Agon
Paid by Agon
50/50 Public-Private Share
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ECONOMIC IMPACT
Adjustments
Gross Direct Spending
• Ticket Sales• Premium Stg.• Sponsorship
• Lodging• Restaurant• Bars• Retail
• Entertainment• Transit• Services• Other
Adjustments are made for displacement (spending that would have occurred anyway by local residents) or leakage (spending occurring
outside Boise)
Represents portion of gross spending that is new to Boise and would not have occurred without the presence of the
Boise Sports Park.
• Advertising• Concessions• Merchandise• Other
Event Revenues Ancillary Community Spending
Spending Adjustments
Net New Direct Spending
• Materials• Supplies• Services
Construction
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ECONOMIC IMPACT FROM CONSTRUCTION & 20 YEARS OPERATIONS
Direct Spending
Total Output
Jobs Wages Tax Revenues
AnnualCumulativeNPV
$40 M$883 M$488 M
AnnualCumulativeNPV
$81 M$1.8 B
$981 M
AnnualCumulativeNPV
$36 M$802 M$442 M
AnnualCumulativeNPV
$1.3 M$28 M$15 M
1,240 FTEs
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ECONOMIC IMPACT
Jobs Wages Tax Revenues2%
29%
33%
32%
33%
98%
71%
67%
68%
67%
0% 20% 40% 60% 80% 100%
Tax Revenues
Earnings
Jobs
Total Output
Direct Spending
Sports Park Real Estate
SOURCE OF BENEFITS
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MARKET STUDY SUMMARY
1) Boise is a vibrant, growing market that is well-positioned to support the Boise Sports Park through various events, attendance and corporate support
2) Proven developer and minor league sports operator with successful track record that positions the project for success
3) Public-private partnership to construct the Boise Sports Park is needed to realize the project and compares favorably to other recent successful stadium projects
4) Project would have a positive financial impact on viability on the long-term viability of the Hawks and professional soccer in Boise and generate positive economic impacts to community and return on public investment
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MARKET STUDY FINDINGS:
BOISE SPORTS PARKSEPTEMBER 27, 2017
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LASTING ENVIRONMENTS | INNOVATIVE ENTERPRISES | VIBRANT COMMUNITIES
L A S T I N G • I N N O V A T I V E • V I B R A N T
GREENSTONE PROPERTIES
AGON SPORTS AND ENTERTAIMENT
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Boise Sports ParkBoise, ID
Presentation to The District Board
September 27, 2017
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Greenstone – Experience
One Federal Place - Birmingham, AL
Pinnacle - Nashville, TN
W Hotel/ Allen Plaza - Atlanta, GA
55 Allen Plaza (E&Y) - Atlanta, GAHD Supply –Atlanta, GA
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Harrison Square—Fort Wayne, IN
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4
Riverside Village — North Augusta, SC
1
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o
5
Riverside Village — North Augusta, SC
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Savanah River
Riverside Village—North Augusta, SC
Project Program35 Acres of Development
{A} Augusta GreenJackets Ballpark:4,500 seats; club/suite level
{F} Full Service Hotel: 180 roomsConference Center: 6,000 SF
{J} Apartments: 270 units{A1} Outfield Apartments: 32 units
Fitness: 13,000 SF{A-G} Retail/Restaurants: 55,000 RSF{C} Office: 72,000 SF (+Medac 60,000){D} Residential Flats: 24 units{K} Senior Living: 125 units{B,E} Parking: 1,100 spaces (+Medac 600){H,I} Single Family Homes: 12 units{L} Greeneway/ Riverfront Park
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Savanah River
Riverside Village—North Augusta, SC
Current Construction Camera Photo
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Development BaseballExperience Operations
Barry Real Estate Hardball
Companies, Inc. Capital1996-2010 2005-2011
Greenstone Agon Sports &
Properties Entertainment2010-present 2011-present
Greenstone Agon Sports &
Properties Entertainment2010-present 2011-present
Fort Wayne, IN
North Augusta, SC
Boise, ID
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Boise Sports Park—Boise, ID
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o
Boise Sports Park—Boise, ID
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o
Boise Sports Park—Boise, ID
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o
Boise Sports Park—Boise, ID
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o
Boise Sports Park—Boise, ID
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o
Boise Sports Park—Boise, ID
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o
Boise Sports Park—Boise, ID
40,000 sq ftretail
240 multi-family unitspedestrian
bridge
60 multi-family units
150,000 sq ftoffice
700 space parking deck
20,000 sq ftretail
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LASTING ENVIRONMENTS | INNOVATIVE ENTERPRISES | VIBRANT COMMUNITIES
PROJECT PROCESS & NEXT STEPS
• Three Phases
• Phase I: Feasibility and Due
Diligence
• Complete
• Phase II : Project Financial Structure
• Fall 2017
• Phase III: Land Use Entitlement and
Permitting Process
• Winter 2018