field of dreams hospitality, tourism, and sports
Post on 19-Dec-2015
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TRANSCRIPT
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FIELD OF DREAMS
Hospitality, Tourism,
and Sports
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FRENZIED NEWSTADIUM CONSTRUCTION
Trend began in late 1980s w/ teams threatening to leave a market or not come into a market at allTeam owners wanted facilities that would have myriad of revenue sourcesMany cities have opted to replace their multi-use stadiums with separate facilities for baseball and football
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CASE STUDIES
DenverCoors Field
PittsburghPNC ParkHeinz Field
St. LouisNew Busch Stadium
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COORS FIELD - DENVER
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THE DETAILS
Located in Denver’s Lower Downtown (LoDo) neighborhoodOwner: Denver Metropolitan Baseball Stadium DistrictTenant: Colorado RockiesConstruction began in October 1992Opened in April 1995Seating capacity: 50,200Surface: Grass
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PROJECTFINANCING
$215 MillionPaid for with a sales tax increaseCoors Brewing Company purchased the naming rights to the stadium prior to its completion in 1995
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THE RESULT
Built within an urban context
All green seats w/ exception of a single purple row of upper deck seatsHas had a positive economic impact on the LoDo neighborhood
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PNC PARK - PITTSBURGH
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THE DETAILS
Located on the North Shore of the Allegheny River (Greater Downtown)Owner: City of Pittsburgh Sports & Exhibition AuthorityTenant: Pittsburgh PiratesConstruction began in April 1999Opened in March 2001Seating Capacity: 38,365Surface: Grass
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PROJECTFINANCING
$262 MillionPart of an $803
million package developed to fund PNC Park, Heinz Field, retire the $40M debt on Three Rivers Stadium and demolish the stadium, and expand the David L. Lawrence
Convention Center (called Regional Destination Development Plan or ‘Plan B’)
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THE RESULT
Stadium built with public $$
after long political debateOften noted for its physical beauty – right field view offers a wide view of the Downtown Pittsburgh skylineESPN study named it ‘the best stadium in baseball’Host of the 2006 All-Star Game
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HEINZ FIELD - PITTSBURGH
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THE DETAILS
Located west of old 3 Rivers StadiumOwner: City of Pittsburgh Sports & Exhibition AuthorityTenants: Pittsburgh Steelers & University of Pittsburgh PanthersConstruction began in June 1999Opened in August 2001Seating Capacity: 64,450Surface: Grass
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PROJECTCOST
$281 MillionPart of an $803
million package developed to fund PNC Park, Heinz Field, retire the $40M debt on Three Rivers Stadium and demolish the stadium, and expand the David L. Lawrence
Convention Center (called Regional Destination Development Plan or ‘Plan B’)
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THE RESULT
Stadium built with public $$
after long political debate
Includes a massive 48’x27’ scoreboardHome to many amenities such as several entertainment areas, team stores, restaurants, and a Steelers Hall of Fame
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FINANCING PLAN - PITTSBURGH
SOURCE OF FUNDS AMOUNTRegional Asset District $170,000,000County Hotel Tax 99,000,0005% Surcharge on Tickets 22,000,0001% Wage Tax on Non-Resident Players 7,000,000State Matching Funds 300,000,000Interest Earnings 36,000,000Federal Infrastructure Improvements 28,000,000Convention Center Parking Garage Revenue 11,000,000Pittsburgh Investment Capital Fund 45,000,000Pirates & Steelers 85,000,000
TOTAL $803,000,000
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NEW BUSCH STADIUM –ST LOUIS
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THE DETAILS
Located in Downtown St. LouisOwner: St. Louis CardinalsTenant: St. Louis CardinalsConstruction began in January 2004Opened in Spring 2006Seating capacity: 46,000+Surface: Grass
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PROJECTFINANCING
$344.8 million$45 million long-
term loan from St. Louis County$90.1 million from the Cardinals$9.2 million in interest earned on construction fund$200.5 million in bonds to be paid over a 22-year period ($15.9 million per year)Anheuser-Busch agreed to a 20-year naming rights deal through 2025 season
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THE RESULT
Spectators have dramatic views of the Gateway Arch and
downtown St. Louis skylineEmerging urban neighborhood - Ballpark VillageMix of uses to be created in Ballpark Village, including retail, entertainment, office, and residential facilities
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ROSENTRAUB’S FRAMEWORK FOR SUCCESS
Establish reasons for a new stadiumProvide framework for discussing use of public and private fundsEstablish perspective on the team’s financial status & revenues anticipated from new facilityIdentify public benefits generated by the teamReview implications of different financing optionsDetermine best location for new stadium
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ROMANI’S COMMENTS
Location, Location, LocationIt’s All About TimingGo Big Or Go HomeHave A Vision & Sell It EverydayBuild Your TeamSprint Through The Finish LineIf You Built A Legacy, Treat It Like One