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CITY OF ANAHEIMMLB STADIUM DEVELOPMENT OVERVIEW
CITY COUNCIL PRESENTATION
PREPARED BY:BARRETT SPORTS GROUP, LLC
MARCH 4, 2014
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TABLE OF CONTENTS
I. BSG OVERVIEW
II. MLB STADIUM DEVELOPMENT OVERVIEW
III. SELECTED MLB STADIUM CASE STUDIES
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I. BSG OVERVIEWHighlights
BSG is a Sports Management Consulting Firm Established in March 2000
BSG has Worked on Numerous Similar Projects – Our Project Experience is Directly Applicable
BSG has Worked with Private Sector and Public Sector Clients – We Understand Both Perspectives
BSG has an In-Depth Knowledge and Understanding of MLB League/Team/Stadium Operations
BSG has Consistently Developed Creative Solutions to Complex Problems
BSG will be Independent and Objective
BSG has “Been There” and Understands the Key Issues
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I. BSG OVERVIEWHighlights
Provide a Broad Range of Services to the Sports Industry
Strategic Planning Advisory Services Market Demand Financial Feasibility Financing Plans Negotiating Support Definitive Document Support Services (Assist Legal Team) Management/Operations Consulting Team/Facility Valuation Team/Facility Acquisition/Disposition Due Diligence
We Understand the Complexities of the Sports Industry
Political Financial Operational
Long Successful Track Record of Delivering Quality Advice to Clients
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I. BSG OVERVIEWKey Personnel
Our Team has Unmatched Technical Skills and Years of Industry Experience
Daniel S. Barrett, MBA – Principal Joshua C. Cohen, MBA – Manager Brett D. Rasmussen – Consultant
Daniel S. Barrett is Leading the Engagement
Over 23 Years Experience – Over 1,000 Sports Industry Projects Formerly Managing Director for Western Region Sports and Entertainment Investment
Banking Division of A.G. Edwards & Sons, Inc. Formerly Head of Western Region Hospitality Sports and Leisure Consulting Practice for
Deloitte & Touche LLP Sports Industry Expert Witness Adjunct Professor University of San Francisco Sports Management Graduate Program UCLA, BA – Economics/International Studies USC, MBA – Finance/Real Estate
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I. BSG OVERVIEWSelected MLB Stadium Projects
Gateway Economic Development Corporation – Progressive Field Lease Analysis Ambac Assurance/Assured Guaranty – Citi Field and Willets Point Redevelopment Project San Francisco Giants – AT&T Park MLB Lease Analysis/Valuation Support City of San Diego – Strategic Planning/Negotiations Petco Park and Redevelopment Project Commonwealth of Virginia – Review of Financial Estimates for MLB Stadium Project Harris County-Houston Sports Authority – Financing Support MLB Minute Maid Park Washington State MLB Public Facilities District – Strategic Planning/Lease Analysis Safeco Field Kansas City MLB Stadium Project – Strategic Planning City of Fremont – Strategic Planning/Negotiations Proposed Ballpark and Redevelopment Project State of Minnesota – MLB Benchmarking Analysis State of Minnesota – Minnesota Vikings/Twins Proposed Stadiums (Limited Support) Rogers Communications/Toronto Blue Jays – Rogers Centre Lease Analysis/Valuation Numerous Other Stadium and Arena Projects
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Barrett Sports Group, LLC – ExperiencePUBLIC SECTOR CLIENTSAllen County War Memorial ColiseumAnchorage Economic Development AuthorityCalgary Convention CenterCalifornia State University, SacramentoCity of AlbuquerqueCity of AnaheimCity of Atlanta-Fulton Cnty. Rec. Auth.City of Auburn HillsCity of BellevueCity of BrightonCity of CoffeyvilleCity of ComptonCity of CoronaCity of DallasCity of Edmonton/Edmonton ColiseumCity of EncinitasCity of FremontCity of HendersonCity of Houston/Harris CountyCity of Huntington BeachCity of InglewoodCity of Lake ElsinoreCity of OceansideCity of Oklahoma CityCity of Pasadena/Rose Bowl/UCLACity of Richmond/Counties/Corporate SponsorsCity of SacramentoCity of San DiegoCity of San FranciscoCity of Thousand OaksCounty of Monterey/Laguna Seca RacewayCounty of SacramentoCounty of San BernardinoFranklin County Convention Facilities AuthorityGeorgia World Congress Center Auth. (Georgia Dome)
Greeley Community Facilities Task ForceGwinnett CountyHawaii Convention Center AuthorityHillsborough County Property AppraiserIncline Village General Improvements DistrictLouisiana NFL Stadium Advisory CommissionMaryland Stadium AuthorityNew Jersey Sports & Exposition AuthorityOakland-Alameda County ColiseumREDEEMRiver City Regional Stadium Financing AuthoritySan Diego CountyShoreline AmphitheaterState of California/LA Memorial ColiseumState of Hawaii/Aloha StadiumState of LouisianaState of MinnesotaState of New MexicoThe Los Angeles County Fair, Hotel & ExpositionTown of Castle RockUCLAWashington State MLB Stadium PFDWashington State NFL Public Stadium Authority
PRIVATE SECTOR CLIENTSAnaheim AngelsAscent EntertainmentBaker RanchBoston Bruins/New England Sports NetworkCanadian Minor League Hockey FranchiseCleveland IndiansCommittee for Arts & Youth Sports (Sacramento)Denver BroncosDetroit LionsDowntown Council Kansas CityFleet Bank/New York Islanders
Forest City Ratner Companies/Brooklyn NetsHeritage Services (Omaha)Hollywood Park Race TrackHomart/Sears, Roebuck & CompanyInternational Hockey League/Milwaukee AdmiralsKoll/Arcadia InvestorsLuna EntertainmentMajor League SoccerMudville Nine Baseball ClubNational Collegiate Athletic Association (NCAA)National Thoroughbred Racing Association (NTRA)New England PatriotsNew Orleans (formerly Charlotte) HornetsOakland Athletics Investor GroupPacific Baseball PartnersPhiladelphia EaglesPittsburgh Penguins Investor GroupPortland Arena ManagementRiver West InvestmentsPrivate Developer (Proposed Convention Center)Rogers Communications, Inc./Toronto Blue JaysSacramento River CatsSt. Louis Blues Investor GroupSan Francisco 49ers/City of San FranciscoSan Francisco GiantsSteinberg & MooradTampa Bay Lightning (Ice Palace)Texas Motor SpeedwayThe Paso del Norte GroupThe Fresno Diamond Group – InvestorSuite Idea (Kalamazoo)United Football LeagueVancouver CanucksVisalia Oaks Baseball ClubWachovia BankWestern Hockey League Investor Group
I. BSG OVERVIEW
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II. MLB STADIUM DEVELOPMENT OVERVIEW Introduction
BSG is Pleased to Present our MLB Stadium Development Overview to the City of Anaheim(City)
This MLB Stadium Development Overview Includes the Following
MLB Overview
Market Overview
Relocation Overview
Selected Stadium Case Studies
This MLB Stadium Development Overview is Intended to Provide the City with an Understandingof the Current Environment for MLB Stadium Deal Structures and Leases
BSG Analysis Provides the City with Independent and Objective Data to Support the City in itsDiscussions with the Angels
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II. MLB STADIUM DEVELOPMENT OVERVIEW MLB Overview
Professional Baseball has been Played in the United States Since 1869 – the National League(NL) was Established in 1876 and the American League (AL) in 1901
MLB is Currently Comprised of 30 Teams
The Two Leagues are Further Subdivided into East, West, and Central Divisions
National League
EastAtlanta BravesMiami Marlins
Philadelphia PhilliesNew York Mets
Washington Nationals
CentralChicago Cubs
St. Louis CardinalsPittsburgh PiratesCincinnati Reds
Milwaukee Brewers
WestSan Francisco GiantsLos Angeles Dodgers
Arizona DiamondbacksColorado RockiesSan Diego Padres
American League
EastNew York Yankees
Boston Red SoxToronto Blue JaysBaltimore OriolesTampa Bay Rays
CentralKansas City Royals
Minnesota TwinsChicago White SoxCleveland Indians
Detroit Tigers
WestOakland AthleticsSeattle Mariners
Los Angeles Angels of AnaheimTexas RangersHouston Astros
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II. MLB STADIUM DEVELOPMENT OVERVIEW MLB Overview
A Feature Unique to MLB is that it was Granted an Antitrust Exemption in 1914 – Exemption wasAmended in 1998 to Cover Labor Issues
The Exemption Still Stands Regarding Relocation, the Reserve Clause, Minor Leagues, andBroadcasting Contracts
The Antitrust Exemption has Kept Team Relocation Relatively Stable Throughout History, asCompared to Other Major Sports Leagues
Most Recent Relocation was in 2005 as the Montreal Expos Relocated to Washington, DC
Prior to the Expos Relocation, the Last Relocation was in 1971 when the Washington SenatorsMoved to Arlington, Texas
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II. MLB STADIUM DEVELOPMENT OVERVIEW MLB Stadium Characteristics
The Majority of MLB TeamsPlay (or are Expected to Play)in Modern Stadiums
The Oakland Athletics andTampa Bay Rays are CurrentlyActively Seeking NewStadiums
The Atlanta Braves (NewStadium) and Chicago Cubs(Major Renovation) haveRecently Announced StadiumDeals
Year Opened/ Luxury ClubMLB Franchise Stadium Renovated Seats Suites Seats
Chicago Cubs Wrigley Field 1914/2018 41,210 60 874Los Angeles Dodgers Dodger Stadium 1962/2013 56,000 68 2,098Miami Marlins Marlins Park 2012 37,000 50 3,000Boston Red Sox Fenway Park 1912/2011 37,493 45 2,000Minnesota Twins Target Field 2010 39,504 54 3,400Kansas City Royals Kauffman Stadium 1973/2009 39,000 25 2,545New York Yankees Yankee Stadium 2009 52,325 56 6,000New York Mets Citi Field 2009 41,922 54 8,310Washington Nationals Nationals Park 2008 41,506 78 2,751St. Louis Cardinals Busch Stadium 2006 43,975 61 3,706San Diego Padres Petco Park 2004 42,691 58 5,000Philadelphia Phillies Citizens Bank Park 2004 43,647 70 1,277Cincinnati Reds Great American Ball Park 2003 42,271 64 4,235Pittsburgh Pirates PNC Park 2001 38,496 69 5,558Milwaukee Brewers Miller Park 2001 41,900 66 2,760San Francisco Giants AT&T Park 2000 41,914 68 8,355Houston Astros Minute Maid Park 2000 40,950 63 4,776Detroit Tigers Comerica Park 2000 41,782 102 3,039Seattle Mariners Safeco Field 1999 47,116 61 5,156Arizona Diamondbacks Chase Field 1998 48,785 74 4,400Tampa Bay Rays Tropicana Field 1990/1998 34,078 58 300Los Angeles Angels of Anaheim Angel Stadium of Anaheim 1966/1998 45,050 78 5,075Atlanta Braves - (1) Turner Field 1997 49,583 64 5,372Oakland Athletics O.co Coliseum 1966/1996 63,024 147 721Colorado Rockies Coors Field 1995 50,445 63 4,526Texas Rangers Globe Life Park in Arlington 1994 49,170 126 5,704Cleveland Indians Progressive Field 1994 43,441 126 2,064Baltimore Orioles Oriole Park at Camden Yards 1992 48,876 72 5,120Chicago White Sox U.S. Cellular Field 1991 40,615 104 1,833Toronto Blue Jays Rogers Centre 1989 49,808 153 5,603
Average 44,453 75 3,852(1) New stadium expected to open in 2017.Source: Sports Business Resource Guide and Fact Book and industry research.
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II. MLB STADIUM DEVELOPMENT OVERVIEW MLB Stadium Locations
MLB Stadiums are TypicallyLocated in Downtown orUrban Settings
New Atlanta BravesBallpark will be FirstSuburban Facility BuiltSince 2001 (Milwaukee)
Original Year GeographicalMLB Franchise Stadium Opened Location
Atlanta Braves New Atlanta Braves Ballpark 2017 SuburbanMiami Marlins Marlins Park 2012 UrbanMinnesota Twins Target Field 2010 DowntownNew York Yankees Yankee Stadium 2009 UrbanNew York Mets Citi Field 2009 UrbanWashington Nationals Nationals Park 2008 UrbanSt. Louis Cardinals Busch Stadium 2006 DowntownPhiladelphia Phillies Citizens Bank Park 2004 UrbanSan Diego Padres Petco Park 2004 DowntownCincinnati Reds Great American Ball Park 2003 DowntownMilwaukee Brewers Miller Park 2001 SuburbanPittsburgh Pirates PNC Park 2001 DowntownSan Francisco Giants AT&T Park 2000 DowntownDetroit Tigers Comerica Park 2000 DowntownHouston Astros Minute Maid Park 2000 DowntownSeattle Mariners Safeco Field 1999 UrbanArizona Diamondbacks Chase Field 1998 DowntownColorado Rockies Coors Field 1995 DowntownTexas Rangers Globe Life Park in Arlington 1994 SuburbanCleveland Indians Progressive Field 1994 DowntownBaltimore Orioles Oriole Park at Camden Yards 1992 DowntownChicago White Sox U.S. Cellular Field 1991 UrbanTampa Bay Rays Tropicana Field 1990 UrbanToronto Blue Jays Rogers Centre 1989 DowntownKansas City Royals Kauffman Stadium 1973 SuburbanLos Angeles Angels of Anaheim Angel Stadium of Anaheim 1966 UrbanOakland Athletics O.co Coliseum 1966 UrbanLos Angeles Dodgers Dodger Stadium 1962 UrbanChicago Cubs Wrigley Field 1914 UrbanBoston Red Sox Fenway Park 1912 Urban
TotalDowntown 13Urban 13Suburban 4Source: Sports Business Resource Guide and Fact Book and industry research.
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II. MLB STADIUM DEVELOPMENT OVERVIEW MLB Replacement Stadium Locations
Historically, New MLBStadiums have been Constructedwithin the Same City as thePrevious Stadium
New Atlanta BravesBallpark will be Constructedin Unincorporated CobbCounty
Miami Marlins Moved froma Shared Facility (with theMiami Dolphins) in the Cityof Miami Gardens to a NewFacility in the City of Miami
MLB Franchise New StadiumOriginal Year
Opened Same City Distance
Atlanta Braves New Atlanta Braves Ballpark 2017 No 14 MilesMiami Marlins Marlins Park 2012 No 14 MilesMinnesota Twins Target Field 2010 Yes 5 MilesNew York Yankees Yankee Stadium 2009 Yes AdjacentNew York Mets Citi Field 2009 Yes AdjacentWashington Nationals Nationals Park 2008 No 584 MilesSt. Louis Cardinals Busch Stadium 2006 Yes AdjacentPhiladelphia Phillies Citizens Bank Park 2004 Yes AdjacentSan Diego Padres Petco Park 2004 Yes 8 MilesCincinnati Reds Great American Ball Park 2003 Yes AdjacentMilwaukee Brewers Miller Park 2001 Yes AdjacentPittsburgh Pirates PNC Park 2001 Yes 4 MilesSan Francisco Giants AT&T Park 2000 Yes 5 MilesDetroit Tigers Comerica Park 2000 Yes 1 MileHouston Astros Minute Maid Park 2000 Yes 8 MilesSeattle Mariners Safeco Field 1999 Yes AdjacentArizona Diamondbacks Chase Field 1998 Expansion NAColorado Rockies Coors Field 1995 Yes 2 MilesTexas Rangers Globe Life Park in Arlington 1994 Yes AdjacentCleveland Indians Progressive Field 1994 Yes 1 MileBaltimore Orioles Oriole Park at Camden Yards 1992 Yes 4 MilesChicago White Sox U.S. Cellular Field 1991 Yes AdjacentTampa Bay Rays Tropicana Field 1990 Expansion NAToronto Blue Jays Rogers Centre 1989 Yes 2 MilesRelocations in the Same City TotalYes 19No 3Expansion 2Total 24Source: industry research.
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II. MLB STADIUM DEVELOPMENT OVERVIEW Market Overview
Evaluating Local Demographics of MLB Markets is Important to Develop an Understanding ofLocal Market Area Support
Market Area Size and Characteristics will Impact the Ability of a MLB Team to Generate LocalRevenue
BSG has Evaluated the Market Characteristics Based on the Following Designations
CBSA Designation (Anaheim is Included in the Los Angeles CBSA) 20-Mile Geographic Ring 30-Mile Geographic Ring
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MLB Market Demographics Overview –CBSA Designation
Limited Demographic Overview –Provided for Illustrative Purposes
Los Angeles Ranks as the 3rd LargestMarket in Terms of Population andHouseholds (Two New York Teams)
Los Angeles is an Average MLBMarket in Terms of HouseholdIncome Measurements and LargeMarket in Terms of Number of HighIncome Households
Los Angeles is the 3rd Largest MediaMarket
Los Angeles has a Strong CorporateBase – Key Source of Demand forPremium Seating, Sponsorships, Etc.
II. MLB STADIUM DEVELOPMENT OVERVIEW
Statistical MeasureLos Angeles-Long
Beach et al, CA Rank MLB Average - (1)
2014 Population (000s) 13,204.1 3 5,547.8 2019 Population (000s) 13,726.1 3 5,764.8 Est. % Growth 2014-18 3.95% 14 3.99%
2014 Households (000s) 4,360.3 3 2,076.3 2019 Households (000s) 4,540.5 3 2,163.4 Est. % Growth 2014-18 4.13% 15 4.34%
Average Household Income $81,140 12 $81,354Median Household Income $57,580 16 $59,655High Income Households (000s) 1,144.4 3 581.1
Average Age (U.S. Markets) 37.3 6 38.5Median Age 36.1 6 38.0
Unemployment Rate 11.46% 22 10.19%
TV Households (000s) (U.S. Markets) 5,665.8 3 2,347.9 Radio Population (000s) (U.S. Markets) 11,179.6 3 4,551.3
Economy Size - GDP (Billions) $765.8 3 $346.7
Companies w/ $50+mm Sales 1,680 3 855Companies w/ 500+ Employees 827 3 410(1) - Average excludes Los Angeles-Long Beach et al.
MLB Summary - CBSA Designation Overview
Source: Claritas 2014, Hoovers 2014, Arbitron 2013, Environics/Pcensus 2013, U.S. BEA.
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MLB Market Demographics Overview –Adjusted CBSA Designation
Limited Demographic Overview –Provided for Illustrative Purposes
Market Demographics AdjustedBased on the Number of MajorLeague Teams in the Market(MLB/NBA/NFL/NHL)
Los Angeles Market Includes theFollowing Teams Angels Anaheim Ducks Los Angeles Clippers Los Angeles Dodgers Los Angeles Kings Los Angeles Lakers
II. MLB STADIUM DEVELOPMENT OVERVIEW
Statistical MeasureLos Angeles-Long
Beach et al, CA Rank MLB Average - (1)
Number of Major League Teams 6 3.8
2014 Population (000s) 2,200.7 3 1,373.6 2019 Population (000s) 2,287.7 2 1,432.3
2014 Households (000s) 726.7 4 517.3 2019 Households (000s) 756.8 4 540.8
High Income Households (000s) 190.7 6 140.6
TV Households (000s) (U.S. Markets) 944.3 1 592.1 Radio Population (000s) (U.S. Markets) 1,863.3 1 1,126.3
Economy Size - GDP (Billions) $127.6 5 $82.8
Companies w/ $50+mm Sales 280 6 203Companies w/ 500+ Employees 138 7 101
Source: Claritas 2014, Hoovers 2014, Arbitron 2013, Environics/Pcensus 2013, U.S. BEA.
MLB Summary - Adjusted CBSA Designation Overview
(1) - Average excludes Los Angeles-Long Beach et al.
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MLB Stadium Deal Structure/Lease Overview
BSG has Summarized the Key Terms of MLB Agreements. The Information is Presented forIllustrative Purposes Only. The Lease Documents Contain Additional Detail Not Summarized inthis Report.
Market Area Size and Characteristics will have an Important Impact on the Ability of the Teamto Generate Revenue and this Must be Considered when Evaluating Deal Structure/Lease Terms
Market Rate Deal Should Reflect and Consider the Anticipated Operating Characteristics andRevenue Potential for the Market Area and the Specific Team
Anticipated Performance of the Team in the Market Area Over the Lease Term Needs to beTaken into Account
When the Performance of a Team is Expected to Deviate from the Average Performance of theLeague Over the Long-Term, Deal Structure/Lease Should Account for the Expected Deviation
II. MLB STADIUM DEVELOPMENT OVERVIEW
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MLB Stadium Public/Private Investment
MLB Teams Commonly Contribute to Stadium Development – Upfront Contribution Varies Widely
Deal Structure and Resulting Lease Terms Should Reflect the Specific Market Conditions and OtherFactors that May Impact the Franchise
Market Demographic Statistics– Population/Households/Income/Etc.
Premium Seating Demand– Number of Luxury Suites/Club Seats in Marketplace (From All Sports Venues)– Corporate Base
Entertainment Alternatives Competitive Sports Franchises Television/Radio Markets Operating Performance (Historical and Projected)
When Comparing Deals, it is Important to Identify All of the Lease Components and Account forOther Significant Costs of Occupancy (Including Direct and Indirect Equity Contributions) –Public/Private Investment Summary Charts Represent Only One Component of Deals
II. MLB STADIUM DEVELOPMENT OVERVIEW
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II. MLB STADIUM DEVELOPMENT OVERVIEW MLB Stadium Public/Private Investment
Stadium Team Location Year Total CostWrigley Field - (1) Chicago Cubs Chicago, IL 2018 $300,000,000 $0 0.0% $300,000,000 100.0%New Atlanta Braves Stadium Atlanta Braves Cobb County, GA 2017 $672,000,000 $300,000,000 44.6% $372,000,000 55.4%Dodger Stadium - (2) Los Angeles Dodgers Los Angeles, CA 2013 $150,000,000 $0 0.0% $150,000,000 100.0%Marlins Park Miami Marlins Miami, FL 2012 $644,500,000 $489,500,000 76.0% $155,000,000 24.0%Fenway Park - (1) Boston Red Sox Boston, MA 2011 $285,000,000 $0 0.0% $285,000,000 100.0%Target Field Minnesota Twins Minneapolis, MN 2010 $555,000,000 $355,500,000 64.1% $199,500,000 35.9%Kauffman Stadium Kansas City Royals Kansas City, MO 2009 $250,000,000 $225,000,000 90.0% $25,000,000 10.0%Yankee Stadium New York Yankees New York, NY 2009 $1,592,900,000 $234,700,000 14.7% $1,358,200,000 85.3%Citi Field New York Mets New York, NY 2009 $814,652,088 $181,100,000 22.2% $633,552,088 77.8%Nationals Park Washington Nationals Washington, DC 2008 $693,000,000 $662,000,000 95.5% $31,000,000 4.5%Busch Stadium St. Louis Cardinals St. Louis, MO 2006 $430,200,000 $42,700,000 9.9% $387,500,000 90.1%Petco Park - (3) San Diego Padres San Diego, CA 2004 $453,400,000 $300,800,000 66.3% $152,600,000 33.7%Citizens Bank Park - (4) Philadelphia Phillies Philadelphia, PA 2004 $346,000,000 $174,000,000 50.3% $172,000,000 49.7%Great American Ballpark Cincinnati Reds Cincinnati, OH 2003 $336,259,938 $292,528,714 87.0% $43,731,225 13.0%Miller Park Milwaukee Brewers Milwaukee, WI 2001 $394,000,000 $304,000,000 77.2% $90,000,000 22.8%PNC Park - (4) Pittsburgh Pirates Pittsburgh, PA 2001 $273,767,637 $224,217,128 81.9% $49,550,509 18.1%AT&T Park San Francisco Giants San Francisco, CA 2000 $354,000,000 $15,000,000 4.2% $339,000,000 95.8%Minute Maid Park Houston Astros Houston, TX 2000 $285,933,028 $222,549,243 77.8% $63,383,785 22.2%Comerica Park Detroit Tigers Detroit, TX 2000 $260,000,000 $95,000,000 36.5% $165,000,000 63.5%Safeco Field Seattle Mariners Seattle, WA 1999 $536,144,408 $386,839,143 72.2% $149,305,265 27.8%Angel Stadium of Anaheim Los Angeles Angels of Anaheim Anaheim, CA 1998 $116,485,302 $20,000,000 17.2% $96,485,302 82.8%Tropicana Field - (5) Tampa Bay Devil Rays Tampa Bay, FL 1998 $223,000,000 $209,000,000 93.7% $14,000,000 6.3%Chase Field Arizona Diamondbacks Phoenix, AZ 1998 $380,000,000 $253,000,000 66.6% $127,000,000 33.4%Turner Field Atlanta Braves Atlanta, GA 1997 $250,000,000 $207,000,000 82.8% $43,000,000 17.2%Coors Field Colorado Rockies Denver, CO 1995 $231,000,000 $196,000,000 84.8% $35,000,000 15.2%Globe Life Park in Arlington Texas Rangers Arlington, TX 1994 $202,677,889 $153,851,450 75.9% $48,826,439 24.1%Progressive Field - (6) Cleveland Indians Cleveland, OH 1994 $193,600,000 $145,600,000 75.2% $47,000,000 24.3%Oriole Park at Camden Yards Baltimore Orioles Baltimore, MD 1992 $234,200,000 $210,700,000 90.0% $23,500,000 10.0%U.S. Cellular Field - (7) Chicago White Sox Chicago, IL 1991 $186,400,000 $182,600,000 98.0% $3,800,000 2.0%
Average - Since 2000 $478,453,300 $216,768,162 47.3% $261,685,137 52.7%Average $401,521,389 $209,765,023 57.1% $191,721,883 42.9%
Total/Weighted Average - Since 2000 $9,090,612,691 $4,118,595,085 45.3% $4,972,017,607 54.7%Total/Weighted Average $11,644,120,290 $6,083,185,678 52.2% $5,559,934,613 47.7%
Public Private
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II. MLB STADIUM DEVELOPMENT OVERVIEW MLB Stadium Public/Private Investment
1) Sources of funds include historic tax credits.
2) Estimated.
3) Does not include Padres parking structure ($20,000,000 - $25,000,000).
4) Figures reflect reported ballpark costs and do not include infrastructure and other related costs. Totalprivate investment (MLB/NFL) in Philadelphia was 47.8% of total project cost. Total privateinvestment (MLB/NFL) in Pittsburgh was 14.8% of total project cost.
5) Unconfirmed $21,000,000 contribution attributed to public sector.
6) Total cost reflects $1,000,000 charitable contribution.
7) Figures do not include recent renovations.
Note: Figures presented in actual dollars. Figures have not been adjusted to reflect current dollars.
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III. SELECTED MLB STADIUM CASE STUDIESSan Diego PadresPetco Park
The San Diego Padres (Padres) began play at Petco Park for the 2004 season. The Padres had been playinghome games at Qualcomm Stadium, which they shared with the San Diego Chargers of the NFL. The Cityof San Diego (70%) and the Padres (30%) jointly own Petco Park. The stadium is the centerpiece of theBallpark District, a 26-block redevelopment area. The stadium has a total seating capacity of approximately42,691 seats, 58 luxury suites, and 5,000 club seats. As part of the original deal structure, the Padres wereresponsible for the development of at least 850 hotels rooms, 570 residential units, 175,000 square feet ofretail space, and 200,000 square feet of office space within the Ballpark District.
Stadium: PETCO Park
Year Open/Renovated: 2004
Stadium Owner: City of San Diego (70%)San Diego Padres (30%)
Lease Term: (1)
Total Cost: See Sources/Uses Schedule
Public Investment: See Sources/Uses Schedule
Private Investment: See Sources/Uses Schedule
Cost Overrun Responsibility: San Diego Padres
New Construction/Renovation: New Construction
Contractor: The San Diego Ballpark Builders (Clark Construction,Douglas E. Barnhart, Nielsen Dilingham)
Architect: HOK Sport+Venue+Event (Populous)
Management: San Diego Padres (Hines)
Concessionaire: Sportservice
Total Seating Capacity: 42,691
Luxury Suites: 58
Club Seats: 5,000
Controlled Parking: 5,000
Roof Type: Open Air
Playing Surface: Grass
Sources: City of San Diego, internal database, and industry research.
(1) The lease term is for the latter of: (i) 22 years after the commencement date, or (ii) the earlier of (a) the expiration of the term of the initial bonds financing, or (b) 30 years after the commencement date. The lease term has two five-year extension options.
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III. SELECTED MLB STADIUM CASE STUDIESSan Diego PadresPetco Park
Project Sources and Uses of Funds
Sources: City of San Diego, internal database, and industry research.
Sources of FundsProceeds from Sale of 2002 BondsRedevelopment AgencySan Diego PadresProceeds from Sale of Surface Parking LotsCity Equity
Total Sources of Funds
Uses of FundsBallpark FacilityLand AcquisitionInfrastructureImplementation Agreement Obligations
Total Uses of Funds
$130,400,000$73,900,000
$152,600,000$21,000,000$75,500,000
$453,400,000
$294,100,000$104,000,000
$51,300,000$4,000,000
$453,400,000
Note: Does not include Padres parking structure ($20,000,000 - $25,000,000).
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III. SELECTED MLB STADIUM CASE STUDIESSan Diego PadresPetco Park
The Terms IncludedSummarize the OccupancyCosts for the Team, Exceptwhere Noted (Lease Termsfor Other Events are NotIncluded):
Stadium RentMinimum RentBase RentAdditional Rent
Taxes/SurchargesTicket Sales TaxTicket SurchargeAdmissions TaxParking Tax/Surcharge
Revenue SharingConcessionsNoveltiesAdvertising – Game Day AdvertisingAdvertising – PermanentTelevisionNaming RightsParking (Net)Luxury Suites – TicketsLuxury Suites – PremiumClub Seats – TicketsClub Seats – Premium
Stadium ExpensesGame Day Operating ExpensesAnnual Operating ExpensesCapital Repairs/Improvements
Other Event Revenue
Public Sector Share0%0%0%0%0%0%0%0%0%0%0%
0% – (3)(4)0%
Shared
Amount Paid by TeamNot Applicable$500,000 – (1)Not Applicable
Not ApplicableNot ApplicableNot ApplicableNot Applicable
Team Share100%100%100%100%100%100%
100% – (2)100%100%100%100%
100% – (3)(4)
100% – (5)Shared
Sources: City of San Diego, internal database, and industry research.
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III. SELECTED MLB STADIUM CASE STUDIESSan Diego PadresPetco Park
(1) Rent is adjusted every five years based on the percentage increase, if any, of the CPI.
(2) The City receives 15 VIP parking spaces, as well as a number of reasonable parking spaces for full-time City employees.
(3) The City is responsible for normal City operations regarding traffic and public safety personneloutside the stadium.
(4) The City pays the lesser of 70.0% of Joint Ballpark Ownership Expenses or $3.5 million (annuallyadjusted based on percentage increase, if any, of the CPI). The Padres are responsible for the balance.
(5) Padres are required (through a 2012 amendment) to spend a minimum of $1.0 million per year oncapital repairs/improvements.
Sources: City of San Diego, internal database, and industry research.
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III. SELECTED MLB STADIUM CASE STUDIESSan Francisco GiantsAT&T Park
The San Francisco Giants (Giants) play their home games at AT&T Park. AT&T Park was constructed in2000, and is located in the China Basin. The stadium was the first virtually-privately financed ballpark inMLB since Dodger Stadium in 1962. The Giants were able to orchestrate an aggressive marketingcampaign that reportedly secured approximately 29,500 season ticket holders, including approximately15,000 Charter Seat members, to meet their financing plan for the new stadium. The stadium hasapproximately 41,914 seats, 68 luxury suites, and 8,355 club seats. Mission Rock, a proposed mixed useproject to be developed by an affiliate of the Giants, will be located across from AT&T Park.
Stadium: AT&T Park
Year Open/Renovated: 2000
Stadium Owner: San Francisco Giants
Lease Term: 25 Years
Total Cost: See Sources/Uses Schedule
Public Investment: See Sources/Uses Schedule
Private Investment: See Sources/Uses Schedule
Cost Overrun Responsibility: San Francisco Giants
New Construction/Renovation: New Construction
Contractor: KUD International Inc., and HuntConstruction Group
Architect: HOK Sport+Venue+Event (Populous)
Management: San Francisco Giants
Concessionaire: Centerplate
Total Seating Capacity: 41,914
Luxury Suites: 68
Club Seats: 8,355
Controlled Parking: 200 (Does Not Include Leased Parking)
Roof Type: Open Air
Playing Surface: Natural Grass
Sources: City and County of San Francisco Redevelopment Financing Authority, San Francisco Giants, internal database, and industry research.
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III. SELECTED MLB STADIUM CASE STUDIESSan Francisco GiantsAT&T Park
Project Sources and Uses of Funds
Sources of Funds (Estimated)1997 Series A Tax Allocation Revenue BondsSan Francisco Giants
Private Placement NotesCharter Seat Licenses/Naming Rights/Other
Total Sources of Funds
Uses of Funds (Estimated)Ballpark/Land/Infrastructure
Total Uses of Funds
$165,000,000$174,000,000
$15,000,000$339,000,000
___________$354,000,000
$354,000,000$354,000,000
Sources: City and County of San Francisco Redevelopment Financing Authority, San Francisco Giants, internal database, and industry research.
Page 31
III. SELECTED MLB STADIUM CASE STUDIESSan Francisco GiantsAT&T Park
The Terms IncludedSummarize the OccupancyCosts for the Team, Exceptwhere Noted (Lease Termsfor Other Events are NotIncluded):
Stadium RentMinimum RentBase RentAdditional Rent
Taxes/SurchargesTicket Sales TaxTicket SurchargeAdmissions TaxParking Tax/Surcharge
Revenue SharingConcessionsNoveltiesAdvertising – Game Day AdvertisingAdvertising – PermanentTelevisionNaming RightsParkingLuxury Suites – TicketsLuxury Suites – PremiumClub Seats – TicketsClub Seats – Premium
Stadium ExpensesGame Day Operating ExpensesAnnual Operating ExpensesCapital Repairs/Improvements
Public Sector Share0%0%0%0%0%0%0%0%0%0%0%
0%0%0%
Amount Paid by TeamNot Applicable
$1,200,000Not Applicable
Not ApplicableNot Applicable
$0.25 – (1)Not Applicable
Team Share100%100%100%100%100%100%100%100%100%100%100%
100%100%100%
Sources: City and County of San Francisco Redevelopment Financing Authority, San Francisco Giants, internal database, and industry research.
(1)Tickets at AT&T Park are subject to $0.25 admissions tax regardless of ticket price.Following the expiration of the initial term of the lease, tickets with a price over $27.00are subject to admissions tax of $2.25 per ticket.
Page 32
III. SELECTED MLB STADIUM CASE STUDIESSan Francisco Giants – Mission Rock Development (Proposed)AT&T Park
Page 33
III. SELECTED MLB STADIUM CASE STUDIESSan Francisco Giants – Mission Rock Development (Proposed)AT&T Park
Page 34
III. SELECTED MLB STADIUM CASE STUDIESAtlanta BravesNew Atlanta Braves Stadium
In 2013, the Atlanta Braves announced they would be leaving Turner Field after the 2016 season and movinginto a new $672 million ballpark in unincorporated Cobb County for a minimum of 30 years. Publicinvestment is expected to be approximately $300 million of the $672 million ballpark (original estimate).Estimated costs have risen, according to recent reports. The County’s portion of the stadium cost did notinclude the reported costs required to upgrade police, fire, and emergency dispatch operations. The Cobb-Marietta Coliseum and Exhibit Hall Authority will issue $368 million of thirty (30) year revenue bonds. The57 acre parcel of land for the stadium is projected to cost $34 million, and the team is expected to acquireapproximately 25 additional acres. The Braves have also released plans for a $400 million entertainmentdistrict, funded completely by the team and private partners. The district would be made up of retail, office,dining, hotel, and residential space.
Stadium: New Atlanta Braves Stadium
Year Open/Renovated: 2017 (Projected)
Stadium Owner: Cobb-Marietta Coliseum and ExhibitHall Authority
Lease Term: 30 Years
Total Cost: See Sources/Uses of Funds
Public Investment: See Sources/Uses of Funds
Private Investment: See Sources/Uses of Funds
Cost Overrun Responsibility: Atlanta Braves
New Construction/Renovation: New Construction
Contractor: To be determined
Architect: Populous
Management: To be determined
Concessionaire: To be determined
Total Seating Capacity: 41,000-42,000
Luxury Suites: To be determined
Club Seats: To be determined
Controlled Parking: Approximately 6,000
Roof Type: Open Air
Playing Surface: Natural Grass
Sources: Cobb County and industry research.
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III. SELECTED MLB STADIUM CASE STUDIESAtlanta BravesNew Atlanta Braves Stadium
Project Sources and Uses of Funds (Preliminary Figures)
Sources of FundsAtlanta Braves
Upfront CommitmentAnnual Contribution
RentNaming Rights RevenueParking RevenueMarquee Advertising RevenueTotal Annual Contribution
NPV of Annual ContributionCobb County/Cumberland CID/Authority
Cobb Transportation ContributionCumberland CID ContributionAnnual Contribution
Existing Hotel/Motel TaxReallocation of Existing RevenuesRental Car TaxCumberland District TaxCumberland District Circulator FeeTotal Annual Contribution
NPV of Annual ContributionTotal Sources of Funds
Uses of Funds Stadium, Parking, and Infrastructure
Total Uses of Funds
$3,000,000$1,500,000$1,500,000
$100,000$6,100,000
$940,000$8,670,000
$400,000$5,150,000$2,740,000
$17,900,000
$280,000,000
$92,000,000
$14,000,000$10,000,000
$276,000,000$672,000,000
$672,000,000$672,000,000
Note: Additional rent from naming rights, parking, and marquee advertising revenue of $3.1 million shall bededicated to debt service.
Sources: Cobb County and industry research.
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III. SELECTED MLB STADIUM CASE STUDIESAtlanta BravesNew Atlanta Braves Stadium
The Terms IncludedSummarize the OccupancyCosts for the Team, Exceptwhere Noted (Lease Termsfor Other Events are NotIncluded):
Stadium RentMinimum RentBase RentAdditional Rent
Taxes/SurchargesTicket Sales TaxTicket SurchargeAdmissions TaxParking Tax/Surcharge
Revenue SharingConcessionsNoveltiesAdvertising – Game Day AdvertisingAdvertising – PermanentTelevisionNaming RightsParkingLuxury Suites – TicketsLuxury Suites – PremiumClub Seats – TicketsClub Seats – Premium
Stadium ExpensesGame Day Operating ExpensesAnnual Operating ExpensesCapital Repairs/Improvements
County Events
Public Sector Share0%0%0%(1)0%(1)(1)0%0%0%0%
0%0%
50%(2)
Amount Paid by TeamNot Applicable
$3,000,000$3,100,000 - (1)
8.0%Not ApplicableNot ApplicableNot Applicable
Team Share100%100%100%
(1)100%
(1)(1)
100%100%100%100%
100%100%
50%(2)
Sources: Cobb County and industry research.
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III. SELECTED MLB STADIUM CASE STUDIESAtlanta BravesNew Atlanta Braves Stadium
(1) Additional rent from naming rights, parking, and marquee advertising revenue of $3.1 million shall bededicated to debt service. Once the bonds are retired, the Team will no longer be required to make thispayment.
(2) The County shall have the right to conduct up to 3 special events per year (cannot be concerts). TheTeam shall operate the stadium but will negotiate a revenue share and reimbursement with the County forsuch events. The County shall pay for staffing, cleaning, and utilities for these events.
Sources: Cobb County and industry research.
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III. SELECTED MLB STADIUM CASE STUDIESNew York MetsCiti Field
The New York Mets’ (Mets) new ballpark, Citi Field, opened in 2009. The facility has approximately41,922 seats and 54 luxury suites. Citi Field was constructed in the parking lot adjacent to the Mets’ priorhome, Shea Stadium. The total cost of the project was approximately $814.7 million. The Mets andCitigroup announced a 20-year sponsorship and naming rights agreement in November 2006. Theagreement is reportedly worth an estimated $20.0 million annually. The Mets are currently evaluating thepotential development of a major mixed-use development at Willets Point, adjacent to Citi Field.
Stadium: Citi Field
Year Open/Renovated: 2009
Stadium Owner: City of New York
Lease Term: 37.5 Years
Total Cost: See Sources/Uses Schedule
Public Investment: See Sources/Uses Schedule
Private Investment: See Sources/Uses Schedule
Cost Overrun Responsibility: New York Mets
New Construction/Renovation: New Construction
Contractor: Hunt-Bovis
Architect: HOK Sport+Venue+Event (Populous)
Management: New York Mets
Concessionaire: ARAMARK
Total Seating Capacity: 41,922
Luxury Suites: 54
Club Seats: 7,800 (Sold on Game-by-Game Basis)
Controlled Parking: 8,310
Roof Type: Open Air
Playing Surface: Natural Grass
Sources: City of New York, internal database, and industry research.
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III. SELECTED MLB STADIUM CASE STUDIESNew York MetsCiti Field
Project Sources and Uses of Funds
Sources of FundsTax Exempt PILOT BondsTax Exempt PILOT Bonds Original Issue PremiumTaxable Installment Purchase BondsTaxable Lease Revenue BondsCity of New YorkState of New YorkRent Credits
Total Sources of Funds
Uses of FundsDevelopment Costs
Soft CostsConstruction CostsMiscellaneous CostsLess: Interest Earnings
Net Deposit to Capitalized Interest AccountsNet Deposit to Lease Revenue Working Capital FundCost of Issuance
Total Uses of Funds
$547,355,000$20,632,088$58,450,000$7,115,000
$91,400,000$74,700,000$15,000,000
$814,652,088
$84,500,000$597,000,000
$55,000,000($36,833,001)
$85,837,046$5,645,000
$23,503,043$814,652,088
Sources: City of New York, internal database, and industry research.
Page 40
III. SELECTED MLB STADIUM CASE STUDIESNew York MetsCiti Field
The Terms IncludedSummarize the OccupancyCosts for the Team, Exceptwhere Noted (Lease Termsfor Other Events are NotIncluded):
Stadium RentMinimum RentBase RentAdditional Rent
Taxes/SurchargesTicket Sales TaxTicket SurchargeAdmissions TaxParking Tax/Surcharge
Revenue SharingConcessionsNoveltiesAdvertising – Game Day AdvertisingAdvertising – PermanentTelevisionNaming RightsParkingLuxury Suites – TicketsLuxury Suites – PremiumClub Seats – TicketsClub Seats – Premium
Stadium ExpensesGame Day Operating ExpensesAnnual Operating ExpensesCapital Repairs/Improvements
Public Sector Share0%0%0%0%0%0%(3)0%0%0%0%
0%0%0%
Amount Paid by TeamNot Applicable
$500,000(1), (2)
8.875%Not ApplicableNot ApplicableNot Applicable
Team Share100%100%100%100%100%100%
(3)100%100%100%100%
100%100%100%
Sources: City of New York, internal database, and industry research.
Page 41
III. SELECTED MLB STADIUM CASE STUDIESNew York MetsCiti Field
(1) From 2009 through 2038, additional rent of $500,000 is payable if 2,000,000 tickets sold. In addition,team is required to make additional rent payments in amounts required to make debt service, asamended from time to time.
(2) Through payment in lieu of taxes (PILOT) assignment, Mets agree to make a net payment that shall besufficient to pay the debt service for the PILOT bonds. Any excess shall be deposited into operationsand maintenance fund.
(3) Mets retain first $8.16 million net parking revenue and 50% of amounts over $8.16 million plus netannual revenue from non-parking operations.
Sources: City of New York, internal database, and industry research.