Funding Considerations Stakeholders March 14, 2019 Previous - - PowerPoint PPT Presentation
Funding Considerations Stakeholders March 14, 2019 Previous Meetings January 23, 2019 History and context of Hospitality Taxes Brief overview of Wake County Destination Strategic Plan Reviewed Financial Models and adjustments to
Stakeholders March 14, 2019
Funding Considerations
January 23, 2019
February 14, 2019
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February 28, 2019
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consideration
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Raleigh Convention Center – Room 304
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MARCH 14, 2019
PNC Are na – A Pro mise Cre ate A Wo rld Class Are na fo r Ce ntral and E aste rn No rth Caro lina
PNC Are na – A Pro mise K e pt
Ove r the Pa st 20 Ye a rs:
Mo re tha n 28 millio n fa ns ha ve a tte nde d tic ke te d e ve nts
a t PNC Are na
Co untle ss o the rs a tte nd c o mmunity e ve nts plus
c ha rita b le , priva te a nd c o rpo ra te func tio ns, industry tra ining a nd No rth Ca ro lina Sta te Unive rsity’ s a nnua l c o mme nc e me nts
400 e ve nts a nnua lly $4 Billio n to ta l e c o no mic impa c t to Wa ke Co unty a nd
mo re b e yo nd
I
n 2018, PNC Are na c o ntrib ute d a ppro xima te ly $262 millio n to the Wa ke Co unty e c o no my a lo ne
PNC Are na – A Pro mise K e pt
Dire c t e mplo yme nt c re a tio n o f so me 2,000 jo b s Pa rt time jo b s o n e ve nt da ys c a n to ta l up to 850 pe r
e ve nt
I
t is e stima te d tha t 46 pe rc e nt o f PNC Are na visito rs c o me fro m o utside Wa ke Co unty; re pre se nting a ne w inje c tio n o f re ve nue into the Co unty tha t wo uld no t
Almo st 142,000 ho te l ro o m nig hts pe r ye a r
Me ta llic a – Ja nua ry 2019
Wo lfpa c k & Hurric a ne s Ho me Plus
Ho ste d F
T
AA a nd ME AC T
NHL
Dra ft, NHL All-Sta r Ga me , T wo Sta nle y Cup F ina ls
Ma de Ra le ig h/ Wa ke Co unty a sto p fo r ma jo r
e nte rta ine rs a nd fa mily sho ws
PNC Are na - Annua l I nve stme nts
T
he Autho rity ha s re g ula rly inve ste d in PNC Are na
Me c ha nic a l Syste ms (Bo ile rs, Wa te r Pipe s) Struc tura l (E
xpa nsio n Jo ints)
F
a n E nha nc e me nts (3D Pro je c tio n, 360 Rib b o n Bo a rds)
Ne w T
e c hno lo g y (WiF i)
Sa fe ty (Bo lla rds, Ma g ne to me te rs) $48 Millio n 2007 – 2018
RAT I O/ HOK
E
ng a g e d in 2015
De ve lo p Co nc e pts a nd Visio n (2015) Ma ste r Pla n (2015) Sc he ma tic De sig n (2016) Re fre sh Sc he ma tic De sig n (De c e mb e r 2018 –
Ma rc h 2018)
I
nve stme nt to Da te : $1.8 Millio n
Pla n Summa ry
16 Co nc e pt Are a s De ta ile d Re nde ring s a nd Sc he ma tic
De sig n Dra wing s
De sig n a nd Co nstruc tio n Sc he dule Pro b a b le Co st Ra ng e s
A Ne w Visio n fo r PNC Are na
Additio n o f ho spita lity spa c e s o n thre e le ve ls o n the so uth side
inle y Sta dium) with a ro o fto p b a r/ re sta ura nt a s the c e nte rpie c e .
Cre a tio n o f multiple c lub a nd c o nc e ssio n spa c e s thro ug ho ut
the a re na to a llo w us to sho wc a se the re g io n’ s fo o d a nd b e ve ra g e c ulture a nd a llo w fo r re ve nue a nd fa n e ng a g e me nt o ppo rtunitie s whic h c urre ntly do no t e xist.
Offic e a nd me e ting spa c e s o n the a re na ’ s no rth e nd to
a c c o mmo da te c urre nt a re na sta ff a nd a ntic ipa te d g ro wth o f Ca ro lina Hurric a ne s o pe ra tio ns a nd ma na g e me nt.
A Ne w Visio n fo r PNC Are na
Pro g ra mma b le Pla za Spa c e
Unifying the Ca mpus
A We lc o ming F ro nt Do o r
Mo re Oppo rtunitie s to Sho wc a se T he Re g io n
Mo re Oppo rtunitie s to Sho wc a se T he Re g io n
Mo re Oppo rtunitie s to Sho wc a se T he Re g io n
Mo re Oppo rtunitie s to Sho wc a se T he Re g io n
Mo re Oppo rtunitie s to Sho wc a se T he Re g io n
Mo re Oppo rtunitie s to Sho wc a se T he Re g io n
De sig n & Co nstruc tio n Sc he dule
Pro b a b le Co st Ra ng e s
F unding Re q ue st
Annua l de b t se rvic e fo r $150 millio n to $200
millio n pro je c t
F
unding b e g inning in F Y 2020 with tra nsitio n funding re q uire me nts
Annua l o pe ra ting supple me nt, $1 millio n,
b e g inning F Y 2023 upo n c o mple tio n o f pro je c t
Pro b a b le De b t Se rvic e Sc e na rio s
Amount Bor r
Annual Debt Ser vic e
$150 Millio n $10,115,854 $175 Millio n $11,801,830 $200 Millio n $13,487,806
De b t Se rvic e Assumptio ns: 4.5% 25-Ye a r T
e rm
L
e ve l Princ ipa l a nd I nte re st Amo rtiza tio n
Que stio ns?
President
○ Requesting $12MM
WPU
A Community Inspired Initiative For the Benefit of All Wake County Residents and Visitors
As reflected by the project’s diverse group of community and former elected leaders, the City County Stadium Project will meet the needs of local municipalities, institutions, and citizens for a “right-sized” stadium for providing exciting athletic competitions that add to the area’s amenities, and recognition as a world-class region. For those long-time Raleigh residents, this facility will fill the gap for a downtown stadium, left when the vintage Devereaux Meadow ballpark was demolished. The ballpark was located on Peace Street between West Street and Capital Blvd. Its rich history is well documented, and includes appearances by such baseball greats as Carl Yastrzemski and Greg Luzinski when they played Class B baseball in the 1950s and ’60s as a Boston Red Sox farm team.
Community Leadership
Advisors and Advocates
Former Mayors Tom Bradshaw Charles Meeker Smedes York
consultants regarding the type of stadium that should be built, and potential sites in the Southeast Raleigh area
architecture team, including Gensler, led by Sharon Crawford, and Dewberry’s Dennis Pitts.
senior managers regarding zoning, facility impacts, and financing
The project team has surveyed the highlighted area and has been in touch with one of the most promising sites -- the 10 acre site owned by Cargill Corporation on South Wilmington Street. While not currently available for purchase we have visited Cargill’s corporate offices in Minnesota to express interest in the site should it become available for purchase.
Cargill Site
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revenues
meetings, trade show opportunities at tournament registration, sponsor activation, etc.
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NorthCarolinaFC.com