Multi Use Entertainment Venue Venue Development Agreement Discussion
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1 Multi Use Entertainment Venue Venue Development Agreement Discussion June 17,
2 Multi Use Entertainment Venue Related Agreements Venue License Agreement First Reading 3/4, Second Reading 4/8 (covers the management and operation of the Venue for a 30 year period) fully executed Amendment to Bull Street Development Agreement First Reading 3/4, Second Reading 4/8 (commits to the donation of land for the Venue) fully executed Venue Development Agreement First Reading June 17th, Second Reading Targeted for June 24th (covers the process of designing and constructing the Venue) Hospitality Bond Ordinance Identified for First Reading June 24th, Second Reading Targeted for July 15 th (covers the funding of the City commitment of up to $29M for the Venue) Secure Architectural Services Contract approval targeted for July 15 th (provides for the Design of the Venue) Parking Partners issuing RFI in July to seek interest from private parties to assist City in meeting Bull Street DA Parking Commitment 2
3 Hospitality Bond Schedule Date Task Parties Apr 11 Draft RFQ for underwriter distributed for review MC Apr 17 Draft ordinance distributed BC Apr 23 Comments to ordinance due City, MC Apr 30 Underwriter RFQ released MC May 9 Agenda for May 12 POS/disclosure meeting distributed UC May 12 POS/disclosure meeting with City (a) MC, BC, UC May 19 Draft POS distributed UC May 21 Responses to underwriter RFQ received City, BC, MC Jun 9 Second draft of POS distributed UC Jun 24 1st reading of ordinance City, BC, MC Jun 25 POS sent to RFQ short list for secondary responses (b) FA, UC Jul 2 Receipt of secondary responses (b) City, BC, MC Jul 15 2nd reading of ordinance City, BC, MC Jul 15 Underwriter designation City Jul 23 Credit packages sent to NYC MC Jul Calls with rating agencies City, BC, MC (c) (d) Aug 7 Receive ratings MC Aug 12 Final POS posted UC Aug Pricing All Sep 3 4 Pre close/close All Key (a) Similar to disclosure meetings between the City and UC on water/sewer bonds, the purpose of this meeting is for UC to identify gaps in information that the City will need to provide for completion of the draft POS. (b) In lieu of interviews, City has elected to distribute draft POS to short listed bankers and invite such firms to comment on credit, disclosure, suggested sale strategy, etc. City management/staff will use such secondary responses to identify to Council recommended underwriter(s) for the 2014 Hospitality Bonds. (c) & (d) <<contact TBD>> 3
4 Venue Development Agreement Deal Points / Timeline Within 45 days of execution of VDA BSD delivers draft area & building site declarations to parties Within 10 business days of receiving draft declarations, City & Club provide comments July 15 Club files application for relocation of team to Columbia August 1 Council approves VDA (club cannot file for relocation until this is complete) Bull Street Development Agreement Amendment executed by BSD September 1 BSD delivers Venue survey & title work to City BSD delivers final declarations to City & Club / records declarations Sept Oct. 1 BSD acquires Venue property & conveys property to City Prior to October 1 City selects architect City selects architect (targeted for July 15) City solicits contractor services MiLB approves relocation of baseball team to Columbia City completes financing and obtains proceeds Club provides adequate proof of financing BSD provides adequate proof of financing City obtains all necessary governmental approvals October 1 (or as soon as Conditions to Commencement are met) Construction Commencement Date March 1, 2016 (or as extended by excusable delay) City meets Substantial Completion Deadline June 1, 2016 Final Completion 4
5 Venue Development Agreement Deal Points (Continued) Bull Street Development LLC and Club Provide Parking that Complies with MiLB Requirements City Garage (once built) May Provide VIP Parking Commitment (if in Suitable Location for Venue) Penalty for Failure to Meet Substantial Completion Deadline Conditions for City Obligations; Council Approval of VDA Execution of VLA Complete Execution of Bull Street Development Agreement Amendment #1 Complete Conditions to Commencement of Construction Team Relocation Approval by MiLB Selection of Project Architect BSD Acquires and Conveys Property to City BSD Provides Area and Building Site Declarations to Parties for Approval City Hires Construction Contractor City, Club and BSD Secure Financing and Club & BSD Provide Satisfactory Proof to City Any Necessary Governmental Approvals are Obtained VDA Terminates Upon Final Completion of the Venue Plaza is Managed by Club During Venue Use; Otherwise is Available for Use by City and BSD 5
6 Venue Development Agreement Questions 6
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