Spring Training. September 12, 2017

Transcription

1 Spring Training Sarasota County/West Villages/City of North Port September 12, 2017

2 Parties to the Project Atlanta Braves Sarasota County State of Florida City of North Port West Villages Improvement District Calben Corporation, Developer

3 Project Location State College of Florida 41 and River Road Facility Site

4 Project Concept Plan

5 Project Description Target Date Open for Spring Training 2019 Current cost estimate $100M 8,000 + total capacity 6,200 fixed seats 2,200 general admission (berm and concourse) 360 Degree concourse walkway Luxury suites Six (6) full and two (2) half practice fields 750 paved public parking spaces Public plaza Multipurpose field/overflow parking

6 Chronology March 2016 the Board authorized the County Administrator to formerly negotiate with the Braves for a Spring Training Facility in Sarasota County January 2017: The Braves announced Sarasota County has been selected as the location of their new Spring Training home County Commission updated on the status of negotiations and next steps February 2017 Tourist Development Council unanimously recommends use of the Tourist Development Tax to fund the county s commitment February 2017 County Commission approved Letter of Intent (LOI)/Term Sheet

7 Chronology May 2017 County Commission approved use of Tourist Development Tax to fund the county s commitment (5-0 Vote) May 2017 County Commission approved a resolution approving the Facility Operating Agreement (FOA) and Non-relocation Agreement (5-0 Vote) August 2017 Received Conditional Approval for Grant regarding Spring Training Retention from State of Florida

8 Team Commitment 30-year Stadium Operating Agreement Serve as construction administrator Upfront cash contribution, bridge funding & advance State funding Annual payments to cover the stadium debt Annual CapX contributions toward stadium maintenance ($5.625M over 30 years) Responsible for all cost overruns (unless caused by another party) Responsible for purchase of main scoreboard & all FFE in the project Responsible for routine costs associated with operations & maintenance of the facility Own and operate a Year-Round Academy (Player development and rehab facility. Private Deal) Two options to extend the term for consecutive 5 year periods ($250K annual payments to County)

9 Developer Commitment Provide approximately 94 acres of land Contribute $4.7M upfront to offset the stadium debt Funding a portion of off-site infrastructure

10 WVID Commitment Responsible for design & construction of facility by January 2019 Fund a portion and construct offsite infrastructure Applicant for the State of Florida for Spring Training grant Bond the State revenue and the Team lease payments

11 State and City Commitments State of Florida to contribute $20M from its Spring Training Retention Fund ($1M per year)* City of North Port to contribute $4.7M upfront to offset the stadium debt *Contingent upon approval of the Addendum to Agreements by all parties

12 Sarasota County Commitment Bonded net proceeds of $21,262,000 provided to the West Villages Improvement District: Conditioned on State funding Coordinated closings with WVID Annual CapX contributions towards stadium maintenance ($5.625M over 30 years) Purchase Title Insurance as part of ownership transfer at substantial completion approximately $117K Assume ownership of the stadium upon completion of construction

13 Next Steps October 11, 2017 Resolution authorizing County Bond Issuance December 2017 Funding Date January 2019 WVID conveying title to the Facility and the Facility Site to the County and entering into the Drainage License Agreement with the County, ANLBC and Developer

14 Recommendations Adoption of a Resolution relating to approval of a Development Agreement, approval of an Interlocal Agreement between Sarasota County and the West Villages Improvement District and providing the necessary delegation of authority.