Historical Overview. How did we end up in the arena business?
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- Warren Ross
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1 1
2 Workshop Agenda Mayor s Welcome & Introductions County Administrator s Opening Remarks Presentation by Sunrise Sports & Entertainment County Administrator s Report County Auditor s Report Comments: Tourist Development Council and Florida Restaurant & Lodging Association Board Discussion
3 Background
4 Historical Overview How did we end up in the arena business? 1988: Opening of Miami Arena and closure of Sportatorium 1988: Miami Heat begins play at Miami Arena 1992: Hockey franchise awarded 1993: Florida Panthers begin play at Miami Arena 1994: Panthers and Heat seek new venues 1995: Blockbuster Park Concept 1996: Sunrise site selected
5 Historical Overview, continued Why? According to Sun-Sentinel articles, Community maturity Economic development and tourism: reasons beyond sunshine, bikinis and early bird specials to visit or move to Broward. Our own venue Separate identity Major league status: two hundred feet of ice may do what 23 miles of sand have never quite done: raise Broward County onto the list of big-league metropolitan areas.
6 Historical Overview, continued Why Hockey? Two sport strategy for new arena Panthers eligible for state sales tax rebate State sales tax rebate needed for financing NBA and NHL would not relocate teams to the Arena unless their team was the sole major league sports tenant. Miami Heat decided it wanted its own arena
7 The Arena Major Sports and Entertainment Venue Second largest in the southeastern U.S. Among the largest in NHL (fan capacity) Designed for professional hockey and events that attract large audiences Panthers = anchor tenant
8 The Arena, continued Arena Site +/- 140 acres Six parcels +/- 7,500 parking spaces Park and Ride Facility 8
9 The Arena Partnership
10 AOC Annual Rent Total Annual Bond Payment Annual Completion Bond Payment TDT $ 8 million State Sales Tax Rebate $2 million AOC Annual Payment
11 Facility Profits Facility Operating Revenue Facility Operating Expenses County Obligations Facility Net Operating Income (NOI)
12 Profit Sharing Distribution First $12 million = Panthers Net Operating Income Above $12 million: 80% Panthers Above $ 12 million: 20% Broward County
13 Broward County s Support for the Florida Panthers Present
14 County Support for the Panthers 1996: Arena Development Established public funding source for arena debt Land Purchase Arena Construction Financing 14
15 County Support for the Panthers, continued : Series of loans and refinancing transactions, including Loans 1999 Commercial Paper 2006 Commercial paper 2010 Debt Relief Loan 2012 Capital Improvements Refinancing 2000 Completion Debt 2009 Fixed Rate Loan 2004 Swaption 2006 Refinancing
16 County Support for the Panthers, continued Funded Facility Improvements Applied swaption savings (2004) Lower Bowl LED Advertising Signage: $1.75 million Club Level All-Inclusive Club: $1.3 million Absolut Bar and Cruzan Rum Lounge: $175,000 Provided a $4.2 million grant for replacement scoreboard and control room upgrades (2013) Total = $7,425,0000
17 Research Findings 17
18 Team Comparisons Anaheim Ducks Arizona Coyotes Buffalo Sabres Carolina Hurricanes Columbus Blue Jackets Minnesota Wild Nashville Predators Pittsburgh Penguins San Jose Sharks Tampa Bay Lightning 18
19 Team Comparisons, continued Arena BB& T Center, Sunrise Honda Center, Anaheim Rent Payment Approximately $4.6 million Bond payments paid from gross revenues Jobing.com Arena, Glendale $500,000 First Niagara Center, Buffalo 0 PNC Center, Raleigh $ 2.5 million (plus percentage of gross revenues) Nationwide Arena, Columbus 0 Xcel Energy Center, St. Paul $7.7 million Bridgestone Arena, Nashville $750,000 Consol Energy Center, PBurgh SAP Center, San Jose $6.1 million $3.8 million Tampa Bay Times Forum 0
20 Team Comparisons, continued Location Rent Capital Operating Insurance Debt Pymnt Florida County Anaheim None Shared Operator Arizona Mostly Arena Operator Buffalo None Unverified City County Carolina Arena Arena Owner Owner State Columbus Arena Arena Arena Arena Casino Revenues Owner Owner Owner Owner St. Paul City, State Nashville Arena Arena Arena City and County Owner Owner Owner Pittsburgh Shared Casino Revenues San Jose Shared City Tampa Bay None Shared Authority City, County, State, NC
21 Arena Development Trends Sports venues as entertainment and shopping destinations Sports venues as development catalysts Sports venues as Live, Work, Play and Shop Districts or master-planned communities
22 Entertainment Destinations Xfinity Live, Philadelphia Patriot Place, Foxborough 22
23 Redevelopment Catalysts Sprint Center, Kansas City, MO. Power & Light District 23
24 Master Planned Communities Arena District, Columbus LA Live!, Los Angeles 24
25 Can a Major Arena Succeed Four major venues without professional sports without Pro Sports? U.S. Bank, Cincinnati Sprint Center, Kansas City BOK Center, Tulsa Jacksonville Veterans Memorial Arena, J ville 25
26 Can a Major Arena Succeed without Pro Sports? Five former NBA or NHL Venues Phillips Arena, Atlanta Izod Center, New Jersey XL Center, Hartford Key Arena, Seattle Valley View Casino Center, San Diego 26
27 Can a Major Arena Succeed without Pro Sports? Three repurposed venues The Forum The Pyramid Arena The Summit 27
28 Can a Major Arena Succeed without Pro Sports? Five awaiting demolition Astrodome, Houston Kemper Arena, KCMO Nassau Veterans Memorial Coliseum Los Angeles Memorial Sports Arena Silverdome, Pontiac 28
29 Can a Major Arena Succeed without Pro Sports? Gone and Forgotten Miami Arena Amway Arena, Orlando 11 Others Post Arena Uses Vacant Land Parking Convention Centers Retail Other development 29
30 Tourist Development Tax Overview
31 TDT Background County currently levies 5% of TDT on hotel room rental and other short-term rental lodging $46 million is budgeted in FY14
32 Statutory Uses for TDT Marketing & tourism promotion Sports facilities Convention Center Convention & Visitors Bureau Beach renourishment Museums, auditoriums and other cultural facilities; and Other authorized uses
33 Remaining Fund Balance (as of October 1, 2013) Uses of Funds Amount in Millions Capital Projects Beach Renourishment Projects* $33.0 Convention Center Capital Maintenance Projects $1.0 Spangler Boulevard Security Gate Relocation $7.2 Reserves Convention and Visitor's Bureau (CVB) Revenue Stabilization Reserve $3.9 Convention Center (CC) Revenue Stabilization Reserve $3.5 Arena Bond Trustee Reserve $4.0 CVB and CC Enterprise Resources Planning (ERP) Reserve $0.9
34 Remaining Fund Balance, continued Other Uses Uses of Funds Amount in Millions CVB Non-recurring Marketing, Advertising and Promotions $3.0 Museum of Science and Discovery Project $2.0 Performing Arts Center Project** $1.7 Convention Center Bonds Final Debt Payment $2.5 Arena Scoreboard (Total $4.2m, in FY13 $2.5m paid) $1.7 Unallocated Fund Balance Available Per Unaudited Financial Statements $1.4 TOTAL USES OF FUND BALANCE $65.8 *In addition to the $33m in fund balance, the total current $49 million Beach Renourishment budget is funded with approximately $16 million of FY14 revenue (TDT $6.8m, State Grant $4.7m, Arena Loan Repayment $4.5m) **In addition to the $1.7 million in fund balance, the $2 million payment to PACA is funded with $.3m of FY14 TDT revenue.
35 Recurring and One-Time Revenues Uses Amount in REVENUES Millions Tourist Development Taxes $48.7 Convention Center Revenues $5.5 Arena Annual Rent Payment $4.0 State Tax Rebate $2.0 Interest Earnings $0.2 State Grant for Beach Renourishment $4.7 Loan Repayment from Arena $4.5 Less 5% -$3.3 TOTAL REVENUES $66.3
36 Recurring and One-Time Revenues Uses, continued Amount in APPROPRIATIONS Millions Capital Projects Beach Renourishment Projects $16.0 Convention Center Capital Maintenance Projects $1.4 Convention Center Expansion Project (Planning Studies) $1.0 Debt Service Arena Debt Payment $14.0 Operating Expenses CVB Cultural Contribution $0.6 CVB Personal Services, Operating Expenses, Recurring Marketing, Advertising and Promotions $19.3 CC Personal Services, Operating and SMG Expenses $10.7 TDT Revenue Collection Staff Costs $0.5
37 Recurring and One-Time Revenues Uses, continued APPROPRIATIONS Amount in Millions Other Uses Capital Challenge Grant Program $1.0 Performing Arts Center Project $0.3 Centennial Event $0.5 Convention Center Capital Recurring Reserve $1.0 TOTAL APPROPRIATIONS $66.3
38 Key Considerations
39 What s at Stake for Broward? $225.1 million in total outstanding debt obligations Long-term viability of the Arena and site Image and Reputation Viability of the Panthers hockey team
40 Specific Requests 1) Rebate SSE s annual contribution to arena bond payments by using $4.5 million of the County s tourist development tax proceeds to fund arena operations. 2) Cap SSE s costs for the arena s annual windstorm insurance premiums to the first $1 million of premiums with the County responsible for all additional costs.
41 Specific Requests, continued 3) Require the County to pay the first $500,000 of arena repairs and maintenance annually. 4) Eliminate the capital expenditure reserve. 5) Limit SSE s annual contribution to the Renewal and Replacement account to $250,000. 6) Modify the classification of certain operating revenues and expenses for the purpose of revenue sharing distribution.
42 Specific Requests, continued 6) Eliminate Operating Reserve account. 7) Delete monthly financial reporting requirements and provide additional time for the submission of quarterly and annual financial reports and statements. 8) Limit the County s right to audit the AOC s financial records to twice yearly. 9) Convert the Operating Agreement to a Lease.
43 Specific Requests, continued 10)Revise definitions, replace or eliminate outdated provisions, and add clarifying language. 11)Authorize the use of Seat Use Charges for debt payments associated with roadway improvements (Sawgrass Expressway ramps to Panther Drive (NW 136 Av) via Pat Salerno Drive.
44 Specific Requests, continued 12)Expand and raise the ADC s certain development rights by exchanging 12 acres south of the arena for 22 acres on the north side for future development. 13)Develop the 22 acres as a mixed-use project with entertainment, restaurants, retail, office, casino, residential, hotel and related uses.
45 Conclusion The old paradigm of the stadium or arena in a sea of parking doesn t work anymore. Kevin Craft, Sports and the City
46 Questions?
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