Major League Baseball Spring Training. West Palm Beach, Florida. CONFIDENTIAL MATERIALS NOT FOR DISTRIBUTION. The Challenge.
West Palm Beach, Florida
CONFIDENTIAL MATERIALS NOT FOR DISTRIBUTION
How can the State of Florida, Palm Beach County, The City of West Palm Beach, the Washington Nationals and Houston Astros Baseball Organizations come together in a Public/Private Partnership and convert a former landfill site on 45th Street into an exciting, vibrant year-round first class athletic complex creating a new opportunity in that area for the citizens and the youth of Palm Beach County and solidify the east coast of Florida as THE tourist destination for MLB spring training baseball and national youth sporting events.
PARKING (300 FIELD SPACES)
VIP(150 PERM. SPACES)
(925 PERMANENT SPACES)
U13 SOCCER FIELDS
(1000 FIELD SPACES)
ADULT SOCCER FIELDS
(2700 FIELD SPACES)
PARKING (500 FIELD SPACES)
Construction Other Development Project 2016 2-Team
Year Cost Cost Cost Cost Equivalent Cost Equivalent Cost(b)
Salt River Fields (2) 2011 $139M $45M $42M $226M $254.5M --
Camelback Ranch (2) 2009 $107M $11M $19M $137 $157.4M --
Goodyear Park (2) 2009 $80M $35M $30M $135M $155.1M --
Palm Beach (2) 2017 $121M $6M$19M$146M$146.0M --
JetBlue Ballpark (1) 2012 $59M $6M $20M $85M $96.7M $140M
Wrigleyville West (1) 2014 $82M $10M $15M $107M $115.8M $159M
Marc Taylor Study (2) 2017 $116M $30M $15M $161M $161M --
Spring Training Construction Budget
Site Work & Utilities $19,571,826
Stadium, Team Complexes & FFE $97,532,533
Architectural/Engineering Fees $ 8,863,000
Consultants $ 3,809,000
Other Soft Costs $ 3,829,750
Contingency (5%) $6,680,305
Total Construction $140,286,414
Sources of Revenue for Project
$35,918,445 bonding capacity
A 3.5% Growth Factor on $3M of Current TDC
Current TDC $3M for 30yrs @ 3.98%
$51,102,278 bonding capacity
PALM BEACH COUNTY
Florida Statutes $2.0M for 25yrs @ 3.71%
$30,799,727 bonding capacity
STATE OF FLORIDA
ANNUAL RENT PAID BY THE TWO TEAMS
Rent $2.1M for 27yrs @ 3.98%
$31,369,187 bonding capacity
Bond Proceeds $149,189,637
Interest from Project Fund $402,500
Roger Dean Debt $ 4,393,750
Stadium Project Costs $140,000,00
Cost of Issuance $1,637,375
Interest 3 Years (Minus Rev/Int) $3,555,075
The Teams will pay a combined $2,100,00 annually toward the funding of the bonds.
The Teams will maintain all areas of the facility on a year round basis at their own expense inclusive of soccer fields, parking areas, non-major league practice fields and the main stadium while being used by the County and City. This maintenance expense is expected to be in excess of $3,300,000 per year.
The soccer fields, non-major league practice fields and the main stadium will be available for the County and City to use, in coordination with the Teams, beginning April 15 through December 15 of each year.
Any excess bond proceeds in the initial raise not utilized for construction or cost of issuance will be used for the capital renewal and replacement program escrow fund to be established.
Teams will provide marketing avails in Houston and Washington D.C. during each home game of the MLB regular season and spring training season to promote tourism in Palm Beach County, Florida. The Teams pledge to provide marketing value in excess of $1,000,000 each year ($500,000 each).
The Teams will commit to a 30 year Term with options.