CITY OF MINNEAPOLIS 2019 NCAA Men’s Basketball Final Four Funding Agreement Ways and Means Committee October 16, 2018 1
Why Host the Final Four? • Generate economic activity • Align with the investment of public and private dollars in sports venues, hospitality and transit infrastructure • Create valuable media exposure (national & international) to help market and sell the destination • Add to sense of community pride • Helps support the downtown’s nearly 35,000 people working in the hospitality community and support industry jobs 2
Why host the Final Four? • Partnership with the University of Minnesota • Strengthen relationship with NCAA • Minneapolis is currently scheduled to host: • 2018 Women’s Volleyball Championships • 2020 Men’s Wrestling Championships • 2021 Men’s Basketball Regional • 2022 Women’s Basketball Final Four 3
2019 NCAA Men’s Basketball Final Four: Basics • April 5-8, 2019 • 90,000 Visitors including college students, alumni and basketball fans • Over 9,000 hotel rooms in Minneapolis, with a 4- night minimum stay • Events will be held in downtown Minneapolis at US Bank Stadium, the Minneapolis Convention Center and Nicollet Mall 4
Final Four by the numbers • $142 million- Estimated economic impact to the Twin Cities • 23 Million viewers of championship game • 97 Million U.S. viewers from the beginning of the tournament to the Final Four • 180 Countries broadcast the games 5
Local Partners • University of Minnesota • MSFA • Minneapolis Local Organizing Committee • Meet Minneapolis • City of Minneapolis 6
MLOC Community Initiatives Read to the Education Final Four • Yearlong Reading Initiative for Minnesota 3rd Graders • Nine Minneapolis schools participating (600+ students) • Free access to thousands of high quality digital books • Final Four Reading Spots located around the city 7
MLOC Community Initiatives Fan Jam Youth • Fan Jam tour stops at: Open Streets – Minnehaha, World Cup Festival, Armatage Festival, Pride Fest, National Night Out, Safe Summer Nights • Tour stops planned in every ward of Mpls (visited 11 so far) • Coordination with ‘Bike Cops for Kids’ and ‘Police Athletic League ’ 8
Final Four Events at a Glance Final Four Friday Fan Fest Final Four Dribble • • • LOW COST ticket FREE pre-register FREE event • • • Family friendly Kid’s Basketball Parade All-star game • • • Autographs & Ages 8-12 Team Practices • • • Interactives Free Fan Fest entry Band and cheer • • NABC Convention 3,200 youth also held at MCC
Final Four Events at a Glance March Madness Nicollet Mall Semi-Final & Music Series Event Championship Games • • Three days On Nicollet Mall, • Semi-Final games- April 6 tentatively from 8 th to • Urban, Pop & Country • Championship game- April 8 12 th Streets • Top Talent • Food and drink • Low cost tickets • Stage for pep rallies, school bands, etc
Financials Expenses (hard costs) Police $ 1,300,000 Convention Center $ 638,000 Public Works $ 360,000 Other enterprise support $ 102,000 Total $ 2,400,000 Funding Sources Minneapolis Local Organizing Committee funds $ 1,500,000 2018 City budget allocation to Downtown Assets $ 100,000 Estimated entertainment tax revenue from game tickets $ 800,000 Total funding $ 2,400,000 11
Contract Elements • Addresses funding and the services in support of the official Final Four events • Provision for Change Orders • 90% of the funds will be received prior to the event • The MLOC and other parties such as the NCAA and its vendors will pay for typical City permits as needed in addition to the amounts in the agreement. 12
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