Funding Considerations Stakeholders March 14, 2019
Previous Meetings January 23, 2019 History and context of Hospitality Taxes • Brief overview of Wake County Destination Strategic Plan • Reviewed Financial Models and adjustments to revenues • Summary of Stakeholder Review Process • February 14, 2019 Capital maintenance plans • Raleigh Convention Center • Duke Energy Center for Performing Arts • Town of Cary USA Baseball • Town of Cary WakeMed Soccer Park • Town of Cary Tennis Park • PNC Arena • 2
Previous Meetings February 28, 2019 • Receive presentations for funding consideration • Raleigh Convention Center Complex • Town of Cary Sports Facilities Improvements • Town of Cary Indoor Sports Facility • GRCVB Business Development Fund • GRCVB Signature Event Fund • Small Capital Projects Competitive Fund 3
Today’s Meeting • Receive additional presentations for funding consideration • PNC Arena • William Peace University • Friends of Southeast Raleigh • North Carolina Football Club • North Carolina Museum of Art • Marbles Kids Museum 4
Future Meeting Dates • Thursday, March 28, 2019 ‐ 8:30 am Raleigh Convention Center – Room 304 • Additional Meetings ‐ TBD 5
o r A Ne w Visio n F PNC Are na MARCH 14, 2019
PNC Are na – A Pro mise Cre ate A Wo rld Class Are na fo r Ce ntral and E aste rn No rth Caro lina
PNC Are na – A Pro mise K e pt Ove r the Pa st 20 Ye a rs: Mo re tha n 28 millio n fa ns ha ve a tte nde d tic ke te d e ve nts a t PNC Are na Co untle ss o the rs a tte nd c o mmunity e ve nts plus c ha rita b le , priva te a nd c o rpo ra te func tio ns, industry tra ining a nd No rth Ca ro lina Sta te Unive rsity’ s a nnua l c o mme nc e me nts 400 e ve nts a nnua lly $4 Billio n to ta l e c o no mic impa c t to Wa ke Co unty a nd mo re b e yo nd I n 2018, PNC Are na c o ntrib ute d a ppro xima te ly $262 millio n to the Wa ke Co unty e c o no my a lo ne
PNC Are na – A Pro mise K e pt Dire c t e mplo yme nt c re a tio n o f so me 2,000 jo b s Pa rt time jo b s o n e ve nt da ys c a n to ta l up to 850 pe r e ve nt I t is e stima te d tha t 46 pe rc e nt o f PNC Are na visito rs c o me fro m o utside Wa ke Co unty; re pre se nting a ne w inje c tio n o f re ve nue into the Co unty tha t wo uld no t o c c ur witho ut PNC Are na . Almo st 142,000 ho te l ro o m nig hts pe r ye a r
Me ta llic a – Ja nua ry 2019
Wo lfpa c k & Hurric a ne s Ho me Plus Ho ste d F o ur NCAA Me n’ s/ One NCAA Wo me n’ s T o urna me nts in a dditio n to the CI AA a nd ME AC T o urna me nts NHL Dra ft, NHL All-Sta r Ga me , T wo Sta nle y Cup F ina ls Ma de Ra le ig h/ Wa ke Co unty a sto p fo r ma jo r e nte rta ine rs a nd fa mily sho ws
PNC Are na - Annua l I nve stme nts T he Autho rity ha s re g ula rly inve ste d in PNC Are na Me c ha nic a l Syste ms (Bo ile rs, Wa te r Pipe s) Struc tura l (E xpa nsio n Jo ints) F a n E nha nc e me nts (3D Pro je c tio n, 360 Rib b o n Bo a rds) Ne w T e c hno lo g y (WiF i) Sa fe ty (Bo lla rds, Ma g ne to me te rs) $48 Millio n 2007 – 2018
RAT I O/ HOK E ng a g e d in 2015 De ve lo p Co nc e pts a nd Visio n (2015) Ma ste r Pla n (2015) Sc he ma tic De sig n (2016) Re fre sh Sc he ma tic De sig n (De c e mb e r 2018 – Ma rc h 2018) I nve stme nt to Da te : $1.8 Millio n
Pla n Summa ry 16 Co nc e pt Are a s De ta ile d Re nde ring s a nd Sc he ma tic De sig n Dra wing s De sig n a nd Co nstruc tio n Sc he dule Pro b a b le Co st Ra ng e s
A Ne w Visio n fo r PNC Are na Additio n o f ho spita lity spa c e s o n thre e le ve ls o n the so uth side o f PNC Are na (fa c ing Ca rte r-F inle y Sta dium) with a ro o fto p b a r/ re sta ura nt a s the c e nte rpie c e . Cre a tio n o f multiple c lub a nd c o nc e ssio n spa c e s thro ug ho ut the a re na to a llo w us to sho wc a se the re g io n’ s fo o d a nd b e ve ra g e c ulture a nd a llo w fo r re ve nue a nd fa n e ng a g e me nt o ppo rtunitie s whic h c urre ntly do no t e xist. Offic e a nd me e ting spa c e s o n the a re na ’ s no rth e nd to a c c o mmo da te c urre nt a re na sta ff a nd a ntic ipa te d g ro wth o f Ca ro lina Hurric a ne s o pe ra tio ns a nd ma na g e me nt.
A Ne w Visio n fo r PNC Are na
Pro g ra mma b le Pla za Spa c e
Unifying the Ca mpus
ro nt Do o r A We lc o ming F
Mo re Oppo rtunitie s to Sho wc a se he Re g io n T
Mo re Oppo rtunitie s to Sho wc a se he Re g io n T
Mo re Oppo rtunitie s to Sho wc a se he Re g io n T
Mo re Oppo rtunitie s to Sho wc a se he Re g io n T
Mo re Oppo rtunitie s to Sho wc a se he Re g io n T
Mo re Oppo rtunitie s to Sho wc a se he Re g io n T
De sig n & Co nstruc tio n Sc he dule
Pro b a b le Co st Ra ng e s
F unding Re q ue st Annua l de b t se rvic e fo r $150 millio n to $200 millio n pro je c t F unding b e g inning in F Y 2020 with tra nsitio n funding re q uire me nts Annua l o pe ra ting supple me nt, $1 millio n, b e g inning F Y 2023 upo n c o mple tio n o f pro je c t
Pro b a b le De b t Se rvic e Sc e na rio s Amount Bor r owed Annual Debt Ser vic e $150 Millio n $10,115,854 $175 Millio n $11,801,830 $200 Millio n $13,487,806 De b t Se rvic e Assumptio ns: 4.5% 25-Ye a r T e rm L e ve l Princ ipa l a nd I nte re st Amo rtiza tio n
Que stio ns?
Performing Arts Center at William Peace University Dr. Brian Ralph President
Performing Arts Center at William Peace University ● 12,000 s.f. Performing Arts Center ● WPU would be Lead Organization ● 600 seat auditorium (450 floor & 150 balcony) ● Black box theatre ● $32MM facility ○ Requesting $12MM
WPU
C ity C ounty S tadium P roject A Community Inspired Initiative For the Benefit of All Wake County Residents and Visitors
Project Summary ry • A Wake County and City of Raleigh Financed Public Stadium • Football • Soccer • Lacrosse • Track • Capacity • 8,000 Seats • Beneficiaries • All Wake County Residents • Wake County Schools • Local Universities • Regional Competitions • Area Visitors
Project Background As reflected by the project’ s diverse group of community and former elected leaders, the City County Stadium Project will meet the needs of local municipalities, institutions, and citizens for a “right - sized” stadium for providing exciting athletic competitions that add to the area’s amenities, and recognition as a world-class region. For those long-time Raleigh residents, this facility will fill the gap for a downtown stadium, left when the vintage Devereaux Meadow ballpark was demolished. The ballpark was located on Peace Street between West Street and Capital Blvd. Its rich history is well documented, and includes appearances by such baseball greats as Carl Yastrzemski and Greg Luzinski when they played Class B baseball in the 1950s and ’60s as a Boston Red Sox farm team.
Project Steering Committee & Supporters Community Leadership Advisors and Advocates • Leonard Holden • Orage Quarles • David Forbes • Wallace Green • Bruce Lightner • Donnell Lewis Former Mayors Tom Bradshaw Charles Meeker Smedes York
Project Status • Conducted a series of meetings with residents, local leaders and consultants regarding the type of stadium that should be built, and potential sites in the Southeast Raleigh area • Secured support from a world-class stadium design, engineering, and architecture team, including Gensler, led by Sharon Crawford, and Dewberry’s Dennis Pitts. • Consulted with Wake County and City of Raleigh elected leaders and senior managers regarding zoning, facility impacts, and financing • Began a search for potential sites for inclusion in a feasibility study
POTENTIAL SIT ITES FOR FEASIBILITY STUDY The project team has surveyed the highlighted area and has been in touch with one of the most promising sites -- the 10 acre site owned by Cargill Corporation on South Wilmington Street. While not currently available for purchase we have visited Cargill’s corporate offices in Minnesota to express interest in the site should it become available for purchase. Cargill Site
Interlocal Funds Presentation March 14, 2019
• 3rd major destination in Wake County (together with Raleigh Convention Center and PNC Arena) for a wide variety of sports, entertainment, and assembly events • $1.5 billion downtown multi-use development comprised of stadium, 1.5M sf office space, 200K sf retail and service space, two 300-room hotels, and 2,400 multi-family housing units • No current downtown destination venue in Wake County with the spectator and multi-use capacity like the proposed DESC 2
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