6 Pro Forma Overview
The construction of the ballpark is designed to be self-supporting. The City will request authorization to borrow $100,840,000: $70,620,000 in Series A general obligations bonds for the cost of the ballpark, land acquisition, culvert work, capitalized interest and borrowing costs; and $30,220,000 in Series B general obligation bonds, which will be covered by the Club’s annual rent payment.
Additionally, the Club will make a $6,000,000 equity contribution toward the construction/equipping of the ballpark. The City will create a District Improvement Financing (DIF) area around the ballpark to capture new revenue created by the project. New revenue within the boundaries of the DIF will be used to pay back the bond. The bonds will be paid back over 30 years.
For example, the City’s Pro Forma calculates the following new revenue for year 2022, the first year of full debt service payments
Sources Amount
Ballpark Taxes$ 147,167.00
Parking Revenue$ 845,650.00
LF Boutique Hotel & Retail Taxes$ 313,060.00
WG South Hotel, Apartments & Retail Taxes$ 1,628,067.00
Personal Property Tax$ 11,526.00
Use and Occupancy Tax$ 571,388.00
Advertising$ 156,000.00
8 City Revenue Events$ 40,000.00
Source Total$ 3,712,858.00
Uses Amount
Debt Service$ 2,733,000.00
Operating Costs$ 96,920.00
5% contingency$ 141,496.00
Use Total$ 2,971,416.00
Surplus $ 741,442.00
Comments