BOARD OF GOVERNORS MEETING - Atlanta, Georgia · 2019-10-10 · FY20 –Q1 Rolling Forecast Update...
Transcript of BOARD OF GOVERNORS MEETING - Atlanta, Georgia · 2019-10-10 · FY20 –Q1 Rolling Forecast Update...
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BOARD OF GOVERNORS MEETINGOctober 29, 2019
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Action Item
Approval of Minutes
August 27, 2019September 19, 2019
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Financial Update
Janet ArsenaultSr. Director of Finance
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Financial Snapshot – September 2019
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Profit/Loss
Actual ($290,980)Budgeted ($529,838)
H/M Tax
$1.66M$1.76M$1.72M
ActualBudget
FY19
<5.79%
<3.49%
Customers
345,942
(Estimated)
EconomicImpact
$98.1M
(Estimated)
Budgeted
YTD Actual ($3,889,089)
($4,640,656)
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FY20 – Q1 Rolling Forecast Update
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$2,409,028
$2,413,424
Budget
Projection
Year-End Profit / Loss
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Questions?
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Vision 2025 Update
Jennifer LeMasterChief Administrative Officer, GWCCA
John Bourke President, Bourke Associates
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The Planning Process
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Leadership Context
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Focus Question
“How will we as stakeholders of GWCCA…
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Advance our goal to become the #1 convention, sports, and entertainment destination in the world
Efficiently deliver a seamless, world-class customer experience
Sustain a streamlined, best-in-class organization
Effectively, innovatively, and dynamically drive superior operating results amidst market challenges and disruptors
While…Attracting, developing, and retaining a
talented, engaged, empowered workforce that remains clear and focused on our
collectively held vision of success?”
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Practical Vision
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Maximized Economic Performance
Recognized as an Employer of Choice
Enhanced Campus
Leveraged State-of-the-Art Technology to Maximize Customer Experience
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Strategic Directions
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Strategic Direction 1Elevating Our Destination
Strategic Direction 2Strengthening Our Team
Strategic Direction 3Maximizing Operational
Excellence
Strategic Direction 4Diversifying Our Revenue
Portfolio
Developing and Expanding Our CampusCreating a DestinationClarifying Our Identity
Building Team CapabilityEnhancing Organizational Alignment
Investing in TechnologySetting the Standard for ExcellenceAligning Resources to Achieve Maintenance Plan
Expanding In-House Staffing ServicesPromoting New EventsExploring Retail Opportunities
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Implementation Calendar
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Strategic Direction 1Elevating Our Destination
Strategic Direction 2Strengthening Our Team
Strategic Direction 3Maximizing Operational
Excellence
Strategic Direction 4Diversifying Our Revenue
Portfolio
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Strategic Team Leaders
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Strategic Direction 1Elevating Our Destination
Strategic Direction 2Strengthening Our Team
Strategic Direction 3Maximizing Operational
Excellence
Strategic Direction 4Diversifying Our Revenue
Portfolio
TIM TREFZERDirector, Corporate Social Responsibility
MARK KOENINGERDirector, Business Intelligence & Process Improvement
HARRIET THOMASManager, Talent Development
ERIK WALDMANDirector, Strategic Programs
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Strategic Direction 1: Key Accomplishments
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Strategic Direction 1Elevating Our Destination
TIM TREFZERDirector, CSR
Brand Identity Style guide, logos
Campus Development Wayfinding
Customer Arrival Red Deck entrance Lower International employee entrance COP Visitors Center
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SD1: Brand Identity
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SD1: Campus Development
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SD1: Customer Arrival – Red Deck
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SD1: Centennial Olympic Park Visitor Center
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SD1: Centennial Olympic Park Visitor Center
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Strategic Direction 2: Key Accomplishments
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Talent Management Strategy Hire-to-Retire Employment branding
Competency Models Administrative professionals People managers
Workplace Recognition Employer of choice Team member rewards
Strategic Direction 2Strengthening Our Team
HARRIET THOMASManager,
Talent Development
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SD2: Talent Management Strategy
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SD2: Competency Models
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SD2: Workplace Recognition
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Strategic Direction 3: Key Accomplishments
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Strategic Direction 3Maximizing Operational
Excellence
MARK KOENINGERDirector, Business Intelligence
& Process Improvement
Technology Upgrades Appetize point of sale implementation Feedback Now restroom system AI camera system enhancements
Georgia Tech Capstone Teams
Material Handling Implementation
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SD3: Technology Upgrades
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Food Cleanliness
Safety
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SD3: Georgia Tech Capstone Teams
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Equipment Allocation & Optimization
Profit Maximization
Traffic Simulation and Analysis (AYIB)
Energy Optimization Analysis
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SD3: Material Handling Implementation
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Strategic Direction 4: Key Accomplishments
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Exploring Retail Opportunities Kiosk success New retail partnership Green Deck retail study
In-house Staffing Implementation Security Guest Services
Show Recovery Expense reductions and waste diversion
Strategic Direction 4Diversifying Our Revenue
Portfolio
ERIK WALDMANDirector, Strategic Programs
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SD4: Exploring Retail Opportunities
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SD4: In-House Staffing Implementation
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SD4: Show Recovery
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Regular Progress Updates
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Thank You
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Resolution: SGCCA Management Service Agreement (Amendment)Pargen RobertsonLegal Counsel, GWCCA
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Recall that on March 25, 2014, the Authority executed the ConventionCenter Management Agreement with the Georgia International andMaritime Trade Center Authority ("GIMTCA"), pursuant to which theAuthority essentially was to manage the Savannah International Trade& Convention Center.
That Agreement has been amended once before, on August 10, 2016.
SECOND AMENDMENT TO SAVANNAH CONVENTION CENTER MANAGEMENT AGREEMENT
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SECOND AMENDMENT TO SAVANNAH CONVENTION CENTER MANAGEMENT AGREEMENT
H.B. 525 (2019)
By operation of law effective July 1, 2019:
(1) GIMTCA was dissolved, and the Savannah-Georgia Convention Center Authority (SGCCA) was created;
(2) the Savannah International Trade & Convention Center was renamed the Savannah Convention Center; and
(3) the SGCCA became successor to GIMTCA in all contracts entered into by GIMTCA which were in existence on July 1, 2019 (including but not limited to the Convention Center Management Agreement as previously amended).
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SECOND AMENDMENT TO SAVANNAH CONVENTION CENTER MANAGEMENT AGREEMENT
With this Resolution, the Board essentially would extend the term ofthe Savannah Convention Center Management Agreement for aRenewal Term of three (3) additional years, to expire on June 30, 2023.
If at the end of the Renewal Term SGCCA intends to continue securingmanagement services through a third-party provider, then in the finalyear SGCCA agrees to negotiate in good faith to attempt to reach anagreement on a new contract or arrangement with GWCCA to renew.
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Questions?
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Resolution: Public Art Exterior-MBSCool Globes (Ratification)Kevin DuvallChief Operating Officer, GWCCA
Scott JenkinsGeneral Manager, MBS
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Cool Globes Atlanta: Overview
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A public art exhibition designed to raise awareness of solutions to climate change
30, 5’ diameter globes are exhibited to promote sustainability at the local level
The exhibition premiered in Chicago in 2007, and has since traveled the world and been translated into 9 languages
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Cool Globes Atlanta: Timing
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Installation: October 2019 October 21: Press conference Removal: January 2020
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Site Coordination Agreement
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Section 2.8 Public Art. No public art or work of art shall be
installed on the Stadium Site outside of the Stadium without the
prior written consent of the GWCCA, which may be withheld only
based on the reasonable conclusion of the GWCCA that such art is
(a) lewd, offensive or immoral, (b) a public or private nuisance or
(c) materially inconsistent with the aesthetic theme or
appearance of the GWCCA Campus.
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Staff Recommendation
Staff recommends ratification of the Executive Committee action
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Questions?
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Resolution: CBRE and JLL Letters of Agreement (Ratification)Kevin DuvallChief Operating Officer, GWCCA
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Bond Validation Requirements
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Independent market analysis (study) to include a hotel proforma
Third party construction cost monitor to review independently from Drew the monthly construction draws, change orders that may arise, schedule progress, etc.
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CBRE Market Study
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Should include:
Supply and demand
Competitive set review
Projected occupancy
Average daily rate
Operating margins
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CBRE Fees
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Professional fees for this assignment will be based on our current hourly billing rates and the hours required. We estimate they will not exceed $45,000.
Plus any out-of-pocket expenses incurred in the performance of the assignment will be billed at actual cost.
These fees are covered as a cost of issuance.
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Construction Monitor
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Sometimes referred to as an Independent Engineer, the Monitor will serve three primarily roles: Prior to closing, will provide a report pronouncing that the budget
and schedule for the project are acceptable.
Post-closing, will be involved in reviewing eligible project fund requisitions on behalf of the Trustee and to confirm that funds remaining are sufficient to complete the project.
During construction, provide quarterly reports to bondholders (public) on the status of the construction.
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3.0 Fees and Other Charges
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Estimated Fees = $152,500
These fees are covered as part of the cost of bond issuance.
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Staff Recommendation
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Staff recommends ratification of the Executive Committee action
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Questions?
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Resolution: Hotel BondTheonie AlicandroCOO and General Counsel, Drew Co.
Matt NicholsPartner, King & Spalding LLP
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Project Budget Overview
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Project Budget Overview
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Schedule: Next 90 Days
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November 2019 GWCCA adopts bond resolution Finalize QMA Finalize construction contract Gensler completes the 30%
construction documents
December 2019 Skanska receives 30% construction
documents to begin pricing GWCCA Development Committee meeting GWCCA Board of Governors meeting Mid-December Citi submits credit
package to rating agency(s)
January 2020 GWCCA Board of Governors meeting Skanska GMP due Jan 31
February 2020 GWCCA Development Committee
meeting - TBD GMP acceptance Final bond parameter approval by
GWCCA - TBD
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Validation Process Overview
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Establish financial parameters for the bonds
Formally approve project summary, development budget, and revenue estimates
Approve the interim line of credit
Formally request Georgia State Financing and Investment Commission (GSFIC) to approve the offer and sale of the bonds and the interim line of credit
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Financial Parameters for the Bonds
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Maximum principal amount: $500 million
Maximum interest rate: 8.5%
Maximum annual debt service: $42 million
Final maturity: 40 years
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Project Summary and Revenue Estimate
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Project summary is attached as Exhibit A
Includes development budget estimate of $436,950,000
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GSFIC Approvals
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Offer and sale of the bonds
Financial parameters
Credit ratings and method of sale
Interim line of credit
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Calendar
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December 2 GSFIC meeting
Week of December 9 File Petition
December 19 First Validation Advertisement
December 26 Second Validation Advertisement
Week of December 30 Validation Hearing
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Subsequent Activities: January - March
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Finalize documents and prepare an offering document
Obtain credit ratings
Update CBRE market study as required
Construction pricing (GMP)
Print and post the offering document
Bond marketing
Investor calls
Bond pricing (requires special called meeting of GWCCA Board of Governors)
Closing; obtain proceeds of sale
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Questions?
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Next Meetings
Expect a called meeting in November &
Regular meeting December 3, 2019