FIELD OF DREAMS

Hospitality, Tourism,

and Sports

FRENZIED NEWSTADIUM CONSTRUCTION

Trend began in late 1980s w/ teams threatening to leave a market or not come into a market at allTeam owners wanted facilities that would have myriad of revenue sourcesMany cities have opted to replace their multi-use stadiums with separate facilities for baseball and football

CASE STUDIES

DenverCoors Field

PittsburghPNC ParkHeinz Field

St. LouisNew Busch Stadium

COORS FIELD - DENVER

THE DETAILS

Located in Denver’s Lower Downtown (LoDo) neighborhoodOwner: Denver Metropolitan Baseball Stadium DistrictTenant: Colorado RockiesConstruction began in October 1992Opened in April 1995Seating capacity: 50,200Surface: Grass

PROJECTFINANCING

$215 MillionPaid for with a sales tax increaseCoors Brewing Company purchased the naming rights to the stadium prior to its completion in 1995

THE RESULT

Built within an urban context

All green seats w/ exception of a single purple row of upper deck seatsHas had a positive economic impact on the LoDo neighborhood

                         

PNC PARK - PITTSBURGH

                                   

                      

THE DETAILS

Located on the North Shore of the Allegheny River (Greater Downtown)Owner: City of Pittsburgh Sports & Exhibition AuthorityTenant: Pittsburgh PiratesConstruction began in April 1999Opened in March 2001Seating Capacity: 38,365Surface: Grass

PROJECTFINANCING

$262 MillionPart of an $803

million package developed to fund PNC Park, Heinz Field, retire the $40M debt on Three Rivers Stadium and demolish the stadium, and expand the David L. Lawrence

Convention Center (called Regional Destination Development Plan or ‘Plan B’)

THE RESULT

Stadium built with public $$

after long political debateOften noted for its physical beauty – right field view offers a wide view of the Downtown Pittsburgh skylineESPN study named it ‘the best stadium in baseball’Host of the 2006 All-Star Game

HEINZ FIELD - PITTSBURGH

                                                                                                                 

              

                                    

                                                      

                                    

                                                      

                                    

                                                      

THE DETAILS

Located west of old 3 Rivers StadiumOwner: City of Pittsburgh Sports & Exhibition AuthorityTenants: Pittsburgh Steelers & University of Pittsburgh PanthersConstruction began in June 1999Opened in August 2001Seating Capacity: 64,450Surface: Grass

PROJECTCOST

$281 MillionPart of an $803

million package developed to fund PNC Park, Heinz Field, retire the $40M debt on Three Rivers Stadium and demolish the stadium, and expand the David L. Lawrence

Convention Center (called Regional Destination Development Plan or ‘Plan B’)

THE RESULT

Stadium built with public $$

after long political debate

Includes a massive 48’x27’ scoreboardHome to many amenities such as several entertainment areas, team stores, restaurants, and a Steelers Hall of Fame

FINANCING PLAN - PITTSBURGH

SOURCE OF FUNDS AMOUNTRegional Asset District $170,000,000County Hotel Tax 99,000,0005% Surcharge on Tickets 22,000,0001% Wage Tax on Non-Resident Players 7,000,000State Matching Funds 300,000,000Interest Earnings 36,000,000Federal Infrastructure Improvements 28,000,000Convention Center Parking Garage Revenue 11,000,000Pittsburgh Investment Capital Fund 45,000,000Pirates & Steelers 85,000,000

TOTAL $803,000,000

NEW BUSCH STADIUM –ST LOUIS

                     

             

THE DETAILS

Located in Downtown St. LouisOwner: St. Louis CardinalsTenant: St. Louis CardinalsConstruction began in January 2004Opened in Spring 2006Seating capacity: 46,000+Surface: Grass

PROJECTFINANCING

$344.8 million$45 million long-

term loan from St. Louis County$90.1 million from the Cardinals$9.2 million in interest earned on construction fund$200.5 million in bonds to be paid over a 22-year period ($15.9 million per year)Anheuser-Busch agreed to a 20-year naming rights deal through 2025 season

THE RESULT

Spectators have dramatic views of the Gateway Arch and

downtown St. Louis skylineEmerging urban neighborhood - Ballpark VillageMix of uses to be created in Ballpark Village, including retail, entertainment, office, and residential facilities

ROSENTRAUB’S FRAMEWORK FOR SUCCESS

Establish reasons for a new stadiumProvide framework for discussing use of public and private fundsEstablish perspective on the team’s financial status & revenues anticipated from new facilityIdentify public benefits generated by the teamReview implications of different financing optionsDetermine best location for new stadium

ROMANI’S COMMENTS

Location, Location, LocationIt’s All About TimingGo Big Or Go HomeHave A Vision & Sell It EverydayBuild Your TeamSprint Through The Finish LineIf You Built A Legacy, Treat It Like One