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PACKET Stanley Park Committee 1988-11-21
STANLEY PARK COMMITTEE Monday, November 21 , 1988 - 2 : 00 P.M. AGENDA 1 . Indoor Arena - Discussion. Table IX-7 PROJECTED FACILITY OPERATING PERFORMANCE Net Operating Operating Operating Surplus Year Revenues Expenses (Deficit) 1 $225,000 $350,000 $ (125,000) 2 255,000 370,000 (115,000) 3 290,000 390,000 (100,000) 4 340,000 400,000 ( 60,000) 5 370,000 420,000 ( 50,000) 6 380,000 425,000 ( 45,000) 7 380,000 425,000 ( 45,000) 8 380,000 425,000 ( 45,000) 9 380,000 425,000 ( 45,000) 10 380,000 425,000 ( 45,000) NOTE: Financial estimates expressed in constant 1987 dollars. Source: Economics Research Associates 0307A 04/12/88 11- 8 IX-12 mTDrr, 7'sr ^7 1 ti.,.. � 1 L1- 1 PROJET1T1 ♦ ECTED FACILITY OPE TM'r OPERATING PERFORMANCE CTED 11:�U VL lil\['11.L 1Y 1] .Lil\L'�J1\l•lt]1VV Net Operating Operating Operating Surplus Year Revenues Expenses (Deficit) 1 0183 , 700 $407 , 700 ( $249 , 000 ) 2 195 , 125 464 , 036 ( 268 , 911 ) nnr nn,r.. ({n n r ,A I / nnr n J G LG , L'.JJ J1 G , J'a1 1 286 , 306 't 264 , 310 5•>•_) , '399 ( G•l79 , 187✓) er-J 'iOG , 4lO Jn11 , AV,h) ( 275 , 373) l) 302 , ' 1O J95 , O32 (292 , 622 ) 7') �1 32,:, , 46O 605 , 11 L ( 282 , 317) V 323 , 460 620 , 327 ( 296 , 867 ) 9 404 , 960 630 , 155 ( 225 , 195 ) e 6 0 637 , 775 3 n 7 7 5 too," 6 1 r ) 10 4O� , 9VV ll 1 , SiJ kcJ— , CJ1JI l/ �p�jV\ 4 111-88 ..77 OF IN-5 SUMMARY O PROJECTED REVENUES YEAR 1 Percent Annual of Annual Revenue Source Revenues Total Indoor 11_oi Arena Rentals $39 , v 00 /2�C 9.(�i�io Other Facility _ 2 l G t 127 , 750 2 7 0 6 i . !0% L QV1.11 L� Rentals 1G 1 / l � A. Concessions (Net ) 21 , 35C {fV 1�1(/1�� . 31% TOTAL 1G0 , VV 1V . 0V O 11X 88 TABLE IX-6 ESTIMATED ANNUAL OPERATING EXPENSES FOR ET ✓ L1j E 1A CILITl YEAR 1 Percent Annual of Annual Expenditure Type Expenses Expenses Salaries $110 , 000 GJ . i3ro Fringe Benefits/FICA 29 , 700 6 . 79 0 Maintenance/Repair and Office Supplies 45 , 000 10 . 23% Utilities 70 , 000 15 . 99% insurance , 000 5 . 71% � 2r aJ Operations 110 , 000 25 . 13% Miscellaneous 17 , 000 3 . 88% \ I ' Vehicles 16 , 000 3 . 660 , Promotion/Travel r- t; T r-v- l , r. n 3% L' T U)SSO l.1USZ/TT QV1..''.i 1J , OOO .J • 4J/p TOTAL $437 , 700 100 . 00% 11-21-88 Table IX 8 1 le IX-0 GENERAL OBLIGATION BOND (N�1V V11'-rQ�.}CI ) Direct Bond Expense li:pt1sC. related to issuance ti 7J I000 Bond proceeds 2 , 200 , 000 u4/Lly. n 2 n r /� Bond principal •�G , LO..i , VOC Average interest rate 0 • .±vio Termr... y�L.,, Lv years Annual bond service $237 , 000 _ 1 . } } 4_ } CGL.1. . 1Ql1011 of iitlpcac . v12 prOjI 4. Ly Ldn LaLc Total current i 046 , 479 , 730 �1 Q'J assessed valuation Annual debt service per mill 52.E t , 000%$46 , L , l 30 $J . 10 1909 rtrt r , l mill levy $n n 1 •?J G1 Mill levy required to cover debt 6 V • J 1 11-21-88 Table GENERAL OBLICATION BOND a__ 1 , (A-1 Gi4Cl Expense yy-+ p Direct Bond .^ C11sC Expenses related to issuance $85 , 000 Bond p vl,ce .s 2 , 200 , 000 Bond principal $2 , 235 , 000 �t Average interest C"Jt rate L 5-J1%n TermG years Annual bond service $223 , 500 Calculation of impact On property tax rate valuation Total current assessed vct.l.ua�lU11 $46 , 479 , 730 Annual debt service per mill $223 , 500/$40 , 479 , 730 $4 . 80 1989 i11111 leVy $J G1 Mill. levy required to cover debt $8 . 01 11-21-88 Table 1- 7e �<�T X -1a SALES m h<a R7 l�w.7r�C+ 11'9:: 1\L 11..1V Vij (Non-rated) Direct Bond Expense u_. $95 , 000 Expenses related to issuance Reserve 255 , 000 u lJliu proceeds 2 , 200, 000 Bond. principal $2 550 000 aC„j. Tv_r� r�vC1. 8 interest rate 0 00,” m__Term .._ n� G n LQJ bond $272 , 000 Annual I.l lJl Ll.l service 11:C 11-21-88