Agenda Item Name:
Title
Presentation on a Sports Events Center by Victus Advisors
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Presenter:
Brian Connolly, Principal at Victus Advisors
Description:
This presentation brings back to the Board an analysis of a Sports Events Center at Celebration Pointe
Recommended Action:
Recommended Action
Hear presentation and direct staff further explore the creation of a Sports Events Center via a partnership with Celebration Pointe Community Development District with the following ordered steps:
1) Determine public funding sources/amounts for the project.
2) Develop architectural designs and construction cost estimates.
3) Conduct a Celebration Pointe parking demand study and determine cost and funding sources for additional parking stalls.
4) Establish legal parameters for venue funding and ownership.
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Prior Board Motions:
At the May 7, 2019 Special Meeting Commissioner Byerly moved the following:
1. That we direct staff to expand Victus Study to include an analysis of the Celebration Pointe Site and include as needed an analysis of the range of Public and/or Private Ownership models and to work with the Celebration Community Development District to come up with those numbers.
2. Direct staff to prepare a business model / operational analysis for all three of the sites we have been considering for public investment; Celebration Pointe,
Cabot Koppers and the MLK Site.
3. Direct Staff to draft an Interlocal Agreement for consideration by the
Commission for investments of Community Redevelopment Agency (CRA) funds and Wild Spaces Public Places funds for the Citizens Field and Cabot
Koppers sites. This should include a timeline for the development.
4. Authorize a Chair Letter to request that the Event Center be a topic of discussion at our Joint Meeting in June with the City of Gainesville.
The motion carried 5-0.
Fiscal Consideration:
Fiscal Consideration
It is estimated that a new sports events center and ancillary development at Celebration Pointe could generate net impacts over a period of 30 years with a net present value (NPV) of approximately $1.2 billion in total economic output, $392 million in wages, and nearly $24 million in County sales tax revenues, and County tourist development taxes. In addition, it is estimated that up to 1,150 incremental annual jobs could be supported by this new economic activity.
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Background:
Prior Market Study & Site Analysis - In January 2019, Victus Advisors completed a Market Demand Study identifying demand for a new sports events center in Alachua County with:
• At least eight (8) indoor hardwood basketball/volleyball courts,
• An indoor banked track (hydraulic or removable),
• Retractable/portable seating with upwards of 3,000 seats for championship track events, and
• Parking for up to 1,150 vehicles.
In addition, in June 2019, Victus Advisors also completed a Site Options Analysis which identified Celebration Pointe as the recommended location for a new sports events center in Alachua County. Celebration Pointe is located on the northwest quadrant of the Interstate 75 and Archer Road (SR 24) interchange in Alachua County. The Celebration Pointe site was scored as “highly recommended” due to its easy access to hotels, retail, and dining, as well as convenient highway access, all of which could maximize tourism benefits, drive visitor satisfaction and return usage, and provide the greatest opportunity for the long-term success of the proposed sports events center.
Partnership - Since the completion of the market and site studies, Alachua County staff has begun preliminary partnership discussions with the developer of Celebration Pointe (Viking Companies) and representatives of the Celebration Pointe Community Development District (CPCDD), a special district established by Alachua County to levy a public user fee within the CPCDD to help pay for infrastructure improvements.
Additional Victus Advisors Analysis for the County - In June 2019, Victus Advisors was engaged again by Alachua County to conduct a business planning, operations analysis, and economic impact analysis for a new sports events center at Celebration Pointe.
This study is intended to be a first step in analyzing the partnership opportunity at Celebration Pointe, confirming the operational validity of the site, and analyzing the net benefits of the project; and thus facilitating additional conversations between the potential project partners (i.e. Alachua County, CPCDD, and Viking Companies).
In this additional study, Victus Advisors conducted the following services and analysis, specific to the proposed Celebration Pointe site and partnership opportunity:
• Meetings in Alachua County with Viking Companies and CPCDD to discuss potential parameters and information needs for a partnership to develop a new sports events center,
• SWOT Analysis for a new sports events center at Celebration Pointe,
• Management Options Analysis for a public-private sports events center,
• Usage Projections and Operating Pro Forma under the recommended management model, and
• Economic and Fiscal Impact Analysis, incorporating Celebration Pointe development plans both with and without a new sports events center.