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Feasibility Analysis of an Expanded Bismarck Civic Center

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Feasibility Analysis of an Expanded Bismarck Civic Center DRAFT COPY For Discussion Purposes Feasibility Analysis of an Expanded Bismarck Civic Center Presented to the: City o f Bismarc k / Bismarc k Ci v ic Center August 13, 2008 DRAFT COPY For Discussion Purposes Only August 13, 2008 Mr. Charlie Jeske General Manager Bismarck Civic Center 315 South 5th Street Bismarck, North Dakota 58504 Dear Mr. Jeske: Conventions, Sports & Leisure (“CSL”) has completed a draft report related to a feasibility study of an expanded Bismarck Civic Center (“Center”). The attached report presents our research, analysis and findings and is intended to assist the City of Bismarck (“City”) in evaluating the viability of Center expansion/improvement. The analysis presented in this report is based on estimates, assumptions and other information developed from industry research, data provided by the City and Center, surveys of potential facility users, discussions with industry participants and analysis of competitive/comparable facilities and communities. The sources of information, the methods employed, and the basis of significant estimates and assumptions are stated in this report. Some assumptions inevitably will not materialize and unanticipated events and circumstances may occur. Therefore, actual results achieved will vary from those described and the variations may be material. The findings presented herein are based on analysis of present and near-term conditions in the Bismarck area as well as existing interest levels by an expanded Center’s potential base of users and latent demand characteristics. Any significant future changes in the characteristics of the local community, such as growth in population, corporate inventory, competitive inventory and visitor amenities/attractions, could materially impact the key market conclusions developed as a part of this study. As in all studies of this type, the estimated results are based on competent and efficient management of the potential expanded Center and assume that no significant changes in the event markets or assumed immediate and local area market conditions will occur beyond those set forth in this report. Furthermore, all information provided to us by others was not audited or verified and was assumed to be correct. This report has been prepared for the internal use of the City and Center and should not be relied upon by any other party. The report has been structured to assist City and Center representatives in evaluating event market demand and the potential financial and economic impact characteristics of a potential expanded Bismarck Civic Center and should not be used for any other purpose. This report, its findings or references to CSL may not be included or reproduced in any public offering statement or other financing document. We sincerely appreciate the assistance and cooperation we have been provided in the compilation of this report and would be pleased to be of further assistance in the interpretation and application of our findings. Very truly yours, CSL International Conventions, Sports & Leisure International 1907 East Wayzata Boulevard, Suite 250 • Wayzata, MN 55391 • Telephone 952.476.5900 • Facsimile 952.476.0005 DRAFT COPY For Discussion Purposes Only TABLE OF CONTENTS ______ Executive Summary 1.0 Introduction................................................................................................. 1 2.0 Analysis of Local Market Conditions................................................................ 4 3.0 Analysis of Competitive/Comparable Facilities and Communities ......................26 4.0 Industry Trends Analysis..............................................................................62 5.0 Market Demand Analysis..............................................................................77 6.0 Development Options and Use Estimates.......................................................92 7.0 Financial Operations Analysis........................................................................94 8.0 Economic Impact Analysis and Conclusions....................................................98 Appendix: Telephone Survey Open-Ended Question Responses FEASIBILITY ANALYSIS OF AN EXPANDED BISMARCK CIVIC CENTER TABLE OF CONTENTS DRAFT COPY For Discussion Purposes Only EXECUTIVE SUMMARY This summary highlights the key findings of a feasibility study of a potential expanded/improved Bismarck Civic Center (Center) in Bismarck, North Dakota. Conventions, Sports and Leisure International (CSL) was engaged by the City of Bismarck (City) to conduct the feasibility study. The full report should be reviewed in its entirety to gain an understanding of the study methods, limitations and implications. Introduction and Background With original construction completed in 1969, the Bismarck Civic Center has served as an important asset for the Bismarck community and the regional marketplace. A number of expansions and improvement projects have occurred with the Center over the years since its inception, including the addition of a large exhibit hall in 1990 and modernization project in 1999 that added a new south end to the Arena, 1,060 seats, sound and light improvements, a box office, food court and main entrance. These additions and improvements have allowed the Center to remain vital in a changing and increasingly competitive environment. The Center has both served as a critical economic impact generator for the community and public resource for citizens, acting as a gathering point for entertainment, education, social and cultural events. The facility has become a catalyst for past and potential future downtown development projects and initiatives. In 2008, the City of Bismarck hired CSL to conduct a feasibility study for a potential expansion to the Bismarck Civic Center. An expanded Center, as envisioned, would continue to act as a public resource for the local community through maintaining and growing its ability to attract and accommodate a variety of event types, thereby generating new economic impact in the Bismarck area. Specifically, the City asked that the study focus on evaluating the market and financial feasibility of Alternate 4 as presented in the 2007 Master Plan associated with the Center, which was deemed by the City as the most appropriate Center expansion/improvement concept for further consideration. The study process consisted of detailed research and analysis, including a comprehensive set of market- specific information derived from the following: 9 Experience garnered through more than 500 event facility projects throughout the country. 9 Local market visit at the outset of the project, including community and site tours. 9 In-person interviews/meetings with Bismarck area individuals. 9 Research and analysis of local market conditions and regional and national trends. 9 Inspection of the Bismarck area hotel market, including the existing lodging supply in the area. 9 Analysis of facility data and interviews conducted with management of approximately 30 regional and comparable convention/civic/event centers. 9 Comparative analysis of socioeconomic data from competitive/regional and comparable facility markets. 9 Completed telephone interviews with 72 state and regional event planners and producers representing more than 100 individual events. FEASIBILITY ANALYSIS OF AN EXPANDED BISMARCK CIVIC CENTER EXECUTIVE SUMMARY Page ES–1 DRAFT COPY For Discussion Purposes Only Local Market Conditions The Bismarck Civic Center has served as an important asset for the Bismarck community and the regional marketplace for nearly 40 years. A number of expansions and improvement projects have occurred with the Center over the years since its inception that have allowed the Center to remain vital in a changing and increasingly competitive environment. The Civic Center continues to host a wide variety of local and non-local events, including spectator/entertainment events, sports/recreation, conventions, conferences, tradeshows, meetings and other types of events. Event and utilization levels are currently consistent with industry averages; however, utilization of the Center’s Exhibit Hall is presently relatively low. This may suggest an over capacity of exhibit space and/or limitations in the Center’s ability to attract exhibit hall- using business (through physical product deficiencies in other space offerings and/or hotel and pricing issues). Demographically, Bismarck is similar to other small to mid-sized communities in the Midwest/West region, with relatively sparse population between it and other regional communities. This serves to widen the Center’s drawing ability for events, spectators and attendees into the larger regional area. Further, as it is the State Capital of North Dakota, additional market opportunities exist concerning government-related business and general commerce. From a location standpoint, Bismarck’s centralized location in the state likely provides some important advantages when considering its ability to attract state association business and other types of state-oriented groups. As a stated purpose of a potential expansion of the Civic Center is to improve its ability to attract non- local conventions and conferences, the characteristics of the local hotel and hospitality industry will be a critical consideration. Overall, Bismarck has fairly large number of total hotel rooms for a community its size; however, some of this inventory is dispersed throughout the community. While there are two traditional full service hotels in the community and both are located downtown, the distance
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