NOTICE OF MEETING OF THE The Buda Economic Development Corporation Wednesday, September 7, 2016 at 5:30PM 121 Main Street, Buda, TX 78610

The Buda Economic Development Corporation will hold a special called board meeting at 5:30PM, Wednesday, September 7, 2016 at Buda City Hall, Conference Room, located at 121 Main Street, Buda, Texas.

AGENDA A. CALL TO ORDER

B. ROLL CALL

C. PUBLIC COMMENTS

At this time, comments will be taken from the audience on non-agenda related topics for a length of time not to exceed three minutes per person. To address the EDC Board, please submit a Citizen’s Comment Form to the Sr. Executive Assistant prior to the state of the meeting. No action may be taken by the EDC Board during Public Comments.

D. GENERAL AGENDA ITEMS

1. Deliberation and possible action on the approval of the Minutes from the August 3, 2016 Board Meeting – MILLER 2. Deliberation and possible action on the July 2016 Treasurer’s Report – SHAW 3. Discussion and possible action regarding sponsorship of Austin Chamber Luncheon with Senator John Cornyn – MILLER 4. Discussion and possible action on electing Representative for CAPCOG – MILLER 5. Discussion and possible action regarding amending the Small Business Permit Fee Program – MILLER 6. Discussion and possible action regarding the selection of a firm to conduct a Convention / Conference Center Feasibility Study – MILLER

E. EXECUTIVE SESSION 1. The Buda Economic Development Corporation Board of Directors will meet in a closed/executive session pursuant to the Texas Government Code, Chapter 551, to discuss the following:

Section 551.087 – Deliberation regarding economic development negotiations:

a. to discuss or deliberate regarding commercial or financial information that the governmental body has received from a business prospect that the governmental body seeks to have locate, stay, or expand in or near the territory of the governmental body and with the governmental body is conducting economic development negotiations.

b. To deliberate the offer of a financial or other incentive to a business prospect.

2. The Buda Economic Development Corporation Board of Directors will reconvene into open session to discuss, consider, and/or take any action necessary related to the executive session, and/or related items.

 Discussion and possible action regarding a Performance Agreement with Project Bourbon.

F. UPDATES 1. Buda EDC Staff Report – MILLER & SHAW  Prospect Update  Downtown Activities  Update on Existing Buildings and Sites  EDC Activities Update 2. Buda EDC Board President Report  Update on EDC Activities  Update on EDC Projects 3. Report on City Activities  Update on City of Buda Activities including: Capital Improvements Projects, Road Projects, Finance, Grants, Tourism, Events, Park & Recreation, Legislative, Library, Development Projects 4. Report on Chamber of Commerce Activities

G. FUTURE AGENDA ITEMS

H. ADJOURNMENT

Attendance by Other Elected or Appointed Officials: It is anticipated that members of other governmental bodies, and/or city boards, commissions and/or committees may attend the meeting in numbers that may constitute a quorum of the body, board, commission and/or committee. Notice is hereby given that the meeting, to the extent required by law, is also noticed as a possible meeting of the other body, board, commission and/or committee, whose members may be in attendance, if such numbers constitute a quorum. The members of the boards, commissions and/or committees may be permitted to participate in discussions on the same items listed on the agenda, which occur at the meeting, but no action will be taken by such in attendance unless such item and action is specifically provided for on an agenda for that body, board, commission or committee subject to the Texas Open Meetings Act.

The Buda Economic Development Corporation reserves the right to adjourn into Executive Session at any time regarding any issue on this agenda for which it is legally permissible. City Hall is wheelchair accessible and accessible parking spaces are available. Requests for accommodations must be made 48 hours prior to the meeting. Please contact the Sr. Executive Assistant at 512.295.2022 or Fax 512.295.3519 for information or assistance. I, the undersigned authority, do hereby certify that the above Notice of Meeting of the Governing Body of the Buda Economic Development Corporation was posted on the bulletin board in front of the Buda Economic Development Corporation and Buda City Hall, which is readily accessible to the public at all time, by 5:00 p.m. on Thursday, September 2, 2016.

______Mandy Shaw, Senior Executive Assistant, Buda EDC

City of Buda 4B Corporation Minutes August 3, 2016

A. CALL TO ORDER President Fletcher called the meeting to order at 5:31 p.m.

B. ROLL CALL Buda EDC Executive Director certified a quorum with the following Board Members present: President Ron Fletcher Vice President Jose Montoya Secretary Joy Hart Treasurer Jim Lewis Board Member Eileen Altmiller Board Member Tommy Poer Board Member Paul Morgan

C. PUBLIC COMMENTS

None

D. GENERAL AGENDA ITEMS

1. DELIBERATION AND POSSIBLE ACTION ON THE APPROVEL OF THE MINUTES FROM THE JULY 6, 2016 BOARD MEETING

RESOLVED, that the Board approve the Minutes from the July 6, 2016 Board Meeting. Motion by Director Poer, seconded by Director Altmiller. Motion passes 7-0-0.

2. DELIBERATION AND POSSIBLE ACTION ON THE APPROVEL OF THE MINUTES FROM THE JULY 20, 2016 BOARD MEETING

RESOLVED, that the Board approve the Minutes from the July 20, 2016 Board Meeting. Motion by Director Altmiller, seconded by Director Lewis. Motion passes 7-0-0.

3. DELIBERATION AND POSSIBLE ACTION ON THE APPROVEL OF THE JUNE 2016 TREASURER’S REPORT

RESOLVED, that the Board approve the Treasurer’s Report showing total current assets of $2,853,357.91 as of June 30, 2016. Motion by Director Hart, seconded by Director Montoya. Motion passes 7-0-0.

4. DISCUSSION AND DIRECTION TO STAFF REGARDING PROJECT OHIO

Brooklyn Robertson spoke to the Board and clarified the project. Director to staff to move forward with the caveat previously stated by the Board.

5-7 DELIBERATION AND POSSIBLE ACTION REGARDING BUDA BUSINESS DEVELOPMENT APPLICATION FOR NATE’S @ BUDA MILL & GRAIN / DELIBERATION AND POSSIBLE ACTION REGARDING CENTRAL DOWNTOWN GRANT APPLICATION FOR NATE’S @ BUDA MILL & GRAIN (SIGNAGE) / DELIBERATION AND POSSIBLE ACTION REGARDING CENTRAL DOWNTOWN GRANT APPLICATION FOR NATE’S @ BUDA MILL & GRAIN (FAÇADE IMPROVEMENT)

RESOLVED, that the Board Deny the three (3) Grant Applications (Buda Business Grant, Central Downtown Grant (Signage) and Central Downtown Grant (Façade Improvement) due to not meeting all guidelines of the grant programs. Motion by Director Altmiller, seconded by Director Poer. Motion passes 7-0-0.

8. DISCUSSION AND POSSIBLE ACTION REGARDING AN EXTENSION TO THE CONTRACT FOR THE EXECUTIVE DIRECTOR AND ESTABLISHING AN EFFECTIVE DATE FOR SALARY

RESOLVED, that the Board approve the Executive Director Contract as amended by the Board to sections 11E, 13 & 14. Motion by Director Altmiller, seconded by Director Morgan. Motion passes 7-0-0.

RESOLVED, that the Board approve an Effective Salary Date of 10/1/2016. Motion by Director Altmiller, seconded by Director Morgan. Motion passes 7-0-0.

9. DISCUSSION AND POSSIBLE ACTION REGARDING THE FY 2016 – 2017 BUDA ECONOMIC DEVELOPMENT CORP. BUDGET, WHICH SHALL INCLUDE SELECTING A RETAIL RECRUITMENT SERVICE PROVIDER

RESOLVED, that the Board approve the presented FY 2016-2017 Budget and the selection of The Retail Coach to provide Retail Recruitment Services. Motion by Director Montoya, seconded by Director Lewis. Motion passes 7-0-0.

10. DISCUSSION AND DIRECTOR TO STAFF REGARDING CHANGES TO THE INCENTIVE POLICY

Board direction to staff is to provide clarification and specifics and revise the policy. Staff to present to Buda EDC Board and Buda City Council for review and approval.

E. EXECUTIVE SESSION

The Board went into Executive Session from 7:03 pm to 7:14 pm to discuss economic development negations with other prospects.

a) No Action Taken.

F. UPDATES

1. EDC Staff Report: Executive Director Miller gave updates during Executive Session regarding prospects. Miller provided a brief update on various other staff activities to include: Downtown Merchant Group Organization and various other meetings throughout the month of July 2016. 2. Board President Update: President Fletcher attended the Hays County Commissioners Court on July 19th with City Manager Kenneth Williams and Executive Director Miller in regards to Project Bourbon. 3. City Activities (Altmiller): Director Altmiller gave a brief update on City Activities to include a Budget Process and Bond Projects. 4. Chamber Activities: None

G. FUTURE AGENDA ITEMS

None.

H. ADJOURNMENT With no further business, President Fletcher adjourned the meeting at 7:23 p.m.

______Joy Hart, Secretary

APPROVED:

______Ron Fletcher, President

Approval of Minutes

The foregoing minutes are approved as the acts of the Directors of the Corporation.

______Ron Fletcher, Director Jose Montoya, Director

______Joy Hart, Director Jim Lewis, Director

______Tommy Poer, Director Eileen Altmiller, Director

______Paul Morgan, Director

July 2016 Financial Report Notes

 Total Assets: $2,961,057.80

Month  July Income: $178,851.48 o Budgeted: $145,671.11  Total Payouts: $66,162.37 o Budgeted Payouts: $114,967.51  Interest Income: $668.86* o Budgeted: $166.67 Year To Date  Sales Tax Receipts: $1,555,965.89 o Budgeted: $1,383,549.21  Total Payouts: $987,682.28 o Budgeted: $1,197,018.54  Interest Income: $2,727.25 o Budgeted: $1,666.66  Net Income: $571,010.86 o Budgeted: $38,197.33

Checks  4175 – City of Buda – June 2016 Payroll  4176 – Impact DataSource  4180 – LGC – Cabela’s Agreement  4181 – City of Buda – 2016 Audit  4186 – City of Buda – July 2016 Payroll

Financial Position $2,665,847.16 – Cash in Bank Accounts $369,000.00 – Restricted Cash in Bank Accounts as of July 31, 2016 $110,536.61 – Accounts Payable

$2,186,310.55 – Available Cash

*Interest Income will continue to be higher due to TexPool Interest

Buda Economic Development Corporation Statement of Financial Position July 31, 2016

ASSETS Current Assets 4B Admin Expense Fund 10,007.54 4B Corp Revenue Fund 230,380.34 Restricted-Corp Debt Ser Fund 112,154.12 Restricted-Corp Reserve Fund 300,050.83 TexPool Project Fund 237,150.54 TexPool Reserve Fund 1,776,103.79 Prepaid Expenses 4,125.00 Revenue Receivable-Sales Tax Collections 285,880.90

Total Current Assets 2,955,853.06

Fixed Assets Computer/Office Equipment 11,553.71 Leasehold Improvements 8,400.21 Office Furniture 6,703.11 Accumulated Depreciation (21,452.29)

Total Fixed Assets 5,204.74

TOTAL ASSETS 2,961,057.80

See Independent Accountant's Compilation Report

1 Buda Economic Development Corporation Statement of Financial Position July 31, 2016

LIABILITIES & FUND BALANCE Liabilities Current Liabilities Accounts Payable 38,525.00 Accounts Payable-2428 Partners 27,978.05 Accounts Payable-BMG Property 312.00 Accounts Payable-LGC 43,721.56 Broadway Bank Interest 12,367.08 Current Portion - Long Term Debt 175,000.00

Total Current Liabilities 297,903.69

Long Term Liabilities Broadway Bank Loan 1,950,000.00 Less: Current Portion of Debt (175,000.00)

Total Long Term Liabilities 1,775,000.00

Total Liabilities 2,072,903.69

Fund Balance Fund Balance-Unrestricted (542,332.75) Fund Balance-Restricted 422,476.00 Fund Balance-Restricted-Business Projects 87,000.00 Net Income 921,010.86

Total Fund Balance 888,154.11

TOTAL LIABILITIES & FUND BALANCE 2,961,057.80

See Independent Accountant's Compilation Report

2 Buda Economic Development Corporation Statement of Activities For the month & ten months ended July 31, 2016

Jul-16 Oct 15-Jul 16

Income Sales Tax Revenue 178,851.48 1,555,965.89

Total Income 178,851.48 1,555,965.89

Operating Expenses

Salaries/Benefits 14,463.92 168,653.78 Supplies 258.70 4,731.81 Programs/Services 0.00 43,768.21 Operations 18,608.57 47,770.78 Professional Development 0.00 435.00 Marketing 2,429.00 59,229.51 Contractual Payouts 30,294.91 309,109.49 Depreciation Expense 107.27 1,072.70 Bank Service Charges 0.00 5.00 Insurance Expense 0.00 2,906.00

Total Operating Expenses 66,162.37 637,682.28

Operating Income 112,689.11 918,283.61

Other Income Interest Income 668.86 2,709.38 Miscellaneous Income 0.00 17.87

Total Other Income 668.86 2,727.25

Net Income 113,357.97 921,010.86

Fund Balance Fund Balance-Prior Period 774,796.14 (33,062.75) Prior Per Adj-Aug 15 BMG Exp Adj 0.00 206.00

Ending Fund Balance 888,154.11 888,154.11

See Independent Accountant's Compilation Report 3 Buda Economic Development Corporation Schedule I Monthly Budget Analysis For the month ended July 31, 2016

Over/(Under) Jul 16 Actual Jul 16 Budget Budget

Receipts General 130,698.59 90,523.11 40,175.48 Cabela's TIRZ (LGC) 24,839.21 27,608.90 (2,769.69) Park 35 Sales Tax Receipts 17,621.24 14,039.43 3,581.81 BMG Property 0.00 686.67 (686.67) 2428 Partners Sales Tax Recpts 5,692.44 7,813.00 (2,120.56)

Total Receipts 178,851.48 140,671.11 38,180.37

Salaries/Benefits FICA/ Medicare 890.91 1,291.93 (401.02) Health Insurance 850.02 1,685.67 (835.65) Health Ins Reimbursement (615.38) 923.10 (1,538.48) Support Staff Salary 3,201.60 4,801.86 (1,600.26) Retirement 442.11 624.25 (182.14) Executive Director Salary 8,056.74 12,085.15 (4,028.41) Retirement 1,176.38 1,571.14 (394.76) Auto Expense 461.54 692.40 (230.86)

Total Salaries/Benefits 14,463.92 23,675.50 (9,211.58)

Supplies Supplies & Services 0.00 250.00 (250.00) Printing 202.36 125.00 77.36 Postage/Delivery 56.34 83.34 (27.00)

Total Supplies 258.70 458.34 (199.64)

Program/Services Business Projects 0.00 8,333.34 (8,333.34) BRE/Workforce Development 0.00 833.34 (833.34) Buda Business Develop Prgm 0.00 2,500.00 (2,500.00) Central Downtown Dev Prgm 0.00 2,500.00 (2,500.00) Small Business Permit Fee Prgm 0.00 1,041.67 (1,041.67) Sportsplex Equipment 0.00 2,083.34 (2,083.34) Sportsplex Maintenance 0.00 2,791.67 (2,791.67)

Total Program/Services 0.00 20,083.36 (20,083.36)

Operations Professional Services IT 434.86 100.00 334.86 Accounting 525.00 500.00 25.00 Legal 933.60 833.34 100.26 Other 4,750.00 1,875.00 2,875.00 City of Buda Admin& Audit 10,000.00 10,000.00 0.00 Subscriptions 0.00 62.50 (62.50) Contract Labor 167.00 208.34 (41.34) Mileage 31.00 156.63 (125.63) Copier 46.00 83.34 (37.34) Rent 1,325.00 1,325.00 0.00 Cell Phone 80.60 175.00 (94.40) Utilities 315.51 375.00 (59.49)

Total Operations 18,608.57 15,694.15 2,914.42

See Independent Accountant's Compilation Report 4 Buda Economic Development Corporation Schedule I Monthly Budget Analysis For the month ended July 31, 2016

Over/(Under) Jul 16 Actual Jul 16 Budget Budget

Professional Development EDC Required Training 0.00 104.17 (104.17) Continuing Education Tuition/Registration 0.00 208.34 (208.34) Travel 0.00 166.67 (166.67)

Total Professional Development 0.00 479.18 (479.18)

Marketing Site Visits/Tours/Meeting 0.00 416.67 (416.67) Research 168.79 125.00 43.79 CoStar 0.00 0.00 0.00 Website/Communications 0.00 333.34 (333.34) Professional Memberships ICSC 0.00 66.67 (66.67) Community Organizaitons 0.00 104.17 (104.17) SEDC/IEDC/TEDC 0.00 145.84 (145.84) Opportunity Austin 0.00 166.67 (166.67) Team Texas 0.00 250.00 (250.00) Advertising 15.91 458.34 (442.43) Retail Recruitment 1,375.00 1,250.00 125.00 Promotional Materials 303.06 500.00 (196.94) Tradeshows/Conferences Chamber Activities 0.00 41.67 (41.67) GSMP/TEDC Activities 0.00 279.17 (279.17) Team Texas Activities 362.74 252.09 110.65 Tradeshow/Conf/Recruit Visits 203.50 416.67 (213.17) Other Retail Recruitment 0.00 83.34 (83.34) ICSC-Regional 0.00 333.34 (333.34) ICSC-National 0.00 583.34 (583.34)

Total Marketing 2,429.00 5,806.32 (3,377.32)

Contractual Payouts Interest Payments 6,183.54 6,302.19 (118.65) BMG Property 0.00 206.00 (206.00) Notes Payable-Principal Pymnts 0.00 14,583.34 (14,583.34) Cabela's LGC 21,265.15 23,714.29 (2,449.14) 2428 Partners Sales Tax 2,846.22 3,906.50 (1,060.28)

Total Contractual Payouts 30,294.91 48,712.32 (18,417.41)

Depreciation Expense 107.27 58.34 48.93

Total Payouts 66,162.37 114,967.51 (48,805.14)

Other Income Interest Income 668.86 166.67 502.19

Total Other Income 668.86 166.67 502.19

Other Expense Reallocation to Incen/BP/Cap Imp 0.00 15,000.00 (15,000.00)

Total Other Income 0.00 15,000.00 (15,000.00)

Net Receipts in Excess of Payouts 113,357.97 10,870.27 102,487.70

See Independent Accountant's Compilation Report 5 Buda Economic Development Corporation Schedule II Monthly/Year to Date Budget Analysis For the ten months ended July 31, 2016

Over/(Under) Total Oct 15-Jul 16 Actual Oct 15-Jul 16 Budget Budget Annual Budget

Receipts General 1,102,300.56 878,197.68 224,102.88 1,045,431.46 Cabela's TIRZ (LGC) 257,344.90 291,071.80 (33,726.90) 365,790.08 Park 35 Sales Tax Receipts 138,337.78 152,926.74 (14,588.96) 177,918.08 BMG Property 1,373.32 6,866.66 (5,493.34) 8,240.00 2428 Partners Sales Tax Recpts 56,609.33 54,486.33 2,123.00 60,594.90

Total Receipts 1,555,965.89 1,383,549.21 172,416.68 1,657,974.52

Salaries/Benefits FICA/ Medicare 9,578.50 9,473.61 104.89 11,196.05 Health Insurance 14,261.17 12,361.10 1,900.07 14,608.54 Health Ins Reimbursement 0.00 6,769.24 (6,769.24) 8,000.00 Support Staff Salary 35,141.60 35,213.64 (72.04) 41,616.12 Retirement 4,415.13 4,577.78 (162.65) 5,410.10 Executive Director Salary 88,432.31 88,624.06 (191.75) 104,737.50 Retirement 11,748.13 11,521.16 226.97 13,615.88 Auto Expense 5,076.94 5,076.96 (0.02) 6,000.00

Total Salaries/Benefits 168,653.78 173,617.55 (4,963.77) 205,184.19

Supplies Supplies & Services 2,930.25 2,500.00 430.25 3,000.00 Printing 1,516.92 1,250.00 266.92 1,500.00 Postage/Delivery 284.64 833.32 (548.68) 1,000.00

Total Supplies 4,731.81 4,583.32 148.49 5,500.00

Program/Services Business Projects 0.00 83,333.32 (83,333.32) 100,000.00 BRE/Workforce Development 450.94 8,333.32 (7,882.38) 10,000.00 Buda Business Develop Prgm 0.00 25,000.00 (25,000.00) 30,000.00 Central Downtown Dev Prgm 900.00 25,000.00 (24,100.00) 30,000.00 Small Business Development 1,331.50 10,416.66 (9,085.16) 12,500.00 Sportsplex Equipment 25,000.00 20,833.32 4,166.68 25,000.00 Sportsplex Maintenance 16,085.77 27,916.66 (11,830.89) 33,500.00

Total Program/Services 43,768.21 200,833.28 (157,065.07) 241,000.00

Operations Professional Services IT 770.13 1,000.00 (229.87) 1,200.00 Accounting 5,250.00 5,000.00 250.00 6,000.00 Legal 2,250.60 8,333.32 (6,082.72) 10,000.00 Other 4,750.00 18,750.00 (14,000.00) 22,500.00 City of Buda Admin & Audit 13,600.00 13,600.00 0.00 13,600.00 Subscriptions 0.00 625.00 (625.00) 750.00 Contract Labor 1,670.00 2,083.32 (413.32) 2,500.00 Mileage 1,218.67 1,566.24 (347.57) 1,879.50

See Independent Accountant's Compilation Report 6 Buda Economic Development Corporation Schedule II Monthly/Year to Date Budget Analysis For the ten months ended July 31, 2016

Over/(Under) Total Oct 15-Jul 16 Actual Oct 15-Jul 16 Budget Budget Annual Budget Copier 386.92 833.32 (446.40) 1,000.00 Rent 13,250.00 13,250.00 0.00 15,900.00 Cell Phone 1,725.02 1,750.00 (24.98) 2,100.00 Utilities 2,899.44 3,750.00 (850.56) 4,500.00

Total Operations 47,770.78 70,541.20 (22,770.42) 81,929.50

Professional Development EDC Required Training 175.00 1,041.66 (866.66) 1,250.00 Continuing Education Tuition/Registration 260.00 2,083.32 (1,823.32) 2,500.00 Travel 0.00 1,666.66 (1,666.66) 2,000.00

Total Professional Development 435.00 4,791.64 (4,356.64) 5,750.00

Marketing Site Visits/Tours/Meeting Research 1,127.54 1,250.00 (122.46) 1,500.00 Other 1,026.36 4,166.66 (3,140.30) 5,000.00 CoStar 6,570.00 6,570.00 0.00 8,760.00 CRC App Fee 0.00 5,000.00 (5,000.00) 5,000.00 Website/Communications 1,143.47 3,333.32 (2,189.85) 4,000.00 Professional Memberships ICSC 100.00 666.66 (566.66) 800.00 Community Organizaitons 100.00 1,041.66 (941.66) 1,250.00 SEDC/IEDC/TEDC 1,155.00 1,458.32 (303.32) 1,750.00 Opportunity Austin 2,000.00 1,666.66 333.34 2,000.00 Team Texas 3,200.00 2,500.00 700.00 3,000.00 Community Events Trail of Lights 7,500.00 7,500.00 0.00 7,500.00 Advertising 2,338.87 4,583.32 (2,244.45) 5,500.00 Retail Recruitment 10,875.00 12,500.00 (1,625.00) 15,000.00 Promotional Materials 4,461.64 5,000.00 (538.36) 6,000.00 Tradeshows/Conferences Chamber Activities 420.00 416.66 3.34 500.00 GSMP/TEDC Activities 385.96 2,791.66 (2,405.70) 3,350.00 Team Texas Activities 2,159.81 2,520.82 (361.01) 3,025.00 Tradeshow/Conf/Recruit Visits 3,989.25 4,166.66 (177.41) 5,000.00 Other Retail Recruitment 0.00 833.32 (833.32) 1,000.00 ICSC-Regional 5,494.53 3,333.32 2,161.21 4,000.00 ICSC-National 5,182.08 5,833.32 (651.24) 7,000.00

Total Marketing 59,229.51 77,132.36 (17,902.85) 90,935.00

Contractual Payouts Interest Payments 61,416.69 63,021.87 (1,605.18) 75,626.25 BMG Property 312.00 2,060.00 (1,748.00) 2,472.00 Notes Payable-Principal Pymnts 350,000.00 320,833.33 29,166.67 350,000.00 Cabela's LGC 219,076.12 248,627.51 (29,551.39) 310,921.57 2428 Partners Sales Tax 28,304.68 27,243.16 1,061.52 30,297.45

See Independent Accountant's Compilation Report 7 Buda Economic Development Corporation Schedule II Monthly/Year to Date Budget Analysis For the ten months ended July 31, 2016

Over/(Under) Total Oct 15-Jul 16 Actual Oct 15-Jul 16 Budget Budget Annual Budget

Total Contractual Payouts 659,109.49 661,785.87 (2,676.38) 769,317.27

Bank Service Charges 5.00 0.00 5.00 0.00 Depreciation Expense 1,072.70 583.32 489.38 700.00 Insurance-TML D & O Insurance 1,406.00 1,600.00 (194.00) 1,600.00 Work Comp Insurance 500.00 500.00 0.00 500.00 Property Insurance 0.00 50.00 (50.00) 50.00 Liability Insurance 1,000.00 1,000.00 0.00 1,000.00

Total Insurance-TML 2,906.00 3,150.00 (244.00) 3,150.00

Total Payouts 987,682.28 1,197,018.54 (209,336.26) 1,403,465.96

Other Income Interest Income 2,709.38 1,666.66 1,042.72 2,000.00 Miscellaneous Income 17.87 0.00 17.87 0.00

Total Other Income 2,727.25 1,666.66 1,060.59 2,000.00

Other Expense Reallocation to Incen/BP/Cap Imp 0.00 150,000.00 (150,000.00) 180,000.00

Total Other Income 0.00 150,000.00 (150,000.00) 180,000.00

Net Receipts in Excess of Payouts 571,010.86 38,197.33 532,813.53 76,508.56

See Independent Accountant's Compilation Report 8 4:11 PM Buda Economic Development Corporation

08/16/16 Journal July 2016

Num Memo Account Debit Credit Date 07/31/2016 PPD/AP RECORD INTEREST INCOME PER STMT Falcon Bank Savings 0.83 RECORD INTEREST INCOME PER STMT Interest Income 0.83

0.83 0.83

07/31/2016 GJR REC EST SALES TAX REV FOR JULY 16 General 90,523.11 REC EST SALES TAX REV FOR JULY 16 Revenue Receivable-Sa... 90,523.11 REC EST SALES TAX REV FOR JULY 16 Cabela's TIRZ (LGC) 27,608.90 REC EST SALES TAX REV FOR JULY 16 Revenue Receivable-Sa... 27,608.90 REC EST SALES TAX REV FOR JULY 16 Park 35 Sales Tax 14,039.43 REC EST SALES TAX REV FOR JULY 16 Revenue Receivable-Sa... 14,039.43 REC EST SALES TAX REV FOR JULY 16 2428 Partners Sales Tax 7,813.00 REC EST SALES TAX REV FOR JULY 16 Revenue Receivable-Sa... 7,813.00 REC EST SALES TAX REV FOR JULY 16 BMG Property 686.67 REC EST SALES TAX REV FOR JULY 16 Revenue Receivable-Sa... 686.67

140,671 .11 140,671 .11

07/31/2016 ST EXP... RECORD ACCRUAL OF 2428 SALES TAX EXP FOR JULY 16 2428 Partners Sales Tax 3,906.50 RECORD ACCRUAL OF 2428 SALES TAX EXP FOR JULY 16 Accounts Payable-2428 ... 3,906.50 RECORD ACCRUAL OF BMG EXP FOR JULY 16 BMG Property 206.00 RECORD ACCRUAL OF BMG EXP FOR JULY 16 Accounts Payable-BMG ... 206.00 ADJ MAY 16 2428 SALES TAX EXP ACCRUAL 2428 Partners Sales Tax 1,060.28 ADJ MAY 16 2428 SALES TAX EXP ACCRUAL Accounts Payable-2428 ... 1,060.28 ADJ MAY 16 BMG SALES TAX EXP ACCRUAL BMG Property 206.00 ADJ MAY 16 BMG SALES TAX EXP ACCRUAL Accounts Payable-BMG ... 206.00

5,378.78 5,378.78

07/31/2016 GJR ADJ MAY 16 ST RECEIPTS TO $115611.31 General 40,175.48 ADJ MAY 16 ST RECEIPTS TO $115611.31 Revenue Receivable-Sa... 40,175.48 ADJ MAY 16LGC ST RECEIPTS TO $23006.39 Cabela's TIRZ (LGC) 2,769.69 ADJ MAY 16LGC ST RECEIPTS TO $23006.39 Revenue Receivable-Sa... 2,769.69 ADJ MAY 16 PARK 35 ST RECEIPTS TO $13490.99 Park 35 Sales Tax 3,581.81 ADJ MAY 16 PARK 35 ST RECEIPTS TO $13490.99 Revenue Receivable-Sa... 3,581.81 ADJ MAY 16 2428 ST RECEIPTS TO $2830.35 2428 Partners Sales Tax 2,120.56 ADJ MAY 16 2428 ST RECEIPTS TO $2830.35 Revenue Receivable-Sa... 2,120.56 ADJ MAY 16 BMG ST RECEIPTS TO -0- BMG Property 686.67 ADJ MAY 16 BMG ST RECEIPTS TO -0- Revenue Receivable-Sa... 686.67

49,334.21 49,334.21

07/31/2016 LGC RECORD ESTIMATED LGC PYMT FOR JULY 16 Cabela's LGC 23,714.29 RECORD ESTIMATED LGC PYMT FOR JULY 16 Accounts Payable - LGC 23,714.29

23,714.29 23,714.29

07/31/2016 INT AC... TO RECORD ESTIMATED INTEREST ACCRUAL ON BROADWAY LOAN Interest Payments 6,183.54 TO RECORD ESTIMATED INTEREST ACCRUAL ON BROADWAY LOAN Broadway Accrued Inter... 6,183.54

6,183.54 6,183.54

07/31/2016 DEPREC ESTIMATED MONTHLY DEPRECIATION ACCRUAL Depreciation Expense 107.27 ESTIMATED MONTHLY DEPRECIATION ACCRUAL Accumulated Depreciation 107.27

107.27 107.27

07/31/2016 PPD/AP JULY 16 PREPAID EXP Retail Recruitment 1,375.00 JULY 16 PREPAID EXP Prepaid Expenses 1,375.00 JULY 16 AP EXP Accounting 525.00 JULY 16 AP EXP Accounts Payable 525.00 JULY 16 CLEANING EXP FROM PPD ACCT Prepaid Expenses 167.00 JULY 16 CLEANING EXP FROM PPD ACCT Contract Labor 167.00

2,067.00 2,067.00

07/31/2016 JUN PA... TO ADJUST JUNE PAYROLL TO ACTUAL Health Insurance Reimb... 615.38 TO ADJUST JUNE PAYROLL TO ACTUAL Health Insurance 360.22 TO ADJUST JUNE PAYROLL TO ACTUAL Retirement 0.03 TO ADJUST JUNE PAYROLL TO ACTUAL FICA / Medicare 8.79 TO ADJUST JUNE PAYROLL TO ACTUAL Accounts Payable 966.84

975.63 975.63

TOTAL 228,432 .66 228,432 .66

Page 1

9 4:10 PM Buda Economic Development Corporation 08/16/16 Deposit Detail July 2016

Date Name Account Amount Type

Deposit 07/05/2016TexPool TexPool Reserve Fund 25,000.00

-25,000 .00 4B Corp Revenue Fund TOTAL -25,000 .00

Deposit 07/05/2016TexPool TexPool Project Fund 15,000.00 -15,000 .00 4B Corp Revenue Fund TOTAL -15,000 .00

Deposit 07/15/2016Broadway ... Restricted - Corp Debt Ser F... 24,500.00 -24,500 .00 4B Corp Revenue Fund TOTAL -24,500 .00

Deposit 07/16/2016 4B Corp Admin Expense Fund 0.51 -0.51 Interest Income TOTAL -0.51

Deposit 07/16/2016 Restricted - Corp Debt Ser F... 5.61 -5.61 Interest Income TOTAL -5.61

Deposit 07/16/2016 Restricted - Corp Reserve Fu... 50.83 -50.83 Interest Income TOTAL -50.83

Deposit 07/25/2016 4B Corp Revenue Fund 154,939 .04

City of Buda Revenue Receivable-Sales Ta... -13,490 .99 City of Buda Revenue Receivable-Sales Ta... -2,830.35 City of Buda Revenue Receivable-Sales Ta... -115,611-23,006 .31.39 City of Buda Revenue Receivable-Sales Ta... TOTAL -154,939 .04

Deposit 07/29/2016TexPool TexPool Reserve Fund 100,000 .00 -100,000 .00 4B Corp Revenue Fund TOTAL -100,000 .00

Deposit 07/31/2016 4B Corp Revenue Fund 10.35 -10.35 Interest Income TOTAL -10.35

10 4:10 PM Buda Economic Development Corporation 08/16/16 Deposit Detail July 2016

Date Name Account Amount Type

Deposit 07/31/2016 TexPool Project Fund 73.74

-73.74 Interest Income TOTAL -73.74

Deposit 07/31/2016 TexPool Reserve Fund 526.99 -526.99 Interest Income TOTAL -526.99

General J... 07/31/2016 Falcon Bank Savings 0.83 -0.83 Interest Income TOTAL -0.83

11 2:07 PM Buda Economic Development Corporation 08/17/16 Check Detail July 2016

Num Date Name Memo Account Paid Amount Type

Check 07/01/2016 Broadway Bank Funds Transfer Restricted - Corp Reserve Fund

Funds Transfer 4B Corp Revenue Fund -151.83

TOTAL -151.83

Check 07/31/2016 Falcon Bank

4B Corp Revenue Fund -31,238 .78

TOTAL -31,238 .78

Check 07/31/2016 Falcon Bank Savings

4B Corp Revenue Fund -10,007 .51

TOTAL -10,007 .51

Check 4170 07/11/2016 Railroad & Rose, LTD August 2016 Rent 4B Corp Revenue Fund

August 2016 Rent Rent -1,325.00

TOTAL -1,325.00

Check 4171 07/11/2016 Ann Miller Chicago Trip Per Diem 4B Corp Revenue Fund

Per Diem - Chicago Trip - Saturday 7/16/... Tradeshow/Conf/Recruit Visits -55.50 Per Diem - Chicago Trip - Saturday 7/17/... Tradeshow/Conf/Recruit Visits -74.00 Per Diem - Chicago Trip - Saturday 7/18/... Tradeshow/Conf/Recruit Visits -74.00

TOTAL -203.50

Check 4172 07/11/2016 Bielstein IT, LLC Invoice # 3843 4B Corp Revenue Fund

Hourly Service - Mandy's Computer IT -321.75

TOTAL -321.75

Check 4173 07/11/2016 Akers & Akers, L.L.P. Invoice # 3543 - June 2016 Legal Fees 4B Corp Revenue Fund

Invoice # 3543 - June 2016 Legal Fees Legal -933.60

TOTAL -933.60

Check 4174 07/11/2016 Dahill Industries Invoice # IN792387 4B Corp Revenue Fund

Invoice # IN792387 - July 2016 Monthly ... Copier -46.00

TOTAL -46.00

Check 4175 07/11/2016 City of Buda June 2016 Payroll 4B Corp Revenue Fund

Executive Director - Salary Accounts Payable -8,056.74 Executive Director - Auto Allowance Accounts Payable -461.54 Executive Director - TMRS Accounts Payable -1,176.38 Executive Direcor - Health Insurance Accounts Payable -491.72 Executive Director - FICA / MED Accounts Payable -651.66 Support Staff - Salary Accounts Payable -3,201.60 Support Staff - TMRS Accounts Payable -442.14 Support Staff - Health Insurance Accounts Payable -718.52 Support Staff - FICA / MED Accounts Payable -230.46

TOTAL -15,430 .76

Check 4176 07/11/2016 Impact DataSource Invoice # 15246 4B Corp Revenue Fund

Invoice # 15246 - Impact DashBoard An... Other -4,750.00

TOTAL -4,750.00

Check 4177 07/11/2016 Barton Publications AD ID# 43022 4B Corp Revenue Fund

Page 1

12 2:07 PM Buda Economic Development Corporation 08/17/16 Check Detail July 2016

Num Date Name Memo Account Paid Amount Type

Ad ID # 43022 - Public Hearing Notice fo... Printing -80.34

TOTAL -80.34

Check 4178 07/13/2016 Capital One Bank 4B Corp Revenue Fund

Austin Parking - Ann Mileage / Parking -10.00 IEDC Salary Survey Research -150.00 Jardine Foods - Promotional Items for C... Promotional Materials -303.06 Team Texas - Appearl for Conference Team Texas Activities -162.74 Texas Secretary of State - Records Research -3.08 Texas Secretary of State - Records Research -15.71 FaceBook Advertising Advertising -15.91 Austin Parking - Mandy - Presentation Cl... Mileage / Parking -21.00 Staples - Office Supplies Printing -51.67 Staples - Office Supplies Printing -70.35 Office Supplies Postage / Delivery -89.36 Dell - New Hard Drive - Mandy's Computer IT -113.11 Credit Card Cash Back Credit Postage / Delivery 33.02

TOTAL -972.97

Check 4179 07/13/2016 TEDC Invoice # 4208 4B Corp Revenue Fund

Invoice # 4208 - 2016 Team Texas VIP ... Team Texas Activities -200.00

TOTAL -200.00

Check 4180 07/19/2016 City of Buda LGC 4B Corp Revenue Fund

May 2016 Sales Tax Paid July 2016 Accounts Payable - LGC -22,004 .53 To adjust May 2016 LGC payment to $19... Cabela's LGC 2,449.14

TOTAL -19,555 .39

Check 4181 07/19/2016 City of Buda 4B Corp Revenue Fund

FY 2015-2016 Audit City of Buda Admin & Audit -10,000 .00

TOTAL -10,000 .00

Check 4182 07/25/2016 Veronica E Snyder PLL... Invoice # 9111 4B Corp Revenue Fund

Invoice #9111 - June 2016 Financials Accounts Payable -525.00

TOTAL -525.00

Check 4183 07/28/2016 PEC 4B Corp Revenue Fund

Utilities -104.25

TOTAL -104.25

Check 4184 07/28/2016 AT&T Mobility 4B Corp Revenue Fund

Cell Phone -80.60

TOTAL -80.60

Check 4185 07/28/2016 Time Warner 4B Corp Revenue Fund

Utilities -211.26

TOTAL -211.26

Check 4186 07/28/2016 City of Buda July 2016 Payroll 4B Corp Revenue Fund

Executive Director - Salary Salary -8,056.74 Executive Director - Auto Allowance Auto Expense -461.54 Executive Director - TMRS Retirement -1,176.38 Executive Director - Health Insurance Health Insurance -491.72 Executive Director - FICA / MED FICA / Medicare -651.66

Page 2

13 2:07 PM Buda Economic Development Corporation 08/17/16 Check Detail July 2016

Num Date Name Memo Account Paid Amount Type Support Staff - Salary Salary -3,201.60 Support Saff - TMRS Retirement -442.14 Support Staff - Health Insurance Health Insurance -718.52 Support Staff - FICA / MED FICA / Medicare -230.46

TOTAL -15,430 .76

Page 3

14 2:08 PM Buda Economic Development Corporation 08/17/16 General Ledger Accrual Basis As of July 31, 2016

Date Num Name Memo Split Debit Credit Balance Type 4B Corp Admin Expense Fund 0.51 10,007.54.03 Deposit 07/16/2016 Interest Interest Income Total 4B Corp Admin Expense Fund 0.51 0.00 10,007.54

4B Corp Revenue Fund 268,704 .01 Check 07/01/2016 Broadway Bank Funds Transfer Restricted - Corp Re... 151.83 268,855 .84 Deposit 07/05/2016 TexPool Deposit TexPool Reserve Fu... 25,000.00 243,855 .84 Deposit 07/05/2016 TexPool Deposit TexPool Project Fund 15,000.00 228,855 .84 Check 07/11/2016 4170 Railroad & Rose, LTD August 2016 Rent Rent 1,325.00 227,530 .84 Check 07/11/2016 4171 Ann Miller Chicago Trip Per Diem -SPLIT- 203.50 227,327 .34 Check 07/11/2016 4172 Bielstein IT, LLC Invoice # 3843 IT 321.75 227,005 .59 Check 07/11/2016 4173 Akers & Akers, L.L.P. Invoice # 3543 - June 2016 Legal Fees Legal 933.60 226,071 .99 Check 07/11/2016 4174 Dahill Industries Invoice # IN792387 Copier 46.00 226,025 .99 Check 07/11/2016 4175 City of Buda June 2016 Payroll -SPLIT- 15,430.76 210,595 .23 Check 07/11/2016 4176 Impact DataSource Invoice # 15246 Other 4,750.00 205,845 .23 Check 07/11/2016 4177 Barton Publications AD ID# 43022 Printing 80.34 205,764 .89 Check 07/13/2016 4178 Capital One Bank -SPLIT- 972.97 204,791 .92 Check 07/13/2016 4179 TEDC Invoice # 4208 Team Texas Activities 200.00 204,591 .92 Deposit 07/15/2016 Broadway Bank Deposit Restricted - Corp De... 24,500.00 180,091 .92 Check 07/19/2016 4180 City of Buda LGC -SPLIT- 19,555.39 160,536 .53 Check 07/19/2016 4181 City of Buda City of Buda Admin ... 10,000.00 150,536 .53 Deposit 07/25/2016 Deposit -SPLIT- 154,939 .04 305,475 .57 Check 07/25/2016 4182 Veronica E Snyder PL... Invoice # 9111 Accounts Payable 525.00 304,950 .57 Check 07/28/2016 4183 PEC Utilities 104.25 304,846 .32 Check 07/28/2016 4184 AT&T Mobility Cell Phone 80.60 304,765 .72 Check 07/28/2016 4185 Time Warner Utilities 211.26 304,554 .46 Check 07/28/2016 4186 City of Buda July 2016 Payroll -SPLIT- 15,430.76 289,123 .70 Deposit 07/29/2016 TexPool Deposit TexPool Reserve Fu... 100,000 .00 189,123 .70 Check 07/31/2016 Falcon Bank 31,238.78 220,362 .48 Check 07/31/2016 Falcon Bank Savings 10,00710.51.35 230,369230,380 .99.34 Deposit 07/31/2016 Interest Interest Income Total 4B Corp Revenue Fund 196,347 .51 234,671 .18 230,380 .34

Falcon Bank 31,238.78 31,2380.78.00 Check 07/31/2016 4B Corp Revenue F... Total Falcon Bank 0.00 31,238.78 0.00

Falcon Bank Savings 10,006.68 Check 07/31/2016 4B Corp Revenue F... 0.83 10,007.51 -00.00.83 General J... 07/31/2016 PP... RECORD INTEREST INCOME PER STMT Interest Income Total Falcon Bank Savings 0.83 10,007.51 0.00

Restricted - Corp Debt Ser Fund 87,648.51 Deposit 07/15/2016 Broadway Bank Deposit 4B Corp Revenue F... 24,5005.00.61 112,148112,154 .51.12 Deposit 07/16/2016 Interest Interest Income Total Restricted - Corp Debt Ser Fund 24,505.61 0.00 112,154 .12

Restricted - Corp Reserve Fund 300,151 .83 Check 07/01/2016 Broadway Bank Funds Transfer 4B Corp Revenue F... 50.83 151.83 300,000300,050 .00.83 Deposit 07/16/2016 Interest Interest Income Total Restricted - Corp Reserve Fund 50.83 151.83 300,050 .83

TexPool Project Fund 222,076 .80 Deposit 07/05/2016 TexPool Deposit 4B Corp Revenue F... 15,00073.00.74 237,076237,150 .80.54 Deposit 07/31/2016 Interest Interest Income Total TexPool Project Fund 15,073.74 0.00 237,150 .54

TexPool Reserve Fund 1,650,576 .80 Deposit 07/05/2016 TexPool Deposit 4B Corp Revenue F... 25,000.00 1,675,576 .80 Deposit 07/29/2016 TexPool Deposit 4B Corp Revenue F... 100,000526.00.99 1,775,5761,776,103 .80.79 Deposit 07/31/2016 Interest Interest Income Total TexPool Reserve Fund 125,526 .99 0.00 1,776,103 .79

Prepaid Expenses 5,667.00 General J... 07/31/2016 PP... JULY 16 PREPAID EXP Retail Recruitment 1,375167.00 4,2924,125.00 General J... 07/31/2016 PP... JULY 16 CLEANING EXP FROM PPD ACCT Retail Recruitment Total Prepaid Expenses 0.00 1,542.00 4,125.00

Page 1

15 2:08 PM Buda Economic Development Corporation 08/17/16 General Ledger Accrual Basis As of July 31, 2016

Date Num Name Memo Split Debit Credit Balance Type Revenue Receivable-Sales Tax Co 261,968 .46 Deposit 07/25/2016 City of Buda May 2016 Sales Tax - Park 35 4B Corp Revenue F... 13,490.99 248,477 .47 Deposit 07/25/2016 City of Buda May 2016 Sales Tax - 2428 Partners 4B Corp Revenue F... 2,830.35 245,647 .12 Deposit 07/25/2016 City of Buda May 2016 Sales Tax - Cabela's 4B Corp Revenue F... 23,006.39 222,640 .73 Deposit 07/25/2016 City of Buda May 2016 Sales Tax - General 4B Corp Revenue F... 115,611 .31 107,029 .42 General J... 07/31/2016 GJR REC EST SALES TAX REV FOR JULY 16 General 90,523.11 197,552 .53 General J... 07/31/2016 GJR REC EST SALES TAX REV FOR JULY 16 General 27,608.90 225,161 .43 General J... 07/31/2016 GJR REC EST SALES TAX REV FOR JULY 16 General 14,039.43 239,200 .86 General J... 07/31/2016 GJR REC EST SALES TAX REV FOR JULY 16 General 7,813.00 247,013 .86 General J... 07/31/2016 GJR REC EST SALES TAX REV FOR JULY 16 General 686.67 247,700 .53 General J... 07/31/2016 GJR ADJ MAY 16 ST RECEIPTS TO $115611.31 General 40,175.48 287,876 .01 General J... 07/31/2016 GJR ADJ MAY 16LGC ST RECEIPTS TO $23006.39 General 2,769.69 285,106 .32 General J... 07/31/2016 GJR ADJ MAY 16 PARK 35 ST RECEIPTS TO $13490.99 General 3,581.81 288,688 .13 General J... 07/31/2016 GJR ADJ MAY 16 2428 ST RECEIPTS TO $2830.35 General 2,120686.56.67 286,567285,880 .57.90 General J... 07/31/2016 GJR ADJ MAY 16 BMG ST RECEIPTS TO -0- General Total Revenue Receivable-Sales Tax Co 184,428 .40 160,515 .96 285,880 .90

Computer Equipment 5,312.01 Original Cost 11,553.71 Total Original Cost 11,553.71

Accumulated Depreciation 107.27 -6,241-6,348.70.97 General J... 07/31/2016 DE... ESTIMATED MONTHLY DEPRECIATION ACCRUAL Depreciation Expense Total Accumulated Depreciation 0.00 107.27 -6,348.97

Total Computer Equipment 0.00 107.27 5,204.74

Accounts Payable -54,922 .60 Check 07/11/2016 4175 City of Buda Executive Director - Salary 4B Corp Revenue F... 8,056.74 -46,865 .86 Check 07/11/2016 4175 City of Buda Executive Director - Auto Allowance 4B Corp Revenue F... 461.54 -46,404 .32 Check 07/11/2016 4175 City of Buda Executive Director - TMRS 4B Corp Revenue F... 1,176.38 -45,227 .94 Check 07/11/2016 4175 City of Buda Executive Direcor - Health Insurance 4B Corp Revenue F... 491.72 -44,736 .22 Check 07/11/2016 4175 City of Buda Executive Director - FICA / MED 4B Corp Revenue F... 651.66 -44,084 .56 Check 07/11/2016 4175 City of Buda Support Staff - Salary 4B Corp Revenue F... 3,201.60 -40,882 .96 Check 07/11/2016 4175 City of Buda Support Staff - TMRS 4B Corp Revenue F... 442.14 -40,440 .82 Check 07/11/2016 4175 City of Buda Support Staff - Health Insurance 4B Corp Revenue F... 718.52 -39,722 .30 Check 07/11/2016 4175 City of Buda Support Staff - FICA / MED 4B Corp Revenue F... 230.46 -39,491 .84 Check 07/25/2016 4182 Veronica E Snyder PL... Invoice #9111 - June 2016 Financials 4B Corp Revenue F... 525.00 -38,966 .84 General J... 07/31/2016 PP... JULY 16 AP EXP Retail Recruitment 966.84 525.00 -39,491-38,525 .84.00 General J... 07/31/2016 JU... TO ADJUST JUNE PAYROLL TO ACTUAL Health Insurance Re... Total Accounts Payable 16,922.60 525.00 -38,525 .00

Accounts Payable-2428 Partners -25,131 .83 General J... 07/31/2016 ST... RECORD ACCRUAL OF 2428 SALES TAX EXP FOR JU... 2428 Partners Sales... 1,060.28 3,906.50 -27,978-29,038 .05.33 General J... 07/31/2016 ST... ADJ MAY 16 2428 SALES TAX EXP ACCRUAL 2428 Partners Sales... Total Accounts Payable-2428 Partners 1,060.28 3,906.50 -27,978 .05

Accounts Payable-BMG Property -312.00 General J... 07/31/2016 ST... RECORD ACCRUAL OF BMG EXP FOR JULY 16 2428 Partners Sales... 206.00 206.00 -312-518.00 General J... 07/31/2016 ST... ADJ MAY 16 BMG SALES TAX EXP ACCRUAL 2428 Partners Sales... Total Accounts Payable-BMG Property 206.00 206.00 -312.00

Accounts Payable - LGC -42,011 .80 Check 07/19/2016 4180 City of Buda May 2016 Sales Tax Paid July 2016 4B Corp Revenue F... 22,004.53 23,714.29 -43,721-20,007 .56.27 General J... 07/31/2016 LGC RECORD ESTIMATED LGC PYMT FOR JULY 16 Cabela's LGC Total Accounts Payable - LGC 22,004.53 23,714.29 -43,721 .56

Broadway Accrued Interest 6,183.54 -12,367-6,183.08.54 General J... 07/31/2016 IN... TO RECORD ESTIMATED INTEREST ACCRUAL ON BR... Interest Payments Total Broadway Accrued Interest 0.00 6,183.54 -12,367 .08

Current Portion of LT Debt -175,000 .00 Total Current Portion of LT Debt -175,000 .00

Broadway Bank Loan -1,950,000 .00 Total Broadway Bank Loan -1,950,000 .00

Less Current Portion 175,000 .00 Total Less Current Portion 175,000 .00

Ret Earnings-Restricted-Bus Pro -87,000 .00 Total Ret Earnings-Restricted-Bus Pro -87,000 .00

Retained Earnings 542,332 .75 Total Retained Earnings 542,332 .75

Retained Earnings - Restricted -422,476 .00 Total Retained Earnings - Restricted -422,476 .00

Sales Tax Receipts -1,377,114 .41 General -971,601 .97 General J... 07/31/2016 GJR REC EST SALES TAX REV FOR JULY 16 -SPLIT- 90,52340,175.11.48 -1,062,125-1,102,300 .08.56 General J... 07/31/2016 GJR ADJ MAY 16 ST RECEIPTS TO $115611.31 -SPLIT- Total General 0.00 130,698 .59 -1,102,300 .56

Page 2

16 2:08 PM Buda Economic Development Corporation 08/17/16 General Ledger Accrual Basis As of July 31, 2016

Date Num Name Memo Split Debit Credit Balance Type Cabela's TIRZ (LGC) -232,505 .69 General J... 07/31/2016 GJR REC EST SALES TAX REV FOR JULY 16 General 2,769.69 27,608.90 -257,344-260,114 .90.59 General J... 07/31/2016 GJR ADJ MAY 16LGC ST RECEIPTS TO $23006.39 General Total Cabela's TIRZ (LGC) 2,769.69 27,608.90 -257,344 .90

Park 35 Sales Tax -120,716 .54 General J... 07/31/2016 GJR REC EST SALES TAX REV FOR JULY 16 General 14,0393,581.81.43 -138,337-134,755 .78.97 General J... 07/31/2016 GJR ADJ MAY 16 PARK 35 ST RECEIPTS TO $13490.99 General Total Park 35 Sales Tax 0.00 17,621.24 -138,337 .78

BMG Property -1,373.32 General J... 07/31/2016 GJR REC EST SALES TAX REV FOR JULY 16 General 686.67 686.67 -1,373-2,059.32.99 General J... 07/31/2016 GJR ADJ MAY 16 BMG ST RECEIPTS TO -0- General Total BMG Property 686.67 686.67 -1,373.32

2428 Partners Sales Tax -50,916 .89 General J... 07/31/2016 GJR REC EST SALES TAX REV FOR JULY 16 General 2,120.56 7,813.00 -56,609-58,729 .33.89 General J... 07/31/2016 GJR ADJ MAY 16 2428 ST RECEIPTS TO $2830.35 General Total 2428 Partners Sales Tax 2,120.56 7,813.00 -56,609 .33

Total Sales Tax Receipts 5,576.92 184,428 .40 -1,555,965 .89

Salaries / Benefits 154,189 .86 FICA / Medicare 8,687.59 Check 07/28/2016 4186 City of Buda Executive Director - FICA / MED 4B Corp Revenue F... 651.66 9,339.25 Check 07/28/2016 4186 City of Buda Support Staff - FICA / MED 4B Corp Revenue F... 2308.46.79 9,5699,578.71.50 General J... 07/31/2016 JU... TO ADJUST JUNE PAYROLL TO ACTUAL Health Insurance Re... Total FICA / Medicare 890.91 0.00 9,578.50

Health Insurance 13,411.15 Check 07/28/2016 4186 City of Buda Executive Director - Health Insurance 4B Corp Revenue F... 491.72 13,902.87 Check 07/28/2016 4186 City of Buda Support Staff - Health Insurance 4B Corp Revenue F... 718.52 360.22 14,26114,621.17.39 General J... 07/31/2016 JU... TO ADJUST JUNE PAYROLL TO ACTUAL Health Insurance Re... Total Health Insurance 1,210.24 360.22 14,261.17

Health Insurance Reimbursements 615.38 6150.38.00 General J... 07/31/2016 JU... TO ADJUST JUNE PAYROLL TO ACTUAL -SPLIT- Total Health Insurance Reimbursements 0.00 615.38 0.00

Support Staff 35,913.02 Salary 3,201.60 35,14131,940.60.00 Check 07/28/2016 4186 City of Buda Support Staff - Salary 4B Corp Revenue F... Total Salary 3,201.60 0.00 35,141.60

Retirement 3,973.02 Check 07/28/2016 4186 City of Buda Support Saff - TMRS 4B Corp Revenue F... 442.14 0.03 4,415.16.13 General J... 07/31/2016 JU... TO ADJUST JUNE PAYROLL TO ACTUAL Health Insurance Re... Total Retirement 442.14 0.03 4,415.13

Total Support Staff 3,643.74 0.03 39,556.73

Executive Director 95,562.72 Salary 8,056.74 80,37588,432.57.31 Check 07/28/2016 4186 City of Buda Executive Director - Salary 4B Corp Revenue F... Total Salary 8,056.74 0.00 88,432.31

Retirement 1,176.38 10,57111,748.75.13 Check 07/28/2016 4186 City of Buda Executive Director - TMRS 4B Corp Revenue F... Total Retirement 1,176.38 0.00 11,748.13

Auto Expense 461.54 4,6155,076.40.94 Check 07/28/2016 4186 City of Buda Executive Director - Auto Allowance 4B Corp Revenue F... Total Auto Expense 461.54 0.00 5,076.94

Total Executive Director 9,694.66 0.00 105,257 .38

Total Salaries / Benefits 15,439.55 975.63 168,653 .78

Supplies- 4,473.11 Supplies & Services 2,930.25 Total Supplies & Services 2,930.25

Printing 1,314.56 Check 07/11/2016 4177 Barton Publications Ad ID # 43022 - Public Hearing Notice for Project Bourbon... 4B Corp Revenue F... 80.34 1,394.90 Check 07/13/2016 4178 Capital One Bank Staples - Office Supplies 4B Corp Revenue F... 5170.67.35 1,4461,516.57.92 Check 07/13/2016 4178 Capital One Bank Staples - Office Supplies 4B Corp Revenue F... Total Printing 202.36 0.00 1,516.92

Page 3

17 2:08 PM Buda Economic Development Corporation 08/17/16 General Ledger Accrual Basis As of July 31, 2016

Date Num Name Memo Split Debit Credit Balance Type Postage / Delivery 228.30 Check 07/13/2016 4178 Capital One Bank Office Supplies 4B Corp Revenue F... 89.36 33.02 284317.64.66 Check 07/13/2016 4178 Capital One Bank Credit Card Cash Back Credit 4B Corp Revenue F... Total Postage / Delivery 89.36 33.02 284.64

Total Supplies- 291.72 33.02 4,731.81

Programs / Services 43,768.21 BRE / Workforce Dvlpmt Program 450.94 Total BRE / Workforce Dvlpmt Program 450.94

Central Downtown District Prgm 900.00 Total Central Downtown District Prgm 900.00

Small Busines Permit Fee Prog 1,331.50 Total Small Busines Permit Fee Prog 1,331.50

Sportplex Equipment 25,000.00 Total Sportplex Equipment 25,000.00

Sportplex Maintenance 16,085.77 Total Sportplex Maintenance Total Programs / Services 43,768.21

Operations 29,162.21 Professional Services 6,377.27 IT 335.27 Check 07/11/2016 4172 Bielstein IT, LLC Hourly Service - Mandy's Computer 4B Corp Revenue F... 113321.11.75 770657.13.02 Check 07/13/2016 4178 Capital One Bank Dell - New Hard Drive - Mandy's Computer 4B Corp Revenue F... Total IT 434.86 0.00 770.13

Accounting 525.00 4,7255,250.00 General J... 07/31/2016 PP... JULY 16 AP EXP Retail Recruitment Total Accounting 525.00 0.00 5,250.00

Legal 933.60 1,3172,250.00.60 Check 07/11/2016 4173 Akers & Akers, L.L.P. Invoice # 3543 - June 2016 Legal Fees 4B Corp Revenue F... Total Legal 933.60 0.00 2,250.60

Other 4,750.00 4,7500.00 Check 07/11/2016 4176 Impact DataSource Invoice # 15246 - Impact DashBoard Annual Subscription ... 4B Corp Revenue F... Total Other 4,750.00 0.00 4,750.00

Total Professional Services 6,643.46 0.00 13,020.73

City of Buda Admin & Audit 10,000.00 13,6003,600.00 Check 07/19/2016 4181 City of Buda FY 2015-2016 Audit 4B Corp Revenue F... Total City of Buda Admin & Audit 10,000.00 0.00 13,600.00

Contract Labor 167.00 1,5031,670.00 General J... 07/31/2016 PP... JULY 16 CLEANING EXP FROM PPD ACCT Retail Recruitment Total Contract Labor 167.00 0.00 1,670.00

Mileage / Parking 1,187.67 Check 07/13/2016 4178 Capital One Bank Austin Parking - Ann 4B Corp Revenue F... 2110.00 1,2181,197.67 Check 07/13/2016 4178 Capital One Bank Austin Parking - Mandy - Presentation Class at ABJ 4B Corp Revenue F... Total Mileage / Parking 31.00 0.00 1,218.67

Copier 46.00 386340.92 Check 07/11/2016 4174 Dahill Industries Invoice # IN792387 - July 2016 Monthly Conract Billing 4B Corp Revenue F... Total Copier 46.00 0.00 386.92

Rent 1,325.00 13,25011,925.00 Check 07/11/2016 4170 Railroad & Rose, LTD August 2016 Rent 4B Corp Revenue F... Total Rent 1,325.00 0.00 13,250.00

Cell Phone 80.60 1,6441,725.42.02 Check 07/28/2016 4184 AT&T Mobility 4B Corp Revenue F... Total Cell Phone 80.60 0.00 1,725.02

Utilities 2,583.93 Check 07/28/2016 4183 PEC 4B Corp Revenue F... 211104.26.25 2,8992,688.44.18 Check 07/28/2016 4185 Time Warner 4B Corp Revenue F... Total Utilities 315.51 0.00 2,899.44

Total Operations 18,608.57 0.00 47,770.78

Professional Development 435.00 EDC Required Training 175.00 Total EDC Required Training 175.00

Page 4

18 2:08 PM Buda Economic Development Corporation 08/17/16 General Ledger Accrual Basis As of July 31, 2016

Date Num Name Memo Split Debit Credit Balance Type Continuing Education 260.00 Tuition / Registration 260.00 Total Tuition / Registration Total Continuing Education 260.00

Total Professional Development 435.00

Marketing 56,800.51 Site Visits / Tours / Meetings 1,985.11 Research 958.75 Check 07/13/2016 4178 Capital One Bank IEDC Salary Survey 4B Corp Revenue F... 150.00 1,108.75 Check 07/13/2016 4178 Capital One Bank Texas Secretary of State - Records 4B Corp Revenue F... 153.71.08 1,1271,111.54.83 Check 07/13/2016 4178 Capital One Bank Texas Secretary of State - Records 4B Corp Revenue F... Total Research 168.79 0.00 1,127.54

Site Visits / Tours / Meetings - Other 1,026.36 Total Site Visits / Tours / Meetings - Other Total Site Visits / Tours / Meetings 168.79 0.00 2,153.90

CoStar 6,570.00 Total CoStar 6,570.00

Website / Communications 1,143.47 Total Website / Communications 1,143.47

Professional Memberships 6,555.00 ICSC 100.00 Total ICSC 100.00

Community Orgs. 100.00 Total Community Orgs. 100.00

SEDC / IEDC / TEDC 1,155.00 Total SEDC / IEDC / TEDC 1,155.00

Opportunity Austin 2,000.00 Total Opportunity Austin 2,000.00

Team Texas 3,200.00 Total Team Texas Total Professional Memberships 6,555.00

Community Events 7,500.00 Trail of Lights 7,500.00 Total Trail of Lights Total Community Events 7,500.00

Advertising 15.91 2,3382,322.87.96 Check 07/13/2016 4178 Capital One Bank FaceBook Advertising 4B Corp Revenue F... Total Advertising 15.91 0.00 2,338.87

Retail Recruitment 1,375.00 10,8759,500.00 General J... 07/31/2016 PP... JULY 16 PREPAID EXP -SPLIT- Total Retail Recruitment 1,375.00 0.00 10,875.00

Promotional Materials 303.06 4,1584,461.58.64 Check 07/13/2016 4178 Capital One Bank Jardine Foods - Promotional Items for Chicago Trip 4B Corp Revenue F... Total Promotional Materials 303.06 0.00 4,461.64

Tradeshow / Conferences 17,065.39 Chamber Activities 420.00 Total Chamber Activities 420.00

GSMP / TEDC Activities 385.96 Total GSMP / TEDC Activities 385.96

Team Texas Activities 1,797.07 Check 07/13/2016 4178 Capital One Bank Team Texas - Appearl for Conference 4B Corp Revenue F... 162200.74.00 1,9592,159.81 Check 07/13/2016 4179 TEDC Invoice # 4208 - 2016 Team Texas VIP Event 4B Corp Revenue F... Total Team Texas Activities 362.74 0.00 2,159.81

Tradeshow/Conf/Recruit Visits 3,785.75 Check 07/11/2016 4171 Ann Miller Per Diem - Chicago Trip - Saturday 7/16/2016 4B Corp Revenue F... 55.50 3,841.25 Check 07/11/2016 4171 Ann Miller Per Diem - Chicago Trip - Saturday 7/17/2016 4B Corp Revenue F... 74.00 3,9153,989.25 Check 07/11/2016 4171 Ann Miller Per Diem - Chicago Trip - Saturday 7/18/2016 4B Corp Revenue F... Total Tradeshow/Conf/Recruit Visits 203.50 0.00 3,989.25

ICSC - Regional 5,494.53 Total ICSC - Regional 5,494.53

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19 2:08 PM Buda Economic Development Corporation

08/17/16 General Ledger Accrual Basis As of July 31, 2016

Date Num Name Memo Split Debit Credit Balance Type ICSC - National 5,182.08 Total ICSC - National Total Tradeshow / Conferences 566.24 0.00 17,631.63

Total Marketing 2,429.00 0.00 59,229.51

Contractual Payouts 278,814 .58 Interest Payments 6,183.54 55,23361,416.15.69 General J... 07/31/2016 IN... TO RECORD ESTIMATED INTEREST ACCRUAL ON BR... Broadway Accrued I... Total Interest Payments 6,183.54 0.00 61,416.69

BMG Property 312.00 General J... 07/31/2016 ST... RECORD ACCRUAL OF BMG EXP FOR JULY 16 2428 Partners Sales... 206.00 206.00 312518.00 General J... 07/31/2016 ST... ADJ MAY 16 BMG SALES TAX EXP ACCRUAL 2428 Partners Sales... Total BMG Property 206.00 206.00 312.00

Cabela's LGC 197,810 .97 Check 07/19/2016 4180 City of Buda To adjust May 2016 LGC payment to $19555.39 4B Corp Revenue F... 23,714.29 2,449.14 219,076195,361 .12.83 General J... 07/31/2016 LGC RECORD ESTIMATED LGC PYMT FOR JULY 16 Accounts Payable - ... Total Cabela's LGC 23,714.29 2,449.14 219,076 .12

2428 Partners Sales Tax 25,458.46 General J... 07/31/2016 ST... RECORD ACCRUAL OF 2428 SALES TAX EXP FOR JU... -SPLIT- 3,906.50 1,060.28 29,36428,304.96.68 General J... 07/31/2016 ST... ADJ MAY 16 2428 SALES TAX EXP ACCRUAL 2428 Partners Sales... Total 2428 Partners Sales Tax 3,906.50 1,060.28 28,304.68

Total Contractual Payouts 34,010.33 3,715.42 309,109 .49

Bank Service Charges 5.00 Total Bank Service Charges 5.00

Depreciation Expense 107.27 1,072965.43.70 General J... 07/31/2016 DE... ESTIMATED MONTHLY DEPRECIATION ACCRUAL Accumulated Depre... Total Depreciation Expense 107.27 0.00 1,072.70

Insurance - TML 2,906.00 D& O Insurance 1,406.00 Total D& O Insurance 1,406.00

Work Comp Insurance 500.00 Total Work Comp Insurance 500.00

Liability Insurance 1,000.00 Total Liability Insurance Total Insurance - TML 2,906.00

Other Income -2,058.39 Interest Income -2,040.52 Deposit 07/16/2016 Interest 4B Corp Admin Exp... 0.51 -2,041.03 Deposit 07/16/2016 Interest Restricted - Corp De... 5.61 -2,046.64 Deposit 07/16/2016 Interest Restricted - Corp Re... 50.83 -2,097.47 Deposit 07/31/2016 Interest 4B Corp Revenue F... 10.35 -2,107.82 Deposit 07/31/2016 Interest TexPool Project Fund 73.74 -2,181.56 Deposit 07/31/2016 Interest TexPool Reserve Fu... 5260.83.99 -2,709-2,708.38.55 General J... 07/31/2016 PP... RECORD INTEREST INCOME PER STMT Falcon Bank Savings Total Interest Income 0.00 668.86 -2,709.38

Other Income - Other -17.87 Total Other Income - Other Total Other Income 0.00 668.86 -2,727.25

662,591 .19 662,591 .19 0.00 TOTAL

Page 6

20 1:40 PM Buda Economic Development Corporation

08/15/16 Reconciliation Detail Restricted - Corp Debt Ser Fund, Period Ending 07/16/2016

Date Num Name Clr Amount Balance Type Beginning Balance 87,648.51 Cleared Transactions Deposits and Credits - 2 items Deposit 07/15/2016 Broadway Bank X 24,5005.61.00 24,50524,500.61.00 Deposit 07/16/2016 X Total Deposits and Credits 24,505.61 24,505.61

Total Cleared Transactions 24,505.61 24,505.61

Cleared Balance 24,505.61 112,154 .12

Register Balance as of 07/16/2016 24,505.61 112,154 .12 24,505.61 112,154 .12 Ending Balance

Page 1

21 1:37 PM Buda Economic Development Corporation

08/15/16 Reconciliation Detail 4B Corp Admin Expense Fund, Period Ending 07/16/2016

Date Num Name Clr Amount Balance Type Beginning Balance 10,007.03 Cleared Transactions Deposits and Credits - 1 item 0.51 0.51 Deposit 07/16/2016 X Total Deposits and Credits 0.51 0.51

Total Cleared Transactions 0.51 0.51

Cleared Balance 0.51 10,007.54

Register Balance as of 07/16/2016 0.51 10,007.54 0.51 10,007.54 Ending Balance

Page 1

22 1:42 PM Buda Economic Development Corporation

08/15/16 Reconciliation Detail Restricted - Corp Reserve Fund, Period Ending 07/16/2016

Date Num Name Clr Amount Balance Type Beginning Balance 300,151 .83 Cleared Transactions Checks and Payments - 1 item -151.83 -151.83 Check 07/01/2016 Broadway Bank X Total Checks and Payments -151.83 -151.83

Deposits and Credits - 1 item 50.83 50.83 Deposit 07/16/2016 X Total Deposits and Credits 50.83 50.83

Total Cleared Transactions -101.00 -101.00

Cleared Balance -101.00 300,050 .83

Register Balance as of 07/16/2016 -101.00 300,050 .83 -101.00 300,050 .83 Ending Balance

Page 1

23 1:58 PM Buda Economic Development Corporation

08/15/16 Reconciliation Detail 4B Corp Revenue Fund, Period Ending 07/31/2016

Date Num Name Clr Amount Balance Type Beginning Balance 286,829 .07 Cleared Transactions Checks and Payments - 20 items Check 06/28/2016 4167 LGC X -15,877 .27 -15,877 .27 Check 06/28/2016 4160 Capital One Bank X -1,208.98 -17,086 .25 Check 06/28/2016 4165 Bielstein IT, LLC X -321.74 -17,407 .99 Check 06/28/2016 4164 Time Warner X -211.29 -17,619 .28 Check 06/28/2016 4166 AT&T Mobility X -140.58 -17,759 .86 Check 06/28/2016 4162 PEC X -94.25 -17,854 .11 Check 06/28/2016 4163 Card Service Center X -57.95 -17,912 .06 Check 06/28/2016 4161 Dahill Industries X -46.00 -17,958 .06 Check 06/29/2016 4168 Jani-King of Austin X -167.00 -18,125 .06 Deposit 07/05/2016 TexPool X -25,000 .00 -43,125 .06 Deposit 07/05/2016 TexPool X -15,000 .00 -58,125 .06 Check 07/11/2016 4170 Railroad & Rose, LTD X -1,325.00 -59,450 .06 Check 07/11/2016 4173 Akers & Akers, L.L.P. X -933.60 -60,383 .66 Check 07/11/2016 4171 Ann Miller X -203.50 -60,587 .16 Check 07/11/2016 4177 Barton Publications X -80.34 -60,667 .50 Check 07/11/2016 4174 Dahill Industries X -46.00 -60,713 .50 Check 07/13/2016 4178 Capital One Bank X -972.97 -61,686 .47 Deposit 07/15/2016 Broadway Bank X -24,500 .00 -86,186 .47 Check 07/25/2016 4182 Veronica E Snyder ... X -100,000-525.00 -186,711-86,711 .47 Deposit 07/29/2016 TexPool X Total Checks and Payments -186,711 .47 -186,711 .47

Deposits and Credits - 5 items Check 07/01/2016 Broadway Bank X 151.83 151.83 Deposit 07/25/2016 X 154,939 .04 155,090 .87 Deposit 07/31/2016 X 10.35 155,101 .22 Check 07/31/2016 X 10,00731,238.51.78 165,108196,347 .73.51 Check 07/31/2016 X Total Deposits and Credits 196,347 .51 196,347 .51

Total Cleared Transactions 9,636.04 9,636.04

Cleared Balance 9,636.04 296,465 .11

Uncleared Transactions Checks and Payments - 10 items Check 07/11/2016 4175 City of Buda -15,430 .76 -15,430 .76 Check 07/11/2016 4176 Impact DataSource -4,750.00 -20,180 .76 Check 07/11/2016 4172 Bielstein IT, LLC -321.75 -20,502 .51 Check 07/13/2016 4179 TEDC -200.00 -20,702 .51 Check 07/19/2016 4180 City of Buda -19,555 .39 -40,257 .90 Check 07/19/2016 4181 City of Buda -10,000 .00 -50,257 .90 Check 07/28/2016 4186 City of Buda -15,430 .76 -65,688 .66 Check 07/28/2016 4185 Time Warner -211.26 -65,899 .92 Check 07/28/2016 4183 PEC -104-80.25.60 -66,004-66,084 .17.77 Check 07/28/2016 4184 AT&T Mobility Total Checks and Payments -66,084 .77 -66,084 .77

Total Uncleared Transactions -66,084 .77 -66,084 .77

Register Balance as of 07/31/2016 -56,448 .73 230,380 .34

New Transactions Checks and Payments - 2 items Check 08/01/2016 4188 Jani-King of Austin -167-86.00.19 -167-253.00.19 Check 08/01/2016 4187 Maranda Shaw Total Checks and Payments -253.19 -253.19

Total New Transactions -253.19 -253.19 -56,701 .92 230,127 .15 Ending Balance

Page 1

24 1:46 PM Buda Economic Development Corporation

08/15/16 Reconciliation Detail Falcon Bank, Period Ending 07/31/2016

Date Num Name Clr Amount Balance Type Beginning Balance 31,238.78 Cleared Transactions Checks and Payments - 1 item -31,238 .78 -31,238 .78 Check 07/31/2016 X Total Checks and Payments -31,238 .78 -31,238 .78

Total Cleared Transactions -31,238 .78 -31,238 .78

Cleared Balance -31,238 .78 0.00

Register Balance as of 07/31/2016 -31,238 .78 0.00 -31,238 .78 0.00 Ending Balance

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25 2:10 PM Buda Economic Development Corporation

08/15/16 Reconciliation Detail Falcon Bank Savings, Period Ending 07/31/201604/30/2016

Date Num Name Clr Amount Balance Type Beginning Balance 10,005.02 Cleared Transactions Checks and Payments - 1 item -10,007 .51 -10,007 .51 Check 07/31/2016 X Total Checks and Payments -10,007 .51 -10,007 .51

Deposits and Credits - 3 items Deposit 04/30/2016 X 0.83 0.83 General Journal 05/31/2016 FALC... X 0.83 21.49.66 General Journal 07/31/2016 PPD/AP X Total Deposits and Credits 2.49 2.49

Total Cleared Transactions -10,005 .02 -10,005 .02

Cleared Balance -10,005 .02 0.00

Register Balance as of 04/30/2016 -10,005 .02 0.00 -10,005 .02 0.00 Ending Balance

Page 1

26 2:01 PM Buda Economic Development Corporation

08/15/16 Reconciliation Detail TexPool Reserve Fund, Period Ending 07/31/2016

Date Num Name Clr Amount Balance Type Beginning Balance 1,650,576 .80 Cleared Transactions Deposits and Credits - 3 items Deposit 07/05/2016 TexPool X 25,000.00 25,000.00 Deposit 07/29/2016 TexPool X 100,000526.00.99 125,000125,526 .00.99 Deposit 07/31/2016 X Total Deposits and Credits 125,526 .99 125,526 .99

Total Cleared Transactions 125,526 .99 125,526 .99

Cleared Balance 125,526 .99 1,776,103 .79

Register Balance as of 07/31/2016 125,526 .99 1,776,103 .79 125,526 .99 1,776,103 .79 Ending Balance

Page 1

27 2:00 PM Buda Economic Development Corporation

08/15/16 Reconciliation Detail TexPool Project Fund, Period Ending 07/31/2016

Date Num Name Clr Amount Balance Type Beginning Balance 222,076 .80 Cleared Transactions Deposits and Credits - 2 items Deposit 07/05/2016 TexPool X 15,00073.00.74 15,00015,073.00.74 Deposit 07/31/2016 X Total Deposits and Credits 15,073.74 15,073.74

Total Cleared Transactions 15,073.74 15,073.74

Cleared Balance 15,073.74 237,150 .54

Register Balance as of 07/31/2016 15,073.74 237,150 .54 15,073.74 237,150 .54 Ending Balance

Page 1

28

Buda EDC Agenda Item Report September 7, 2016

Agenda Item No. D.3.

Discussion & possible action regarding sponsorship of Austin Chamber Luncheon with Senator John Cornyn

1. Background/History The Austin Chamber of Commerce is hosting a luncheon with Senator John Cornyn on October 12 in Downtown Austin. This is the first time in several years that they’ve been able to host such an event and are expected approximately 400 attendees.

2. Current Activity The Austin Chamber has extended an invitation to the Buda EDC for a reduced price sponsorship which includes a VIP table for 10 during the luncheon, 2 tickets to attend the pre-luncheon reception with Senator Cornyn, and recognition on marketing materials and at the event for the cost of $2,000.

3. Financial Impact $2,000 – Potentially TEDC Activities

Buda EDC Agenda Item Report September 7, 2016

Agenda Item No. D.4.

Discussion & possible action on Electing Representative for CAPCOG

1. Background/History The Buda EDC is a member of the general assembly of CAPCOG and as such has had a representative which is responsible for attending their annual meetings and serving on a committee. Ann Miller has represented the Buda Economic Development Corporation at CAPCOG in the past. CAPCOG is requesting all member organizations either appoint or reappoint their representative for 2016-2017.

2. Current Activity Staff is requesting that the Board either reappoint Executive Director Miller as the CAPCOG Representative or select a new representative

3. Financial Impact None

Buda EDC Agenda Item Report September 7, 2016

Agenda Item No. D.5.

Discussion & possible action regarding Amending the Small Business Permit Fee Program

1. Background/History The Buda EDC implemented the Small Business Permit Fee Reimbursement Program to help reduce the costs associated with opening or expanding a business in Buda. The program started with a limited number of permit fees that could be reimbursed, which reflected primarily businesses that would be locating in an existing building. At that time, the thoughts were new construction would trigger other incentives.

2. Current Activity In the past year, it was realized that some new construction projects may not trigger other incentives, so it might be beneficial to amend the program to allow for the reimbursement of other fees. Additionally, the City of Buda has updated their fee schedule to include changes in the cost of fees and the creation of new fees. Revisions were made to the program to address these changes and to allow for additional fees to be reimbursed. EDC staff recommends approving the amendments to the program.

3. Financial Impact $17,500 was budgeted for FY 16-17

Buda Economic Development Corporation Small Business Permit Fee Reimbursement Program

The Buda EDC Small Business Fee Incentive Program is part of the Buda Economic Development Corporation’s Strategic Plan, and is designed to provide an incentive to allow small businesses that are opening in Buda or expanding their operations but don’t qualify for existing incentive programs, such as the Buda Improvement Grant.

The Small Business Fee Incentive Program is sponsored, funded, and monitored by the Buda Economic Development Corporation Board of Directors who may amend, adjust, or eliminate the program at any time. The award decisions of the Buda Economic Development Corporation Board of Directors are final. Small Business located within the City Limits of Buda and Limited Purpose Annexation areas are eligible for this program. A Small Business is defined as an independently owned and operated business, which is organized for profit, and is not dominant in its field.

Scope

The Buda Economic Development Corporation has allocated $12,50017,500 for the Small Business Fee Incentive Program for FY 2015‐162016‐17. Incentives are competitive and will be awarded on a first come/first serve basis until funds are depleted.

Incentives are to be used only for commercial property. If the property is zoned for both residential and commercial use, incentives may only be used for the commercial property portion of the property.

Projects must support new and expanded business development.

Program Criteria

Incentives shall not exceed 50% of the total permit fees or $1,250 per project, Total Permit Fee Reimbursements shall not exceed $3,500 per project or 60% of the total permit fees paid. and Permit Fees will be reimbursed once the business is open and operating within the City Limits of Buda or a Limited Purpose Annexation area. Businesses must be open a minimum of 30 (thirty) hours a week and must be a target industry identified in the Buda Economic Development Strategic Plan: Hospitality & Tourism, Office Space, Retail & Entertainment, and Light Industrial.

Businesses must have at least one full‐time employee and must be either a new business or an existing business that is expanding. Expanding shall be defined as adding 50% more employees or 25% new square footage.

Permits eligible for this program include:

• New commercial or commercial remodel building permit • Certificate of Occupancy • Commercial Electrical Permits • Grease Trap Application and Inspection • Commercial Inspections • Commercial Mechanical Permits • Commercial Plumbing Permits • Commercial Sprinkler Permits • Sign Permit  Offsite Infrastructure Permits Formatted: List Paragraph, Bulleted + Level: 1 +  Plan Review Fee Aligned at: 1.32" + Indent at: 1.57"  Plat  Preliminary Plan Review Fee  Site Inspection Fees  Site Plan Review  Sprinkler Permits Formatted: Font: (Default) Calibri

Any fees charged to the business that are a result of re‐inspections, additional plan reviews, or temporary certificate of occupancy will not be eligible for reimbursement. Business are strongly encouraged to submit complete plans that meet the guidelines of the City of Buda and request inspections, walk‐thru’s, and certificates of occupancy only when the work has been completed and the requirements have been met in order to reduce the number of fees paid and time utilized by City Staff on projects.

Application Requirements

In order to be considered for incentives, a completed application must be submitted to the Buda EDC Offices at 203 Railroad Street Suite 3‐A, Buda, TX 78610. A completed application must include:

• Application • Proof of Commercial Lease (if applicant is not the property owner) • Copies of all municipal approvals, permits, and itemized receipts of fees paid, documented and signed by the appropriate municipal agent.

Buda Economic Development Corporation Small Business Fee Incentive Program Application

Section 1. Business Information

Business Name:

Federal Employer ID Number: Mailing Address: Telephone: Fax:

Contact Person: Email: Industry Classification/Product of Service Provided:

Section 2. Employment and Site Location Information

Does this business have an existing place of operation in the City of Buda?

If yes: Current Square Footage: Current Number of FTE employees:

If yes, will this business will locate to a new facility or expand at current location?

Square Footage of New Facility: Number of FTE Employees at Facility:

Average Salary Paid to Employees:

Business Hours:

Estimated Annual Taxable Retail Sales:

Estimated Value of Property subject to Property Tax At Location:

Section 3. Require Permits & Review Fees Please provide a comprehensive list of ALL eligible permits and fees and the costs associated with each permit.

Buda EDC Agenda Item Report September 7, 2016

Agenda Item No. D.6.

Discussion & possible action regarding the Selection of a firm to conduct a Convention / Conference Center Feasibility Study

1. Background/History The Buda EDC in conjunction with the City of Buda has a vested interested in conducting a study to determine the feasibility and the best structure for a Convention/Conference Center to be located within the city limits of Buda. During the 14-15 FY the Buda EDC set aside $25,000 to help pay for the cost of this study, but due to the timing of several projects & the development of community meeting space at the new city facilities, this study was postponed. The funds were placed in accounts payable until the time the Buda EDC was willing to move forward with this study.

2. Current Activity The projects that were the primary reason this was put on hold have been resolved and the exact amount of community space at the new city hall facility have been determined. Therefore, the Buda EDC solicited proposals to conduct a feasibility study and received 4 responses. Proposals range in price from $30,000 to $45,000 and some include expenses and others don’t, maximum reimbursable expense is estimated at $5,000. The EDC has some money left in Other Professionals services and the Business Project Line item that could be utilized to fund overages over the $25,000 in accounts payable. The EDC could also amend the budget to address overages.

Key city staff have also been give copies of the proposals to review and provide input to the EDC before we select a firm. The entire process should take roughly 3 months to complete.

3. Financial Impact Up to $45,000 plus expenses

COMMERCIAL REAL ESTATE SERVICES

Randy McCaslin, CRE CBRE, Inc. Managing Director Valuation & Advisory Services CBRE Hotels 2800 Post Oak, Suite 2300 Houston, TX 77056 August 12, 2016 +1 713 621 5252 Office +1 512 422 2434 Mobile Ms. Ann Miller, CEcD, Executive Director [email protected] Buda Economic Development Corporation www.cbrehotels.com 203 Railroad Street, Suite 3-A Buda, Texas 78610

Dear Ms. Miller:

We appreciate the opportunity to present this proposal to the Buda Economic Development Corporation to conduct a market feasibility study related to a proposed Conference Center. As we understand, you are seeking advice regarding the market and financial support for a proposed Conference Center (with a potential hotel). You would also like assistance in identifying the best site for the project. The positive economic and fiscal impact of this potential development is also an important element of the study.

CBRE Hotels Consulting (formerly PKF Consulting) is recognized as a leading expert in the Hospitality Industry. Our consulting group has been serving the Hospitality Industry for more than 100 years. We consider our firm uniquely qualified to be the consultant on this project because we have completed dozens of studies for hotel and conference centers in all sized markets, helping us to understand the inter-relationship between hotels and conference center activity, as well as the economic impact of this activity to the City. A list of hotel and conference center references is provided in a separate document.

We would be pleased to answer any questions related to our proposal and would welcome the opportunity to discuss any aspect of our proposal with you. We wish to acknowledge our willingness to adjust any aspect of this proposal in the event that you determine that the level of effort specified is at variance with what you envisioned.

We appreciate the opportunity to submit this proposal and look forward to the prospect of working with the Buda Economic Development Corporation on this important project. The following signee has authority to make representations for CBRE Hotels.

Respectfully submitted,

CBRE Hotels Consulting (formerly PKF Consulting)

G. Randle McCaslin, CRE Managing Director (713) 621-5252 [email protected]

COMMERCIAL REAL ESTATE SERVICES

Randy McCaslin, CRE CBRE, Inc. Managing Director Valuation & Advisory Services CBRE Hotels 2800 Post Oak, Suite 2300 Houston, TX 77056

+1 713 621 5252 Office +1 512 422 2434 Mobile

[email protected] www.cbrehotels.com

August 12, 2016

Ms. Ann Miller, CEcD Executive Director Buda Economic Development Corporation 203 Railroad Street, Suite 3-A Buda, Texas 78610

Re: Market Study for a Proposed Conference Center in Buda, Texas

Dear Ms. Miller:

We are pleased to submit this proposal to perform a market feasibility study with financial projections for a proposed Conference Center in Buda, Texas. This engagement letter sets forth our approach to completing the work and our fee structure. We are confident of our ability to perform this assignment based upon our experience with similar projects.

BACKGROUND

As we understand, the Buda Economic Development Corporation is considering the development of a proposed Conference Center in Buda, Texas. You understand that it is likely and more cost effective to have a hotel associated with the Conference Center. However, you would like the consultant to study all possibilities and advise you of the best option for the City of Buda.

We understand that the study should cover all aspects of the possibility of a Conference Center (with a potential hotel) located in Buda. You indicated that there are several potential sites to be evaluated to determine which location has the greatest potential for a successful project. In addition, you would like the study to include information about local market conditions and the demand for lodging and meeting facilities, trends in the lodging and conference center industry, analysis of competitive and comparable centers and markets, recommendations of the lodging and meeting facilities that meet the needs of the market, analysis of development options including public/private arrangements, economic impact analysis, and a project cost estimate.

Ms. Ann Miller, CEcD Buda Economic Development Corporation August 12, 2016 Page 2

You have requested that CBRE Hotels Consulting (formerly PKF Consulting) present this proposal to assess the viability of the proposed Conference Center (with a potential hotel). As part of the study, you would like us to evaluate several potential sites for the project and recommend the amount and configuration of meeting space for the Conference Center and, if a hotel is recommended, the type of hotel, potential brands, number of rooms and other facilities and amenities. We would also estimate the cost of the project based on industry standards. Finally, you would like CBRE Hotels to estimate the economic impact that would be generated within the Buda community by this project.

SCOPE OF WORK

To complete the scope of work, we have broken the assignment into four phases, as follows:

Phase 1: Market Analysis Phase 2: Financial & Gap Analysis Phase 3: Written Report Phase 4: Economic & Fiscal Impact Analysis

The scope of our work will include, but not be limited to, the following:

Phase 1 - Market Analysis & Site Selection

• Review any available planning materials relative to the project to be supplied by the Buda Economic Development Corporation. Such materials could include previous studies, an inventory of local area hotels, a list of existing meeting facilities in Buda and the surrounding area, a list of potential sites for the proposed Conference Center, a list of hotels under construction or proposed, and any other relevant information.

• Meet with representatives of the Project Team prior to commencing fieldwork in order to better understand the vision for the project, scope of work, market potential, market contacts for interviews and surveys, and project details. At this meeting, we will discuss any questions related to the aforementioned topics and obtain additional input from you that confirms or amends our understanding of the details of the project and provides additional pertinent information.

• Tour the Buda and surrounding area with representatives of the Project Team. The tour would include potential sites, key hotels, meeting facilities, major corporations, major medical centers and tourist attractions, as well as commercial economic growth generators and any other important landmarks.

Ms. Ann Miller, CEcD Buda Economic Development Corporation August 12, 2016 Page 3

• Inspect the potential sites and the surrounding area to determine their impact on the performance of the proposed Conference Center (with a potential hotel). We would rank the sites according to an objective scoring system and identify the pros and cons of each site. Such determinations will not include any engineering or environmental considerations, but will encompass an evaluation of the site’s accessibility, visibility, aesthetic appeal, location in relation to supply and demand, proximity to food and beverage facilities and demand generators, ownership status, potential road and site improvements, and physical characteristics which might affect the marketability of the subject project.

• Evaluate existing and proposed transportation patterns in the Buda area to determine their impact on the marketability of the proposed Conference Center (with a potential hotel).

• Assemble and review economic, demographic, real estate and transportation data pertaining to the City of Buda and the surrounding areas to evaluate the present economic climate and future growth potential, particularly as it relates to lodging and meeting demand.

• Interview key representatives of the Buda Economic Development Corporation, City of Buda, Buda Convention & Visitors Bureau, Chamber of Commerce, community organizations, performing arts groups, major medical centers, major corporations and the business community to identify issues and requirements related to lodging and meeting demand, to identify lost business and to involve the community in the market analysis process.

• Interview and tour existing local meeting facilities in the Buda and surrounding areas, including the Embsassy Suites San Marcos, to assess the quality and amount of space currently available, determine existing meeting needs and quantify the amount of demand being lost due to inadequate lodging and meeting facilities.

• Conduct email surveys of the Chamber of Commerce members, Buda Economic Development Corporation members (if applicable), CVB meeting planner list, and any other available lists to gain feedback regarding galas/banquets, conferences, meetings/trainings and lodging needs in terms of demand sources, types of meetings, size of events, amount of lodging demand, price sensitivity, frequency and services required.

Ms. Ann Miller, CEcD Buda Economic Development Corporation August 12, 2016 Page 4

• Develop a census of local competitive lodging facilities. This census will include the following data: - Name / brand / management - Location - Date opened or last renovated - Facilities - Rate structure - Services and amenities

• Develop a census of competitive and comparable hotel and conference centers in other markets including a review of the various physical and operating characteristics to serve as a bench mark for the facilities and amenities needed to attract conference and tourism activity.

• Analyze the convention center trends for comparable markets through research of industry publications and direct contact of existing centers in comparable markets.

• Interview representatives of the existing competitive hotels regarding their properties and historical, current and expected future market conditions. We will solicit input from the hoteliers regarding their perceptions of the need for more hotels and new meeting facilities in Buda to increase market lodging and meeting demand. Special attention will be given to identifying how increased meeting demand would benefit all of the existing hotels in Buda.

• To the extent the information is available, identify other proposed lodging developments to assess their probability of completion and the degree to which they will compete in the existing hotel market.

• Quantify the market segmentation of the Buda lodging market in terms of percent of Corporate Individual, Group, Leisure and any other identifiable demand segments.

• If it is determined that the Buda market cannot support another hotel, the recommended facilities would focus on the amount and configuration of meeting space for a stand-alone Conference Center.

• For a proposed Hotel and Conference Center, we would recommend the type of hotel, potential brands, number of guestrooms, amount and configuration of meeting space, type of food and beverage facilities, and other amenities and facilities that would be appropriate to meet the identified needs of the market and increase the attractiveness of the City of Buda to conferences and tourism.

Ms. Ann Miller, CEcD Buda Economic Development Corporation August 12, 2016 Page 5

• For a stand-alone Conference Center, estimate the number of events and utilization over its first five- to 10-year period of operation.

• For a proposed Hotel and Conference Center, quantify competitive market supply, demand, occupancy, ADR and RevPAR for the competitive hotel market for the prior five year period and year to-date.

• Estimate the future performance of the competitive hotel market for the first five years of operation of the proposed Hotel and Conference Center.

• Estimate the future competitive position of the proposed Hotel and Conference Center based upon a consideration of location, brand, extent and quality of facilities, rate structure, management, marketing and other factors.

• Estimate the average annual occupancies and attainable ADR and RevPAR for the proposed Hotel and Conference Center over its first five-year period of operation.

• Prepare a Discussion Document that summarizes our findings and conclusions.

• Meet with representatives of the Project Team to present key data and analysis for your review and discussion.

Upon your approval of Phase 1 conclusions, we would proceed with Phase 2.

Phase 2 – Financial & Gap Analysis

• For a stand-alone Conference Center, prepare estimates of annual revenue and expenses for the first 10 years of its operation. Identify any shortfalls in the operation of the proposed Conference Center facilities and sources of funds to offset those shortfalls.

• Estimate the development costs of the recommended Conference Center based on industry standards. This will provide us with an “order of magnitude” estimate of the development costs. This should not be considered as a substitute for the design and costing of the project by qualified architects, engineers and contractors.

• For a proposed Hotel and Conference Center, prepare estimates of annual revenue and expenses to the point of cash flow from operations available for debt service and income taxes for the first 10 years of operation. The bases for the prospective financial analysis and key assumptions underlying inflation estimates will be indicated in the financial section of the report.

Ms. Ann Miller, CEcD Buda Economic Development Corporation August 12, 2016 Page 6

• A proposed Hotel and Conference Center provides the possibility of a public/ private arrangement where the City provides incentives to make the project feasible and a hotel developer owns and operates the Hotel and Conference Center. If this arrangement is deemed preferred by the Project Team, the following gap analysis will be performed to determine the amount of incentives required by the project.

• Estimate the development costs of the recommended Hotel and Conference Center by researching recent development of similar projects and contacting the recommended brands for cost estimates. This will provide us with an “order of magnitude” estimate of the development costs in order for us to assess feasibility. This should not be considered as a substitute for the design and costing of the project by qualified architects, engineers and contractors.

• Survey industry investment criteria including current lending practices and expected returns. These will be used to relate the cash flows from the financial projections to the estimated development costs in order to determine the internal rate of return and therefore feasibility.

• Conduct an internal rate of return analysis to determine the potential return to the investor both with and without incentives.

• Identify any gap in the funding of the project that may impede feasibility and, if a gap is identified, recommend methods utilized by other public entities to help bridge such gap. This would assist the City in determining the need for public incentives and/or public support for the project. The gap analysis would be prepared as a separate document for internal use only by the City and would not be included in the final report.

• CBRE Hotels Consulting works with several hotel developers with experience with public / private projects that could assist the City of Buda with the appropriate financial package for and development of the proposed Hotel and Conference Center. CBRE Hotels would be pleased to identify these developers at the request of the City.

• Meet with representatives of the Project Team to present key data and analysis for your review and discussion.

Upon your approval of Phase 2 conclusions, we would proceed with Phase 3.

Ms. Ann Miller, CEcD Buda Economic Development Corporation August 12, 2016 Page 7

Phase 3 – Written Report

• Prepare a detailed report outlining our conclusions and recommendations concerning the project. The report will be presented in a format generally acceptable to major sources of debt and equity financing, credit rating agencies, and franchise and management organizations. Though the exact format of the report will evolve as the engagement progresses, the following probable section headings provide an outline of the expected final report. - Executive Summary - Area Overview - Site Analysis - Property Description - Market Analysis - Estimated Subject Performance - Financial Analysis

Upon your approval of Phase 3 conclusions, we would proceed with Phase 4.

Phase 4 – Economic & Fiscal Impact Analysis

Our economic and fiscal impact analysis would be based on our evaluation of the potential utilization detailed in our market study. Specifically, our role will be to:

• Investigate the potential to which labor and materials from within the market area will be used to complete the proposed Conference Center (with a potential hotel).

• Estimate the economic impact from the direct spending on the construction of the facility.

• Estimate the economic impact from the direct spending of the operation of the proposed Conference Center (with a potential hotel) in the form of employing citizens from the market area and purchasing supplies from businesses in the area.

• Estimate the number of new jobs generated during the construction period and from operations.

• Estimate the direct spending of visitors to the proposed Conference Center (with a potential hotel) from outside of the market area. Examples of direct spending by visitors include additional retail spending, overnight lodging and hotel occupancy tax.

• Estimate the indirect spending that results from the direct spending being re-spent in the local economy.

Ms. Ann Miller, CEcD Buda Economic Development Corporation August 12, 2016 Page 8

• Estimate the fiscal impact to Buda including hotel occupancy tax, sales tax and property tax generated by the proposed Conference Center (with a potential hotel).

• Following the completion of the economic impact analysis, we would prepare a separate letter report summarizing our findings and conclusions.

QUALIFICATIONS (References are provided in a separate document.)

CBRE HOTELS (Formerly PKF Consulting)

As a point of background, we would like to provide you with a brief overview of our Firm. CBRE Hotels is a division of the CBRE Group, Inc. (NYSE:CBG), the largest full service, real estate and investment organization in the World with more than 70,000 employees located in more than 400 offices worldwide. CBRE Hotels operates as an existing specialized advisory group within CBRE and provides hospitality and real estate industry professionals with a global practice and one-stop shop of unparalleled, global and fully integrated real estate services and products. CBRE Hotels is comprised of over 375 dedicated hospitality professionals located in more than 60 offices across the globe, including San Francisco, Boston, New York, Philadelphia, Atlanta, Jacksonville, Washington, D.C., Houston, Indianapolis, Los Angeles, Seattle, and Bozeman in the U.S.

CBRE Hotels is a specialized advisory group within CBRE and consists of three integrated hospitality-focused divisions including valuation and advisory services, brokerage and capital markets, and research, as discussed below.

1 Valuation and Advisory Services Our valuation and advisory services group provides consulting services and industry expertise to help our clients in planning, developing, managing, financing, problem- solving, improving operations, and valuing hotels and other hospitality assets. Our engagements range from hotel market and financial feasibility studies to investment structuring, and from hotel appraisals to asset management.

Our valuation and advisory services group is constantly providing clients both large and small with the most constructive and valuable advice in the industry, performing feasibility and market studies, acquisition due diligence and valuations involving hotels, resorts, restaurants, golf courses, and a variety of mixed-use developments and other hospitality products. We have the distinct advantage of being the only hospitality valuation and advisory firm with its own, proprietary database of U.S. hotel financial statistics.

Ms. Ann Miller, CEcD Buda Economic Development Corporation August 12, 2016 Page 9

2 Brokerage and Capital Markets CBRE Hotel’s brokerage group serves the investment market primarily as exclusive agents for owners/sellers managing the sale and disposition process. The team members of CBRE have extensive backgrounds in hotel and resort transactions as well backgrounds in hotel consulting and operations. CBRE’s presentation of prospective hotel investments reflects a thorough understanding of hotels, their branding/affiliations, management issues, operating margins, market dynamics, and capitalization.

Our hotel brokerage team has been retained for other services that include specific buyer-representation assignments, RFPs (Request for Proposals) for management organizations, executing ground leases, development financing, joint venture partnerships, and land sales. The scope of our business includes all tiers of the lodging industry including hotels and resorts, vacation-ownership, residential/hotel mixed-use, conference centers, and recreational facilities.

Our hotel-centric debt and structured finance group provides comprehensive financial solutions for the world’s leading hotel owners, investors, and developers capitalizing on CBRE’s long-established relationships with more than 200 of the industry’s premier international lenders, including banks, pension funds, life insurance and credit companies, conduits/CMBS entities, government sponsored entities, and offshore investors. Because of its close working relationship with the valuation and advisory services group, our dedicated lodging brokerage and capital markets platform offers clients an unparalleled level of market knowledge with a proven track record of sales and marketing and structured debt and equity successes.

3 Research CBRE Hotels’ Americas Research (“CBRE Research”) owns the database for Trends® in the Hotel Industry, the statistical review of U.S. hotel operations which first appeared in 1935 and has been published every year since. CBRE Research professionals use the Trends® database to assist their clients in making informed decisions. In addition, the Trends® data is used to produce custom financial reports for clients that enable them to benchmark hotel revenues, expenses, and profits.

Beginning in 2007, CBRE Research unveiled its powerful Hotel Horizons®, an economics- based hotel forecasting model that projects five years of supply, demand, occupancy, ADR, and RevPAR for the U.S. lodging industry. Hotel Horizons® reports are published on a quarterly basis for 56 markets and six national chain-scales.

With a long-standing tradition of tracking and forecasting the lodging industry, our Research Group has the technical capacity to conduct custom research, the analytical skills to interpret the data, and the access necessary to gather confidential performance information from the industry.

Ms. Ann Miller, CEcD Buda Economic Development Corporation August 12, 2016 Page 10

4 CBRE Hotels Consulting • Asset Management and Management Company Selection • Real Estate Appraisals and Business Valuation • Market and Financial Feasibility Studies • Litigation Support and Expert Testimony • Acquisition Due Diligence • Operational Studies • Tourism and Recreational Studies • Resort and Recreation Services • Conference, Convention, and Public Assembly Facilities • Financial Benchmarking • Econometric Forecasting • Transaction (brokerage) Advisory Services • Development Financing • Property Tax Appeals

TERMS AND CONDITIONS

Our report will be subject to the attached Terms and Conditions.

PROJECT SCHEDULE, FEES AND MANAGEMENT PLAN

Schedule & Fees

The following table presents the Project Schedule for the scope of work to be completed by CBRE Hotels.

Project Schedule & Fees Market Feasibility Study Buda, Texas

Phase Timing Fees*

Phase 1 - Market Analysis & Site Selection 6 to 8 weeks $18,000 Phase 2 - Financial & Gap Analysis 1 to 2 weeks $4,000 Phase 3 - Written Report 2 to 3 weeks $4,000 Phase 4 - Economic & Fiscal Impact Study 1 to 2 weeks $4,000

Total 2 to 3 months $30,000

* Fees include all out-of-pocket expenses.

Ms. Ann Miller, CEcD Buda Economic Development Corporation August 12, 2016 Page 11

The fees quoted above are for the scope of work as outlined herein. We will not exceed these amounts without your prior written consent. Should the scope of the engagement change, we will discuss these changes with you and the potential adjustment to our fees.

Travel, subsistence, courier service, report production, graphics, third party data, long distance telephone and other out-of-pocket expenses are included in the professional fees.

Firm policy requires a retainer of $18,000 prior to the commencement of the engagement. We will invoice for the remaining fees at the end of the market study with all invoices due and payable upon presentation.

Management Plan

Communication with the Project Team is a high priority. CBRE Hotels would start the project with a kick-off meeting with representatives of the Project Team to obtain its vision for the project, to coordinate logistics, identify important contacts, confirm appropriate chain-of-command reporting and coordinate other important items. We will keep you informed as we complete each Phase and will present our findings at the end of each Phase by telecommunications and ask for the Project Team’s approval to move forward with the next Phase. Other meetings are not included and would require additional fees and expenses.

Approval and Acceptance

If this letter correctly states the nature of the work to be undertaken and the arrangements are satisfactory, please sign this letter and return it to us, together with the required retainer, as your authorization to commence the assignment.

When executed and delivered by all parties, this letter, together with the Terms and Conditions incorporated herein, will serve as the Agreement for consulting services by and between CBRE and Client. Each person signing below represents that they are authorized to enter into this Agreement and to bind the respective parties hereto.

Respectfully submitted,

CBRE Hotels Consulting (formerly PKF Consulting)

G. Randle McCaslin, CRE Managing Director (713) 621-5252 [email protected]

Ms. Ann Miller, CEcD Buda Economic Development Corporation August 12, 2016 Page 12

ACCEPTED BY:

______Signature

______Name Printed

______Title

______Company, Venture or Public Entity

______Date

TERMS AND CONDITIONS

1. The Terms and Conditions herein are part of an agreement for consulting services (the “Agreement” ) between CBRE, Inc. (the “Consultant”) and the client signing this Agreement, and for whom the consulting services will be performed (the “Client”), and shall be deemed a part of such Agreement as though set forth in full therein. The Agreement shall be governed by the laws of the state where the office is located for the Consultant executing this Agreement.

2. Client shall be responsible for the payment of all fees stipulated in the Agreement. Payment of the consulting fee and preparation of a consulting report (the “Consulting Report, or the “report”) are not contingent upon any predetermined value or on an action or event resulting from the analyses, opinions, conclusions, or use of the Consulting Report. Final payment is due as provided in the Proposal Specifications Section of this Agreement. If a draft report is requested, the fee is considered earned upon delivery of the draft report. It is understood that the Client may cancel this assignment in writing at any time prior to delivery of the completed report. In such event, the Client is obligated only for the prorated share of the fee based upon the work completed and expenses incurred (including travel expenses to and from the job site), with a minimum charge of $500. Additional copies of the Consulting Reports are available at a cost of $250 per original color copy and $100 per photocopy (black and white), plus shipping fees of $30 per report.

3. If Consultant is subpoenaed or ordered to give testimony, produce documents or information, or otherwise required or requested by Client or a third party to participate in meetings, phone calls, conferences, litigation or other legal proceedings (including preparation for such proceedings) because of, connected with or in any way pertaining to this engagement, the Consulting Report, the Consultant’s expertise, or the Property, Client shall pay Consultant’s additional costs and expenses, including but not limited to Consultant’s attorneys’ fees, and additional time incurred by Consultant based on Consultant’s then-prevailing hourly rates and related fees. Such charges include and pertain to, but are not limited to, time spent in preparing for and providing court room testimony, depositions, travel time, mileage and related travel expenses, waiting time, document review and production, and preparation time (excluding preparation of the Consulting Report), meeting participation, and Consultant’s other related commitment of time and expertise. Hourly charges and other fees for such participation will be provided upon request. In the event Client requests additional services beyond the scope and purpose stated in the Agreement, Client agrees to pay additional fees for such services and to reimburse related expenses, whether or not the completed report has been delivered to Client at the time of such request.

4. Consultant shall have the right to terminate this Agreement at any time for cause effective immediately upon written notice to Client on the occurrence of fraud or the willful misconduct of Client, its employees or agents, or without cause upon 30 days written notice.

5. In the event Client fails to make payments when due then, from the date due until paid, the amount due and payable shall bear interest at the maximum rate permitted in the state where the office is located for the Consultant executing the Agreement. In the event either party institutes legal action against the other to enforce its rights under this Agreement, the prevailing party shall be entitled to recover its reasonable attorney’s fees and expenses. Each party waives the right to a trial by jury in any action arising under this Agreement.

6. Consultant assumes there are no major or significant items or issues affecting the Property that would require the expertise of a professional building contractor, engineer, or environmental consultant for Consultant to prepare a valid report. Client acknowledges that such additional expertise is not covered in the Consulting fee and agrees that, if such additional expertise is required, it shall be provided by others at the discretion and direction of the Client, and solely at Client’s additional cost and expense.

7. In the event of any dispute between Client and Consultant relating to this Agreement, or Consultant's or Client's performance hereunder, Consultant and Client agree that such dispute shall be resolved by means of binding arbitration in accordance with the commercial arbitration rules of the American Arbitration Association, and judgment upon the award rendered by an arbitrator may be entered in any court of competent jurisdiction. Depositions may be taken and other discovery obtained during such arbitration proceedings to the same extent as authorized in civil judicial proceedings in the state where the office of the Consultant executing this Agreement is located. The arbitrator shall be limited to awarding compensatory damages and shall have no authority to award punitive, exemplary or similar damages. The prevailing party in the arbitration proceeding shall be entitled to recover its expenses from the losing party, including costs of the arbitration proceeding, and reasonable attorney's fees. Client acknowledges that Consultant is being retained hereunder as an independent contractor to perform the services described herein and nothing in this Agreement shall be deemed to create any other relationship between Client and Consultant. This engagement shall be deemed concluded and the services hereunder completed upon delivery to Client of the Consulting Report discussed herein.

8. All statements of fact in the report which are used as the basis of the Consultant's analyses, opinions, and conclusions will be true and correct to Consultant's actual knowledge and belief. Consultant does not make any representation or warranty, express or implied, as to the accuracy or completeness of the information or the condition of the Property furnished to Consultant by Client or others. TO THE FULLEST EXTENT PERMITTED BY LAW, CONSULTANT DISCLAIMS ANY GUARANTEE OR WARRANTY AS TO THE OPINIONS AND CONCLUSIONS PRESENTED ORALLY OR IN ANY CONSULTING REPORT, INCLUDING WITHOUT LIMITATION ANY WARRANTY OF FITNESS FOR ANY PARTICULAR PURPOSE EVEN IF KNOWN TO CONSULTANT. The conclusions and any permitted reliance on and use of the Consulting Report shall be subject to the assumptions, limitations, and qualifying statements contained in the report.

9. Consultant shall have no responsibility for legal matters, including zoning, or questions of survey or title, soil or subsoil conditions, engineering, or other similar technical matters. The report will not constitute a survey of the Property analyzed.

10. Client shall provide Consultant with such materials with respect to the assignment as are requested by Consultant and in the possession or under the control of Client. Client shall provide Consultant with sufficient access to the Property to be analyzed, and hereby grants permission for entry unless discussed in advance to the contrary.

11. The data gathered in the course of the assignment (except data furnished by Client) and the report prepared pursuant to the Agreement are, and will remain, the property of Consultant. With respect to data provided by Client, Consultant shall not violate the confidential nature of the Consultant-Client relationship by improperly disclosing any proprietary information furnished to Consultant. Notwithstanding the foregoing, Consultant is authorized by Client to disclose all or any portion of the report and related data as may be required by statute, government regulation, legal process, or judicial.

12. Unless specifically noted, in preparing the Consulting Report the Consultant will not be considering the possible existence of asbestos, PCB transformers, or other toxic, hazardous, or contaminated substances and/or underground storage tanks (collectively, “Hazardous Material) on or affecting the Property, or the cost of encapsulation or removal thereof. Further, Client represents that there is no major or significant deferred maintenance of the Property that would require the expertise of a professional cost estimator or contractor. If such repairs are needed, the estimates are to be prepared by others, at Client’s discretion and direction, and are not covered as part of the Consulting fee.

13. In the event Client intends to use the Consulting Report in connection with a tax matter, Client acknowledges that Consultant provides no warranty, representation or prediction as to the outcome of such tax matter. Client understands and acknowledges that any relevant taxing authority (whether the Internal Revenue Service or any other federal, state or local taxing authority) may disagree with or reject the Consulting Report or otherwise disagree with Client’s tax position, and further understands and acknowledges that the taxing authority may seek to collect additional taxes, interest, penalties or fees from Client beyond what may be suggested by the Consulting Report. Client agrees that Consultant shall have no responsibility or liability to Client or any other party for any such taxes, interest, penalties or fees and that Client will not seek damages or other compensation from Consultant relating to any such taxes, interest, penalties or fees imposed on Client, or for any attorneys’ fees, costs or other expenses relating to Client’s tax matters.

14. Consultant shall have no liability with respect to any loss, damage, claim or expense incurred by or asserted against Client arising out of, based upon or resulting from Client’s failure to provide accurate or complete information or documentation pertaining to an assignment ordered under or in connection with this Agreement, including Client’s failure, or the failure of any of Client’s agents, to provide a complete copy of the Consulting Report to any third party.

15. LIMITATION OF LIABILITY. EXCEPT TO THE EXTENT ARISING FROM SECTION 16 BELOW, OR SECTION 17 IF APPLICABLE, IN NO EVENT SHALL EITHER PARTY OR ANY OF ITS AFFILIATE, OFFICERS, DIRECTORS, EMPLOYEES, AGENTS, OR CONTRACTORS BE LIABLE TO THE OTHER, WHETHER BASED IN CONTRACT, WARRANTY, INDEMNITY, NEGLIGENCE, STRICT LIABILITY OR OTHER TORT OR OTHERWISE, FOR ANY SPECIAL, CONSEQUENTIAL, PUNITIVE, INCIDENTAL OR INDIRECT DAMAGES, AND AGGREGATE DAMAGES IN CONNECTION WITH THIS AGREEMENT FOR EITHER PARTY (EXCLUDING THE OBLIGATION TO PAY THE FEES REQUIRED HEREUNDER) SHALL NOT EXCEED THE GREATER OF THE TOTAL FEES PAYABLE TO CONSULTANT UNDER THIS AGREEMENT OR TEN THOUSAND DOLLARS ($10,000). THIS LIABILITY LIMITATION SHALL NOT APPLY IN THE EVENT OF A FINAL FINDING BY AN ARBITRATOR OR A COURT OF COMPETENT JURISDICTION THAT SUCH LIABILITY IS THE RESULT OF A PARTY’S FRAUD OR WILLFUL MISCONDUCT.

16. Client shall not disseminate, distribute, make available or otherwise provide any Consulting Report prepared hereunder to any third party (including without limitation, incorporating or referencing the Consulting Report , in whole or in part, in any offering or other material intended for review by other parties) except to (i) any third party expressly acknowledged in a signed writing by Consultant as an “Intended User” of the Consulting Report provided that either Consultant has received an acceptable release from such third party with respect to such Consulting Report or Client provides acceptable indemnity protections to Consultant against any claims resulting from the distribution of the Consulting Report to such third party, (ii) any third party service provider (including rating agencies and Client’s auditors) using the Consulting Report in the course of providing services for the sole benefit of Client, or (iii) as required by statute, government regulation, legal process, or judicial decree. In the event Consultant consents, in writing, to Client incorporating or referencing the Consulting Report in any offering or other materials intended for review by other parties, Client shall not distribute, file, or otherwise make such materials available to any such parties unless and until Client has provided Consultant with complete copies of such materials and Consultant has approved all such materials in writing. Client shall not modify any such materials once approved by Consultant. In the absence of satisfying the conditions of this paragraph with respect to a party who is not designated as an Intended User, in no event shall the receipt of an Consulting Report by such party extend any right to the party to use and rely on such report, and Consultant shall have no liability for such unauthorized use and reliance on any Consulting Report. In the event Client breaches the provisions of this paragraph, Client shall indemnify, defend and hold Consultant, and its affiliates and their officers, directors, employees, contractors, agents and other representatives (Consultant and each of the foregoing an “Indemnified Party” and collectively the “Indemnified Parties”), fully harmless from and against all losses, liabilities, damages and expenses (collectively, “Damages”) claimed against, sustained or incurred by any Indemnified Party arising out of or in connection with such breach, regardless of any negligence on the part of any Indemnified Party in preparing the Consulting Report.

17. In the event Client incorporates or references the Consulting Report, in whole or in part, in any offering or other material intended for review by other parties, Client shall indemnify, defend and hold each of the Indemnified Parties harmless from and against any Damages in connection with (i) any transaction contemplated by this Agreement or in connection with the engagement of or performance of services by any Indemnified Party hereunder, (ii) any actual or alleged untrue statement of a material fact, or the actual or alleged failure to state a material fact necessary to make a statement not misleading in light of the circumstances under which it was made with respect to all information furnished to any Indemnified Party or made available to a prospective party to a transaction, or (iii) an actual or alleged violation of applicable law by Client (including, without limitation, securities laws) or the negligent or intentional acts or omissions of Client (including the failure to perform any duty imposed by law); and will reimburse each Indemnified Party for all reasonable fees and expenses (including fees and expenses of counsel) (collectively, “Expenses”) as incurred in connection with investigating, preparing, pursuing or defending any threatened or pending claim, action, proceeding or investigation (collectively, “Proceedings”) arising therefrom, and regardless of whether such Indemnified Party is a formal party to such Proceeding. Client agrees not to enter into any waiver, release or settlement of any Proceeding (whether or not any Indemnified Party is a formal party to such Proceeding) without the prior written consent of Consultant (which consent will not be unreasonably withheld or delayed) unless such waiver, release or settlement includes an unconditional release of each Indemnified Party from all liability arising out of such Proceeding.

18. Time Period for Legal Action. Unless the time period is shorter under applicable law, except in connection with paragraphs 16 and 17 above, Consultant and Client agree that any legal action or lawsuit by one party against the other party or its affiliates, officers, directors, employees, contractors, agents, or other representatives, whether based in contract, warranty, indemnity, negligence, strict liability or other tort or otherwise, relating to (a) this Agreement or the Consulting Report, (b) any services under this Agreement or (c) any acts or conduct relating to such services, shall be filed within two (2) years from the date of delivery to Client of the Consulting Report to which the claims or causes of action in the legal action or lawsuit relate. The time period stated in this section shall not be extended by any incapacity of a party or any delay in the discovery or accrual of the underlying claims, causes of action or damages.

CBRE Hotels Consulting (Formerly PKF Consulting)

Hotel & Convention/Conference Center References Projects Completed by the Houston Office 2009 to 2016

1. Mr. Steve Moffett Garfield Traub c/o City of McKinney 13455 Noel Road, Suite 2150 Dallas, Texas 75240 (972) 571-5553 [email protected]

Hired by Garfield Traub to complete a market study for a hotel and conference center for the City of McKinney.

2. Mr. Larry Buehler City of Alvin 216 West Sealy Alvin, Texas 77511 (281) 388-4200 [email protected]

Hired by Morris Architects to complete a site selection, market study and financial gap analysis for a conference center for the City of Alvin.

3. Mr. Doug Goff Johnson Development Corp. c/o City of Sugar Land 5005 Riverway, Suite 500 Houston, Texas 77056 (713) 960-9977 [email protected]

Completed a market study and financial gap analysis for a hotel and conference center at the historic Imperial Sugar plant site in Sugar Land, Texas. Also provided assistance in identifying potential developers/management companies for the project.

4. Mr. Dan Nip, CPA Global Century Development 11205 Bellaire Boulevard, Suite B33 Houston, Texas 77072 (281) 568-8388 [email protected]

Completed a market study, financial gap analysis and economic impact study for a 1,000-room convention center hotel in downtown Houston, Texas. 5. Mayor Wayne McCullen City of Natchitoches P.O. Box 37 Natchitoches, Louisiana 71457 (318) 352-2772 [email protected]

Completed a market study and financial gap analysis for a hotel to be located adjacent to the existing Natchitoches Conference Center. Also, managed an RFQ process for the City to identify a potential developer for the hotel project.

6. Ms. Diane Probst Rockport-Fulton Area Chamber of Commerce 404 Broadway Rockport, Texas 78382 (361) 729-6445 [email protected]

Completed a site selection, market study and economic impact study for a conference center to be located in Rockport, Texas.

7. Mr. R. A. (Mickey) Deison Conroe Industrial Development Corporation 307 North San Jacinto Conroe, Texas 77301 (936) 756-1813 [email protected]

Completed a site selection, market study, financial gap analysis, economic impact study and RFQ process for a conference center hotel in Conroe, Texas.

8. Mr. Phillip A. Ray Texas A&M University Rudder Tower, 8th Floor 1181 TAMU College Station, TX 77843 (979) 458-6421 [email protected]

Completed a site selection, market study and financial gap analysis for a full- service hotel and conference center adjacent to Texas A&M University in College Station, Texas. This study was updated in 2014.

9. Ms. Charmelle Garrett City Manager City of Victoria P.O. Box 1758 Victoria, Texas 77902 (361) 485-3030 [email protected]

Completed a site selection, market study, financial gap analysis and economic impact study for a hotel and conference center in Victoria, Texas. Also, identified three potential developers for the project.

10. Mr. Gregg Gothreaux President & CEO Lafayette Economic Development Authority 211 East Devalcourt Street Lafayette, Louisiana 70506 (337) 593-1416 [email protected]

Completed a market study, financial gap analysis and economic impact study for the expansion of the existing convention center and the addition of a full-service hotel. The study was updated in 2016.

11. Mr. Ray De Los Santos, Jr. City Manager City of Alice 500 East Main Street Alice, Texas 78333 (361) 668-7210 [email protected]

Completed a site selection, market study, financial gap analysis and economic impact study for a select-service hotel and conference center, which was part of a mixed-use development that also included a natatorium, leisure pool and outdoor amphitheater.

12. Mr. Edward R. Jones Mayor City of Grambling P.O. Box 109 Grambling, Louisiana 71245 (318) 247-6120 [email protected]

Completed a site selection, market study and financial gap analysis for a hotel and conference center to be located adjacent to Grambling State University in Grambling, Louisiana.

13. Mr. Mark McDaniel City Manager City of Tyler 212 North Bonner Tyler, Texas 75702 (903) 531-1250 [email protected]

Completed a site selection, market study and financial gap analysis for a full- service hotel and conference center and an arena in Tyler, Texas. The study was completed in conjunction with Garfield Traub who was engaged as the Project Manager / Developer for the project.

14. Mr. Don Hastings City Manager City of Midlothian 104 West Avenue E Midlothian, Texas 76065 (972) 775-7195 [email protected]

Completed a site selection, market study, financial gap analysis and economic impact study for a select-service hotel to be built adjacent to the existing Midlothian Convention Center. Also, assisted the City in identifying a developer and management company for the hotel. A Marriott Courtyard opened in 2016.

15. Ms. Kimm Thomas Director of Tourism & Cultural Services City of Huntsville 1212 Avenue M Huntsville, Texas 77340 (936) 291-9726 [email protected]

Completed a site selection, market study and financial gap analysis for a select- service hotel and conference center in Huntsville, Texas.

16. Ms. Dawn Ullrich Executive Director Houston First Corporation 1001 Avenida de las Americas Houston, Texas 77010 (713) 853-8083 [email protected]

Completed quarterly forecasts of Hotel Occupancy Taxes for the City of Houston to estimate potential HOT collections which would support the bonds associated with the Hilton Americas Convention Center Hotel. These forecasts were completed in 2008, 2009, 2010, 2011, 2012, 2013, 2014 and 2015. CBRE Hotels is scheduled to complete these projections for 2016. 17. Mr. Chris Janning Senior Vice President First Southwest Company 325 North St. Paul Street, Suite 800 Dallas, Texas 75201 (214) 953-4042 [email protected]

Completed 30-year forecasts of Hotel Occupancy Taxes for the City of Irving. Our engagement was with First Southwest Company, bond counsel for the City of Irving. These forecasts have been completed four times. In 2008, PKF completed these forecasts in support of the Irving Convention Center, which opened during 2011. PKF completed similar forecasts in 2009, 2010, 2011 and 2013 in support of an Entertainment District to be located adjacent to the Convention Center.

18. Mr. Warren Unsicker, CEcD Broken Arrow Economic Development Corporation 210 North Main Street, Suite C Broken Arrow, Oklahoma 74012 (918) 893-2113 [email protected]

Completed a site selection, market study and financial gap analysis for a select- service hotel and conference center to be located in Broken Arrow, Oklahoma. PKF also assisted Broken Arrow with the evaluation of the proposals that were submitted in response to a subsequent RFP process. Stoney Creek Inn has been chosen to be the developer.

19. Julie M. Johnston City Administrator City of Dickinson 4403 Highway 3 Dickinson, Texas 77539 (281) 337-6204 [email protected]

Completed a site selection, market study and economic impact analysis for a full- service hotel and conference center to serve the Bay Area in Houston, Texas. The study was completed in conjunction with Garfield Traub who was engaged as the Project Manager/Developer for the project.

20. Ms. Jordan Matney Economic Development Corporation Manager City of Live Oak 8001 Shin Oak Live Oak, Texas 78233 210-653-9140, ext. 286 [email protected]

Completed a site selection, market study and financial gap analysis for a select– service hotel and conference center to serve the Northeast San Antonio Metrocom in Live Oak, Texas. Construction of a Hilton Garden Inn began in 2015.

21. Ms. Max Duplant Chief Financial Officer City of Irving 825 West Irving Boulevard Irving, Texas 75060 [email protected]

Completed a market study with financial projections and RFP selection process for a proposed convention center hotel to be developed adjacent to the existing Irving Convention Center in Irving, Texas.

22. Mr. Ben Modisett c/o City of Kerrville 3908 Idlewild Austin, Texas 78731 (830) 370-9316 [email protected]

Completed a site selection and market study with financial projections for a proposed hotel and conference center and an additional boutique hotel to be developed along the river frontage in Kerrville, Texas.

23. Mr. Carlos R. Villarreal City Manager City of Laredo 1110 Houston Street Laredo, Texas 78040 (214) 261-3501 [email protected] Completed a site selection and market study with financial projections for a proposed hotel and conference center in Laredo, Texas.

24. Mr. Danny Booth Terrell Economic Development Corporation P.O. Box 97 Terrell, Texas 75160 (972) 524-5704 [email protected]

Completed a site selection and market study with financial projections for a proposed hotel and conference center in Terrell, Texas.

25. Mr. Kyle Hayes City Manager Mr. Christopher Boone Director of Planning & Community Development City of Beaumont 801 Main Street, Suite 300 Beaumont, Texas 77701

(409) 880-3708 [email protected] (409) 880-3100 [email protected]

Completed a site selection, market study and financial gap analysis for a hotel to be built adjacent to the existing Beaumont Civic Center.

26. Mr. Paul Barham, CEO Harrell Hospitality Group, LLC 5331 Spring Valley Road Dallas, Texas 75254 (972) 788-2220 [email protected]

Completed a market study and financial gap analysis for a 142-room Marriott Courtyard with a 17,500-square foot conference center to serve the City of Pflugerville. The City provided financial incentives for the project, which is currently under construction.

27. Mr. Jerry W. Barker Community Development Director City of Hillsboro P.O. Box 568 Hillsboro, Texas 76645 (254) 582-2119 [email protected] Completed a site selection, market study and financial analysis for a proposed event center in Hillsboro, Texas.

28. Mr. Gary L. Ward Interim Vice Chancellor for Operations & Chief Operating Officer University of Missouri 319 Jesse Hall Columbia, Missouri 65211 (573) 823-6291 [email protected]

Completed a site selection, market study and financial gap analysis for a full- service hotel and conference center adjacent to the University of Missouri in Columbia, Missouri. Also, evaluated the need for additional meeting space on the Mizzou campus.

29. Mr. Andy MacLellan Riverview Hotel Development LLC 720 Burning Tree Drive Marietta, Georgia 30017 (201) 220-7499 [email protected] Completed a market study and financial analysis for a boutique hotel and conference center to be built on the Mississippi River in Muscatine, Iowa. Also completed an Economic Impact Analysis in support of potential incentives being offered by the Iowa Redevelopment Commission. Incentives were granted and the project is scheduled to begin construction in 2016.

30. Mr. Christian Fletcher Executive Director Marble Falls Economic Development Corporation 801 Fourth Street Marble Falls, Texas 78654 (830) 798-7079 [email protected]

Completed a market analysis with site selection for a hotel and conference center for Burnet County in Burnet, Texas. As a result of that study, we completed the financial projections and final written report for the project for the Marble Falls Economic Development Corporation.

31. Mr. Keith A. Dalton Katy Hotel & Conference Center Partnership 5858 Westheimer Road, Suite 150 Houston, Texas 77057 (713) 541-5070 [email protected]

Completed a market study with financial projections for a proposed full-service hotel and conference center in Katy, Texas.

32. Mr. B.J. Simon Associate Executive Director Baytown-West Chambers County Economic Development Foundation 1300 Rollingbrook Drive, Suite 505 Baytown, Texas 77521 (281) 420-2961 (832) 339-3889 [email protected]

Completed a market study with financial projections, financial gap analysis and economic impact analysis for a full-service hotel and conference center to be located on Bayland Island with water frontage on Galveston Bay in Baytown, Texas. A developer has been chosen by the City and an update of the market study is currently in process.

33. Mr. Marty Collins Gatehouse Partners LLC 1501 Dragon Street, Suite 101 Dallas, Texas 75207 (214) 922-4310 [email protected]

Hired by Gatehouse Partners to complete a market study with financial projections and an economic impact analysis for a full-service hotel and conference center to be located in downtown Odessa, Texas for the City of Odessa. An update of the original study was completed in 2016 and the project is currently in the design stage of development.

34. Mr. Joseph H. Champ, President Champ Hospitality 5820 Braemar Drive Plano, Texas 75093 (214) 556-6294 [email protected]

Hired by Champ Hospitality to update the previous market study with financial projections for a full-service hotel and conference center completed for the City of Tyler. This project will begin construction in 2016.

35. Mr. Darron Leiker, City Manager City of Wichita Falls 1300 7th Street Post Office Box 1431 Wichita Falls, Texas 76307 (940) 761-7404 [email protected]

Completed a site selection, market study with financial projections, financial gap analysis and economic impact analysis for a full-service conference center hotel to be located adjacent to the Wichita Falls Multi-Purpose Events Center and Kay Yeager Coliseum. A developer has been chosen by the City and an update of the market study is currently in process.

36. Mr. Stephen D. Moffett SDM Financial, Inc. 4214 Mann Court Carrollton, Texas 75010 (972) 416-3438 [email protected]

Hired by SDM Financial to complete a site selection, market study with financial projections and economic impact analysis for a full-service conference center hotel to be located adjacent to the Lubbock Memorial Civic Center for the City Lubbock, Texas.

37. Mr. Fred Welch, CEcD, EDFPC Executive Director Greater Conroe Economic Development Council 505 West Davis Street Conroe, Texas 77031 (936) 522-3014 [email protected]

Completed a site selection, market study with financial projections, gap analysis and economic impact analysis for a full-service hotel and conference center to be located within the Grand Central Park mixed-use development (former Camp Strake Boy Scout Camp) in Conroe, Texas. Currently assisting the City and developer with the identification of potential hotel developers for the project.

Proposal to Conduct a FEASIBILITY STUDY FOR A CONFERENCE/CONVENTION CENTER in Buda, Texas August 15, 2016

August 15, 2016

Ms. Ann Miller, CEcD Executive Director Buda Economic Development Corporation PO Box 1650 Buda, Texas 78610

Dear Ms. Miller:

Conventions, Sports and Leisure International (CSL) is pleased to submit our proposal to conduct a feasibility study for a conference/convention center in Buda, Texas. The results of these services will assist the Buda Economic Development Corporation and other community stakeholders in identifying and evaluating the market demand for the specific type of facility that would provide the Buda destination with the greatest return-on-investment with respect to enhancing visitor industry growth.

Headquartered in Plano, Texas with offices in Minneapolis, Minnesota and Chicago, Illinois, CSL was founded in 1988 specifically to provide focused and independent research to the event facility industry. The professional resources at CSL include more than 150 years of combined industry experience and a large staff of highly-trained consultants. We have provided consulting services concerning more than 500 convention, conference, exposition, meeting and other visitor industry-related event facility projects throughout North America. Importantly, we have recently performed an extensive number of event facility planning studies throughout Texas including engagements in Arlington, Abilene, Waco, Belton, Borger, Bridgeport, Canadian, Dallas, Fort Worth, Grand Prairie, Hollywood Park, Houston, Laredo, McAllen, Midland, New Braunfels, San Antonio, and Temple, which provides us with critical familiarity with relevant market issues.

Each market is unique, and there is no substitute for the extensive research that is necessary to ensure that decisions made regarding your project accurately reflect these distinctive characteristics. More so than any other firm performing these types of studies, CSL conducts more direct outreach to competitive and comparable venues and current and/or potential users of event space in your market. This research-based approach not only ensures that the findings and recommendations reflect the unique conditions of your individual community, but it provides you with a comprehensive understanding of how these findings and recommendations were reached.

The objectivity and value that we bring to each project is highlighted by the number of clients who have retained us for multiple engagements over the years. Very simply no other firm has the local presence, relevant national visitor industry strategic planning experience, detailed study approach or applicable understanding of destinations throughout Texas and the country that we offer.

The contents of this proposal highlight the extensive experience of the professionals who would be assigned to this project and the proposed study methods designed to provide you with the analysis needed for key decision-making. We are enthusiastic about the prospect of assisting you with this important project. Should you have any questions or require any additional information, please feel free to contact me at (612) 294-2003 or [email protected]. We greatly appreciate your consideration.

Sincerely,

Bill Krueger Principal CSL International

Conventions, Sports & Leisure International 7501 Lone Star • Suite B200 • Plano, TX 75024 • Telephone 972.491.6900 • Facsimile 792.491.6903

TABLE OF CONTENTS

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Firm Background and Experience ...... 1

Professional Resumes ...... 22

Proposed Scope of Services ...... 27

Proposed Timing and Fees ...... 36

Professional References ...... 37

PROPOSAL TO CONDUCT A FEASIBILITY STUDY FOR A CONFERENCE/CONVENTION CENTER IN BUDA, TEXAS August 15, 2016 Table of Contents

THE LEADING ADVISORY AND PLANNING FIRM FIRM INFO SPECIALIZING IN PROVIDING CONSULTING SERVICES TO THE SPORTS, ENTERTAINMENT & LEISURE INDUSTRIES.

With offices in Plano, Texas, Minneapolis, Minnesota and Chicago, Illinois, CSL was established for the specific purpose of providing focused and independent research to the conference, convention, event, hospitality and other multi-use event facility industries. Members of our firm have been providing services to these specialized industries since the mid-1980’s and have been involved in over 500 engagements. We assist our clients from the earliest stages of project planning, ensuring that all decisions are informed ones. Our consultants provide in-depth information, creative solutions to underlying issues, a thorough analysis of financial implications, and various measurements of risk and return surrounding alternative courses of action.

CSL has built its reputation on meeting client needs by delivering quality services that have credibility in the marketplace. Our firm is able to provide these services by drawing upon the years of experience of its professional staff. Being consistently involved in many projects and transactions throughout North America allows our professionals to obtain knowledge of both tangible and intangible components of successful projects/transactions, the reasons for failed efforts, and changes in the marketplace affecting financial and economic characteristics.

Our project team has extensive experience in providing assistance for a variety facilities and entities in the meeting, entertainment, hospitality and leisure industries. Collectively, with over 150 years of specific consulting experience, no other competing firm has the depth or breadth of experience to match CSL. This level of broad and extensive experience is unmatched and provides CSL with a platform from which to assist our clients from a base of working knowledge of every major U.S. market, as well as each of the major convention faciltites, collegiate facilities and municipal venues. Our diversity of experience provides us with a broad and comprehensive perspective of the issues facing our clients.

CSL brings the experience of numerous prior engagements to the planning phases of your project. This experience will help you recognize the issues your project will be facing and efficiently identify solutions to each. Our experience will ensure that you are maximizing the potential revenues from your development project.

1 BUSINESS PLANNING IMPLEMENTATION STRATEGY

BUILDING PROGRAM

LOCAL MARKET FOCUS GROUPS TELEPHONE SURVEYS EMAIL SURVEYS COMPARABLES COMPETITIVE

In nearly all of our projects, MARKET DEMAND forms the basis of the evaluation of a facility project, development initiative, or strategic planning exercise. Without a clear and accurate understanding of demand potential unique to a specific market and project, all later analysis of MARKET programmatic, financial, economic and implementation issues may be misdirected. As such, we DEMAND utilize the most comprehensive set of research and analysis tools and techniques in the industry to comprehensively evaluate and estimate the unique market demand and potential for each project. FINANCIAL Our methods have been employed and refined through hundreds of diverse projects over the past 20 years.

ECONOMIC Building on market conclusions, FINANCIAL and ECONOMIC issues are often central to the consideration of facility development, performance enhancement, and economic development IMPLEMENTATION projects. Our extensive database of comparable projects collected from over hundreds of engagements is a critical asset during our analysis of project financial and economic issues. Being consistently involved in many projects and transactions throughout North America allows our professionals to obtain knowledge of both tangible and intangible components of successful projects/transactions, the reasons for failed efforts, and changes in the marketplace affecting financial and economic characteristics.

IMPLEMENTATION is key to any successful project. Our professionals bring a wealth of industry- specific experience to every one of our engagements, delivering objective answers, creative solutions and focused recommendations to complex projects. We provide our clients with the detailed information they need to make informed decisions regarding project implementation.

2 The following provides a brief summary of services that CSL provides with regard to feasibility planning:

• MARKET ANALYSIS – To estimate market demand for new or expanded/renovated projects through tailored, primary market research and analysis, resulting in a determination of the appropriate market(s) in which the facility will compete.

• FINANCIAL ANALYSIS – To develop financial operating models based upon estimated levels of utilization and patron spending, reflecting important variables that will impact the cash flow of the proposed facility, public and private sectors and tenants.

• ECONOMIC IMPACT ANALYSIS – To provide an estimate of the quantitative and qualitative short and long-term economic and fiscal impacts of the construction and operations of the project on the local area. This analysis will produce estimates of the direct spending, total output, employment, earnings and tax revenues generated by the project.

• FACILITY PROGRAM/DESIGN CRITERIA – To assist in defining optimal size, configuration and amenity criteria for an event facilty within a given market

• FACILITY FUNDING ANALYSIS – Identify funding alternatives that could be available to support various initiatives and to develop a strategic funding plan. This analysis can also be used to initiate the process of identifying prospective interest in all components of the financing plan and to evaluate the level of private or public sector funding that may be necessary.

• STRATEGIC PROJECT PLANNING – To establish the framework for the initial planning phases of a project and to design an action plan to bring a project from planning to successful operation.

• OPERATIONS ANALYSIS – To comprehensively evaluate the existing operations of venues, using benchmarking analysis, industry best practices and review of mission, policies, procedures, staffing and financial performance metrics.

• NEGOTIATION ASSISTANCE – Assist in reaching negotiated development, relocation, lease and management agreements with a variety of parties, including facility management, concessionaire and other such parties.

• STRATEGIC PLAN DEVELOPMENT AND IMPLEMENTATION – Assist in the development and implementation of a strategic business plan. This includes the consideration of the organization of the development, construction, operational and legal teams. In addition, this step will assist in developing the appropriate pricing and inventories for general and premium seating, establishing a marketing plan, and selecting various facility contractors (i.e. concessionaires, media, etc.).

• PEER REVIEW – To conduct review and independent analysis concerning third-party-produced feasibility studies and market/financial estimates, as well as architectural concept work. To provide comment based on extensive industry experience as to areas that may require additional focus or are deficient, if any, as well as to identify areas where research and methods appear sound and reasonable.

3 NEW BRAUNFELS CONVENTION/CIVIC CENTER NEW BRAUNFELS, TEXAS

CSL completed a detailed study concerning the feasibility of expanded or new convention/civic center space in New Braunfels, Texas. New Braunfels is located midway between Austin and San Antonio. New Braunfels is a unique community, influenced by a strong German history and heritage. It is also home to one of the largest waterparks in the country, which draws hundreds of thousands of visitors per year to the local area.

A key aspect of the study included the consideration of either expanding the existing New Braunfels Civic Center or constructing a new convention center elsewhere in the community.

Study components included analysis of market demand, supportable building program, event levels, financial operations, preliminary cost estimates, economic and fiscal impacts, site/location, funding alternatives, ownership/management options, and operating policies and procedures.

The City subsequently elected to expand the existing New Braunfels Civic Center.

4 LAREDO CONVENTION CENTER LAREDO, TEXAS

In 2004/2005, CSL, collaborating with HOK, Architects Plus, and Killis Almond Architects, conducted a feasibility study concerning the development of a new/ expanded convention center in Laredo, Texas. In addition to the market, financial and economic feasibility components led by CSL, the study also included master planning and conceptual architectural design elements. The study’s scope of services was designed to consider either an expansion of the Laredo Civic Center or the development of a new convention center.

The study components that CSL led included analysis of market demand, supportable building program, event levels, financial operations, economic and fiscal impacts, and site/location.

The study evaluated several sites in the downtown and other areas, and facility concepts focused on capitalizing on Laredo’s “Gateway to Mexico” reputation by considering unique facility concepts, such as a hybrid facility concept integrating permanent tradeshow exhibit space and tradeshow organization offices in the facility, similar to many successful Mexican tradeshow venues.

In 2016, the City of Laredo again retained CSL to lead the original project team to conduct a convention center feasibility update and analysis for a potential new convention center in Laredo. The current study focuses on a downtown location that could potentially include a headquarters hotel component. We will conduct a detailed analysis to identify options for supportable future development. Assuming sufficient demand exists for new facilities, we will present a cost/benefirt analysis to guide the City in determining the most effective development to pursue for future convention/ visitor industry investment.

5 NEW / EXPANDED CONVENTION CENTER MIDLAND, TEXAS

In 2005, CSL was hired from a competitive field to perform a feasibility study for a new or expanded convention center. One option evaluated included the potential expansion and renovation of the existing Midland Center into a state-of-the-industry convention center. An event center committee, comprised of representatives from a wide variety of stakeholders was organized to select a consultant and to cultivate community support and involvement.

The study also included a feasibility analysis of a new performing arts center, which could either be integrated into the convention complex or developed as a stand-alone facility.

Key aspects of the study included extensive community outreach and input throughout the study process, market demand analysis, surveys of potential facility users and various site/location, financial and economic impact analyses. The envisioned facility was expected to act as a community gathering place and an economic generator for the local area.

Results of the study outlined costs and benefits associated with multiple scenarios of convention facility development, as well as a detailed site analysis using a comprehensive scoring matrix.

6 NEW/RENOVATED CONVENTION CENTER TEMPLE, TEXAS

CSL completed a detailed feasibility analysis of a new/ As a result, CSL recommended that certain improvements renovated convention center in Temple, Texas, including the could be made to the aesthetics and functionality of the possibility of expanding the Mayborn Civic and Convention existing Center to enable it to best serve its existing Center. clients, rather than significant public investment in a larger expansion or construction of a new convention facility. It was Contracted tasks included analyzing existing market recommended that it would be appropriate to re-evaluate conditions, historical Center operations, competitive and convention center issues within five to ten years, as supply comparable facilities, telephone surveys with existing/ and demand issues can evolve quickly. potential users, supportable building program options, financial operations and funding alternatives.

At the time of study, preliminary market analysis results indicated that limited “incremental” market demand existed for expanded convention space in the community, particularly given headquarter hotel limitations at the time.

7 BELL COUNTY EXPO CENTER BELTON, TEXAS

In 2008, CSL was hired by the Bell County Expo Center to conduct a detailed expansion feasibility analysis of the Bell County Expo Center in Belton, Texas.

The Bell County Expo Center opened in 1987 and currently offers a 6,000-seat spectator arena, 100,000-square foot exposition building, an assembly hall, special events room and other amenities. The study focused on what improvements could be made regarding the existing center components and whether there was sufficient market demand to expand the facility to include additional arena and exposition facilities. Over the years, the arena building has been host to a variety of minor league sports tenants, including indoor football and hockey.

Contracted tasks included analyzing existing market conditions, historical Center operations, competitive and comparable facilities, telephone surveys with existing/potential users, supportable building program options, financial operations and economic and fiscal impact analyses.

8 VISITOR INDUSTRY AND DESTINATION STRATEGIC MASTER PLAN DEVELOPMENT ARLINGTON, TEXAS

In May 2015, CSL was retained to conduct a Destination Strategic Planning process for the City of Arlington, Texas. The planning process is designed to create a coordinated vision for public investment, public/ private partnerships, municipal policies and related areas needed to grow the magnitude and impact of the convention and visitor industry in Arlington. A primary objective of the Destination Strategic Plan is to identify and define market-supportable initiatives that combine to help grow the community’s convention, sports, entertainment and tourism industry.

CSL is implementing numerous external research methods in order to gain insight into how visitors and residents view the destination, characteristics and perceptions of the traveling public that have not visited the community, and how specific initiatives could serve to increase the magnitude of the Arlington visitor industry.

9 VISITOR & CONVENTION INDUSTRY MASTER PLANNING STUDY SAN ANTONIO, TEXAS

CSL was retained by the San Antonio Convention & Visitors Bureau and the San Antonio Hospitality and Industry Strategic Planning Group to perform an update to destination planning services (Destination SA) previously conducted by CSL in 2006. Destination SA is a formal long-range Master Plan for the San Antonio visitor industry. The basic objectives of the Master Plan are to provide the community with strategies to: (1) enhance the attractiveness of the destination for visitors and residents; (2) protect and enhance the unique cultural and historical visitor industry infrastructure of the San Antonio destination; and (3) enhance the ability of the visitor industry to create significant economic benefits for the residents of San Antonio.

The planning and research efforts for Destination SA go well beyond a traditional master planning document by creating a unified vision for developing and enhancing destination assets including the Riverwalk, retail, festivals, cultural districts, neighborhoods, historic areas, park space, downtown housing, signage and landscaping, all in a manner that draws from the unique and authentic elements of the destination.

CSL research efforts for both the original Destination SA and the recent update included on-site analysis of all key visitor industry features in the broader San Antonio area and best practices benchmarking analysis against major competitive and comparable destinations. Gaps in current offerings were identified, and strategies for addressing these issues were developed. Surveys were conducted of more than 1,500 leisure visitors and event planners via telephone, Internet and intercept survey instruments. Our efforts also included interviews with more than 60 San Antonio area stakeholders, public officials, visitor industry personnel, event facility managers, business leaders and local residents. Web based surveys and focus groups were conducted with local visitor organizations (i.e. concierge and other service groups) and major travel writers.

Significant progress has been made under the Destination SA framework, including expanding the Riverwalk experience, development of cultural assets, enhancements to convention event space, development of green space in key visitor areas, and emphasizing unique and authentic destination assets as part of the overall marketing effort.

10 UTAH VALLEY CONVENTION CENTER AND HOTEL PROVO, UTAH

CSL conducted the original feasibility study for the new Utah Valley Convention Center in downtown Provo, Utah, as well as a market study for new downtown hotel development to support the project. CSL led a project team that was engaged by the Provo City Redevelopment Agency, the Utah Valley Economic Development Association and the Utah Valley Convention and Visitors Bureau.

The study developed an understanding of local conditions and dynamics influencing the demand and support for the convention center, analyzed market demand, and outlined finance strategies to be implemented to fund the center, identifying financing gaps the private sector may not be able to fill. The engagement resulted in a detailed market and economic feasibility assessment of a new convention center that outlined various development scenarios, including public/private partnerships with hotel developers and other private organizations.

CSL was again retained in 2010 by Utah County to assist in the solicitation of third-party private management firms, evaluate operator proposals and structure and negotiate an operator agreement for the new convention center.

The County broke ground on the $40 million UVCC in October 2010, mirroring the programmatic space recommendations of CSL. The building was completed in May 2012. STRATEGIC PLAN FOR ENHANCED CONVENTION & HOTEL PRODUCT NORMAN, OKLAHOMA

CSL was recently engaged by Norman, Oklahoma’s convention and visitors bureau, Visit Norman, to conduct a feasibility study for a potential new/ expanded convention center in Norman. Norman is the third-largest city in Oklahoma and is home to The University of Oklahoma and the National Weather Center. Several facility scenarios were evaluated, including an expansion of existing convention facility products, partnerships with new or existing hotels, and a University-affiliated model.

Key objectives of this study were to assess the convention market demand, including an analysis of expanding Norman’s capture of state, regional and national convention, conference and tradeshow business. Additionally, the analysis evaluated whether various visitor industry infrastructure such as lodging, dining and entertainment options currently available in Norman are sufficient to support new/expanded convention product; the projected costs and benefits (including economic impacts) associated with developing, marketing and operations; potential sites/locations; potential development options funding mechanisms, and other such aspects. Forming a critical foundation for the feasibility assessment, CSL conducted a comprehensive market demand assessment, including interviews with meeting planners of more than 100 or more individual events.

1. 12 12 NEW CONVENTION CENTER AND HOTEL ISSUES HENDERSON, NEVADA

In 2013, CSL assisted the City of Henderson perform a Key objectives for the study included a focus on industry feasibility study related to the potential market demand for performance for the facility - specifically financial and a new or expanded combined-use events center. Henderson economic impact potential and the associated facility is community just outside Las Vegas and any convention return-on-investment; performance benchmarking data facility development would be expected to serve the greater with respect to comparable venues; industry operating data destination, in addition to Henderson itself. with projections of future event levels and financial results; and recommendations for optimal location, specific facility The study process involved a detailed assessment of existing use(s), and characteristics and amenities for the facility. conference, meeting and cultural event center facilities throughout the market. Significant outreach was performed to gain an understanding of specific areas of need within the community and to what extent new Henderson event facilities can fulfill this demand. Additional outreach was conducted to understand the potential for attracting new non-local event activity to the Henderson community.

13 BLUE WATER CONVENTION CENTER & HEADQUARTERS HOTEL PORT HURON, MICHIGAN

In 2010, CSL was engaged by the City of Port Huron to conduct a feasibility study of a new convention center. The original study contemplated the development of convention space adjacent to McMorran Place, the community’s existing arena/civic venue located in downtown Port Huron.

The study included analysis of local market conditions, industry trends, competitive/comparable facilities, market surveys, supportable program, financial operations, economic impacts and funding alternatives. Study results emphasized the need for an appropriate supporting headquarters hotel in order to make the convention center project feasible.

The following year, St. Clair County retained CSL to update its financial and economic impact analysis to consider a new convention center concept that would be attached to a renovated existing hotel property at the waterfront, and operated under a public/private partnership model.

Since 2011, CSL has been retained for a third engagement that has provided a variety of planning assistance, including analysis and recommendations concerning management models, architectural layout and design issues, along with assistance in developing and reviewing a variety of agreements with the private partners. CSL had an instrumental role throughout the entire process of contracting private management for the Convention Center, including developing the RFP, evaluating proposals, interviewing candidates, and negotiating contract terms. CSL also had a lead role in developing and negotiating a room block agreement with the headquarters hotel, a booking policy, and a cooperative marketing agreement for the project.

The County approved bond financing for the convention center in August 2012 and the BWCC opened in April 2015. The attached headquarters hotel, a 149-room Hilton Doubletree Hotel, completed a major renovation and opened in early 2014, along with a new attached third- party operated restaurant.

14 PROPOSED MULTIPURPOSE EVENT CENTER AT VILLAGE WEST KANSAS CITY, KANSAS

The Unified Government of Wyandotte County/Kansas City, Specifically, CSL will evaluate local market characteristics, Kansas (WCKC) recently retained CSL to conduct a market analyze industry characteristics and trends, assemble and analysis and financial feasibility study of a new multipurpose review operational and physical characteristics of existing event center project at Village West. Village West is a and planned facilities in the region that could compete with the $1.2 billion, 1,500-acre retail, dining and entertainment proposed project, or may offer some element of comparable development that opened in 2002 at the intersection of insight, and conduct direct market research interviewing Interstates 70 and 435, approximately 11 miles from potential event space users to gain an understanding of downtown Kansas City, Kansas. It also consists of a number of specific preferences and requirements of events that would other attractions including the Kansas Speedway (a 1.5-mile consider utilizing new event space at Village West. race track that hosts two annual NASCAR race weekends); the $368-million Hollywood Casino at Kansas Speedway; The culmination of this research effort will result in the Sporting Park, a 18,000-seat soccer stadium home to Kansas development of one or more market supportable facility City’s Major League Soccer team; and, Schlitterbahn Vacation program and development options and projections of Village, a $750-million, 370-acre resort and waterpark. As a expected event and utilization levels. These projections whole, the Village West development is flourishing, and the will lead into an analysis of cost/ benefit elements such as Unified Government is excited by the prospect of adding a order-of-magnitude construction cost estimates, financial multipurpose event center to the District. operations implications and economic and fiscal impact projections. The study tasks to be undertaken by CSL have been developed to provide a foundation of research to provide WCKC decision makers with the information necessary to strategically plan for their future in the event center industry. Importantly, this research provides direction not only as to the facility components that may be supportable from a market demand perspective, but also the visitor amenities surrounding the potential event center.

15 BRANSON CONVENTION CENTER BRANSON, MISSOURI

CSL assisted the City of Branson with two detailed feasibility studies of a new multipurpose convention and entertainment center, and has provided ongoing advisory assistance. The center was envisioned to be a component of a larger Branson Landing mixed-use district developed on the downtown lakefront. The Branson community is unique with respect to its small resident population, unique entertainment products and strong history of tourism.

Components of the analysis included an evaluation of primary market research of potential events, market supportable facility program, financial operations, economic and fiscal impacts of the proposed convention and entertainment center and overall costs and benefits.

In 2006, the Branson Convention Center opened in the heart of the $420 million Branson Landing Development. The Center incorporates 87,000 square feet of event space, including two exhibit halls totaling 50,000 square feet which connect to the 23,000-square foot ballroom. Additionally, the Center connects to the Hilton Branson Convention Hotel, a 12-story hotel with 290 rooms and suites.

16 GEORGE R. BROWN CONVENTION CENTER HOUSTON, TEXAS

CSL project managers directed a major financial and market study for the expansion of the George R. Brown Convention Center. The study focused largely on the financial performance and economic impacts associated with the facility, as well as market demand and expansion program analysis. Extensive industry surveys were conducted, industry trends were reviewed, and historical facility and comparable center operations were reviewed. Recommendations focused on market supportable exhibit, meeting and ballroom space.

17 ANALYSIS OF FUTURE DALLAS CONVENTION CENTER DEVELOPMENT INITIATIVES DALLAS, TEXAS

CSL assisted the City of Dallas and the Dallas Convention In conducting this analysis, we relied on our database of existing & Visitors Bureau with an analysis of the potential business event and competitive facility information, the extensive depth case for proposed improvements to the Kay Bailey Hutchison of data maintained by DCC and the Convention and Visitors Convention Center (formerly the Dallas Convention Center, or Bureau, current research with respect to industry trends, and DCC), including potential improvements to the entertainment, analysis and calculations developed specific to conditions in hotel and other aspects surrounding the Center. The analysis the Dallas market. conducted helped define the highly competitive nature of the industry, the positive impacts associated with DCC investment The funding analysis component of the study helped to identify and potential project funding structures. We worked closely with structures and revenue sources that could be used to finance DCC and CVB staff to define possible improvement scenarios, proposed improvements. We worked with finance staff to including new construction, renovation, re-purposing of existing evaluate current debt structures, revenue potential by source, structures and development of hospitality assets on adjacent legal restrictions, bonding capacity and issuance opportunities. parcels. Case studies for recently developed convention center projects were prepared. We developed appropriate metrics to help define the business case for investment in the Dallas convention industry. This included preparation of a model that will translate event and related data into tax generation and economic impact including total spending, earnings and employment. In addition, we prepared calculations of the net profit generated for businesses in the hospitality sector (hotels and restaurants, for example) as a result of DCC event activity.

18 CSL project managers, offering an unmatched breadth and depth of relevant industry experience, have worked throughout the country with a wide variety of public and private sector organizations to perform hundreds of convention, conference, hospitality, trade, exhibition, civic and multipurpose event facility studies, including the following:

SELECT CONVENTION, HOTEL AND EVENT FACILITY PROJECT EXPERIENCE

Alliant Energy Center Boulder Conference Center Crown Center Convention/Hotel Facilities Madison, Wisconsin Boulder, Colorado Kansas City, Missouri

Americas Center Branson Convention Center Cullman Conference Center and Hotel St. Louis, Missouri Branson, Missouri Cullman, Alabama

Ames Convention Center Bridgeport Arena & Event Center Davis Conference Center Ames, Iowa Bridgeport, Texas Layton, Utah

Ames Headquarters Hotel Broward County Convention Center Deadwood Amphitheater Ames, Iowa Fort Lauderdale, Florida Deadwood, South Dakota

Anaheim Convention Center Broward County Headquarters Hotel Denver Headquarters Hotel Anaheim, California Fort Lauderdale, Florida Denver, Colorado

Arlington Convention Center Buena Park Convention Center Des Moines Convention Ctr. & Aud. Arlington, Virginia Buena Park, California Des Moines, Iowa

Arvada Events Center Burlingame Conference Center Dubuque Conference Center Arvada, Colorado Burlingame, California Dubuque, Iowa

Austin Convention/Civic Center Calgary Exhibition & Stampede Dunn Conference Center Austin, Texas Calgary, Alberta Dunn, North Carolina

Bangor Convention Center Canadian Event Center/Arena Durango Conference Center Bangor, Maine Canadian, Texas Durango, Colorado

Bartle Hall Convention Complex Carbon County Fairgrounds Event Ctr. “E” Center Kansas City, Missouri Price, Utah West Valley City, Utah

Bartlesville Convention/Civic Center Cashman Center El Paso Arena Bartlesville, Oklahoma Las Vegas, Nevada El Paso, Texas

Bell County Expo Center Century II Perf. Arts & Conv. Ctr. Ernest N. Morial Convention Center Belton, Texas Wichita, Kansas New Orleans, Louisiana

Bemidji Headquarters Hotel Chandler Convention Center & Hotel Evansville Convention Center Bemidji, Minnesota Chandler, Arizona Evansville, Indiana

Bentonville Civic Center Charleston Civic Center Evansville Minor League Arena Bentonville, Arkansas Charleston, West Virginia Evansville, Indiana

Bismarck Civic Center Cincinnati Convention Center Fairbanks Convention & PAC Facilities Bismarck, North Dakota Cincinnati, Ohio Fairbanks, Alaska

Black Hawk Convention/Events Center Cleveland Convention Center Fairfield University Black Hawk, Colorado Cleveland, Ohio Fairfield, Connecticut

Blue Water Conv. Ctr. and HQ Hotel Coconut Grove Convention Center Fargodome Port Huron, Michigan Miami, Florida Fargo, North Dakota

Boise Centre on the Grove College of St. Catherine Five Flags Center Boise, Idaho Minneapolis, Minnesota Dubuque, Iowa

Borger Event Center Colorado Convention Center Fort Worth Event Facilities Borger, Texas Denver, Colorado Forth Worth, Texas

Boston Conv. & Exhibition Ctr. Commonwealth Convention Center Fox Cities Convention Center & Hotel Boston, Massachusetts Louisville, Kentucky Appleton, Wisconsin

19 Franklin Conference Center Jackson Convention Center & Hotel McAllen Convention Center Franklin, Kentucky Jackson, Michigan McAllen, Texas

Fresno State University Jacob K. Javits Convention Center MECCA/Wisconsin Center Fresno, California New York, New York Milwaukee, Wisconsin

Gatlinburg Convention Center Joliet Convention/Arena Facilities Memorial Coliseum Gatlinburg, Tennessee Joliet, Illinois Portland, Oregon

George R. Brown Convention Center Kay Bailey Hutchinson Convention Center Mexico City Convention Center Houston, Texas Dallas, Texas Mexico City, Mexico

Georgia Southern Univ. Conference Center Kemper Arena and New Arena Meydenbauer Center Statesboro, Georgia Kansas City, Missouri Bellevue, Washington

Georgia Southern Univ. On-Campus Hotel Kentucky Fair and Exposition Center Miami Beach Convention Center Statesboro, Georgia Louisville, Kentucky Miami, Florida

Gonzaga University Centre Knight Ctr./Miami Convention Ctr. Midland Convention Center Spokane, Washington Miami, Florida Midland, Texas

Gonzalez Convention Center Knoxville Convention Facility Minot Community Event Facilities San Antonio, Texas Knoxville, Tennessee Minot, North Dakota

Grand Wayne Center La Crosse Center Mississippi Coast Convention Center Fort Wayne, Indiana La Crosse, Wisconsin Biloxi, Mississippi

Granbury Conference Center Lake of the Ozarks Events Center Minneapolis Convention Center Granbury, Texas Osage Beach, Missouri Minneapolis, Minnesota

Grand Junction Event Center Lane County Convention Center Montgomery Civic Center Grand Junction, Colorado Eugene, Oregon Montgomery, Alabama

Grand Wayne Convention Center Lancaster Convention Center Moore County Convention Center Grand Wayne, Indiana Lancaster, Pennsylvania Moore County, North Carolina

Greater Tacoma Conv. and Trade Center Lansing Center Moorhead Conference Center Tacoma, Washington Lansing, Michigan Moorhead, Minnesota

Hammond Convention Center Laredo Civic Center Muskegon Convention Center Hammond, Louisiana Laredo, Texas Muskegon, Michigan

Hartford Convention Center Las Vegas Convention Center Muskingum County Event Center Hartford, Connecticut Las Vegas, Nevada Zanesville, Ohio

Havre Multipurpose Event Center Lewistown Conference Center Myriad Convention Center Havre, Montana Lewistown, Montana Oklahoma City, Oklahoma

Hawaii Convention Center Lewistown Downtown Hotel Myrtle Beach Convention Center Honolulu, Hawaii Lewistown, Montana Myrtle Beach, South Carolina

Helena Convention/Event Facilities Lincoln Conference Center/Hotel Nashville Arena Helena, Montana Lincoln, Nebraska Nashville, Tennessee

Hendersonville Convention Center Los Angeles Convention Center Nashville Convention Center Hendersonville, North Carolina Los Angeles, California Nashville, Tennessee

Hendricks County Hotel/Conf. Center Lubbock Civic Center Nashville Headquarters Hotel Hendricks County, Indiana Lubbock, Texas Nashville, Tennessee

Hickory Arena/Performing Arts Center Multipurpose Equestrian Facility National Western Complex Hickory, North Carolina Madisonville, Kentucky Denver, Colorado

Hollywood Park Conference Center Maryland Convention Facilities New Bern Convention Center Hollywood Park, Texas Baltimore, Maryland New Bern, North Carolina

Hoover Convention Center and Theater Mayborn Civic & Convention Center New Braunfels Convention Center Hoover, Alabama Temple, Texas New Braunfels, Texas

20 New Downtown Full-Service Hotel Redding Convention Center Springfield Civic Center St. Paul, Minnesota Redding, California Springfield, Massachusetts

New Headquarters Hotel Reliant Park Master Plan Springfield Convention Center Slidell, Louisiana Houston, Texas Springfield, Missouri

New Iberia Hotel/Conference Center Reno Downtown Events Center S. San Francisco Conference Center New Iberia, Louisiana Reno, Nevada South San Francisco, California

New Jersey Exhibition Center Reno Livestock Events Center State Fair Park Meadowlands, New Jersey Reno, Nevada Oklahoma City, Oklahoma

Newark Tradeshow & Conv. Center Reno/Sparks Convention Center Statesville Civic Center Newark, New Jersey Reno, Nevada Statesville, North Carolina

Norfolk Conference Center/Hotel Richmond Coliseum Stillwater Convention Center Norfolk, Virginia Richmond, Virginia Stillwater, Oklahoma

Northshore Harbor Center Expansion Roanoke Conference Center Three County Fairgrounds Slidell, Louisiana Roanoke, Virginia Northampton, Massachusetts

Northern Kentucky Conv. Center Roseville Conference Center and Hotel Temple Convention Facilities Covington, Kentucky Roseville, California Temple, Texas

Owatonna Events Center Roland E. Powell Convention Center Tulsa Convention Center Owatonna, Minnesota Ocean City, Maryland Tulsa, Oklahoma

Palm Beach Convention Center Sacramento Convention Center Tulsa Downtown Hotel Development West Palm Beach, Florida Sacramento, California Tulsa, Oklahoma

Palmer Community Center Sanford Center Conv. Ctr. and Arena Tulsa Casino Hotel Palmer, Alaska Bemidji, Minnesota Tulsa, Oklahoma

Pasadena Center St. Charles Convention Center UNC-Charlotte Conference Center Pasadena, California St. Charles, Missouri Charlotte, North Carolina

Pennsylvania Convention Center St. Cloud Civic Center UNC-Charlotte Hotel Philadelphia, Pennsylvania St. Cloud, Minnesota Charlotte, North Carolina

Pensacola Convention Center St. Paul RiverCentre UNC-Charlotte Full-Service Hotel Pensacola, Florida St. Paul, Minnesota Charlotte, North Carolina

Pier 48 Exhibition Center Salisbury Conference Center Vail Conference Center San Francisco, California Salisbury, North Carolina Vail, Colorado

Pier 92/94 Tradeshow Facility Salt Palace Vermillion Conference Center New York City, New York Salt Lake City, Utah Vermillion, South Dakota

Portland Convention Facilities San Mateo County Expo Ctr. & HQ Hotel Washington D.C. Conv. Center/Hotel Portland, Maine San Mateo, California Washington, D.C.

Prime Osborn Convention Center Santa Fe Civic Center Washington State Conv./Trade Ctr. Jacksonville, Florida Santa Fe, New Mexico Seattle, Washington

Provo Hotel/Convention Center Sarasota Convention Center Waterbury Exhibition Center Provo, Utah Sarasota, Florida Waterbury, Connecticut

Puerto Rico Convention Center Scranton Convention Center Watertown Multipurpose Facility San Juan, Puerto Rico Scranton, Pennsylvania Watertown, South Dakota

Quad Cities Event Center Sioux Falls Convention Center Wilkes-Barre Exhibition Center Bettendorf, Iowa Sioux Falls, South Dakota Wilkes-Barre, Pennsylvania

Queens Convention Center Snowmass Conference Facilities Wisconsin Center District New York, New York Snowmass, Colorado Milwaukee, Wisconsin

Reading Exhibition Center South Lake Tahoe Conv. Facility Woodstock Exhibition Facility Reading, Pennsylvania South Lake Tahoe, California Woodstock, Illinois

21 REPRESENTATIVE PROJECTS

BILL KRUEGER Principal-in-Charge

Bill Krueger, a Principal with CSL, has 21 years LAREDO CONVENTION CENTER Laredo, Texas of industry experience in markets of all sizes throughout the country, spanning over 350 studies, the majority of which involving convention and hotel facility projects. Bill has led consulting teams that have explored the broad reach of economic impact, including direct spending levels and associated total output, earnings and employment. His research also extends beyond this to assess ancillary STRATEGIC PLAN FOR WICHITA’S CONVENTION PRODUCT development impacts associated with convention, Wichita, Kansas hospitality and destination building projects, and other important components of economic impact and return on investment.

The results of these studies have been used to assist public sector entities in assessing the broad set of economic impacts associated with events, venues, districts or institutions, developing return- on-investment calculations, generating public support for specific initiatives, and guiding future resource allocation decisions.

Clients have included cities, counties, convention and visitors VISITOR & CONVENTION INDUSTRY MATER PLANNING STUDY bureaus, chambers of commerce, state organizations and private San Antonio, Texas entities. Other areas of project focus have included hotel and convention center development and expansion feasibility; CVB/ community/convention facility organizational structure, policies, and procedures analyses; facility/organization operations best practices analyses, and; convention and visitor industry marketing studies. Bill has managed and directed studies in communities of all sizes throughout North America, many of which have involved analysis of opportunities to expand and enhance communities’ abilities to generate new economic activity and visitation.

NEW BRAUNFELS CONVENTION/CIVIC CENTER New Braunfels, Texas

22 BILL KRUEGER CONFERENCE/CONVENTION CENTER AND HOTEL EXPERIENCE

Ames Convention and Events Center Jackson Convention Center/Hotel New Jersey Exhibition Center Ames, Iowa Jackson, Michigan East Rutherford, New Jersey

Anaheim Convention Center Kansas City Convention Center New Orleans Morial Conv. Center Anaheim, California Kansas City, Missouri New Orleans, Louisiana

Arlington Conference Center Kentucky Fair and Exposition Center Northern Kentucky Convention Center Arlington, Virginia Louisville, Kentucky Covington, Kentucky

Bell County Expo Center Knight Center/Miami Convention Ctr. Owatonna Conference Center Belton, Texas Miami, Florida Owatonna, Minnesota

Bemidji Event Center & Hotel Lake of the Ozarks Exhibition Center Palm Beach Convention Center Bemidji, Minnesota Osage Beach, Missouri Palm Beach, Florida

Boise Centre on the Grove Lansing Center Pasadena Center Boise, Idaho Lansing, Michigan Pasadena, California

Boulder Convention Center Laredo Convention Center Pier 48 Exhibition Center Boulder, Colorado Laredo, Texas San Francisco, California

Branson Convention Center & Hotel Las Vegas Convention Center Pier 94 Tradeshow Center Branson, Missouri Las Vegas, Nevada New York, New York

Bridgeport Arena and Event Center Lincoln Convention Center & Hotel Provo Conference Center & Hotel Bridgeport, Texas Lincoln, Nebraska Provo, Utah

Carbon County Event Center Mexico City Convention Center Reno-Sparks Convention Center Price, Utah Mexico City, Mexico Reno, Nevada

Century II Perf. Arts & Conv. Ctr. Meydenbauer Center & Hotel Reno Livestock Events Center Wichita, Kansas Bellevue, Washington Reno, Nevada

Cincinnati Convention Center Miami Beach Convention Center & Hotel Sacramento Convention Center Cincinnati, Ohio Miami Beach, Florida Sacramento, California

Charleston Civic Center & Hotel Midland Convention Center Salt Palace Convention Center Charleston, West Virginia Midland, Texas Salt Lake City, Utah

Colorado Convention Center & Hotel Minneapolis Convention Center So. San Francisco Conference Center Denver, Colorado Minneapolis, Minnesota South San Francisco, California

Cox Business Services Conv. Ctr. Minot Event Facilities St. Cloud Civic Center Oklahoma City, Oklahoma Minot, North Dakota St. Cloud, Minnesota

New Conference Center & Hotel Mississippi Coast Coliseum & Hotel St. Paul Downtown Hotel Needs Durango, Colorado Biloxi, Mississippi St. Paul, Minnesota

Fort Worth Event Facilities Monterey Conference Center Stillwater Convention Center Fort Worth, Texas Monterey, California Stillwater, Oklahoma

Gatlinburg Convention Center Nashville Convention Center Tulsa Convention Ctr & Hotel Projects Gatlinburg, Tennessee Nashville, Tennessee Tulsa, Oklahoma

Grand Wayne Center National Western Complex Washington DC Conv. Ctr & HQ Hotel Fort Wayne, Indiana Denver, Colorado Washington, DC

Hammond Convention Center New Braunfels Convention Center Washington State Conv/Trade Center Hammond, Louisiana New Braunfels, Texas Seattle, Washington

Hendricks Cty. Hotel/Conf. Center New Haven Conference Center Wilkes-Barre Exhibition Center Hendricks County, Indiana New Haven, Connecticut Wilkes-Barre, Pennsylvania

Henry B. Gonzalez Conv. Ctr. Hotel New Iberia Conference Center/Hotel Willets Point Convention Center & San Antonio, Texas New Iberia, Louisiana Queens, New York

23 REPRESENTATIVE PROJECTS

JOEL FELDMAN Director

Mr. Feldman has been with CSL’s convention and PROPOSED MULTIPURPOSE EVENT CENTER AT VILLAGE WEST Kansas City, Kansas visitor industry services practice since 2006. Joel’s experience as Director through over 100 studies has included in-depth analysis for a wide variety of visitor-generating facilities including convention centers, conference centers, multipurpose event facilities, performing arts theaters, arenas and other such facilities.

Each of these studies has involved: analyzing the existing inventory RELIANT PARK MASTER PLAN of visitor industry amenities (i.e., hotel inventory and performance, Houston, Texas meeting/event venues, complimentary attractions, etc.); benchmarking competitive and comparable facilities/complexes from a local, regional and national perspective; obtaining direct feedback from individuals and organizations directly (and indirectly) impacted by the potential project, and; preparing an analysis of current macro-industry characteristics and trends. The aggregate result of this extensive research effort is integral to understanding the existing and potential economic impacts of facility development, expansion and/or enhancement.

Further, Mr. Feldman has developed impact, fiscal and other models for convention, hotel, sport, multipurpose and other event facilities. He has also prepared significant analyses regarding economic development, financing and operational best-practices specific to the public assembly and visitor industries. ARLINGTON (TX) AND DESTINATION STRATEGIC MASTER PLAN DEVELOPMENT The result of Mr. Feldman’s work has included detailed reports on Arlington, Texas facility planning, impact, development recommendations, financing options and financial feasibility.

NEW BRAUNFELS CONVENTION/CIVIC CENTER New Braunfels, Texas

24 JOEL FELDMAN CONFERENCE/CONVENTION CENTER AND HOTEL EXPERIENCE

Alliant Energy Center National Western Complex Proposed Conference Center/Perf Arts Ctr Madison, Wisconsin Denver, Colorado Hoover, Alabama

Baltimore Convention Center New Orleans Morial Convention Center Proposed Conference Center and Hotel Baltimore, Maryland New Orleans, Louisiana Lewistown, Montana

Boston Convention and Exhibition Center Ontario Convention Center Proposed Multipurpose Event Venue Boston, Massachusetts Ontario, California Milpitas, California

Century II Perf. Arts & Conv. Ctr. Pennsylvania Convention Center Proposed Conference Center and Hotel Wichita, Kansas Philadelphia, Pennsylvania Missoula, Montana

Frontier Airlines Center Porter County Expo Ctr. & Fairgrounds Proposed Multipurpose Event Venue Milwaukee, Wisconsin Porter County, Indiana Norman, Oklahoma

George R. Brown Convention Center Prime F. Osborn Convention Center Proposed New Convention Center Houston, Texas Jacksonville, Florida Oklahoma City, Oklahoma

Greater Tacoma Convention and Trade Center Prince George’s Equestrian Center Proposed Multipurpose Event Venue Tacoma, Washington Upper Marlboro, Maryland Park City, Utah

Henderson Convention Center Pro Football Hall of Fame Conf. Ctr. and Hotel Proposed Convention Center and Hotel Henderson, Nevada Canton, Ohio Port Huron, Michigan

Henry B. Gonzalez Convention Center Proposed Multipurpose Event Venue Proposed Convention Center and Hotel San Antonio, Texas Ames, Iowa Roseville, California

Javits Convention Center Proposed Conference Center Proposed Livestock/Equestrian Complex New York, New York Arlington, Virginia Saline, Kansas

Kansas City Convention Center Proposed Multipurpose Event Center Proposed Conference Center and Hotel Kansas City, Missouri Black Hawk, Colorado San Mateo, California

Kentucky Horse Park Proposed Livestock/Equestrian Complex Proposed Conference Center Lexington, Kentucky Borger, Texas San Pedro, California

La Crosse Center Proposed Conference Center/Hotel Proposed Conference Center and Hotel La Crosse, Wisconsin Chandler, Arizona Tulsa, Oklahoma

Las Vegas Convention Center Proposed Multipurpose Event Venue Proposed Multipurpose Event Venue Las Vegas, Nevada Coeur d’Alene, Idaho Wyandotte County/Kansas City, Kansas

Lincoln Convention Center & Hotel Proposed Conference Center and Amphitheatre Proposed Headquarters Hotel Lincoln, Nebraska Cullman, Alabama West Palm Beach, Florida

Los Angeles Convention Center Proposed Metro Area Conference Centers Reliant Park Los Angeles, California Detroit, Michigan Houston, Texas

Meydenbauer Center & Hotel Proposed Conference Ctr/Performing Arts Ctr San Diego Convention Center Bellevue, Washington Fairbanks, Alaska San Diego, California

Miami Beach Convention Center & Hotel Proposed Multipurpose Event Center-Franklin San Jose Convention Center Miami Beach, Florida Franklin, Kentucky San Jose, California

Minneapolis Convention Center Proposed Multipurpose Event Venue St. Paul RiverCentre Minneapolis, Minnesota Grand Junction, Colorado St. Paul, Minnesota

Montgomery College Conference Center Proposed Multipurpose Event Center State Fair Park Montgomery County, Maryland Great Falls, Montana Oklahoma City, Oklahoma

Nashville Fairgrounds Expo Center Proposed Multipurise Event Venue Three County Fairgrounds Nashville, Tennessee Hendersonville, North Carolina Northampton, Massachusetts

25 RECENT REPRESENTATIVE PROJECTS

ASHLEY ADAMS Analyst

LAREDO CONVENTION CENTER Ms. Adams has served as an Analyst for over Laredo, Texas 40 convention and other visitor industry-related event facility benchmarking and development studies spanning a wide range of markets across the country. Serving in this role, Ms. Adams has provided integral research into the development and operations of facilities throughout the country. PROPOSED CONVENTION/EVENT CENTER Since joining CSL, Ashley has been involved in a variety Dumas, Texas of visitor facility benchmarking studies, including those for convention centers, conference, exhibition, arena, recreational sports facilities and other such multipurpose venues, as well as benchmarking analyses of more general visitor industry products such as destination infrastructure and attractions/amenities.

Ashley has conducted detailed analysis of existing local market conditions, assessments of competitive and comparable markets and facilities, economic and demographic data, market demand, historical building operations, market supportable building programs, economic and fiscal impacts. Furthermore, she has worked with convention event planners in assessing their facility needs, and with center management in evaluating HEADQUARTER HOTEL AND EXPANSION ANALYSIS operational policies and performance metrics. Huntsville, Alabama

LANCASTER COUNTY CONVENTION CENTER Lancaster, Pennsylvania

26 Proposed Scope of Services

PROPOSED PROJECT APPROACH

We believe that CSL is the best-qualified firm to assist the Buda Economic Development Corporation (EDC) and other community stakeholders conduct a feasibility study for a conference/convention center in Buda, Texas. Our team is uniquely-positioned with respect to local, regional and national expertise relevant to the project. Specifically:

 National Experience & Insight: Through more than 500 comparable projects, CSL has unmatched experience throughout the country with feasibility assessment and planning studies in markets of all different sizes concerning convention centers, public assembly facilities, hotels, and other types of event facilities and visitor/destination planning projects. Additionally, with a foundation in industry best practices, CSL has also assisted many public sector clients throughout the country with planning, negotiating and implementing public/private partnership arrangements for hotel, convention center and other projects designed to enhance visitor industry impacts.  Local & Regional Experience & Insight: CSL has unique and critical insight into the Buda area and issues relevant to area and regional residents. Specifically, CSL’s past and recent project experience with study efforts in Arlington, Abilene, Waco, Belton, Borger, Bridgeport, Canadian, Dallas, Fort Worth, Grand Prairie, Hollywood Park, Houston, Laredo, McAllen, Midland, New Braunfels, San Antonio, and Temple, and other communities provides our firm with important familiarity with and access to the greater Texas convention center/public assembly facility market segment—offering attractive opportunities for efficient, responsive and detailed community outreach, client engagement and product delivery.

Each market is unique, and there is no substitute for the extensive research that is necessary to ensure that decisions made regarding your project accurately reflect these distinctive characteristics. More so than any other firm performing these types of studies, CSL conducts more direct outreach to competitive and comparable venues and current and/or potential new users of event space and/or visitor industry infrastructure in your market. This research-based approach not only ensures that the findings and recommendations reflect the unique conditions of your individual community, but it provides you with a comprehensive understanding of how these findings and recommendations were reached. The objectivity and value that we bring to each project is highlighted by the large number of clients who have retained us for multiple engagements over the years.

It is understood that key objectives of this requested study is to comprehensively evaluate whether Buda can support a conference/convention center. Specifically, the study is expected to evaluate the market demand, market supportable building program in terms of size, scope, features, type of space and associated site/amenity/infrastructure requirements, construction and operating costs, economic impacts (including non-quantifiable benefits), ownership and management issues, funding alternatives and public/private opportunities, and other such aspects.

The following study steps have been developed to provide the EDC and other area decision makers with the foundation of research necessary to strategically plan for the future of Buda in the visitor industry. Importantly, this research provides both short- and long-term direction not only as to the facility components/development options that may be supportable from a market demand perspective, but also the supporting amenities and infrastructure required in order to maximize the community’s return-on- investment. The availability of hotel, transportation, restaurant, retail and other visitor industry amenities in proximity to visitor-oriented event facilities are increasingly important to both event planners and attendees and the communities looking to benefit from the added economic activity generated by hosting such events and attracting new visitation of various types.

PROPOSAL TO CONDUCT A FEASIBILITY STUDY FOR A CONFERENCE/CONVENTION CENTER IN BUDA, TEXAS August 15, 2016 Page 27 Proposed Scope of Services

The project tasks and steps included in this approach comprise a study process we have successfully implemented for similar projects throughout the country. We would be happy to discuss with you variations of a study approach that would meet your objectives. This study process consists of a comprehensive analysis of project feasibility, including a significant amount of primary market research and analysis to provide the most accurate assessment of market validation and cost/benefit analysis associated with the facility development/investment under consideration.

A summary of our approach to evaluating the feasibility for a conference/convention center in Buda is presented below, followed by a detailed description of the study effort.

Task 1: Market Analysis Step 1. Study Kickoff & Initial Project Planning Step 2. Local Market Conditions Assessment Step 3. Industry Trends Review Step 4. Competitive/Comparable Facility Analysis Step 5. Market Surveys Task 2: Market Supportable Conference/Convention Facility Program Analysis Task 3. Event/Use Levels Analysis Task 4. Preliminary Construction Cost and Financial Operations Analysis Task 5. Economic Impacts and Cost/Benefit Analysis

A detailed description of the scope of services and the approach to be applied to the project tasks and steps is provided below and on the following pages.

Task 1. Market Analysis

The purpose of this task is establish a foundation of analysis from which to begin to identify market demand for conference/convention center development options in Buda. Specific steps to be undertaken are presented below and on the following pages.

Step 1. Study Kickoff and Initial Project Planning

As an initial step we will work with the EDC and other stakeholders to establish the specific project goals and timeframe. An initial planning meeting will take place in Buda to collect pertinent project data and coordinate a project workplan. This is a critical first-step, and we will spend several days in the community conducting local interviews, reviewing existing data, and visiting other destination visitor industry amenities.

We will conduct initial in-person, one-on-one interviews in Buda with key project stakeholders to obtain background information related to the project. In addition to EDC leaders, these interviews could include individuals such as elected and appointed City officials, CVB/DMO representatives, key hotel owners and managers, Chamber of Commerce leaders, key academic institution officials and leadership among other local academic institutions, tourism industry representatives, restaurateurs, attractions, business leaders and other civic and visitor industry representatives or project stakeholders. These meetings will focus on analyzing conditions with regard to local market characteristics, facility needs and the opportunities that future investment in the public assembly facility and hospitality sector may represent.

PROPOSAL TO CONDUCT A FEASIBILITY STUDY FOR A CONFERENCE/CONVENTION CENTER IN BUDA, TEXAS August 15, 2016 Page 28 Proposed Scope of Services

Specifically, through this process, we will:

 establish a working group that will include representatives of local project leaders;  assemble important project related data;  gain initial insight and perspective into local conditions that will impact the research process;  establish the format and content of our deliverable products; and  modify the work plan, if necessary, to reflect any appropriate changes arising from the information obtained in the steps noted above.

Step 2. Local Market Conditions Assessment

The purpose of this step is to define and evaluate the local market characteristics of the Buda destination, as well as its existing conference/convention and hospitality infrastructure, programs and funding support.

We will evaluate socioeconomic/demographic attributes, as well as the primary components of a successful conference/convention destination package and those issues that impact destination appeal and visitation levels, in order to assess the area’s ability to support added conference/convention, exhibition, meeting, special event, sports, entertainment and other visitor-oriented activity.

Characteristics to be evaluated as part of this overall analysis step include the following:

 committable, conference/convention-quality lodging properties and rooms;  existing/planned conference/convention, event and lodging facilities in the local area;  lodging unit cost structures;  key demographic and socioeconomic characteristics and trends, such as population, disposable income, retail sales, entertainment spending, corporate base and other such indicators;  proximity issues to other regional markets;  air, rail, ground transportation and shuttle access, cost and availability;  entertainment, recreation and cultural amenities;  key community resources; and,  other such characteristics.

Further, as the information is available, we will collect and review data associated with existing local conference/convention, civic, spectator and event facilities, as well as facilities offered within area lodging properties. Information analyzed will include, but will not be limited to the following:

 existing conference/convention, civic, exhibition, meeting, spectator facility physical components, configuration and related issues;  event characteristics (type, number, length of stay, origin of attendees);  square footage and occupancy/utilization by type of space;  event seasonality;  lost business information; and  rental and service rates.

PROPOSAL TO CONDUCT A FEASIBILITY STUDY FOR A CONFERENCE/CONVENTION CENTER IN BUDA, TEXAS August 15, 2016 Page 29 Proposed Scope of Services

The results of this step will be used in combination with data prepared throughout the study to assess Buda’s competitive position within the state, regional and national marketplace and its ability to accommodate additional event and visitor demand. By understanding the type of business currently accommodated within the community, we can focus our recommendations on facility development and strategic initiatives that could add to the overall level of events, attendees, visitation and economic impact.

Step 3. Industry Trends Review

The conference/convention and visitor industries have undergone significant change over the past decade. Issues impacting these industries, including changing demand for event space, technological amenities, hotel availability, service levels and other such characteristics, have been joined by recent, and sometimes dramatic, fluctuations in event activity due to nationwide economic conditions and travel costs. In addition, convention and hospitality product supply growth has impacted demand levels in individual markets. Many convention planners have also placed greater importance on the issue of environment sustainability of a facility in terms of selection criteria.

CSL understands these and related important characteristics and how they have and will continue to affect the industry. Our understanding of industry trends and their implications on specific markets is something that we take very seriously, as demonstrated by our ongoing dedication of significant staff resources to important industry research efforts. We are constantly researching the industry from the perspective of event planners and travelers, conducting upwards of a thousand individual interviews on an annual basis.

We will evaluate how the local market may be impacted by emerging industry trends, summarizing the potential impact on the expansion and improvements to area visitor-oriented event facilities, and the potential for creative development characteristics tailored to the demand unique to the market. An evaluation of these trends will be important in placing overall market demand estimates into the context of the industry, presently and into the foreseeable future.

Step 4. Competitive/Comparable Facility Analysis

In evaluating the market demand for a conference/convention center, it is important to gain an understanding of the competitive/comparable facility environment. In this step, we will assemble and review the physical and operational characteristics of existing and planned facilities in Texas and throughout the region that may compete with a Buda facility. Facilities and/or markets around the country that may offer some element of comparable insight will also be evaluated. CSL maintains an extensive database of current physical facility and operational benchmarking information from conference/convention centers located throughout Texas and the country.

PROPOSAL TO CONDUCT A FEASIBILITY STUDY FOR A CONFERENCE/CONVENTION CENTER IN BUDA, TEXAS August 15, 2016 Page 30 Proposed Scope of Services

The types of data that will be assembled for comparable and competitive projects will include, but not be limited to:

 facility type and marketing focus;  exhibit, meeting, ballroom and multipurpose space and capacities;  fixed and temporary seating components;  future expansion plans;  layout, staging and design features;  event characteristics (levels, attendance, utilization, future bookings, etc.);  ancillary services and amenities;  operating revenues and expenses;  rental terms;  available parking;  area demographics;  hotel availability, quality and proximity to the facility;  visitor industry tax rates (i.e., hotel/motel tax);  location characteristics and transportation access; and  other such characteristics.

We will develop case studies concerning comparable facilities in similar destinations to Buda to address the respective facilities’ level of use, rates, financing, source of public subsidies, size and operating expense, as well as other key facility information. This analysis will assist in providing data as to how Buda could compete within specific event markets, as well as later assisting in the evaluation of the associated financial operations, operation structure, market focus, and potential economic and fiscal impacts of conference/convention center development scenarios.

Step 5. Market Surveys

The purpose of this step is to develop primary industry market research specific to Buda. In-person, one- on-one interviews and/or focus groups with key local individuals and business leaders will be conducted in Buda near the outset of the study to gain an understanding of the local market’s attitudes with regard to the market potential for a conference/convention center in Buda. These interviews could include individuals such as representatives/officials of the City, CVB/DMO, Chamber of Commerce, hoteliers, event facility managers, restaurateurs, business leaders, and other civic and visitor industry representatives.

Beyond these local interviews, we will interview via telephone a significant sample of potential users of a conference/convention center, both locally and from a state, regional and national basis. Such interviews allow us to go beyond simply relying on competitive and comparable facility data in order to develop market demand findings. In addition, this type of direct outreach to event planners can support our analysis of emerging trends from a demand perspective and in terms of the unique facility features that may provide a future competitive advantage to a conference/convention center in Buda.

PROPOSAL TO CONDUCT A FEASIBILITY STUDY FOR A CONFERENCE/CONVENTION CENTER IN BUDA, TEXAS August 15, 2016 Page 31 Proposed Scope of Services

The analysis may include organizations or individuals from the following event segments:

 Local, state, regional and national association conventions/conferences/meetings;  Corporate and trade events;  Public/consumer shows;  Community banquets, meetings, festivals and related events;  educational institution-related events;  Local civic, service and religious organizations;  Spectator events;  Cultural events; and  Other such events.

CSL’s extensive comparable conference/convention center experience and proprietary survey methodology allows for the critical benefit of comparing Buda’s survey data with the survey data collected from a large number of comparable conference/convention center feasibility studies that we’ve conducted in recent years. This apples-to-apples comparison to other similar projects offers critical insight into the strength and nature of the market demand that will be measured in Buda.

Event organizer survey results will be analyzed to provide summaries of the following data specific to added facilities:

 likelihood of utilizing a conference/convention center in Buda;  reasons for not choosing the Buda area;  space/seating levels required to attract the event;  overall hotel room requirements;  other important community requirements to attract the event;  event seasonality;  length of event data;  event attendance data;  requirement/preference for technology-related amenities;  issues with respect to the proximity to nearby airports;  perceptions of the Buda area; and,  other related event information and relevant opinions.

By combining the results of this step with the analysis results generated in previous steps, we will be able to identify the event markets that represent the primary sources of demand for a conference/convention center in Buda, upon which future facility recommendations and event/impact estimates are made.

PROPOSAL TO CONDUCT A FEASIBILITY STUDY FOR A CONFERENCE/CONVENTION CENTER IN BUDA, TEXAS August 15, 2016 Page 32 Proposed Scope of Services

Task 2. Market Supportable Conference/Convention Facility Program Analysis

The purpose of this task is to synthesize findings of the previous task to analyze and translate market demand into a market supportable facility program for a conference/convention center in Buda. It is likely that the facility focus will be multi-use in nature, integrating a variety of functional components to allow for accommodation of a diversity of event types.

In particular, our analysis will address space needs in terms of the following:

 exhibit, meeting, ballroom and multipurpose space;  fixed and temporary seating levels;  size of support space and other functional areas;  amount and type of other revenue-producing areas;  space configuration and aesthetic features;  theme/brand possibilities;  storage space and other such supporting infrastructure needs;  possibilities for future expansion; and,  important technological and other amenities.

We will identify any external factors that could significantly affect the ability of a conference/convention center to maximize its potential. Factors to be identified include:

 availability of quality, committable hotel rooms;  parking needs;  transportation infrastructure/accessibility;  proximity to restaurants, retail, nightlife and other amenities/attractions;  event attendee transportation within the area; and,  other such characteristics.

In developing a market supportable facility program, our approach is experienced and nuanced, critically relying on the primary market survey data collected for this assignment and our experience with comparable projects and understanding of industry best practices.

The results of this step will provide project representatives with a clear understanding of the recommended building programmatic elements that are estimated to be supportable by measured market demand. In addition, should any existing complementary facilities be deemed inadequate, we will address each facility and discuss potential methods of facilitating their development/creation, including incentivizing private sector participation and/or creative public/private partnerships to enhance the visitor industry infrastructure to adequately support any future conference/convention center investment. We would envision developing development scenarios for further analysis, including one or more involving a public/private partnership with an existing or new headquarters hotel.

If sufficient market demand does not exist for a conference/convention center, alternate project opportunities will be discussed. These alternatives would be designed to grow new visitation and could include a public/private partnership with an existing/potential hotel, the development of other types of event facilities that could serve the local community needs and other such concepts.

PROPOSAL TO CONDUCT A FEASIBILITY STUDY FOR A CONFERENCE/CONVENTION CENTER IN BUDA, TEXAS August 15, 2016 Page 33 Proposed Scope of Services

Task 3. Event/Use Levels Analysis

Based on the results of the market demand and building program analyses, we will quantify the level and characteristics of events and activities that could be attracted to and retained at a conference/convention center in Buda during a stabilized year of operations. The market potential will be presented for those sources of demand that are identified as being supportable in the Buda area. These event sources could include conventions, conferences, meetings, exhibitions, civic, spectator and local community uses and other events.

Measures of event demand will include:

 event levels by event segment;  potential attendance (including visitor) levels by activity or use;  origin of attendees/exhibitors (i.e., local vs. non-local) and associated traffic levels;  length of event data;  facility space and functionality requirements (exhibit, meeting, banquet, seating, staging, technology, etc.) by event type;  hotel requirements;  parking requirements; and,  seasonality data.

Task 4. Preliminary Construction Cost and Financial Operations Analysis

The purpose of this task is to analyze the financial operating and preliminary construction cost characteristics of a conference/convention center in Buda. Based on the program information, unique site features, local cost characteristics and other relevant features, we will provide preliminary cost estimates for the recommended facility and/or facility concepts. The cost estimates will focus on per-unit data adjusted for conditions in the Buda area and cost data of comparable facilities modified for time and locations. The estimates will focus on the building programs and configurations developed in previous study tasks.

Based on the results of the market demand, market supportable building program and event levels research and analysis, we will prepare a financial operating analysis for the conference/convention center. We will present financial operation projections for the scenarios previously identified as being market supportable. Specifically, we will develop a computer-based model incorporating comparable facility data and the estimated levels of event utilization and attendance derived from the market analysis in order to develop estimates with regard to facility operating revenues and expenses.

Revenues including rental, food service, event service, parking, advertising and sponsorship revenues, and other such sources will be estimated. Expenses including salaries (permanent and event driven staff costs), utilities, maintenance, supplies, insurance, contract service costs and others will be estimated.

We will present estimates of financial performance for conference/convention center operations for a stabilized year of operations. The comparison of revenues and expenses will enable you to evaluate the level of facility-supportable revenues or public subsidies that may be required for annual facility operations.

PROPOSAL TO CONDUCT A FEASIBILITY STUDY FOR A CONFERENCE/CONVENTION CENTER IN BUDA, TEXAS August 15, 2016 Page 34 Proposed Scope of Services

Task 5. Economic Impact and Cost/Benefit Analysis

In this step, we will estimate the economic and fiscal (tax) impacts associated with the operation of a conference/convention center in Buda. The operation of such a facility typically attracts some level of out- of-town event delegates to the community. The non-local delegates brought into the community by conference/convention center operations represents the basis for added local economic and fiscal impacts. As part of this analysis, we will develop estimates of total incremental out-of-town delegates to the Buda area generated as a result of a conference/convention center. We will then apply appropriate per-delegate spending estimates using industry data adjusted to the local area. The resulting delegate spending levels will be segmented by industry and applied to economic impact multipliers.

The multipliers, specific to Buda and provided by leading input/output multiplier models, will be used to estimate total economic output, earnings and employment generated as a result of each of the supportable building program scenarios developed. From these economic impact variables, we will apply appropriate local, regional and statewide tax rates to estimate the added tax revenue generated as a result of the project.

The resulting visitor spending levels will be segmented by industry and applied to economic impact multipliers. Visitor spending levels by industry and event type will include the following metrics:

 Direct spending  Indirect/induced spending  Personal earnings/income  Employment (jobs)  Hotel room nights  Tax revenue (by type)

The completion of the economic and fiscal impact analysis will allow for a comparison of key costs and benefits associated with the development and operation of a conference/convention center in Buda. If more than one program scheme and/or project concept was previously developed, costs and benefits will be comparatively evaluated to allow project stakeholders and the community to assess issues related to return on investment.

PROPOSAL TO CONDUCT A FEASIBILITY STUDY FOR A CONFERENCE/CONVENTION CENTER IN BUDA, TEXAS August 15, 2016 Page 35 Professional References

PROPOSED TIMING

We are prepared to commence this engagement upon receipt of notice to proceed. We would look forward to further discussing the specific study preferences or alternatives you may have for a conference/convention center feasibility study in Buda. We expect to be able to complete the scope of services outlined herein within 12 to 14 weeks, reflecting the extensive amount of primary market research and subsequent analysis required to draw informed conclusions.

In addition, regular progress updates will be forwarded to you in-person or via conference call during the study period. Furthermore, we anticipate completing this study in full, performing all work as set forth in this proposal. In the event that a decision not to proceed occurs within the time frame finally agreed upon for this engagement, we will cease our work, and bill you for time incurred on the project at that point in time.

PROPOSED FEES

Total professional fees for any engagement will depend on the number of hours required to complete the project and skill levels of the assigned personnel.

Professional fees and out-of-pocket expenses, including travel costs, postage, telephone, report preparation and reproduction, associated with a conference/convention center feasibility study in Buda, Texas will not exceed $45,000. We would anticipate up to three person trips by project leaders to Buda during the study. Professional fees and out-of-pocket expenses will be billed and are payable on a monthly basis.

We are prepared to commence this engagement upon receipt of notice to proceed. We would look forward to further discussing any specific study preferences or alternatives you may have for this project.

Thank you for your consideration.

PROPOSAL TO CONDUCT A FEASIBILITY STUDY FOR A CONFERENCE/CONVENTION CENTER IN BUDA, TEXAS August 15, 2016 Page 36 Professional References

Convention/Civic Center Study Convention Center Master Plan Contact: Ms. Judy Young Contact: Mr. Horacio De Leon, Jr. Convention & Visitors Bureau Director Assistant City Manager New Braunfels Chamber of Commerce City of Laredo 390 S. Sequin Avenue 1110 Houston Street New Braunfels, Texas 78131 Laredo, Texas 78042 T: (830) 608-2803 T: (956) 791-7302 E: [email protected] E: [email protected]

Convention/Event Center Studies New/Redeveloped Convention Center Contact: Ms. Carla Tate Contact: Ms. Susie Santo Executive Director President and CEO Tangipahoa Parish Conv. & Visitors Bureau Go Wichita 13143 Wardline Road 515 S. Main Street Hammond, Louisiana 70401 Wichita, Kansas 67202 T: (985) 542-7520 T: (316) 660-6307 E: [email protected] E: [email protected]

Conv. Ctr. Expansion and Headquarters Hotel Convention Center and Headquarters Hotel Contact: Mr. Steve Maples Contact: Ms. Jennifer Posey Executive Director St. Clair County Von Braun Center 200 Grand River Ave., Suite 203 700 Monroe Street Port Huron, Michigan 48060 Huntsville, Alabama 35801 T: (810) 989-6343 T: (256) 551-2289 E: [email protected] E: [email protected]

PROPOSAL TO CONDUCT A FEASIBILITY STUDY FOR A CONFERENCE/CONVENTION CENTER IN BUDA, TEXAS August 15, 2016 Page 37 Buda EDC Conference/Convention Center Feasibility Study

Submitted to:

Buda Economic Development Corporation Ann Miller PO Box 1650 Buda, TX 78610

Sent Via Email To: [email protected]

August 1, 2016

Table of Contents

1. Cover Letter

2. Company Profiles

3. Professional Biographies

4. Qualifications

5. Experience

6. References

7. Scope of Work

Cover Letter

August 1, 2016

Buda Economic Development Corporation Ann Miller PO Box 1650 Buda, TX 78610

Sent Via Email To: [email protected]

Buda EDC Conference/Convention Center Feasibility Study

Dear Ms. Miller,

The Hunden Strategic Partners Team (HSP or Team), including architects from HKS, is pleased to respond to your request to conduct a market demand analysis and feasibility study for the proposed new convention/conference center. HSP believes it provides the right fit for your needs, as our professionals have performed these same tasks for numerous similar projects, have experience with many midsized communities, and have the expertise to move you through the entire development process, if the project is feasible.

Hunden Strategic Partners is a leading destination development consulting firm, with offices in Chicago, Minneapolis and Indianapolis. The firm offers the full-range of market and financial feasibility services as well as impact analyses for specialty destination assets such as convention centers, exposition centers and supportive hotels, major and minor league sports facilities, and mixed-use entertainment districts. In addition, HSP also provides the financial advisory services and developer solicitation and selection experience to move projects from concept to funding. Many of our clients seek to achieve economic development through destination asset growth, including sports and convention facilities.

HKS is a worldwide collaborative of professionals, strategically located and working seamlessly as one firm with individual expertise in design, research and management. In more than 1,490 cities, including headquartered in Dallas, HKS project experience includes convention centers, hotels, sports facilities, resorts, education facilities and more located in 1,498 cities, interior design and facility assessment.

HSP and HKS have a successful track record working together in Austin, TX, Portland, OR, and Greenville, SC on convention, conference and meeting facility projects.

Why choose the HSP Team? § Experience in the market analysis, feasibility and financing of convention centers. HSP is a noted expert in convention centers and has experience consulting on the development of numerous convention center facilities and related hotels throughout the United States, in all market sizes from coast to coast. Some of these markets include: o Fort Worth, TX – Convention Center & Hotel, Arena o Dallas, TX – Convention Center Expansion o Austin, TX – Convention/Expo Center, Hotel & Arena o Fort Wayne, IN – Grand Wayne Center, Hotel & Downtown Entertainment District, Arena

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o Bentonville, AR – Convention Center & Hotel o Spearfish, SD – Convention Center o Greenville, SC – Convention Center & Hotel o Memphis, TN - Memphis Cook Convention Center o Savannah, GA – Convention Hotel o Evansville, IN – Ford Center Arena, Convention Center & Convention Hotel o Springfield, MO – Convention Center Expansion & Hotel § Experience with the total destination package. HSP does not just focus on convention/conference centers, but understands the development package necessary for long-term success. This means our experience on hotels, restaurants and entertainment districts, sports and event facilities and other projects. § Experience working in Texas. HSP has completed numerous convention center, sports and related studies in Texas, including Austin, Abilene, Amarillo, Bryan-College Station, Carrollton, Dallas, Fort Worth, Lubbock, Mansfield, and South Padre Island. § Experience working with Public Purpose Entities. Public sector and related organizations, such as authorities and CVB’s, make up 90 percent of HSP’s client base. § Small firm with national scope and local focus. As a principal-owned firm, HSP has the advantage of being able to focus our national experience on your specific needs. HSP does not use “boiler plate” reports like many of the national consulting firms. You will deal directly with Rob Hunden and key staff. § Regulated by the Municipal Securities Rulemaking Board (MSRB). This federal agency ensures that municipal advisors are transparent and accountable. Not all consultants are in compliance, but should be if you intend to hire anyone providing projections and advice. § A true understanding of the need for integrity in advice provided. HSP is deeply committed to transparent public sector induced development and knows that advice provided to the public sector should be straightforward, supportable and transparent.

The contact information for Hunden Strategic Partners is: 688 N. Milwaukee Avenue, Suite 202 Chicago, IL 60642 (312) 643-2500 phone; (312) 643-2501 fax www.hundenpartners.com

Hunden Strategic Partners appreciates the opportunity to work with you.

Sincerely,

Robin Scott Hunden, President

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Company Profiles

Hunden Strategic Partners is a full service real estate development advisory practice specializing in destination assets. With professionals in Chicago, Los Angeles, Minneapolis and Indianapolis, HSP provides a variety of services for all stages of destination development in the following primary areas: § Real Estate Market & Financial Feasibility & Development Consulting § Convention & Conference Centers § Convention/Conference & Boutique Hotels § Entertainment/Retail Districts, Mixed-use Developments § Arts, Cultural & Entertainment Facilities § Sports & Recreational Facilities § Fairgrounds & Expo Centers § Specialty Real Estate, including Business Incubators § Public Incentive Analysis § Economic, Fiscal, & Employment Impact Analysis (Cost/Benefit) § Economic and Tourism Policy/Legislation Consulting § Organizational Development § Research & Statistical Analysis § Developer Solicitation & Selection; Private Management Company Solicitation & Selection Hunden Strategic Partners (HSP) professionals have provided all of the above services for hundreds of client projects worldwide for the public, non-profit and private sectors. In addition, HSP professionals have prior professional career experience in municipal and state government, economic and real estate development, real estate law, hotel operations and non-profit management. Over 80 percent of HSP’s clients are public purpose entities, such as municipalities, counties, states, convention bureaus, authorities and other quasi- government entities empowered to conduct real estate, economic development and tourism activities.

www.hundenpartners.com ^

HKS Convention Center Profile

Today’s great convention centers Weaving together beauty, function and are gathering places re-imagined and reinvigorated to reflect our time permanence, great design captures and the unique locales and vibrant imaginations, transforms organizations cultures they inhabit – as well as the very events held within them. The and brings return on capital investments. cavernous, indistinct containers Design reinvigorates, reinvents and designed to accommodate the masses have given way to modern conserves resources. HKS cultivates event spaces that are less about the power of design through talent, buildings and more about people and the rich experiences they aspire experience, technical expertise and to enjoy. innovative processes. We place design at Our Practice the heart of all our thinking and work. The evolving needs of meeting and event planners, combined with the desires of conventioneers is driving the forward-thinking design of next-generation convention centers – thoughtful, purpose-driven design events: facilitating and evoking the We seek the new and unconventional that is strategic in its flexibility, right balance of practical, emotional in the convention business, working beauty, functionality, ef iciency, and aesthetic experiences that with our clients on design solutions urban integration, amenity of erings connect guests to one other and that help a venue or expansion and sustainability. HKS approaches the event, while strengthening become highly marketable, generate each project with these key design and awakening the spirit of non-traditional revenue and earn elements in mind, striving to create neighborhoods and communities in repeat business. public assembly facilities that enable direct relationship with the venue.

HKS has completed projects throughout the world located in 1,648 cities throughout 84 countries. Every place has its own purpose, meaning and culture. We design places that allow the people who live, work and experience them to thrive. Our work is global, reaching across cultures and industries to create places that enhance the human experience. ^

At our soul and in our daily practice, we are a service company. Our vast suite of capabilities allows us to intersect with one another, involve experts at every level, include our clients’ visions and improve each project we touch. A place is not merely a structure. It is a living, breathing element that resides in a larger environment and must exist in a community and improve the experience of those who use it – as well as those who never will.

HKS has researched, planned and private developers, landowners, HKS designs places that enhance designed a broad range of assembly institutions, universities and more. urban environments and how people spaces within myriad facility types live, work and thrive within them. for decades, including sports and Creativity, enthusiasm, teamwork Our approach involves the careful entertainment venues, convention and common sense define our integration of buildings, open spaces center hotels and expansions, work ethic. Our methodology is and street networks with sustainable university conference centers collaborative; we often organize value, always mindful to embrace and more. teams of professionals from within local vernacular – projects that are and outside HKS, ranging from noteworthy for the way each one Our deeply experienced teams in urban planners, city and county improves the surrounding area. urban and master planning and the representatives, sustainability hospitality, commercial/mixed-use, consultants, engineers from a Firm Background education, sports and entertainment variety of disciplines and a range For 76 years, HKS has nurtured a sectors – people who plan and of other design professionals, culture that reveres both invention design vibrant districts and working actively with our client’s and client focus. The top-five gathering places that energize participation, which produces our architectural firm operates from streetscapes and uplift the best work and the best results. 26 worldwide of ices. Our firm’s urban fabric – collaborate with project experience includes our convention center practice Our staf includes passionate aviation, commercial, mixed-use leaders on stand-alone convention designers and project managers and residential, convention center, center projects, redevelopment who have worked on both public healthcare, sports, hospitality, or facility expansions, exhibition, and private sector convention governmental, educational, science entertainment and event venues. center projects in the U.S. and and technology, retail and industrial internationally. The value we deliver projects located in 1,648 cities in 84 Our cross-pollinating approach is includes tight fiscal management, countries. unique to the industry, creating a on-time project delivery and deep new model that benefits the long local knowledge; we fully grasp that term building needs of both public meeting planners seek out desirable and private sector clients. We destinations that deliver an engaging provide a wide array of services for experience and authentic local flavor. public agencies and municipalities,

Professional Biographies

PROFESSIONAL BIOGRAPHIES

Robin Scott Hunden, President & CEO

Mr. Hunden and his firm offer extensive experience in the economics of all manner of unique real estate projects, including sports complexes, restaurants, retail, hotels, meeting/conference/convention facilities and entertainment districts. Over the past 20+ years, Mr. Hunden has provided economic development, finance and planning expertise and conducted more than 350 feasibility and economic impact studies, including for some of the most notable projects in the U.S. He has had a hand in the development of more than $3 billion in completed, transformative projects, including arenas, convention centers, major convention hotels, compelling boutique hotels, entertainment districts in several cities, theme parks and major tourist attractions.

What separates Mr. Hunden from most is his marriage of critical analytics with planning, programming and design…all toward smart, compelling development. Beyond simply completing studies for projects, Hunden uses deep analysis of “what works” to massage projects into a form and function that will thrive and move the project and surrounding community to the next level. This also includes telling the truth, always, to help clients avoid mistakes or unsustainable projects. All of these experiences help Hunden consider individual projects as well as entire districts and downtowns, like the Fort Worth Stockyards, all of downtown Indianapolis, the Chicago Riverwalk/Navy Pier district, Irvine/Orange County, California’s Great Park, Ottawa’s Lansdowne Park, major Indiana tribal mixed-use developments in Phoenix and major university sports and entertainment districts.

He has completed dozens of convention/expo center-related studies in markets from 20,000 to 20 million people, including in: § Larger Markets: Dallas, Austin, Chicago, Indianapolis, Kansas City, Memphis, Fort Worth, Louisville, New York, Portland and Minneapolis § Small Markets: Fuquay-Varina, NC; Rockford, IL; Sidney, NE; Thornton, CO; Missoula, MT; Greenville, SC

Hunden has worked on over 100 hotel studies and processes for: § More than two-dozen convention hotels, including approved or built hotels ranging from 200 to 1,000 rooms in Indianapolis, Erie, Fort Worth, Evansville, Louisville, Branson and elsewhere. § Many boutique hotels, including on Navy Pier in Chicago, four 21c Museum Hotels, among others.

Hunden has worked on numerous entertainment/restaurant districts in North America, including: Navy Pier, Chicago; Columbus Scioto Peninsula, OH; Kansas City Power & Light District; 4th Street Live! Louisville, KY; Lansdowne Live in Ottawa, ON; San Juan District, PR; Woodbine Live! in Toronto, ON; Bradenton, FL; Albuquerque/University of New Mexico; and the Fort Worth Stockyards.

Hunden has extensive market, financial impact and planning studies for sports complexes including: § Analysis of major arena facilities: Indiana Pacers/Bankers Life Fieldhouse, the new Sacramento Kings Golden 1 Center Arena and the Sprint Center in Kansas City. § Midsized arenas and stadiums: Ford Center in Evansville, Enid, OK Events Center, University of South Alabama football stadium, Grand Junction arena, Fort Wayne arena and Osceola County arena.

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§ Motorsports venues such as Laguna Seca Raceway, Wild Horse Pass/Firebird Raceway and the Kentucky Speedway. § Major youth sports complexes across the US, including Grand Park in Westfield, Indiana and Great Park in Irvine, California, two of the largest such facilities in the country. Other indoor youth sports facilities include tournament projects in Florida, New Orleans, Saginaw, South Bend, Rockford, Omaha, Lexington, Osceola County (FL), Henderson (KY), Holland Charter Township (MI), Placer Valley (CA) and others.

In Chicago, he has worked on some of the biggest local projects, including the French Market, Union Station, Ogilvie Station, the $100 million Chicago Riverwalk, Navy Pier’s $200 million renovation and hotel addition, Presidential Towers, US Cellular Field, DuSable Museum and sports/recreation projects for the Chicago Park District.

Mr. Hunden has provided impact analysis to the Commonwealth of Kentucky on nearly 30 projects that have applied for incentives under the Kentucky Tourism Development Act (KTDA), which include and Ark Encounter Theme Park, multiple hotel and convention centers, the Newport Aquarium, Ketnucky Speedway, Hofbrauhaus and others. He has created dozens of other individual and comprehensive impact models for projects around the U.S. and Canada.

Prior to starting HSP in 2006, Hunden served as Vice President of Johnson Consulting in Chicago. There, he led specialized work on hotels, conference centers, urban entertainment-retail districts sports and convention centers. His work there included such projects as Fort Worth’s Omni Hotel, Erie’s Bayfront Convention Center and Sheraton, and multiple arenas. Previously, he conducted real estate finance transactions at Landauer Associates and Grubb & Ellis through their capital markets division.

Mr. Hunden’s public-private project and economic development career began at the Indianapolis Bond Bank and the Indianapolis Mayor’s Office from 1996 through 1998, where he managed more than a dozen projects, including the 1999 Indiana Convention Center expansion, the RCA Dome expansion, development of the 615-room Marriott and Conseco/Bankers Life Fieldhouse. He also worked on the repurposing and conversion of Glendale Mall, Union Station, and the development of the Emmis Headquarters. From 1994 to 1996, he worked in financial consulting in the Washington, DC area for clients including six presidential candidates.

Rob has written articles on downtown development and taught college-level Destination Development courses. He also sits on the advisory board for the Real Estate Club for Indiana’s Kelley School of Business, DePaul University’s School of Hospitality and for IAVM’s Allied Member committee. Mr. Hunden is a member of the International Society of Hospitality Consultants (ISHC), ULI, IEDC, IDA and ICMA. He has conducted IEDC panel discussions and taught numerous professional development courses for IEDC over the past 12 years. He has also spoken at the Greek Conference on Tourism and the Bond Buyer’s “Tourism as Economic Development” conference, among many others. Mr. Hunden received a B.S. in Finance from Indiana University in Bloomington, Indiana.

Ethan Olson, Project Director

Mr. Olson manages and directs the internal execution of HSP projects and represents the firm on a number of fronts. He joined Hunden Strategic Partners in 2012 from a background in sports facility, event, hospitality and operational management. In his role, Mr. Olson conducts economic, market and financial feasibility research for a variety of projects as well as comparable development analyses. In all, he has worked on approximately 100 projects, including: § Convention and Expo Center developments in Austin, TX; Portland, Oregon; Rockford, IL; St. Joseph, MO; Bentonville, AR; Greenville, SC; and Muskogee, OK.

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§ Mixed-used and Downtown Entertainment projects such as the Chicago Riverwalk and Navy Pier expansions; an entertainment districts in San Juan, Puerto Rico; Phoenix, Albuquerque, and Bradenton. § Sports and Recreation Facilities in Irvine, CA, Orange, Osceola and Collier Counties in Florida, Jefferson Parish, LA, Monroe, MI; Elkhart and South Bend, IN; Holland Charter Township in Michigan; Richmond, VA and Lexington, KY. Boutique, Full-Service and Convention Hotels in Hampton, VA; Sioux City, IA; Tupelo, MS; Branson, MO Fort Worth and Amarillo, TX. § Other work includes the review of more than one dozen projects applying for incentives from the Kentucky Tourism Development Act in Louisville, Paducah, Lexington, Owensboro and elsewhere.

Prior to joining Hunden Partners, Mr. Olson worked at World Sport Group, assisting the Stadium & Arenas Division in their commercial rights and premium seating strategic plan for the $1.5 billion Singapore SportsHub Project. His role there included management of the naming rights valuation and market research projects. While in Arizona, Ethan worked for the Phoenix Regional Sports Commission partnering with local business and organizations to develop grassroots sporting events in the community and worked on bid efforts to bring national and international sporting events to the Phoenix region. He has also served as Operations Manager for Sports Experience, directing customer service initiatives and managing vendor product marketing for the Nike and Under Armour brands.

A graduate of Ohio University’s Masters of Business Administration and Sports Administration dual degree program, Mr. Olson also holds a Bachelor of Science degree in Kinesiology from Arizona State University. He lived in Minnesota, Arizona and Ohio prior to moving to Chicago.

Michael J. Montgomery, Project Manager

Mr. Montgomery has contributed to and/or managed dozens of projects at HSP, including numerous sports, entertainment, hotel, mixed-use and convention/expo projects. Recently, he contributed to the feasibility and impact analysis for a proposed indoor/outdoor youth sports complexes in Orange County, Osceola County and Collier Counties in Florida, as well as a major youth sports complex near New Orleans. Other sports projects include indoor facilities in South Bend-Mishawaka IN, Saginaw and Holland Charter Township, MI and La Vista, Nebraska. These involved a deep understanding of the competitive supply and potential demand for tournaments and local usage for swimming, diving, basketball, volleyball, track, soccer, dance, cheer, wrestling, pickleball, tennis and others.

He has worked on dozens of other market and financial analyses, including an incremental tax revenue analysis for multiple hotels, bourbon distillery visitor centers and a theme park study for the Kentucky Tourism, Arts and Heritage Cabinet. He has also worked on transformative projects in Hampton and Portsmouth, Virginia; a new arena in Fort Wayne, Indiana; and a convention hotel in Sioux City, Iowa.

His analysis was also critical in HSP’s work assessing Milwaukee’s downtown as a destination for nightlife and leisure. He has also worked extensively on a mixed-use masterplan for a major development near Phoenix as well as a market and financial study for mixed-use entertainment districts in New Mexico, Arizona and Florida.

Michael received his B.S. in Management-Finance from the Purdue University Krannert School of Management. While there, Michael was involved in the Doster Leadership Conference as well as the Sigma Chi Fraternity.

Eric J. Hunden, Analyst & Infographics Director

Mr. Eric Hunden provides 25 years of experience in demographic research, case studies and complex mapping as

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HSP’s infographics director. Since HSP’s founding in 2006, Eric has brought important contextual understanding and research related to real estate, regional and cultural analysis, in addition to critical research for economic, demographic, media and market studies. In working with HSP, he has worked on more than 250 assignments, providing market analysis, mapping and case studies. His specialty is communicating concepts and important information through varying types of maps and graphics, including three-dimensional downtown maps, demographic migration pattern maps, drive-time analyses and competitive marketplace maps.

Prior to working with HSP, he founded Big City Maps (BCM) in Minneapolis and was a map artist for mapformation.com, North America’s largest custom mapping company. In both capacities, he developed research and mapping analyses for over one hundred locations, concentrating on traditional urban cores and neighborhoods, retail and entertainment districts -- including the Walt Disney World smart phone application map -- and college campuses. Prior to HSP and BCM, he worked for the Indiana Department of Transportation honing an appreciation for public infrastructures impact on society.

He received a B.S. in Geography with academic emphasis in Architecture and Urban Planning from Kansas State University. He has lived in Indiana, Kansas and now resides near Minneapolis.

Dillon Gilman, Senior Analyst

Mr. Gilman has contributed to numerous projects and studies at HSP, including studies for entertainment districts, mixed-use projects, hotels, sports, convention and equestrian/rodeo projects. Dillon’s research includes hundreds of interviews, dozens of surveys, and profiles of comparable and competitive facilities to assess competitiveness and potential performance.

Most recently, Mr. Gilman has been focused on a few key areas of expertise for HSP, including equestrian, rodeo, stock show as well as entertainment districts. He has been deeply involved in the Fort Worth Stockyards district analysis, the Austin/Travis County Exposition Center and rodeo facilities and similar facilities for Osceola Heritage Park.

For entertainment districts, he has worked on projects at Union Station and Ogilvie Station in Chicago, an entertainment district at the University of New Mexico, at the Fort Worth Stockyards, in San Juan, in two locations in Florida and at several locations around the Phoenix market. He has also worked on a variety of analyses for HSP’s Kentucky tourism analyses, including for mixed-use districts in Louisville, distilleries, hotels and amusement parks.

He has worked on convention, hotel, sports and other destination projects such as: the Monroe Multi-Sport Center in Michigan, a proposed executive fitness center in Tampa, several motorsports and racing facilities in Arizona, a parking facility studies at Midway Airport in Chicago and LaGuardia Airport in New York. He has also conducted research on markets in more than a dozen states, including California, Colorado, Florida, Texas, Louisiana, Wisconsin, Missouri, Arkansas, Kentucky, Illinois, Indiana, Michigan and West Virginia.

Mr. Gilman attended the Kelley School of Business at Indiana University, with a degree in Finance and a real estate concentration.

Nicholas D’Onofrio, Analyst

Mr. D’Onofrio has completed analysis for a number of projects, including studies for sports, fitness, recreation and wellness facilities, as well as arenas, convention, event and entertainment centers. His research includes profiling comparable and competitive facilities to assess competitiveness and potential performance, as well as research and

www.hundenpartners.com writing related to feasibility and impact analyses.

Most recently, Mr. D'Onofrio contributed to a multi-facility analysis for a new arena in Grand Junction, Colorado that also considered the renovation and expansion of the Two Rivers Convention Center and Avalon Theatre. He has conducted in-depth analysis of college football stadiums for the University of South Alabama’s proposed football stadium, including the details of suites, club and loge seats, premium lounges and other revenue generating components.

He has worked on projects including the expansion of the Kay Bailey Hutchison Convention Center in Dallas as well as the potential relocation of the Texas Rangers to downtown Dallas. Nicholas’s work includes interviews, data search, site analysis and local supply and demand analysis. He has worked on projects such as a community recreation center in Holland Charter Township, Michigan, an indoor sports facility in South Bend, Indiana and a multipurpose event facility in Placer Valley, California. He has also worked on a variety of tourism developments for the Kentucky Tourism Development Act, including entertainment, hotel, distillery and event venues.

Mr. D’Onofrio graduated from Indiana University, with a degree in Sports Administration. While there, he re- established Sigma Phi Epsilon Fraternity, where he was the founding member and the member development chair. He previously has spent time in both print and radio advertising as a sales manager and executive. He has lived in Michigan, New Jersey and Indiana.

www.hundenpartners.com

ROB HUNDEN CONTRIBUTIONS

Articles Contributor to Urban Land Magazine § “Making Sports-Oriented Mixed Use Work” by Patricia Kirk, April 2015 Contributor to The IEDC Economic Development Journal § “Public Subsidies for Headquarter Hotel Development: Are they Necessary?” Guest Editorial for the Indianapolis Business Journal § “Can Gary be Great Again?” Hotel & Motel Management Magazine § “Conducting an Annual Relationship Audit will Allow Revenue to Bloom Indianapolis Business Journal, Crain’s Chicago Business, Meeting News § Quoted multiple times from 2006 – Present regarding development issues.

Teaching Experience Adjunct Instructor at Kendall College, Evanston, Illinois from 2001 to 2004, 2010 § “Destination Development & Management” § “Topics in International Tourism” § “Feasibility Studies” Instructor for International Economic Development Council’s CEcD Coursework: Columbus, Ohio -- 2004 Scottsdale, Arizona – 2013 San Antonio, Texas – 2007 Madison, Wisconsin – 2013 New Orleans, Louisiana – 2009 Anchorage, AK – 2014 Lansing, Michigan – 2009 Chapel Hill, NC – 2015 Baltimore, Maryland – 2011 Phoenix, AZ – 2016 Atlanta, Georgia – 2010, 2012, 2013, 2014 Philadelphia, PA – 2015 § “Market & Site Analysis” § “Financial Feasibility” § “Managing Developer Selection” § “Local Tools for Economic Development”

Board Memberships DePaul Hospitality School Advisory Board Imagination Theater (Former President) Chicago Fashion Incubator Chicago Games, Inc. (Former) Murat Centre for Performing Arts (Former)

Professional Speaking Engagements Speaker for Association of Luxury Suite Directors “Sports Venue Design & Build Forum” 2016 Pittsburgh § Trends in Socializing via Premium Experiences in New/Renovated Facilities. What’s Driving Change? Speaker for P3 Conference & Expo, 2016 Dallas, TX § Entertainment Districts: The Glue Creating the Live/Work/Play Environment Speaker for Association of Luxury Suite Directors “Sports Venue Design & Build Forum” 2015 San Francisco § Trends in Entertainment Districts Speaker for Urban Land Institute’s “StimULI Breakfast” 2015 Los Angeles, CA § Sports-Oriented Mixed-Use Developments Speaker for IEDC’s “If You Build It, They Will Come” Conference, 2014, Fort Worth, TX § Trends in New Sports Stadiums, Convention Centers, Performing Arts Venues, and Other Public Projects Indiana University Kelley School of Business Real Estate Club, 2014 Speaker, Bloomington DePaul School of Hospitality 2013 Speaker, Chicago Speaker for IEDC’s “How You Build It” Conference, 2010, Oklahoma City § Trends in Restaurant, Retail & Entertainment Developments Speaker for IEDC’s Annual Conference 2009, Reno § New Life for Dead Malls Speaker for IEDC’s “Building Cutting Edge Public Private Partnerships” 2008, Charlotte § Financing Public-Private Projects § Convention Hotels & Entertainment Districts Speaker at Indiana Department of Tourism Development Conference 2008, Indianapolis § Developing Destination Assets § Convention Hotels & Related Facilities Speaker & Moderator for IEDC’s “If You Build It, Will They Come?” 2007, Kansas City § Financing Headquarters Hotels § Financing Destination Projects § Sports-based Entertainment Districts Moderator at IEDC’s “If you Build It, Will They Come?” § Tempe, AZ – January 2005 – The Future of the Convention Center Industry § Tampa, FL – January 2004 – Convention Hotel Development Panel Panelist for the Bond Buyer’s “Tourism as Economic Development Conference” 2006, Baltimore § “Culture & Cultural Institutions as Economic Engines” Speaker at the Greek Conference on Tourism –2005, Thessaloniki, Greece § “Trends in Convention & Congress Centers” Kelley School of Business Sports & Entertainment Academy, 2004 Speaker, Bloomington

Professional/Educational Organizations International Association of Venue Managers International Downtown Association Government Finance Officers Association International Economic Development Council International Society of Hospitality Consultants Urban Land Institute

^

“The human interaction that happens at a convention and other events is what’s important – it’s the reason people gather. Our work as designers is to create a place that encourages and enriches that experience.”

Ken Stockdell BACKGROUND Spokane Convention Center Completion Design-Build AIA, LEED AP BD+C | Vice President Master of Architecture, Competition* | Spokane, Role: Principal in Charge/Project Manager Georgia Institute of Technology Washington Bachelor of Science in Architecture, Peer review for a competition With 30 years of experience in the Georgia Institute of Technology proposal for completion of the programming, planning and design Registered Architect: Georgia, Indiana existing facility to the originally of public assembly facilities, Ken has Certified, National Council of Architectural intended program become a recognized expert in this Registration Boards (NCARB) discipline. He has been invited to U.S. Green Building Council LEED® Cleveland Convention speak at the International Association Accredited Professional Building Center and Medical Mart of Venue Managers’ International Design + Construction Study* | Cleveland, Ohio Convention Center Conference American Institute of Architects Peer review for expansion study numerous times and has published articles in Facility Manager, Auditoria Boston Convention and Exhibition and Revitalization magazines. Prior RELEVANT EXPERIENCE Center Expansion Master to joining HKS, Ken was involved Plan* | Boston, Massachusetts in more than 30 convention center Jacob K. Javits Convention Center Master plan for expansion of the design commissions, including work Expansion and Renovation Peer facility along with identification of at four of the five largest facilities Review* | New York, New York convention hotel sites in North America, receiving three Peer review and input to the national AIA Honor Awards and renovation and expansion design Dallas Convention two Urban Land Institute Awards of team on behalf of the facility’s Center Expansion Master Excellence. operating team including Plan* | Dallas, Texas construction phasing to maintain Master plan for 1 million sf of exhibit operations space expansion

*Relevant experience prior to HKS

Qualifications

\

Professional Experience

Convention and Conference Cleveland, OH – CREST Center Centers, Expos & Fairgrounds Coralville, IA – Convention Center Austin, TX – Travis County Expo Center Corydon, IN – Conference Center Bentonville, AR – Convention Center & Cyprus – Conference Centre Hotel DeSoto County, MS – Civic Center Bloomington, IN – Convention Center Expansion Branson, MO – Convention Center Durham, NC – Civic Center Enid, OK – Convention Center Fuquay-Varina, NC – Conference Center Greenville, SC – Convention Center Hamilton County, IN – Fairgrounds Harrison County, IN – Fairgrounds Indianapolis, IN – Convention Center Expansion

Bryan-College Station, TX – Convention Center Cancun, Mexico – Convention Center

Jackson, MS – Convention/Telecom Center Jamaica – Conference Center Jeffersonville, IN – Convention Center Kalamazoo, MI – Convention Center Chicago, IL – South Side Conference Kitsap County, WA – Fairgrounds Center Loveland, CO – Conference Center Clearwater, FL – Convention Center Professional Experience

Convention and Conference Rockford, IL – Convention Center Centers, Expos & Fairgrounds Salem OR – Conference Center & Hotel Louisville, KY – Kentucky Expo Center Sidney, NE – Conference Center Snowmass Village, CO – Conf. Center & Hotel

Memphis, TN – Convention Center Michigan City, IN – Blue Chip Casino & Conf. Center Missoula, MT – Event Center Nashville, TN – Tennessee State South Padre Island, TX – Conv. Ctr. Fairgrounds Expansion New York City, NY – Pier 94 Spearfish, SD – Convention Center Osceola County, FL – Convention Center Springfield, MO – Exposition Center Phoenix, AZ – Civic Plaza St. Charles, MO – Convention Center & Pueblo, CO – Convention Center Hotel Portland, OR – Portland Expo Center St. Joseph, MO – Convention Center & Hotel Rising Sun, IN – Rising Star Casino Resort St. Louis, MO – SLU Busch Student Union Thornton, CO – Convention Center Toronto, ON – National Trade Centre Trenton, NJ – Expo Center Valparaiso, IN – Convention Center

Professional Experience

Convention Hotels Erie, PA – Bayfront Sheraton, 210 Rooms Amarillo, TX – Convention Hotel, Evansville, IN – Convention Hotel, 300 Rooms 253 Rooms Bangkok – Convention Hotel, 600 Rooms Fort Wayne, IN – Courtyard by Marriott, 250 Rooms Bloomington, IN – Convention Hotel, Fort Worth, TX – Omni, 600 Rooms 250 Rooms Branson, MO – Convention Hotel, 294 Rooms

Fresno, CA – Convention Hotel, 400 Rooms Bryan-College Station, TX – Conv. Hotel, Indianapolis, IN – Marriott, 615 Rooms 250 Rooms Chicago, IL – McCormick Place, 800 Rooms Clearwater, FL – Convention Hotel, 350 Rooms Coralville, IA – Marriott, 250 Rooms Durham, NC – Convention Hotel, 390 Rooms Enid, OK – Convention Hotel, Jeffersonville, IN – Convention Hotel, 125-150 Rooms 225 Rooms Professional Experience

Convention Hotels 250 Rooms Kalamazoo, MI – Convention Hotel, TBD Salt Lake City, UT – Convention Hotel, 1,000 Rooms Louisville, KY – Galt House Hotel, Savannah, GA – Convention Hotel, 1,300 Rooms 500 Rooms Madison, WI – Convention Hotel, Sioux City, IA – Convention Hotel, 400 Rooms 188 Rooms Memphis, TN – Convention Hotel, South Padre Island, TX – Convention Hotel, 1,000 Rooms Strategy Minneapolis, MN – Convention Hotel, Springfield, MO – The Ramada Oasis 1,200 Rooms Convention Center New York, NY – The New Yorker Hotel, 1,000 Rooms Osceola County, FL – Convention Hotel, 800 Rooms Owensboro, KY – Convention Hotel, 150 Rooms

St. Joseph, MO – Convention Hotel, 200 Rooms Syracuse, NY – Convention Hotel, 350 Rooms Palm Beach County, FL – Conv. Hotel, Thornton, CO – Convention Hotel, 400 Rooms 350 Rooms Paducah, KY – Convention Hotel Tucson, AZ – Hilton Hotel, 400 Rooms Rockford, IL – Convention Hotel, Tunica, MS – Myriad Resort, 1,500 Rooms

Experience

Project Data Key Scope Items: § Market & Financial Feasibility Studies, Impact Studies § Developer, Brand and Architect Selection Process Management § Convention Center Expansion, Convention Hotels and Arena Development Budget: $240,000,000 (including condominiums) + TBD HSP Professionals Involved in Project: Rob Hunden, Ethan Olson, Shaun Hunt, Eric Hunden Time of Service: 2001 – 2004, 2013 – 2016

Fort Worth Convention Center & Arena Studies Fort Worth, Texas

Hunden Strategic Partners has an ongoing contract with the City of Fort Worth to provide market research and expertise on convention center development and expansion. Hunden has worked for Fort Worth twice for two major expansions. From 2001 – 2004, Mr. Hunden co-managed a hotel strategy for downtown Fort Worth while at a prior firm, specifically related to an expansion of the convention center. The initial study was completed in 2001 and included a feasibility study and recommendation report, a timeline for hotel development, which included a recommended renovation of the T&P building into a boutique hotel and condos and the development of a 600-room full-service convention hotel.

Based upon the success of the FWCC and Omni, the City in 2013 retained HSP to analyze the next phase of expansion, new hotel opportunities and the development of a new arena for downtown. HSP conducted a full market and financial analysis related to the future potential expansion and renovation of the FWCC. The study examined the current conditions of the FWCC, including the local, downtown and walkable hotel package. The report was completed in 2014. The report recommended a convention center expansion as well as a 1,000- room headquarter convention hotel.

Project Data Key Scope Items: § Arena, Exposition, Park Facilities Market & Feasibility Analysis § Highest and Best Use Analysis § Development Potential and Funding Options § Impact Studies HSP Professionals Involved in Project: Rob Hunden, Ethan Olson, Michael Montgomery, Dillon Gilman Eric Hunden Time of Service: 2015 Austin Expo, Arena and Park Redevelopment Study Austin, Texas

Hunden Strategic Partners was engaged by the City of Austin, Texas and Travis County to conduct a market, financial, design and economic impact analysis of the Travis County Exposition Center and the

Walter E. Long Metropolitan Park. The study focuses on three main components of the park: the exposition center, the arena and park. The studies included local and comparable facility analysis, recommendations for current and future utilization of the facilities, financial analysis and trends, construction costs and site analysis, implementation strategy, and recommendations.

The Park and Expo Center includes the Luedecke Arena, Skyline Club, Show Barn and a banquet hall located on an 1,872-acre tract of parkland boasting popular outdoor activities including boating, fishing, swimming and hiking. However, much of the park has never been made open to the public. The current study focuses on the 128-acre parcel housing the multipurpose expo facility, the arena and parkland, home to the Star of Texas Fair and Rodeo. It also hosts weddings, banquets, craft and animal shows, fun runs and 5Ks throughout the year. HSP’s analysis will determine if a new arena and expo center should be built that would be better utilized by the community and induce more economic activity and jobs for the area.

Project Data

Key Scope Items:

§ Expansion Study

§ Demand & Financial Projections § Economic, Fiscal and Employment Impact Analysis HSP Professionals Involved: Rob Hunden, Ethan Olson, Michael Montgomery, Dillon Gilman Time of Service: 2015

Dallas Kay Bailey Convention Center Expansion & Impact Study Dallas, Texas

The Dallas Convention and Visitors Bureau (CVB) engaged Hunden Strategic Partners (HSP) to perform an economic, fiscal and employment impact analysis for the proposed expansion of the Kay Bailey

Hutchison Convention Center.

The Kay Bailey Hutchison Convention Center Project is proposed as an expansion and repurposing of the current facilities in order to accommodate greater meeting, conference and convention user groups. From the perspective of the convention center industry, generating more inbound convention and group activity is expected to bring net new spending and tax impact to the community, especially in terms of hotel room nights and taxes. HSP conducted a meeting planner survey, current facility analysis, historical demand and financial analysis, then made projections of future demand, attendance, room nights and other performance measures for the expanded center. This then led to a projection of economic, fiscal and employment impact that could be compared with the likely public investment necessary to build the project.

Project Data Key Scope Items: § Downtown Convention Center Feasibility Study § Meetings Market Competitive Analysis § Convention Hotel Package Analysis § Demand, Financial and Impact Analysis Development Budget: TBD HSP Professionals Involved in Project: Rob Hunden, Ethan Olson, Michael Montgomery, Dillon Gilman Eric Hunden Time of Service: 2015

Downtown Convention Center Feasibility Study Greenville, South Carolina

The City of Greenville, South Carolina, in partnership with Greenville County and the VisitGreenvilleSC, (Client or City) hired Hunden Strategic Partners to identify the market potential and feasibility of a downtown convention center. The Hunden Strategic Partners Team, including design firm HKS, analyzed the marketability and uses of a convention center, evaluated proposed sites, created operating and development cost estimates and provided an understanding of the “best pitch package”.

A new convention center is proposed to replace the current TD Convention Center (TD Center), located about three miles east of downtown. The goal is to improve quality of life, hotel stays, new jobs and economic impact by attracting sizeable conventions, tradeshow and meetings. The tradeoff of losing the TD Center and gaining a smaller facility downtown was measured.

The TD Convention Center, at its current location, has been a key institution for tourism in the city since 1964. With approximately 340,000 square feet of usable space, the facility is host to a variety of events such as Comic-Con, SC Arms Collectors Association, Wedding Festivals Bridal Show, “Metal and Mayhem” and Carolina Foothills Dog Show.

Project Data Key Scope Items: § Convention Center & Hotel Study § Market, Financial Feasibility Study Development Budget: TBD HSP Professionals Involved in Project: Rob Hunden, Ethan Olson, Michael Montgomery, Eric Hunden, Dillon Gilman Time of Service: 2015

Bentonville Convention Center and Hotel Study Bentonville, Arkansas Hunden Strategic Partners was engaged by the City of Bentonville and the Bentonville CVB to study the hotel, convention, conference, and events market to determine if opportunity exists to develop a convention center and hotel package.

The City desires to enhance its community as a destination for visitors, residents and businesses with the possible development of meeting, convention/conference and hotel facilities that will both attract and accommodate demand from major corporations like Walmart, Tyson and others, as well as opportunity to attract rotating conventions.

The study analyzed or included: • Bentonville’s Economic, Demographic and Tourism Attributes; • Convention/Conference Industry and Trends • Local and Regional Competitive Facilities • Comparable Facility Case Studies • Convention Headquarter Hotel Trends and Competitive Environment • Hotel Market • Made Recommendations for a Convention & Hotel Package • Demand Projections • Financial Performance • Funding and Financing Alternatives

Project Data Key Scope Items: § Downtown & Convention Center Area Analysis § Local Hotel Market Analysis § Convention Center & CC Hotel Package Analysis § Recommendations § Financial Projections HSP Professionals Involved in Project: Rob Hunden, Ethan Olson, Michael Montgomery, Dillon Gilman, Eric Hunden, Tim Guedel, Nick D’Onofrio Time of Service: 2015 - 2016

Downtown & Convention Center Hotel Market Analysis Branson, Missouri

The Branson/Lakes Area Chamber of Commerce and Convention and Visitors Bureau contracted with HSP to perform a market, feasibility, demand and opportunity analysis for potential hotel(s) connected or adjacent to the Branson Convention Center and/or in downtown Branson, Missouri. HSP analyzed the opportunity and viability of a new hotel, including optimal location, financial feasibility, return on equity, and impact. The study also profiled existing and new meeting, hotels in Branson, and in the regional area in order to evaluate the current supply and market demand.

HSP recommended size, meeting space, type and number of guest rooms, rate range, facilities and amenities to be included in a potential hotel at one or more locations, that would best serve the community. HSP also made projections of the likely performance of the recommended facilities.

HSP recommended the development of a high quality select-service branded hotel. Given that the existing hotel is a full-service Hilton, the market had a gap of rooms at a slightly lower price point and service level, but higher than most of the lower-quality hotel product in the community.

Project Data Key Scope Items: § Potential Grand Wayne Center Expansion Feasibility § Convention Hotel Package Expansion Feasibility § Marketing Effectiveness Analysis – Visit Fort Wayne § Economic Impact Development Budget: TBD HSP Professionals Involved in Project: Rob Hunden, Ethan Olson, Eric Hunden Time of Service: 2005 and 2014

Grand Wayne Center & Hotel Master Expansion Plan Fort Wayne, Indiana Mr. Hunden has managed multiple studies related to the Grand Wayne Center (GWC) and its hotels, as well as analysis of the related marketing arm, the convention and visitors bureau. HSP has also completed a separate set of studies for a downtown entertainment district.

The first analysis was a complete study of the downtown hotel market to recommend a hotel to meet the needs of the then-expanding convention center. This comprehensive report was completed in early 2004,

recommending a mostly-full service connected convention hotel. Ultimately the City was able to induce the development of a 250-room Marriott Courtyard convention hotel connected to the Grand Wayne Center and overlooking Parkview Field ballpark. The hotel, complete with a full-service restaurant and room service, opened in the summer of 2010.

In the current study, HSP is conducting a master plan for the next generation of convention and hotel needs and opportunities in Fort Wayne. This may include an expansion of the Grand Wayne Center, new or expanded hotels, as well as other key components that would maximize the city’s attractiveness for conventions. In addition, HSP is analyzing the current marketing strategies used by the GWC and the CVB to recommend improved ways of marketing and selling the GWC and downtown.

Project Data Key Scope Items: § Convention Hotel Needs Analysis § Convention Center Review § Financing & Impact § Analysis, Developer Selection HSP Professionals Involved in Project: Rob Hunden, Rob Smitherman, Ethan Olson, Michael Montgomery, Eric Hunden Time of Service: 2014-2015

Convention Center & Hotel Study; Developer Selection Sioux City, Iowa

The City of Sioux City retained HSP to help determine a long-term solution for their convention center hotel need, as well as future needs for renovating and expanding the convention center. First, HSP was brought in to evaluate the potential need and demand for a new downtown full-service hotel that would optimize the performance of the convention center, as well as determine a strategy to deal with the existing foreclosed upon hotel that is hurting market performance. The study considered supply and demand issues, competitive convention issues, cost of development and other factors. The key was to

recommend a hotel that is large enough to induce the appropriate sized groups to the convention center, but not one that is so large or over-improved that it cannot succeed as a business.

In Phase II HSP created the developer RFQ and RFP documents and manage the selection process. HSP created the documents, manage the pre-proposal conference and tour, evaluate RFQ responses and helped the City short-list a group of developers.

In Phase III of the study HSP will determine the financing options for the project as well as the economic, fiscal and employment impact of such a hotel, in order for the Sioux City to compete and capture certain taxes that could be applied toward funding, by the state.

Project Data Key Scope Items: § Arena, Sports & Tournament Analysis § Meetings & Hotel Market Analysis § Demographic & Tourism Analysis § Site & Design Recommendations § Demand & Financial Feasibility Analysis § Impact Analysis HSP Professionals Involved in Project: Rob Hunden, Ethan Olson, Michael Montgomery, Dillon Gilman, Eric Hunden, Tim Guedel Teamed With: Sink Combs Dethlefs Time of Service: 2015 - 2016

Grand Junction Arena, and Convention Center Complex Study Grand Junction, Colorado The City of Grand Junction (Client) engaged Hunden Strategic Partners, Inc. (HSP) to perform an update to the 2003 “Feasibility Analysis of a Proposed Multipurpose Events Center in Grand Junction, Colorado” by Conventions, Sports & Leisure International and Sink Combs Dethlefs (SCD) via a newly completed study based on current conditions. The HSP Team analyzed the opportunity and viability of a new event center, including optimal location, recommended physical program, likely cost, funding and impact. The study also profiled existing and new meeting, sports, trade shows and entertainment facilities in Grand Junction, Mesa County, and in the regional area in order to understand the current demand, future uses and the economic impact and feasibility of recommendations. HSP gathered all available demand and competitive supply data, as well as comparable facility and industry design trend data to understand and recommend the optimal facility for the market and the likely tenants and other users. HSP also considered the potential for combining management of the facilities, which lowered the risk to the community for ongoing operating losses.

Project Data Key Scope Items: § Event Center, Hotel & Conference Center Study § Arts/Entertainment Study § Market, Financial Feasibility Study Development Budget: $20,000,000 - $25,000,000 HSP Professionals Involved in Project: Rob Hunden, Shaun Hunt, Ethan Olson Time of Service: 2013 – 2014

Kokomo Conference Center, Hotel & Events Study Kokomo, Indiana

Hunden Strategic Partners was engaged by the City of Kokomo to study the hotel, convention, conference, entertainment and arts event market and a variety of venue types.

The Kokomo Event & Conference Center at Ivy Tech Community College has the largest meeting space and an existing base of business, but cannot very well accommodate demand for corporate meetings, training seminars and receptions due to its prior incarnation as a larger big-box style retail outlet. There are no more than four quality limited-service brands and no full-service hotels of any size. Yet, the business level at existing hotels reports over 80 and 90 percent occupancy most days of the week. A new upscale quality conference hotel that is more high-end but not out of reach for the Kokomo and central Indiana price point would help meet this demand without inflicting any significant harm on the existing supply.

The result of the study included a recommendation regarding the construction of a conference center

hotel, an entertainment/events center and a convention facility, with the hotel-conference center as the

recommended priority project. The report also suggested the best size and potential locations for the opportunity, particularly in light of the new U.S. 31 freeway bypass and downtown development and the resulting implications.

Project Data Key Scope Items: § Expansion/New Convention Center & Hotel Feasibility & Impact Study – 2009 § Management Selection RFP Process – 2005 § RFP Assessment and Interview Process; Contract Advisory HSP Professionals Involved in Project: Rob Hunden, Rob Smitherman Time of Service: 2005 – 2006, 2009

Memphis Cook Convention Center – Multiple Studies Memphis, Tennessee

HSP professionals have been engaged twice to assist in the development of the Memphis Cook Convention Center. First, Mr. Hunden aided the Commission in finding a way to improve the management of the facility. In 2009, HSP led a study regarding an improved convention center complex and convention hotel. In 2005, Mr. Hunden managed the process of assessing the MCCC management and operations. The first step in this process was a determination of the current status of the MCCC operations through review of existing information such as performance figures, contracts, projections, business plans and studies. The Commission and Hunden then created and managed the RFP process. Mr. Hunden managed the proposal review process and provided a framework for decision-making and interviews. Once the Commission chose to engage SMG to manage the MCCC. Mr. Hunden reviewed and provided consultation on the contractual arrangement to ensure improved demand and financial reporting and standards of operation. The 2009 effort involved a feasibility analysis to understand if Memphis should build a new convention center, expand its current center or some other solution that would enhance its position in the industry. This included a full hotel analysis to understand what hotel should be added and where.

Project Data Key Scope Items: § Multi-purpose Event Center Analysis § Arena & Convention/Expo Event Market Analysis § Site Analysis, Demand & Financial Projections; Economic Impact Analysis Development Budget: $20,000,000 - $40,000,000 HSP Professionals Involved in Project: Rob Hunden, Rob Smitherman, Eric Hunden Time of Service: 2009

Event Center Feasibility, Financing and Impact Analysis Missoula, Montana Located on the Clark Fork of the Columbia River in West Central Montana, Missoula is the home of the University of Montana. It is a prime tourist destination for fishing, hiking, camping, cycling and rafting

due to its location in the northern Rocky Mountains on the Clark Fork, near the Blackfoot and Bitterroot Rivers and proximate to both Glacier and Yellowstone National Parks. The Missoula Area Economic Development Corporation (MAEDC) and Missoula Area Chamber of

Commerce (MACC) spearheaded an effort to assess the feasibility and economic impact of an all- events center. HSP performed a two-phased feasibility and impact analysis, including: § Market Demand Assessment

§ Facility Needs Assessment § Operations & Management Review

§ Financial Analysis § Economic Impact Analysis § Hotel Needs Analysis § Site Analysis HSP completed all phases of the assignment in early 2010 and the community is seeking a funding solution.

Project Data Key Scope Items: § Convention & Conference Center, Hotel Analysis and Feasibility Study § Restaurant, Retail and Entertainment Development Advisory § Demand and Financial Analysis § Economic, Fiscal and Employment Impact Project Budget: HSP Professionals Involved in Project: Rob Hunden, Ethan Olson, Eric Hunden, Shaun Hunt Time of Service: 2014

Conference Center, Civic Arena and Hotel Study Muskogee, Oklahoma

Hunden Strategic Partners (HSP) was retained by the City of Muskogee, Oklahoma to conduct a feasibility and market study for a new hotel and conference center as part of an expansion of the offerings of their current Civic Center, located downtown.

HSP conducted a full market and financial feasibility study for the conference center hotel and made recommendations for their aging and faltering Civic Center, which includes a small arena and meeting rooms. The lack of ballroom, multiple breakout meeting rooms, a hotel and restaurants inhibits the city’s ability to attract events.

The analysis included a hotel market analysis, review of the current downtown Civic Center, recommendations for new conference and meeting facilities, recommendations for improvements to the Civic Center’s facility and operations, and projections for proposed facilities. A private developer has been tapped to move forward with the recommended conference center hotel adjacent to the Civic Center.

Project Data Key Scope Items: § Sports & Tournament Market Analysis § Convention & Meetings Industry Analysis & Trends § Restaurant & Entertainment Opportunity Analysis § Site Analysis: Acorn site vs. 65th and Central Site § Master Plan District Recommended Uses & Development Scenarios HSP Professionals Involved in Project: Rob Hunden, Ethan Olson, Michael Montgomery, Dillon Gilman, Eric Hunden, Tim Guedel Time of Service: 2015 - 2016

Bedford Park Mixed-Use District & Event Center Study Chicago, Illinois The Village of Bedford Park (Bedford Park or Client) retained Hunden Strategic Partners (HSP) to perform a market, financial and community facility opportunity analysis that could lead to a more master planned, mixed-use district at or near the cluster of hotels adjacent to Midway Airport.

HSP determined the current, unmet, and future opportunity of Bedford Park as it relates to sports facilities, expo/convention/meeting facilities (and related hotels), event, and entertainment/restaurant district. Given the existing assets in place, including the cluster of hotels, the expansion of Southwest Airlines and Midway Airport, it was conceived that there could be a very real opportunity to leverage those assets into a walkable and more comprehensive destination district that included a flexible event/expo and sports venue as well as other developments that could tie it into a cohesive whole. The focus of the project included convertible convention and multipurpose space for meeting, sports, events and entertainment. HSP assessed existing hotels and restaurants and the ability to create a safe, walkable and attractive location for meetings, events, tournaments and even local area use. Given some of the crime and other issues in nearby Chicago neighborhoods, it was thought that Bedford Park may

have the opportunity to create an oasis for events, visiting groups, local and sports participants, among others. HSP also considered how the existing cluster of hotels could be oriented and master planned into these developments to create a walkable destination village concept that could attract visitors regardless of the weather.

Project Data Key Scope Items: § Convention, Exposition Competitive Assessment § Operations and Market Opportunity Analysis § Expansion/Renovation Study § Impact Analysis Budget: $18M to $29M HSP Professionals Involved in Project: Rob Hunden, Ethan Olson, Eric Hunden Time of Service: 2014

Portland Expo Center Expansion and Impact Analysis Portland, Oregon

The Metropolitan Exposition Recreation Commission (MERC) engaged the Hunden Strategic Partners Team (HSP or Consulting Team), including design firm HKS and facility operations expert Barry Strafacci to conduct a market, financial and design study related to the future potential renovation and/or expansion of the Portland Expo Center (PEC). The study included an analysis of the PEC’s governance and operations, a local competitive market analysis and the potential impact of a possible new convention hotel at the Oregon Convention Center. The scope of work also

included analyses of the existing PEC physical conditions for the recommended development scenarios.

HSP completed a full operational, financial and physical analysis of the existing center to determine its optimal strategy. This analysis included a look at competitive event facilities around the region to determine how best to position the Portland Expo Center to compete long term. HSP also analyzed and project operating expenses and revenues from any proposed expansion, renovation and marketing/operational changes.

Project Data Key Scope Items: § Convention Center Feasibility & Funding Study § Hotel Market Analysis and Development Strategy § Downtown Sports Complex Development Budget: Various HSP Professionals Involved in Project: Rob Hunden, Ethan Olson, Shaun Hunt, Eric Hunden Time of Service: 2004 – 2005; 2012-2013

Convention Center & Hotel Market & Feasibility Study Rockford, Illinois HSP and Rob Hunden was retained by the Rockford Convention & Visitors Bureau and the City of Rockford, in 2004-2005 and again in 2012-2013, to conduct a convention/conference center and meeting hotel feasibility and financing studies. The city has been considering ways to boost tourism and economic activity downtown. The purpose of the study is to supply Rockford with a tool to enhance its city as a destination for visitors, residents and businesses with the possible development of meeting and conferencing facilities that will both attract and accommodate group, leisure and corporate demand. HSP analyzed the marketability and uses of local and regional convention centers and meeting facilities, evaluated the site, validated operating and development cost estimates and provide an understanding of the “best pitch package”. The work included a full feasibility of the hotel and convention center expansion, as well as recommendations for the physical program, site recommendations, organizational and governance recommendations and a financing analysis.

Project Data Key Scope Items: § Programming and Tenant Recommendations § Market and Financial Feasibility § Tourism Analysis § Economic, Fiscal and Employment Impact Analysis Development Budget: $60,000,0000+ HSP Professionals Involved in Project: Rob Hunden, Ethan Olson, Eric Hunden Time of Service: 2013-2015 San Juan Entertainment District Study San Juan, Puerto Rico

HSP was retained on two occasions to study the potential for an entertainment/nightlife district in San Juan near the Puerto Rico Convention Center, Sheraton hotel and casino. Public and private sought to make the convention district more attractive as a destination for groups, as it is currently somewhat isolated from the entertainment, dining and shopping hubs of San Juan and along the beach.

Given its history with a number of entertainment and mixed-use destination districts, HSP was asked to analyze the trends in the industry, the local market, the tourism product, the opportunities and the physical space available for such a district and then recommend the following: § Sizing, amount and character of restaurants

§ Sizing, amount and themes of clubs/bars

§ Sizing, amount and concepts of retail options § Potential development partners

§ Design partners and elements

During the process, HSP took the client on tours of comparable districts in the U.S. and introduced them to many potential entertainment, management and tenant partners. HSP was then, approximately two years later, retained to complete the final feasibility study for use by the public and private sectors to understand the proposed public-private project.

Project Data Key Scope Items: § Springfield Expo Center Condition & Operational Assessment § Comparable Facility Case Studies § Site Recommendations § Demand & Financial Result Projections § Public/Private Partnerships & Funding Scenarios § Impact Analysis HSP Professionals Involved in Project: Rob Hunden, Ethan Olson, Michael Montgomery, Dillon Gilman, Eric Hunden, Tim Guedel, Nick D’Onofrio Time of Service: 2015-2016

Convention Center and Hotel Feasibility and Impact Analysis Springfield, Missouri

Springfield Convention and Visitors Bureau, in collaboration with the City of Springfield, Missouri, engaged Hunden Strategic Partners (HSP) to update its 2011 study and complete a new analysis for the development and expansion of convention and attached hotel facilities for the city.

The purpose of the study was to help the community understand if it investment to expand its current exposition center into a full-fledged convention center was viable. In addition. HSP considered the existing site and others for such a development. The need for a compelling hotel package was also considered and analyzed fully. The report included a recommendation to add a ballroom, meeting rooms and a catering kitchen to the facility, making it a true convention center. In addition, HSP recommended a 200+room branded hotel adjacent. HSP also recommended the current management agreement and funding be restructured to improve the amount of activity at the facility.

Project Data Key Scope Items: § Exposition/Civic Center Competitive Assessment § Hotel Development Analysis § Expansion/Renovation Study HSP Professionals Involved in Project: Rob Hunden, Eric Hunden Time of Service: 2010 – 2011

Exposition Center Competitive Assessment Springfield, Missouri The City of Springfield, along with the Springfield Convention and Visitors Bureau and John Q. Hammons Hotels, engaged Hunden Strategic Partners to perform a competitive analysis of the group meeting and hotel facilities. The focus for expansion of such facilities is a 2.5-acre vacant lot adjacent to the existing Exposition Center. The site had been identified as a potential location for a convention quality full-service hotel that would enhance the ability of the existing center to host events and create a full-service hotel property for the City. Springfield hoped to enhance its image

as a convention destination and believed that the expansion of its meeting and hotel package would entice more groups to visit the City.

HSP completed a full operational, financial and physical analysis of the existing center to determine its future. This analysis included a look at competitive meeting facilities around the region and their hotel packages to determine how best to position the community. HSP recommended the City construct a hotel on the site, along with an expansion/renovation of the current Exposition Center. This expansion would include the addition of a ballroom, meeting rooms and a kitchen facility. To increase awareness of the area, a retail/entertainment district is also proposed to link the Exposition Center with downtown.

Project Data Key Scope Items: § Downtown Redevelopment Plan & Funding Package, Impact Study § Meeting & Hotel Facilities Market, Financial and Site Analysis § Arena Operational Review & Improvement Plan Development Budget: $47,000,000 (Convention Center & Hotel) HSP Professionals Involved in Project: Rob Hunden, Rob Smitherman, Ethan Olson Time of Service: 2007 – 2014

Downtown Redevelopment; Conference Center & Hotel Plan Saint Joseph, Missouri

Hunden Strategic Partners was retained on multiple occasions to assist St. Joseph with its downtown redevelopment. First, HSP completed the feasibility of expanding and improving the Civic Center to include an adjacent meeting facility as well as the feasibility of a hotel. Improvements to the existing Civic Arena are also included in the study. The current facility includes 19,000 square feet of exhibit space via the arena floor, seating for up to 4,200, no dedicated ballroom and approximately 4,000 square feet of meeting rooms.

Hunden Strategic Partners completed the initial feasibility study in early 2008 and recommended the development of a small convention and conference facility adjacent to the Civic Arena, as well as the development of a small full-service hotel of 120-rooms within an existing historic building. Finally, an expansion was recommended for the existing Holiday Inn in order to create a balanced hotel package for the downtown.

In the second analysis, HSP produced an overall downtown redevelopment plan that includes the recommended improvements, plus streetscape, retail, parking and other improvements. HSP’s analysis focuses on models of successful downtown redevelopment plans as well as a financing plan for the entire downtown plan. The final study included moving the casino downtown, adding a new entertainment venue to the convention center, hotel and arena complex and estimating the impact of all components.

Project Data Key Scope Items: § Convention Hotel Needs Analysis § Convention Center Review § Financing & Impact Analysis § Developer Solicitation and Selection Process Development Budget: Up to $70,000,000 HSP Professionals Involved in Project: Rob Hunden, Rob Smitherman Time of Service: 2008 – 2010

Embassy Suites Convention Hotel; RFP & Developer Selection Process Amarillo, Texas

The City of Amarillo retained HSP several times to help develop a convention center hotel for the downtown and the Civic Center. First, HSP was brought in to evaluate the potential need and demand for a new downtown full-service hotel that would optimize the performance of the Amarillo Civic Center. The study considered supply and demand issues, competitive convention issues, cost of development and other factors. The key was to recommend a hotel that is large enough to induce the appropriate sized groups to the Civic Center, but not one that is so large or over-improved that it cannot succeed as

a business. The analysis considered the variety of different hotel types currently existing or being planned in the Amarillo marketplace. HSP recommended a 250 – 300-room full-service property.

A second study was then ordered to determine the financing options for the project as well as the economic, fiscal and employment impact of such a hotel, which HSP completed in 2009. At this time, the City then sought a change in legislation in the Texas statehouse that allowed the project to recapture certain taxes that could be applied toward funding.

Once the legislation passed, HSP was then engaged to create the developer RFQ and RFP documents and manage the selection process. HSP created the documents, managed the pre-proposal conference and tour, evaluated RFQ responses and helped the City short-list a group of developers.

Project Data Key Scope Items: § Financing, Performance Projections § Design Solicitation § Cost and Programming Review Development Budget: $55,000,000; $300,000,000 HSP Professionals Involved in Project: Rob Hunden Time of Service: 1996 – 1998, 2006 - 2010

Indiana Convention Center Expansions Indianapolis, Indiana

Mr. Hunden has worked on multiple convention center expansions for the City of Indianapolis as well as several convention hotel and arena projects. These span the years 1996 – 2010.

In the 1990s, Hunden worked on the financing as well as competitive positioning of the Indiana Convention Center as well as the development of the 615-room Marriott hotel. He also worked on pre- development planning for future expansions as well as additional hotel proposals. In 2006, Mr. Hunden worked with the City of Indianapolis to develop a design solicitation for the most recent convention center expansion, which took the physical space of the RCA Dome after it was dismantled and replaced by Lucas Oil Stadium. The old dome space allowed the convention center to double in size. Hunden Strategic Partners worked with the ISCBA (Indiana Stadium and Convention Building Authority) to develop and manage the process. In addition, HSP provided the ISCBA with its commentary on the overall budget and programming in the early stages of the process.

The project opened in early 2011 and has helped Indianapolis grow its convention business significantly.

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Relevant Experience Feasibility

Augusta Convention Center Feasibility Study* | Augusta, Georgia Study for 120,000 sf expansion of flex exhibit and meeting space attached to the existing Marriott Augusta at the Convention Center including 40,000 sf exhibit space and 8,000 sf meeting space

Catawba County Convention Center Feasibility Study* | Hickory, North Carolina Market feasibility study for a new 7,000-seat arena, 50,000 sf exhibit space and 18,000 sf meeting space exhibit space, 50,000 sf meeting Jacksonville Convention Center Charlotte Convention Center space and a 35,000 sf ballroom Study* | Jacksonville, Florida Expansion Study* | Charlotte, Studies for replacement facility on a North Carolina Frank W. Mayborn Convention new site in downtown Jacksonville Market feasibility and site selection Civic and Convention Center study for a 550,000 sf expansion Study* | Temple, Texas Lawrence Convention Center including 275,000 sf exhibit space, Market feasibility study for expansion Expansion Study* | Pittsburgh, 35,000 sf ballroom and 55,000 sf and renovation to provide an 18,600 Pennsylvania meeting space sf flex hall and 4,100 sf of meeting Feasibility study and programming rooms for a 180,000 sf expansion with Cumberland County Coliseum 53,000 sf exhibit space, a 20,000 sf Feasibility Study* | Fayetteville, Georgia World Congress ballroom and a new lobby North Carolina Center Phase III Expansion Market feasibility and site selection Study* | Atlanta, Georgia Lynchburg Regional study for a new arena seating Feasibility study for a 560,000 sf Convention Center Feasibility 15,000 for basketball and 16,000 for expansion Study* | Lynchburg, Virginia concerts Market feasibility study including Hynes Convention Center programming and site evaluation Denver Convention Center Renovation Master Plan for a 50,000 sf exhibit space, 2,500 Feasibility Study* | Denver, Study* | Boston, Massachusetts sf meeting space and a 15,000 sf Colorado Study to explore options for ballroom Site selection and market feasibility repositioning and improvements study for a new 850,000 sf convention center with 300,000 sf ^

Macon Coliseum Expansion Plano Convention Center and Washington Convention Feasibility Study* | Macon, Georgia Hotel Study* | Plano, Texas Center Expansion Feasibility Market feasibility study for the Support for a market feasibility Study* | Washington, D.C. addition of exhibit and meeting study of a replacement facility in the Market feasibility study including space to a 1960s arena Legacy Town Center area programming, site selection and conceptual planning Manchester Civic Center Portland Expo Center Market Feasibility Study* | Manchester, and Financial Feasibility New Hampshire Study | Portland, Oregon Market feasibility study including Existing facility assessment, support programming and site evaluation for a for a market feasibility study new 240,000 sf civic center with 25,000 and concepts for expansion and sf exhibit space, a 23,000 sf arena floor renovation and 3,500 sf of meeting space Savannah Civic Center Moscone Center Renovation Expansion Feasibility and Expansion Study* | San Study* | Savannah, Georgia Francisco, California Market feasibility study investigating Proposed phased upgrades addition of exhibit and meeting conceptual expansion options for the space to a 1970s civic center center’s North and South Buildings

References

HSP REFERENCES

Name: Austin/ Travis County Expo Center Market and Planning Study Contact: Brian Block Position: Parks and Recreation Department – City of Austin 200 S. Lamar Blvd. Austin, TX 78704 Dates: 2015-2016 Services: Expo Master Plan and Market Study Phone: 512.974.6777 Email: [email protected]

Name: City of Fort Worth/Fort Worth Public Facilities & Events Contact: Kirk Slaughter Position: Facilities & Public Events Director, Fort Worth Convention Center 1111 Houston Street Fort Worth, TX 76102 Dates: 2000 – 2004, 2013 - Present Services: Convention Center Expansion Studies, Impact Studies, Developer Selection, Headquarter Hotel Study, Arena Study, Governance Analysis Phone: 817.392.2501 Email: [email protected]

Name: City of Greenville Downtown Convention Center Contact: Julie Horton Position: Government Relations Manager for the City of Greenville 206 S. Main Street Greenville, SC 29602 Dates: 2000 – 2004, 2013 - Present Services: Downtown Convention Center Studies Phone: 864.467.5717 Email: [email protected]

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Scope of Work

UNDERSTANDING

The Buda Economic Development Corporation (BEDC or Client) is seeking to obtain a qualified consultant to perform a market and feasibility study for a new convention/conference center. The goal is to improve quality of life, hotel stays, new jobs and economic impact by attracting sizeable conventions, tradeshow and meetings. Hunden Strategic Partners (HSP), intends to analyze the marketability and uses of convention/conference centers and exhibit facilities, evaluate proposed sites, validate operating and development cost estimates and provide an economic, fiscal and employment impact analysis.

Located just south of Austin, Texas, Buda is home to nearly 7,350 residents and part of the Austin-Round Rock-San Marcos metropolitan statistical area, with more than 2 million people. The City is accessed through a number of major highways and the Austin-Bergstrom International Airport.

Recently, the City approved five bond propositions totaling $55 million for capital improvement projects, including a new city hall, library and police station. The new buildings will also comprise multipurpose space for community uses such as meetings. HSP will profile the community to understand its position within the competitive environment and its ability to offer residents and visitors an accommodating experience.

Through a thorough market and feasibility analysis, HSP will understand Buda’s ability to enhance its community as a destination for visitors, residents and businesses with the possible development of a new convention/conference center, which will both attract and accommodate group, leisure and corporate demand. By the end of the study HSP will answer the following questions: § What are the needs of Buda’s community and greater market area? What, if any, is the current and future unmet market for meeting and event space in Buda? What are Buda’s potential market(s) that it is accommodating and not accommodating? With better, different or larger facilities, would more events, meetings and entertainment be likely? What is most likely, most feasible? § Based on market realities and opportunities, what spaces, facilities, amenities, program and other improvements would be recommended for the new convention/conference center and why? Are new facilities recommended? If so, what and why? § What are the potential sites for a new convention/conference center? For each of the sites, what are the advantages and disadvantages of the proposed sites in targeting visitors, meetings, trade shows, and conventions? § What are the estimated construction and operating costs for new facilities? § What benefits will accrue (new business, additional revenue, reduced expenses, economic impacts, tax and job impacts) relative to this cost? § What convention hotel package is necessary for success and what is the feasibility of such a hotel package? § Are there scenarios/options from which to choose or phases of future development?

Hunden Strategic Partners will answer these questions based on a thorough methodology, looking both at the proposed building and the future potential market.

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HSP understands the BEDC’s desire to offer accommodating convention/conference center business that induce economic activity to the community. HSP has conducted numerous studies matching the scope of work outlined in this proposal, including in Austin, Dallas, Fort Worth, Bryan College Station, South Padre Island, Mansfield Lubbock, and Amarillo. Furthermore, HSP has been contracted by a number of previous clients to conduct the developer selection process, typically for a convention hotel. We have connected developers with cities from small projects in rural areas to major markets. By the conclusion of HSP’s comprehensive analysis, the community will know its best pathway forward for the right hospitality project.

SCOPE OF SERVICES

Hunden Strategic Partners proposes a scope of work that meets or exceeds all of the elements necessary for a feasibility analysis of this type. Hunden Strategic Partners is happy to discuss any changes to this scope and to modify the report organization and methodology as needed. Certain aspects can be reduced or expanded (in more or less detail) in order to get better data or manage costs.

HSP’s work is proposed to be organized as follows: § Task 1 – Kickoff, Project Orientation & Interviews § Task 2 – Economic, Demographic & Tourism Analysis § Task 3 – Convention/conference & Meeting Industry Analysis; Trends § Task 4 – Meetings Market Analysis, Including Regional Competitive Facilities § Task 5 – Comparable Facility Case Studies § Task 6 – Local Hotel Analysis; Convention/conference Hotel Trends § Task 7 – Site Analysis § Task 8 – Recommendations § Task 9 – Demand & Operating Analysis/Projections § Task 10 – Economic, Fiscal & Employment Impact Analysis

The deliverable will include a fully-documented draft report of tentative findings and recommendations for review and comment. Once agreed-upon changes have been made, a final report will be delivered. HSP is also available to make presentations of the final analysis during one trip for various groups determined by the Client.

Methodology

Hunden Strategic Partners has a reliable process for evaluating the market and financial prospects of public meeting facilities, supportive hotel facilities and related developments. This methodology leads to the development of sound recommendations on a variety of market, physical programming and financial issues. The following scope of services will address this methodology.

This methodology does address the overall market demand and market assessment from a competitive analysis perspective before providing a preliminary assessment of the feasibility of new facilities in Buda.

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HSP’s methodology will be as follows:

Task 1: Kickoff, Project Orientation and Interviews

In a critical key to understanding conditions in the market and key stakeholder opinions, Hunden Strategic Partners will meet with the Client to confirm the goals of the study and other contextual issues related to the project. HSP will also review available data related to the project, identify those contacts and resources necessary to ensure complete review and assessment of critical issues, and perform the following orientation and due diligence oriented tasks: § Obtain information and data from the Buda Economic Development Corporation, City of Buda, Tourism Department, economic development officials, and their respective support staffs, and any other appropriate governmental agencies. § Gather and analyze background information related to the project, including previous tourism and convention/conference center reports. § Tour the facilities, the local area and meet with the local officials, community leaders, potential facility users, and others identified in consultation with the Client. § Tour and meet with hotel management. § Tour potential sites and key destination areas. § Interview stakeholders from a variety of local private and public organizations and perform fieldwork as appropriate. § Review the various projects on which HSP professionals have worked, discuss their attributes, implementation and approach as part of the interview with the Client and others as previously described. HSP will explore the applicability of prior projects to the proposed assignment and will strive to gain insight into the community’s attitude toward new meeting facilities. § Gather and review available economic, demographic and financial data.

Task 2: Economic, Demographic and Tourism Analysis

HSP will evaluate the community’s position as an economic center of activity as well as a destination for overnight visitors. These visitors may include those in town for meetings, events, those related to business travel, professional, leisure, events, special event and sports visitors, or those in Buda for other reasons. HSP will also summarize key demand generator trends and comment on the overall growth prospects for the market. This analysis will provide a realistic assessment of the area’s strengths, weaknesses, opportunities and threats (SWOT). Among the data gathered and analyzed will be: § Geographic attributes, accessibility and transportation links. § Trends in population growth and income. § Corporate presence, major employers and any significant recent or likely future changes. § Analysis of business and commercial development that may affect the performance of meeting facilities. § Higher education activity and implications for the market and project. § Cores of economic activity.

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§ Major retail destinations. § Profile public assembly and other convention/conference and meeting facilities locally and regionally. § Arts, culture and entertainment assets and activity. § History and expected future trends for tourism. § General real estate trends, with special emphasis on convention/conference and meeting facilities and major demand generators.

HSP will also look at psychographic data for the area, including ESRI neighborhood psychographics (Tapestry Demographics). In the 78610 zip code, the top Tapestry segments are “Savvy Suburbanites” (25%), “Up and Coming Families” (19%) and “Boomburbs” (14%). ESRI considers the shopping and other characteristics of those in the neighborhoods surrounding the proposed site(s).

The analysis will provide implications for the future development of convention or conference facilities.

Task 3: Convention/Conference and Meeting Industry Analysis; Trends

HSP will assess industry trends by conducting a thorough review of the existing convention/conference and meetings, conference and convention/conference market, its performance and potential for expansion of the market in Buda.

To better understand current industry trends and meeting planner preferences, HSP will profile the health of the convention/conference and meeting industry and discuss the various factors making up the industry. This will provide the Client with a strong grasp on the current forces shaping building development, including trends for various types of event growth. This task will include: § Meeting facility and event center supply growth and Buda’s current position for this market relative to its population and location in the market. § Demand trends for conventions, conferences and tradeshows. § Meeting planner preferences. § Meetings needs of local corporate market. § Hotel and other amenity preferences. § Event types and definitions. § Facility types and definitions.

This will also an excellent backdrop for understanding the City’s current position and where it likely should improve in order to optimize its position.

Task 4: Convention/Conference and Meetings Market Analysis, Including Competitive Facilities

In order to further analyze the marketability of new convention/conference center, HSP will analyze the facilities that serve the meetings and event market in Buda and around the state of Texas and the region beyond and compare them as part of a comparable set selected for Buda. Included in the analysis:

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§ Detail on the existing offerings in regional and competitive markets and their suitability for conventions, conferences, trainings and meetings in the region. This comparison will document any physical deficiencies or characteristics that may inhibit development of future business. § Detail on the existing offerings for peer markets in the national market and their suitability for conventions, conferences, trainings and meetings when compared to Buda. HSP will work with the local stakeholders and others to understand which cities or counties are most competitive with Buda as well as those that ought to be competitive with Buda. This comparison will document any physical deficiencies or characteristics that may inhibit development of future business. § Identify gaps in the market and discern whether new facilities fill these gaps. § Review tourism or destination marketing budget size and sufficiency. § Summarize and analyze our experience in comparable and competing markets, along with identification of what critical factors should address in order to continually be successful in the convention/conference and meetings market.

HSP will scour the regional/state market, to include an area of 4-hour drive time, for the existing supply of space and any demand for additional space. HSP will consider: § Conventions § Corporate Trainings § Trade shows § Local expositions § Conferences/corporate meetings § Assembly events § Public/consumer shows/local events § Entertainment events § Banquets § Meetings § Sporting events

The results of this analysis will yield implication for the meeting spaces (ballroom, auditorium, meeting rooms, board rooms, etc.) that should be included in the recommended facilities.

Task 5: Comparable Facility Case Studies

HSP will review the various similar projects developed in the U.S. in the last several years as well as discuss those under construction or in development (or relevant competitors). HSP will consider: § Location § Size § Year Built

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§ Cost § Financing § Management § Performance § Critical Factors to Success or Failure § Others, as appropriate.

These will be profiled and implications discussed.

Task 6: Local Hotel Analysis; Convention/Conference Hotel Trends

In this task, HSP will analyze the existing local hotel supply and interview management to determine the health of their business, as well as the impact of the group market. This task and the results from the prior tasks will also determine if there are opportunities for additional rooms with any future expansion, or if the supply of rooms is sufficient to support a new facility. The analysis will determine the proximate quality room count as well as the community-wide room count. Proximate quality room count is a metric developed by HSP to understand the room block available within walking distance of a certain location, such as a convention or conference center. The analysis will include the following primary analysis components: § Overview of U.S. lodging industry performance and trends. § Profile of the local lodging market, including number, size and quality of hotels and performance trends. § Additions to supply in and around the development area and relevant surrounding areas. § Character of supply. § Demand segmentation and diversification efforts. What percentage of demand comes from transient, group and leisure business, respectively? How can new, unique supply induce additional demand to the market? What segments have the best opportunity for demand expansion? How does seasonality impact the results? § Meeting and function space availability within hotels and in non-hotel facilities.

This information will provide an understanding of the larger market and the availability of hotel rooms and market needs to serve new meeting facilities.

HSP will then analyze any planned hotels in the local and area market. The hotels will be profiled regarding quality, room count, function space, ownership/branding, location/proximity to demand generators, demand segmentation, occupancy, rate and other measures. HSP will discuss how many hotel rooms should be available within walking distance of any new meeting facilities and if these should be in one hotel, or a collection of hotels. The analysis will include a discussion of how this need can be accommodated by existing supply and what new or expanded hotels should be developed to accommodate the new facility.

This will be followed by HSP conducting a historical supply and demand analysis of the competitive set to determine the market into which a recommended conference hotel will be entering. This will include:

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§ Tracking of occupancy, monthly room night demand, average daily rate (ADR) and Revenue per Available Room (RevPAR), § Performance by: o Year, o Month, o Week and o Day of week, § Seasonality, § Unaccommodated demand, and § Demand type/market mix.

HSP will discuss how new hotels have been absorbed into the competitive set and how any additions or renovations have impacted the performance of the competitive set. The report will provide conclusions on the ability of these improvements to induce more demand from each major market segment. Market segmentation within the set will also be shown in three primary categories: § Commercial transient § Group (both corporate group, association, and other) § Leisure

This will set the stage for the penetration and performance projection for the recommended hotel.

HSP will also profile the current state of the convention/conference and headquarter hotel market and the need for hotels adjacent to successful convention/conference facilities. HSP will profile what meeting planners expect and what convention/conference centers need in order to be successful in terms of an adjoining convention/conference hotel package. This is often made up of multiple connected or proximate hotels of varying price points and sizes. HSP will profile and compare what Buda offers relative to similar and competing cities or elsewhere in the prior task, but this will put it all in context in terms of deal development and other key factors.

Task 7: Site Analysis

In this task, HSP will review the potential development site(s). HSP will determine strengths and weaknesses, trends, costs, and proximity to existing hotels, parking, adjacent meeting space, restaurants, retail and attractions of each of the sites. Items considered in the analysis will be: § Size § Location § Access § Visibility § Flood plain issues § Environmental issues, if known

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§ Utility access § Ownership, cost factors § Others, as appropriate

HSP will summarize the advantages and disadvantages of these as well as determine how Buda will be affected. HSP will put the proposed sites into a comparative matrix to determine site implications for the proposed new convention/conference center.

Task 8: Recommendations

In this task, HSP will analyze specific information that will allow us to determine what type of facilities (convention, meeting, conference) the market will be able to absorb and that is most appropriate to maximize business for a new convention/conference center.

Understanding the competitive market, HSP will make recommendations regarding every significant facet of the recommended facility, including: § Whether or not a new convention/conference facility makes sense and why. If so, the amount of exhibit, meeting, ballroom and specialty space, as well as back-of-house space necessary to optimize the facility for the future market opportunity. § Function space detail, § Number, size, quality and type of function rooms (exhibit halls, ballrooms, breakout meeting rooms, board rooms, amphitheater/lecture halls, special event rooms or spaces and others as appropriate), § Number, size and quality of food and beverage outlets, § Other amenities and technical requirements, § Any associated hotels recommended, § Other services and amenities

Based on the market validation analysis and recommendations, HSP will separately project capital construction, site related property acquisition and preparation costs for the proposed convention/conference center project.

Task 9: Demand and Operating Analysis/Projections

In this task, HSP will analyze specific information that will allow a determination of how the market will absorb the recommended convention/conference and meeting facilities over time, providing a ten-year performance projection of both event demand, attendance and financial performance. For any recommended hotel, a projection of performance and financial feasibility analysis will also be provided.

For the convention/conference and meeting facilities, the projection will include demand by type of event, annually, with average attendance. The analysis will consider: § Conferences and conventions § Corporate Trainings

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§ Trade shows § Local expositions § Conferences/corporate meetings § Assembly events § Public/consumer shows/local events § Entertainment events, by type § Banquets § Meetings § Local Events

Based on the projection of demand and applying a number of assumptions regarding room rental rate, food and beverage per-caps and others, HSP will prepare a financial projection for the proposed meeting facilities. This financial analysis includes the following: § Estimate revenues for ten years of operations. Expenses directly related to the meeting facility will also be projected for the period. The demand profile, experience with other similar facilities and data from any existing facility will be used to model the operating revenues and costs of the new facility or facilities and will be incorporated into a business plan. The model will generate a proforma operating statement that includes the revenue and expense items, including the following: o revenues: rooms, food and beverage, space, space and equipment rentals, reimbursed expenses, telecommunications, audio/visual, decorating, electrical and other income, o direct operating expenses: wages and salaries, contract services, utilities, maintenance and repair, supplies and other expenses,

o unallocated expenses: administrative salaries, employee benefits, advertising and promotion, general and administrative, professional services, insurance, maintenance reserves and other expenses.

HSP will provide a net operating income statement incorporating the operating revenues and expenditure as to arrive at a projected surplus or loss, which may or may not require an ongoing subsidy.

Task 10: Economic, Fiscal and Employment Impact Analysis

HSP will conduct an economic, fiscal and employment impact analysis to determine the direct, indirect and induced impacts, including the tax revenues that are generated by projected visitors to the new facilities. Based on the above analysis, a projection of net new direct spending will be tabulated. New spending is that spending that is new to the community as visitors come to Buda and the surrounding area due to an event, spend the night or otherwise spend time or money in the area. HSP will analyze the spending by local residents (transfer spending) and discuss the amount that is recaptured. For example, due to the existence of activity generated by events, economic activity occurs as local residents pass up opportunities to leave the area to spend money. Instead of going to an event in another area, the event keeps their spending within the area. This is considered to be recaptured demand. The net new and recaptured direct spending is considered to be the Direct Impacts.

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From the direct spending figures, further impact analyses will be completed. § Indirect Impacts are the supply of goods and services resulting from the initial direct spending. For example, an attendee’s direct expenditure on a hotel room causes the hotel to purchase linens and other items from suppliers. The portion of these hotel purchases that are within the local economy is considered an indirect economic impact. § Induced Impacts embody the change in local spending due to the personal expenditures by employees whose incomes are affected by direct and indirect spending. For example, a waitress at a restaurant may have more personal income as a result of the attendee’s visit. The amount of the increased income that the employee spends in the area is considered an induced impact. § Fiscal Impacts represent the incremental tax revenue collected by the City, County and State due to the net new economic activity related to an event. For example, our analysis will estimate the hotel and other tax revenue from an overnight stay by an attendee and considers this a fiscal impact. The fiscal impact represents the government’s share of total economic benefit. Fiscal impacts provide an offset to the potential public expenditures required to host events. HSP will identify the taxes affected and conduct an analysis of the impact on these accounts and governmental units. § Employment Impacts include the incremental employment provided not only onsite, but due to the spending associated with an event. For example, the direct, indirect and induced impacts generate spending, support new and ongoing businesses, and ultimately result in ongoing employment for citizens. HSP will show the number of ongoing jobs supported by the project and provide the resulting income and income taxes generated.

Hunden Strategic Partners uses one of the industry’s most relied upon multiplier models, IMPLAN. This input-output model estimates the indirect and induced impacts, as well as employment impacts, based on the local economy. An input-output model generally describes the commodities and income that normally flow through the various sectors of the economy. The indirect and induced expenditure, payroll and employment result from the estimated changes in the flow of income and goods caused by the projected direct impacts. The model data are available by various jurisdictional levels, including counties.

DELIVERABLES

Preliminary Findings PowerPoint – HSP will present a PowerPoint of preliminary findings approximately midway through the analysis. This will provide the Client with insight into our analysis and ensure that the direction and pace of the study is in sync with BEDC’s expectations.

Draft Report – Having completed all these tasks, HSP will compile the results into a fully documented draft report of its findings and recommendations, which will be presented to the Client for review and comment.

Final Report – Approximately two weeks after receiving comments on the draft report, HSP will issue its final report incorporating the Client’s comments.

Presentations – HSP will present its findings via a PowerPoint presentation in concert along with delivery of the report in coordination with the BEDC.

All deliverables, presented in bound copies unless otherwise notified, will be responsive to the Client’s preference. HSP is flexible in its approach.

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TIMELINE

Hunden Strategic Partners commits to the schedule outlined in the table below of twelve (12) weeks to complete a draft report for the proposed convention/conference center market analysis and feasibility study, beginning at the Kickoff and signing of a contract. The following table shows the proposed timeline broken down by task.

Proposed Project Schedule Week 1 2 3 4 5 6 7 8* 9 10 11 12 13 14 Task 1 – Kickoff, Project Orientation & Interviews X X Task 2 – Economic, Demographic & Tourism Analysis X X X Task 3 – Convention/conference & Meeting Industry Analysis; Trends X X X X X X Task 4 – Meetings Market Analysis, Including Regional Competitive Facilities X X X X X X Task 5 – Comparable Facility Case Studies X X X X X X Task 6 – Local Hotel Analysis; Convention/conference Hotel Trends X X X X X Task 7 – Site Analysis X X X X X Task 8 – Recommendations X X X Task 9 – Demand & Operating Analysis/Projections X X X Task 10 – Economic, Fiscal & Employment Impact Analysis X X Draft Report X Final Report and Presentations X *PowerPoint presentation

FEE

The Hunden Strategic Partners Team proposes to complete the study in as outlined in the scope of work for a total of $44,000, including up to two trips to Buda, Texas (for the kickoff and final presentations), research costs, clerical, report preparation and other support services. Additional trips can be billed at a set rate of $1,500.

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PROPOSAL TO PROVIDE CONSULTING SERVICES Hotel Conference Center Feasibility Study BUDA, TEXAS

SUBMITTED TO:EXISTING PREPARED BY: Buda Economic Development HVS Convention, Sports, & Entertainment Corporation Facilities Consulting Ann Miller, CEcD 205 West Randolph 203 Railroad Street, Suite 3-A Suite 1650 Buda, TX 78610 Chicago, Illinois 60606 512-295-2022 312-587-9900

August 8, 2016 Convention, Sports & Entertainment Facilities Consulting Chicago, Illinois

August 8, 2016

205 West Randolph Suite 1650 Ms. Ann Miller, CEcD Chicago, Illinois 60606 Buda Economic Development Corporation +1 312-587-9900 203 Railroad Street, Suite 3-A +1 312-488-3631 FAX Buda, TX 78610 www.hvs.com Phone: 512-295-2022 Email: [email protected]

Re: Hotel Conference Center Feasibility Study

Dear Ms. Miller,

HVS Convention, Sports, & Entertainment Facilities Consulting (“HVS”) is pleased to present this proposal to provide a Hotel Conference Center Feasibility Study for the Buda Economic Development Corporation.

HVS is the largest hospitality consulting firm in the world and brings extensive experience in analyzing hotel and conference center projects and clearly articulating our recommendations to decision makers.

The Convention, Sports & Entertainment division of HVS is responding to your request because our division of HVS specializes in the analysis of conference centers and hotels and their relation and influence on each other. We also specialize in the analysis of hospitality assets as part of public private partnerships. Our principals have advanced degrees in public policy, as well as experience serving in governments. Therefore, HVS brings a unique understanding of the public policy decision-making process to each of our public-sector engagements.

We have extensive experience in your region. We are currently working on a conference development in Fredericksburg and recently studied the development of hotel conference centers in Harlingen and Mission. HVS recently completed an expansion analysis and hotel feasibility study of the American Bank Center in Corpus Christi and have experience analyzing the meeting and event industries throughout Texas, including studies in San Antonio, Houston, Dallas, and Amarillo, among others. As a firm, HVS has completed 3 hotel studies in Buda since 2009, including a current appraisal analysis on the Holiday Inn Express & Suites.

Convention, Sports & Entertainment Facilities Consulting Chicago, Illinois

I will serve as the main contact for our firm regarding this submittal:

Thomas Hazinski Managing Director HVS Convention, Sports, & Entertainment Facilities Consulting 205 West Randolph, Suite 1650 Chicago, IL 60606 Phone: 312-587-9900, Fax: 312-488-3631 Email: [email protected]

On behalf of our team, we are excited about this important project and we look forward to hearing from you. Very truly yours,

Thomas Hazinski Managing Director HVS Convention, Sports, & Entertainment Facilities Consulting

Convention, Sports & Entertainment Facilities Consulting Chicago, Illinois

Proposal to Provide a Hotel Conference Center Feasibility Study

HVS Convention, Sports & Entertainment Facilities Consulting is pleased to present the following proposal to provide a Hotel Conference Center Feasibility Study for the Buda Economic Development Corporation.

Our submittal is organized in the following sections.

1. Firm Overview

2. Similar Projects and References

3. Approach and Scope of Work

4. Schedule and Costs

5. Additional Materials

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1. Firm Overview

HVS Firm History Since 1980, HVS, the leading global hospitality consulting organization, has provided financial and valuation consulting services for over 35,000 assignments throughout the world for nearly every major industry participant. Our professional staff of more than 450 industry specialists offers a wide range of services, including market feasibility studies, valuations, strategic analyses, impact studies, advisory and development planning, and litigation support. With over 35 offices in 15 countries, we offer one of the most comprehensive knowledge bases in the industry. Last year alone, HVS completed more than 3,000 feasibility studies, appraisals, and consulting engagements. HVS is respected worldwide by developers, underwriters, operators, and investors. We operate independently as consultants and have no ownership in any venues.

By engaging HVS for this assignment, you will benefit from access to some of the most experienced hotel and hospitality consultants in the industry and the industry’s most comprehensive databases of actual hotel and conference center operations. Our reputation among investors, bankers, rating agencies, developers, and public officials is extremely important to us and ensures that we pay close attention to each engagement we accept. HVS offers a wide range of skills and experience in the analysis of a variety of land uses including: convention and conference centers, hotels, civic and event centers, entertainment and arts centers, sports facilities, casinos, and other land uses related to hospitality and tourism. To address the specific needs of your project, we have assembled the best team within HVS to address the hospitality land uses anticipated in the development in Buda.

HVS Convention, Sports, Since 2001, HVS has served public and private owners of public assembly facilities. & Entertainment We have completed hundreds of assignments throughout the world analyzing the Facilities feasibility of convention and conference facilities, hotels, event and performing arts centers, mixed-use hospitality developments, civic centers, sports facilities, tourism attractions, and other public assembly facilities. We serve owners through the life-cycle of public facilities ownership from the project inception and throughout their operation and ongoing improvement.

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HVS SERVICES TO PUBLIC FACILITY OWNERS

We have performed numerous market, operational, feasibility, and economic impact studies of publicly-developed projects. Our studies often appear in municipal bond offering statements and our staff has presented these studies to rating agencies, bond insurers, and investors. As a global hospitality consulting firm, HVS has many resources at its disposal that our competitors lack.

HVS regularly provides the following services:

 Market and financial feasibility studies  Operational assessments  Marketing surveys  Demand projections  Facility recommendations  Site analysis  Preliminary cost estimates  Financing recommendations  Economic and fiscal impact analysis  Management and marketing recommendations

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 Tax revenue projections  Solicitation services for facility management  Development assistance (including drafting of developer RFP/Q, evaluation, and negotiation assistance)

Objective Advice to the HVS prides itself on providing public-sector clients with analysis and Public Sector recommendations designed to result in the most efficient use of public resources. We regularly recommend against projects and/or suggest modifications to prior assumptions whenever necessary. The HVS team regularly works for municipal clients - approximately 90 percent of our work is conducted for public-sector clients.

Our business philosophy is to always provide our clients with the best available objective analysis based on sound methods and assumptions. HVS works for a wide range of industry participants including public owners, lenders, private developers, and operators. They rely on our advice to make important investment decisions and use our services repeatedly precisely because they can rely on our credibility. This philosophy is consistent with our academic background in public policy and our prior years of service in the public sector.

Public Input Many of our projects require our team to assist the community in consensus building and providing a public process to include multiple stakeholders in the decision making process. Our team members have led a variety of public meetings with stakeholders. We commit to work with closely with the leaders and stakeholders in Buda to ensure our recommendations reflect the local community.

Local Sensitivity The Chicago office of HVS is responding to your Request for Proposals because we are the division of HVS that specializes in the development of conference facilities and supporting hotels, as well as mixed-use developments in public private developments. HVS as a firm has completed 3 hotel studies in Buda since 2009, including a current appraisal analysis on the Holiday Inn Express & Suites. As part of these recent analyses, we have current and historical data on the hospitality market in Buda.

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HVS Staff The following HVS staff assigned to this project bring the mix of market knowledge, industry experience, and analytical skills needed for the assignment.

Thomas Hazinski

Thomas A. Hazinski, Managing Director of HVS Convention, Sports & Entertainment, has over 25 years of experience in the public policy arena as a public official and as a consultant. He specializes in providing economic and financial research to public agencies and private developers involved in economic development initiatives. Tom specializes in the analysis of conference, hotels, sports and entertainment markets and associated real estate developments. Tom holds a Master’s Degree in Public Policy from the Harris School of Public Policy at the University of Chicago, where he specialized in municipal finance. He completed four years in the post-graduate degree program, including doctoral course-work, before leaving to pursue active management. Tom has managed over 400 assignments related to the analysis of public assembly facilities including hotel and meeting and event centers in Atlanta, Nashville, Boston, Baltimore, Portland (OR), Fort Lauderdale, Raleigh, New Orleans, Vail, Colorado Springs, and Park City, Utah. His experience in Texas includes projects in Fredericksburg, Austin, San Antonio, Harlingen, Mission, Corpus Christi, Houston, Arlington, Fort Worth, Plano, Amarillo, and Dallas.

Brian Harris

Brian Harris, Director at HVS Convention, Sports & Entertainment, brings extensive experience in public facility financing to HVS. He served as Vice President of Analytical Services, ScheerGame Sports Development, LLC and worked in a similar capacity at William R. Hough & Co. Prior to that, Harris was deputy manager of public finance at Raymond James. During his 25-year career as an analyst and as a manager of analytical services, he has worked on over 1,000 municipal financing projects ranging from basic general obligation bond issues to complex derivative transactions. His hotel studies include properties in Austin, Corpus Christi, and Houston, Texas; Atlanta, Georgia; Corona, New York; Chicago, Illinois; Dayton, Ohio; Des Moines, Iowa; and Manchester, New Hampshire. Brian has provided hotel conference center analyses in Manhattan, Kansas; Queens, New York, and Gilbert, Arizona. He conducted an analysis for a convention center headquarter hotels in Albany, NY; Virginia Beach, VA; Aurora, CO; Atlanta, GA; Houston, TX; Chicago, IL; Bloomington, IN; Tucson, AZ; Portland, OR; Fort Lauderdale, FL; and Albany, NY. Brian may serve as hotel feasibility consultant.

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Catherine Sarrett

Catherine Sarrett is a Senior Director with HVS Convention, Sports & Entertainment and performs market analysis and feasibility studies for convention, conference, sports, and entertainment facilities. Cathy has spent over 20 years in the convention, sports and entertainment field as a consultant, financial analyst, and owner’s representative during design and construction. She recently studied the expansion options for the Fargodome in Fargo, North Dakota and the Wisconsin Center in Milwaukee. Recent projects include expansion assessment of the Broward County, FL Convention Center and the Ernest N. Morial Convention Center in New Orleans, the Amarillo Civic Center and the Robinson Center in Little Rock, Arkansas, as well as the study of the operations and potential re-use of Portland’s Memorial Coliseum. She has studied the feasibility of a hotel and conference center in suburban Columbus, Ohio and an assessment of the convention center market in Memphis. She has studied the development of conference centers in Fredericksburg, Texas, Park City, Utah, Thackerville, Oklahoma, Eagle River, Wisconsin, and an expansion study of Telluride Conference Center in Colorado. Early in her career, Cathy served as the owner’s Senior Director for the design and development of the Wells Fargo Center in Philadelphia, PA. She received her Bachelor of Science in Civil Engineering from Duke University and spent several years as a structural engineer before entering the Wharton School of the University of Pennsylvania where she received her Master’s of Business Administration in Finance and Marketing. On this project, Cathy may serve as conference feasibility consultant.

Alex Moon

Alex Moon is an Associate at HVS Convention, Sports & Entertainment. He provides research support for senior HVS staff in the performance of market, feasibility, tax, and impact studies. Alex earned his Bachelor of Arts in Mathematics, Economics, and Mathematical Methods in the Social Sciences (MMSS) from Northwestern University. He recently provided research and analysis for development of a new conference center and hotel in Torrance, California, analysis of a large mixed-use real estate development in Athens Greece, and a conference center analysis in Racine, Wisconsin. He recently completed an economic impact of the Phoenix Convention Center for the State of Arizona and a conference center study for Brookfield, Wisconsin. He is currently conducting a study for a conference center development on Medford, Oregon. On this project, Alex may serve as analyst.

Jorge Cotte

Jorge Cotte is an Associate at HVS Convention, Sports & Entertainment. He provides research support for senior HVS staff in the performance of market, feasibility, tax, and impact studies. Jorge earned his Bachelor of Arts in Economics from the University of Chicago. He recently provided research and analysis for a conference center development in Oyster Bay, NY; an expansion of the Wisconsin Center in Milwaukee; various tourism attractions in Loveland, Colorado; and a

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mixed-use tourism development in Madrid, Spain. His experience also including analysis of a waterpark development in Marbella, Spain and a conference center expansion in Racine, Wisconsin. He is currently working on an economic impact analysis of the Cobb Galleria Centre and a potential new hotel in Atlanta. On this project, Jorge may serve as analyst.

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2. Similar Projects and References

Market and feasibility studies require a combination of rigorous analysis and creative thinking. HVS brings the skills and experience necessary to develop and evaluate a project concept in order to successfully help clients to meet their development objectives. A complete list of our projects is provided Section 5.

Fredericksburg, Texas—The Fredericksburg Convention and Visitor Bureau (“FCVB”) engaged HVS Convention, Sports & Entertainment to conduct a market and feasibility study for a proposed conference center in Fredericksburg, Texas. The FCVB tasked HVS with investigating whether the development of a conference center could enhance the demand potential of the meetings market in Fredericksburg and allow the city to compete more effectively for regional and state group meetings business. The study provided a market and feasibility analysis to determine the demand and appropriate size of any recommended conference facility and also analyzed the local hotel market. We assisted in determining the best location for the conference center and if the City has sufficient amenities (hotel rooms, restaurants, entertainment) to support any new development. The study analyzed the economics, project income and expenses, identify the amount of revenue streams which can support debt, operational models, economic and fiscal impacts, and provides financing case studies. Based on the HVS study, the City released an RFP for a development partner. We are currently providing development assistance services to the City.

San Antonio, Texas—San Antonio, Texas – HVS has provided a wide variety of services to the City of San Antonio in development of their public assembly facilities, including:

 In 2005, HVS provided the following analysis for development the 1,000 room Hyatt Regency Hotel, the headquarter property for the San Antonio Convention Center: 1) a hotel feasibility study and facility program recommendation, 2) a request for development proposals and assistance with development team selection, 3) negotiation of development and operating agreements, 4) a room tax analysis, and 5) publication of our study in offering statements. The Hyatt Regency opened in March 2008.

 In 2007, HVS analyzed the feasibility of a proposed mixed-use development adjacent to the Freeman Coliseum in San Antonio, Texas.

 In 2008, HVS was hired to review the operations of the City-owned Alamodome, the 65,000 seat facility served as a football and basketball stadium as well as a convention and exhibition center. We were hired to determine ways capture the most profitable events, create operational efficiencies, and maximize the economic impact of the Alamodome.

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 In 2011, HVS conducted a review of a proposed professional soccer- stadium business plan prepared by private developer.

 In 2011, HVS conducted a review of a proposed professional soccer- stadium business plan prepared by private developer.

 In 2014, HVS provided an update of our room tax projections.

 In 2015, HVS provided an appraisal of Toyota Field.

 We are currently updating our room tax projects for the next 30 years.

Harlingen, Texas—HVS was engaged by the City of Harlingen, Texas to negotiate with private developers for the development of a hotel and conference center in Harlingen. This is a planned public private development and the City was considering several options relevant to the ownership of the conference center. HVS served as an advisor in the development and negotiations with private developers. We assisted the City in the sizing and appropriate site for the hotel and conference center, drafted an RFP for developers and evaluated responses, and in the negotiation of development terms. The City Council approved the development plan and the hotel conference center is scheduled to begin construction in 2016.

Corpus Christi, Texas—In 2014-2015, The Corpus Christi Convention & Visitors Bureau (“CVB”) hired HVS to provide an operational and feasibility analysis of the American Bank Center, including the potential for long- and short-term growth of Corpus Christi’s convention and hospitality markets. The American Bank Center Complex is Corpus Christi's primary venue for convention, sport, entertainment, and performing arts events. SMG manages the complex, which is comprised of the American Bank Center Convention Center, the American Bank Center Arena, and the American Bank Center Selena Auditorium. The CVB was looking to examine new opportunities to increase the impact of the hospitality industry in Corpus Christi. HVS performed a market and feasibility analysis to determine the demand and appropriate size of recommended facility enhancements, including consideration of meeting/event space and hotels. The study also analyzed the economics, project income and expenses, economic impacts of the recommended facilities, identify possible financing sources and scenarios, and recommended amenities for the destination. The analysis determined the current and future needs of facility users and how any redevelopment could serve to enhance offerings and increase events in Corpus Christi. We also worked with an architectural partner on recommendations for improvements.

Mission, Texas—In 2015, the Mission Economic Development Corporation engaged HVS, Convention, Sports & Entertainment to conduct a market and feasibility analysis of a Proposed Community Center in Mission, Texas. The proposed community center could allow Mission to serve a variety of community and cultural events that existing venues in Mission cannot currently accommodate. HVS reviewed and analyzed historical demand and attendance

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data provided by the existing Mission Community Center and interviewed potential users of the community center to understand their event needs and the likelihood of booking events in the new facility. HVS compiled data on 19 comparable civic and community centers to inform and test the reasonableness of the building program recommendations. We prepared event demand and attendance forecasts based on the implementation of the program recommendations, developed a hotel supply and demand analysis and a financial forecast for the proposed community center operations. We also researched operating and financing alternatives that would be available to manage and fund the proposed community center.

Amarillo, Texas—In 2013, the City of Amarillo, Texas engaged HVS Convention, Sports & Entertainment to conduct a Market and Financial Analysis of the Amarillo Civic Center Complex (“ACCC”) in Amarillo, Texas. The purpose of the study was to investigate the operations and market and financial feasibility of expanding the existing ACCC on its current site in downtown Amarillo. This market and financial analysis was prepared in conjunction with a concurrent architectural and engineering study and master planning effort performed by a local firm. Opened in 1968, the ACCC has undergone several expansions to become a multi-functional meeting and entertainment complex. The facility is the primary exhibit and meeting venue for residents of Amarillo and throughout the Texas panhandle. It also hosts professional sports, concerts and family entertainment, performing arts, and community functions, such as graduations, job fairs, and social events. HVS relied on in-depth current and potential user interviews, an analysis of the Amarillo market, a site inspection, a review of comparable convention and civic centers, an analysis of historical operations at the ACCC, and knowledge of industry practices to recommend a facility program for the proposed expansion to the ACCC. This facility program served as a guide for subsequent physical planning aimed at providing the desired program elements on the proposed site. HVS also provided demand and financial projections, an operational assessment, an approach to financing the expansion, and an economic and fiscal impact analysis. We completed an update of this original analysis in 2016.

Plano, Texas—HVS worked for the City of Plano, Texas on the analysis of an event/convention center and hotel. The City's Parks and Recreation currently owns and operates the Plano Center, a 33,000 square foot multi-purpose event and meetings facility. The current site of the Plano Center limits the development of a nearby hotel and HVS studied the feasibility of developing a new multipurpose center and hotel at a different location. The purpose of our study was to provide an operational analysis, analyze existing convention, meeting, event, and hotel space in Plano, as well as market and industry trends and other factors, to determine whether new facilities are feasible, and if so, the appropriate size and location of such facilities. The study also provided financial projections, development scenarios, and funding options. HVS was subsequently re-engaged to provide site analysis and an economic impact study.

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Normal, Illinois—HVS was engaged to assist the Town of Normal in the development of a 150-200 room hotel, a 15,000 square feet conference center, and a mixed-use facility on approximately one block of the Town’s downtown – a development consistent with their comprehensive Downtown Redevelopment Plan. The City of Normal now boasts the states only official Four Diamond AAA rated hotel between Chicago and St. Louis. The Bloomington-Normal Marriott Hotel & the Carol A. Retain Conference Center (“Marriott”) opened in 2009.

HVS then provided an additional market study for the Marriott. The Town of Normal was in discussions with two developers regarding the development of a 120-room extended stay hotel in Normal, directly across the street from the Marriott. The Town requested HVS to conduct a market analysis of the impact, positive or negative, of this potential hotel on the Marriott. HVS provided the market analysis under 2 scenarios: with and without the potential 120-room extended stay hotel. The market study contained an evaluation of site and neighborhood, a market area analysis, a hotel supply and demand analysis (under both scenarios), a projection of occupancy and average daily rate (under both scenarios), and a 10-year detailed projections of income and expense (under both scenarios).

Gilbert, Arizona—The Town of Gilbert recently engaged HVS to provide a feasibility analysis of current and future needs for a hotel conference center in Gilbert. A developer had approached the Town with plans to develop a full-service hotel property and conference center at a specific site. The community wanted to determine whether it could support a new hotel conference center. This study not only determined the feasibility, but also the appropriate area of town for the development to meet the current and potential demand in Gilbert. We studied three possible sites. With a population over 225,000, Gilbert is located in the southeast valley of the Phoenix metro area and has experienced explosive growth in the last few decades. The Town benefits from a diverse economy, particularly strong in the medical and education sectors. The HVS analysis of the hotel and conference center included a market assessment, program recommendations, financial proforma statement, and feasibility/ROI.

Albany, New York—HVS was hired by the Albany Convention Center Authority (ACCA) to perform a market and financial analysis for a proposed downtown convention center and hotel development in Albany, New York. The ACCA was seeking a comprehensive analysis and set of recommendations to make informed decisions regarding the development of the convention center complex. After previous studies performed in 2001 and subsequently updated in 2004, the ACCA requested an independent analysis that considered current market conditions. The HVS study refined and updated the prior recommendations. The project scope included a survey of meeting planners, market area analysis, review of industry trends, hotel supply and demand analysis, facility recommendations, demand and financial projections, and economic and fiscal impact analysis. It was determined

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the best development strategy was to connect the new convention center to the existing Renaissance Albany and not develop a new hotel in addition to the convention center. The ACCA re-engaged HVS to provide general advisory services for the Request for Proposals (RFP) process for an operator for the convention center, which resulted in the selection of SMG as Convention Center manager. The project is currently under construction and is scheduled to open in March 2017.

Raleigh, North Carolina—From 2002-2016, HVS has provided various hospitality studies for the City of Raleigh including:

 Conducted a feasibility analysis and financing plan for the 500,000 square foot Raleigh Convention Center and 400-room Marriott Hotel, which both opened in 2008.  Conducted a feasibility study and financing plan for a multi-purpose stadium and sports complex. The intended users of the stadium were the City of Raleigh, Wake County, Saint Augustine College, and Shaw University. As proposed, the complex would not only house the football programs of both schools and provide additional recreational soccer fields to the community, but would also include a track component capable of hosting national or international competitions.  Projected the amount of room tax revenues available for payment of room tax revenue bonds issued to finance the construction of an Entertainment & Sports Arena. The study estimated the amounts of tax revenues that would be available to repay debt service over the 20-year life of the bonds. The project included a survey of hotel industry representatives and analysis of the hotel market for the life of the bonds.  Provided an independent third-party evaluation of the operating performance of the Raleigh Convention Center, as well as an economic impact analysis of the Convention Center.

 In 2015, the City of Raleigh engaged HVS to identify new opportunities to increase the impact of the hospitality industry in Raleigh. The market area, and specifically the downtown area, has seen significant changes and positive growth in the last decade. Demand for downtown accommodations had increased and group demand was competing with transit and leisure demand for available rooms. HVS assessed the lodging supply and demand trends and created a strategy for future development of the market. The study included an assessment of the potential for growth of Raleigh’s hospitality and convention markets, analyzed lost business due to the lack of room blocks for convention groups, and helped determine the best path for future development that allows the hospitality industry to continue to thrive and grow.  We are currently conducting an economic impact analysis of the Duke Energy Center for the Performing Arts. The City is looking to determine the contributions of the Duke Energy Center to the local and regional

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economy, including the direct, indirect and induced economic impacts, as well as non-financial impacts to the community.

Billing, Montona—The Billings Chamber of Commerce engaged HVS Convention, Sports & Entertainment Facilities Consulting to conduct a market and feasibility study for a proposed convention center in Billings, Montana. The Billings Chamber tasked HVS with investigating whether the development of a convention center could enhance the demand potential of the meetings market in Billings and allow the city to compete more effectively for regional and state group meetings business. Our study included interviews of key stakeholders, surveys of current and potential users, analysis of existing venue operations, analysis of 13 competitive and comparable convention centers, building program recommendations, event demand and attendance forecasts, developed site evaluation criteria, site analysis of 3 possible areas in the City, construction costs for 3 possible sites, financial forecasts, economic and fiscal impact analysis, and identified potential management and funding approaches for the proposed convention center. HVS issued and presented its final report in March 2015.

Peoria, Illinois—HVS completed an analysis of the feasibility of a public/private partnership that would renovate the existing Pere Marquette Hotel and develop a Marriott Courtyard adjacent to the Peoria Civic Center. The Peoria Civic Center is currently expanding its convention and meeting space. As part of a $55.0 million renovation, the expansion will help maintain the Civic Center’s status as the market’s premier meeting facility. The objective of the hotel market study was to evaluate the supply and demand factors affecting the market for transient accommodations in the Peoria area and to determine the average daily rate and occupancy rates of a new Civic Center Hotel. In addition, HVS studied the impact the proposed property would have on the existing hotels in the downtown market and on the Civic Center. The City Council recently approved its funding of the project.

The City recently hired our staff to analyze the downtown Peoria hotel market and provide recommendations on the number of rooms that downtown Peoria can support and the impact those additional rooms would have on the event demand at the Peoria Civic Center. We will provide our analysis in March 2016.

Nashville, Tennessee—HVS has conducted several studies for the Metropolitan Government of Nashville regarding the development of their new Music City Center (“MCC”) and Omni hotel. The MCC opened in 2013 and replaced the existing convention center. The venue offers 523,500 square feet of exhibit, ballroom, and meeting space. HVS provided a feasibility study for new MCC, which included analysis of comparable and competitive facilities, survey of event planners, and a forecast the event demand and financial performance. HVS also conducted a hotel market analysis for the Omni headquarters hotel and represented our public-sector client in their planning deliberations. Our hotel study appeared in offering statements for the hotel financing and the 800-room Omni Music City Convention Center Hotel which also opened in 2013. HVS also

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performed an economic impact study of the new MCC, as well as projections of tax revenues dedicated to support the new MCC. The tax projections provided by HVS have proven to be conservative and project is anticipated to have budget surpluses.

Corona, New York—HVS is currently working for a private developer assessing the development of a hotel and conference center in Queens. The project is planned to include a proposed 500-room, dual branded conference hotel. HVS provided a feasibility study including market assessment, program recommendations, financial proforma statement, and feasibility/ROI. Our analysis also included projections of conference and event demand and room night projections. Our report is currently under review by the client group.

A list of additional hotel and conference center projects conducted by our staff is provided below.

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OTHER HOTEL/CONFERENCE Costa Rica Hotel Conference Center Hotel/Condo Resort Development Feasibility CENTER STUDIES Coralville, Iowa Jamaica (Queens), New York Albuquerque, New Mexico Convention Center & Hotel Hotel & Conference Center Headquarters Hotel Study Corpus Christi, Texas Knoxville, Tennessee Austin, Texas Bayfront Convention Center Hotel Feasibility Headquarters Hotel Expansion Lawton, Oklahoma Condo-Hotel Development Hotel, Restaurant & Retail Master Hotel Feasibility plan Baltimore, Maryland Lawrenceburg, Indiana Convention Center Hotel Davenport, Iowa Hotel Feasibility Study & Hotel Management RFP Manchester, New Hampshire Dayton, Ohio Hotel Development Hotel Feasibility Hotel Hotel/Parking Structure Appraisal Mexico City, Mexico Decatur, Illinois Conference Center Bangor, Maine Hotel and Conference Center Proposed Hotel and Conference Milwaukee, Wisconsin Center Development Des Moines, Iowa Hotel City-wide Hotel Market Analysis Beach Park, Illinois Minneapolis, Minnesota Hotel Feasibility Durango, Colorado Hotel Waterpark Feasibility Big Spring, Texas Conference Center Feasibility Moline, Illinois Hotel Conference Center Study Feasibility Erie, Pennsylvania Hotel Feasibility Birmingham, Alabama Hotel Monterey, California Hotel Feasibility Fishers, Indiana Conference Center Expansion Feasibility Bloomington, IN Hotel Hotel Feasibility Flagstaff, Arizona Naperville, Illinois Hotel and Convention Center Boston, Massachusetts Hotel Conference Center Headquarters Hotel Feasibility Fort Lauderdale, FL Nashville, Tennessee Branson, Missouri Hotel Feasibility Headquarters Hotel Feasibility Convention Center & Fort Worth, Texas New York City, New York Headquarters Hotel Headquarters Hotel Hotel Cedar Rapids, Iowa Franklin, Tennessee Norfolk, Virginia Hotel Feasibility Hotel Feasibility Convention Center & Hotel Charlotte, North Carolina Frederick, Maryland Normal, Illinois Headquarters Hotel Development Hotel Conference Center Hotel, Conference Center & Multi- Convention Center Financing Feasibility Use Facility Room Tax Grand Forks, North Dakota Development Analysis Alerus Center Convention Center Norman, Oklahoma Chesterfield, Michigan Hotel Hotel & Conference Center Hotel Feasibility Grand Haven, Michigan North Augusta, South Carolina Chicago, Illinois Hotel and Conference Center Hotel Feasibility Hotel Feasibility for Private Feasibility Oakbrook, Illinois Developer Highland Park, Illinois Hotel Feasibility University of Chicago Hotel Hotel Feasibility Omaha, Nebraska Hotel Feasibility – near downtown Houston, Texas Convention Center & Hotel Clovis, California Hotel Feasibility Convention Center, Arena & Convention Center & Hotel Headquarters Hotel Feasibility Headquarters Hotel Colorado Springs, Colorado Huntsville, Alabama Palm Beach Gardens, Florida Hotel and Conference Center Headquarters Hotel Development Hotel Feasibility Feasibility Analysis Indianapolis, Indiana

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Park City, Utah Richmond, Virginia Shasta Lake, California Hotel Conference Feasibility Greater Richmond Convention Hotel Conference Center Phoenix, Arizona Center Authority South Lake Tahoe, California Hotel Feasibility Hotel Tax Revenue Bonds Hotel Conference Center & Event Pigeon Forge, Tennessee Saint Louis, Missouri Center Hotel Feasibility Headquarters Hotel Market Study Suffolk, Virginia Plano, Texas Hotel Industry Analysis Hotel Conference Center Hotel Feasibility Saint Louis, Minnesota Tinley Park, Illinois Portland, Oregon Hotel Hotel Feasibility Headquarters Hotel San Juan, Puerto Rico Tucson, Arizona Queens, New York Room Tax Analysis Hotel & Exhibit Feasibility Convention Center & Hotel Santa Fe, New Mexico Vail, Colorado Raleigh, North Carolina Civic Center Hotel Room Tax Conference Center Headquarters Hotel & Convention Analysis Virginia Beach, Virginia Center Schaumburg, IL Headquarters Hotel Feasibility Convention Center & Hotel and Development Assistance Feasibility Study Convention Center and Headquarters Hotel Asset Management

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References We encourage the Buda Economic Development Corporation to contact our clients listed below. HVS prides itself in providing high-quality and objective advice, which we feel is the reason so many of our clients engage us for multiple projects.

Project: Fredericksburg, Texas Conference Center Mr. Ernie Loeffler, President & CEO Fredericksburg Convention and Visitor Bureau 302 East Austin Street Fredericksburg, TX 78624 Phone: 830-997-6523 Email: [email protected]

Project: Various Hospitality Projects Mr. Mike Sawaya, Convention Facilities Director City of San Antonio 200 East Market Street San Antonio, Texas, 78216 Phone: 210-207-7040 Email: [email protected]

Project: Albany Capital Center and Hotel Analysis Mr. Duncan Stewart, Executive Director Albany Convention Center Authority 386 Broadway, Albany, NY 12207 Phone: 518-275-4920 Email: [email protected]

Project: Gilbert, Arizona Hotel Conference Center Study Ms. Michele Renahan, Tourism Director Town of Gilbert 90 Civic Center Drive Gilbert, AZ 85296 Phone: 480-503-6913 Email: [email protected]

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3. Approach and Scope of Work

Understanding of the The Buda Economic Development Corporation (“Buda EDC”) is seeking proposals Project from consultants to provide a market validation and feasibility analysis of current and future needs for a hotel conference center in Buda.

Developers have approached the City regarding the development of a hotel conference center and the community wants to determine whether the market can support additional development. This study will not only look to determine the feasibility, but also the appropriate site for the development to meet the current and potential demand. The study will include market assessment, building program recommendations, site analysis, and financial proforma statement, as well as financing and economic impact analyses in a later phase.

With a population approximately 8,000, Buda is one of Austin’s fastest growing suburbs, located 13 miles south of Austin on Interstate 35. The city is strategically located so that its hotels serve business travelers during the week and leisure visitors attending events in Texas Hill Country on the weekends. The city currently has 5 hotels, with 3 more under construction. The Buda EDC is requesting the analysis to assess options that will result in the greatest impact to the community, strengthen the city’s demand for business and leisure travelers, and assist in identifying what contribution, if any, the city should have in the development.

Our study will assume that the hotel will be privately developed, and explore the development options for the conference center element, including possible public/ private partnerships. The overall project will be viewed as one cohesive development.

The intended use of this independent feasibility study is for planning purposes and possible distribution to potential developers. The intended user is the Buda EDC and the City of Buda.

Approach to the Project Our firm has the capacity to provide scope elements requested. We propose a study method that we have applied successfully to other projects. However, in our experience, every project presents unique issues and we expect that your project will require us to be creative and to improvise methods of analysis so that we can thoroughly address all of your questions.

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To provide this analysis, HVS will conduct the following tasks:

Market and Feasibility Analysis Task 1: Kickoff Meeting and Fieldwork Task 2: Market Analysis Task 3: Hotel Supply and Demand Analysis Task 4: Conference Center Event Demand and Room Night Projections Task 5: Building Program Recommendations Task 6: Site Analysis Task 7: Occupancy and ADR Estimates Task 8: Forecast of Income and Expenses Task 9: Feasibility Analysis/ROI Task 10: Economic Impact Analysis Additional Services Financing Case Studies Financing Plan Developer RFP and Negotiation Assistance

MARKET AND FEASIBILITY ANALYSIS

Task 1: HVS will meet with you and/or your representatives in Buda to discuss our study Kickoff Meeting in more detail and to formulate a schedule for performing the engagement. At this and Fieldwork time, we will gather any information from you that may assist us in performing this assignment, including data and key contacts. We will conduct interviews, collect statistical data, and investigate the market area. Primary types of information HVS will gather will include: 1. Prior to our initial visit to the market, we will provide an information request letter and set up a meeting schedule.

2. HVS staff will meet with client representatives to discuss the project, establish lines of communication, and gather any information from you, which may assist us in performing this assignment.

3. Review any previous analysis prepared for the project.

4. HVS will contact and interview local hotel operators, governmental officials, business leaders, and other project stakeholders.

5. The market orientation of nearby lodging facilities will be evaluated to determine their competitive position with respect to the subject hotel

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property. Those properties displaying similar market attributes will receive a physical inspection, along with selective management interviews, to estimate levels of occupancy, room rates, market segmentation and other pertinent operational characteristics. Some of the competitive factors that will be specifically reviewed include: location, type and quality of facilities, physical condition, management expertise, and chain affiliation. 6. The demand for transient accommodations will be investigated to identify the various generators of visitation operating within the local market. The current and anticipated potential of each of these market segments will be evaluated to determine the extent of existing and future demand. Interviews with officials of business and government, as well as statistical data collected during the fieldwork, are useful in locating and quantifying transient demand. In conjunction with the identification of potential demand, an investigation will be made of the respective strengths of these markets in terms of seasonality, weekly demand fluctuations, vulnerability to economic trends and changes in travel patterns and other related factors. 7. Gather statistical data relating on economic and demographic trends. Interviews with local Chambers of Commerce, tourism departments, economic development agencies, and other related organizations, along with an investigation of the subject's primary market area will reveal patterns reflecting growth, stability or decline. 8. Expense factors relating to local conditions such as labor, food and beverage costs, energy rates, assessed values and taxes will be researched. 9. Through interviews with hotel operators, developers, governmental officials and others, we will ascertain the status of projects under construction, proposed, or rumored that might be competitive with the subject hotel and conference center.

Task 2: HVS will evaluate the market area conditions and recent trends in the local Buda Market Analysis economy, which are critical to understanding the potential for a proposed new hotel and conference center. HVS will assess key market variables and economic data for Buda in general, and the site area in particular, culminating in an analysis of the following:

 Local area economic trends  Demographic and economic characteristics  Work force characteristics  Projected economic growth  Business climate  Corporate and institutional presence  Dining, cultural and entertainment offerings

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 Hotel supply  Leisure and tourism industry statistics  Proposed development initiatives  Transportation/air access statistics

HVS aims to gain a thorough understanding of the characteristics and conditions of the Buda market area, thereby providing a sound basis for our overall market conclusions about supply and demand. Because HVS conducts more than 4,500 market studies, appraisals, and planning analyses each year, we have recent market data pertaining to almost every market area in the United States, including Buda. This will allow us to gain a more thorough understanding of the market area as we can benefit from an extended history of evaluating markets during various economic cycles over the past decade.

Task 3: HVS will thoroughly analyze supply and demand for lodging in the area. We Supply and will provide an overview of regional and national trends; we will also provide Demand Analysis analysis pertaining specifically to how the proposed hotel and conference center is likely to perform in the local market. Key steps of our analysis include the following:

 Competitive Set Analyses – We define a set of local area hotels that will compete most directly with the proposed hotel and conference center, as well as those that compete on a secondary basis. Our consultants will analyze how each of these competitors performs, including information about their historical occupancy and average daily rates. Through interviews with hotel operators, developers, government planning officials, and others, we will also ascertain whether any potentially competitive projects are under construction, proposed, or rumored. We will identify the degree to which these properties would compete with the proposed hotel and conference center.  Accommodated Demand – Using the occupancy levels and market segmentations of the competitive properties, the number of room nights actually accommodated in each segment is calculated by multiplying each property's room count by its occupancy, market segmentation, and 365 days. This yields the accommodated room night demand in the competitive set. The annual number of room nights occupied per room in each segment is also calculated (room nights occupied per year divided by the room count), and the results serve as a competitive index.  Segmentation Analysis – HVS will evaluate which demand segments are currently served by the competitive set of hotels and we will quantify accommodated room night demand in each of several demand segments, such as: commercial; leisure; and meeting and group.

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 Demand Growth Rates – Growth rates are projected for each of the market segments.  Penetration Analysis – HVS then determines the appropriate penetration rates for the proposed hotel within each of the defined demand segments. The appropriate positioning of these penetration rates will depend on the subject’s relative advantages and disadvantages compared to the defined competitive set of hotels.  Latent Demand – Latent demand may be “Unaccommodated” or “Induced” demand. Unaccommodated demand represents potential lodging demand that historically has not been served because of lack of available rooms during periods of peak demand. Induced demand represents additional lodging demand that may result from the addition of the proposed hotel property or other major developments in the area. HVS factors estimates of these additional types of potential demand in our room night analysis.

Accurate data and competent analysis are critical to developing accurate forecasts of supply and demand. Using market data from our proprietary SPIDER© database, industry data purchased from Smith Travel Research, and information from our fieldwork interviews with hotel managers, HVS will estimate existing and future room night demand in the market area. We will also provide an overview of historical performance for these hotels.

HVS sets the industry standard for thoroughness in hotel supply and demand analyses. Our proprietary market segmentation models and penetration analysis models are preferred by most, if not all, lenders and investors working in the industry. Our report would provide a thorough explanation of these models and their outputs.

Task 4: Industry Trends - HVS will describe the conference, convention and meeting Conference Center Event industry and analyze trends in the number of events, attendance, and supply of Demand and Room Night facilities. An understanding of trends in the demand for and supply of function Projections space provides an important context for evaluating the market potential of existing and proposed venues. Our analysis will conclude with an assessment of the particular implications of these trends for conference and event space in Buda.

Comparable Conference Venue Analysis - HVS will identify and analyze competitive hotel and conference center or standalone conference facilities. HVS will gather data on selected competitive facilities including facility size, flexibility, and overall quality; number of supporting hotel rooms; rates, surrounding amenities; and if available, levels of event demand by event type and revenue and expenses. HVS will also compile and analyze data on conference facilities that may not be competitive but are comparable (located in other parts of Texas and North America). HVS will analyze this data on comparable markets and their facilities and use it as a basis for developing the demand and induced room night projections for the proposed meeting and event space in the hotel.

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Interviews - HVS will interview key informants in person or over the phone. Possible interviews include representatives from the City of Buda Tourism Department, Buda Chamber of Commerce, economic development representatives, tourism stakeholders, hospitality business leaders, and associations to identify local and regional event requirements. We will also interview meeting and event planners active in the area that reflects primary segments of current and potential demand.

Induced Group Demand Projections - HVS will quantify the event demand in several different event categories for the conference center space. Demand projections will include the number of events, number of event days, and number of attendees for the first 10 years of operation.

Room Night Projections - Our demand projections will provide the basis for room night demand estimates. We will create a statistical model of the number of room nights generated by events held in the conference center space. These room night demand estimates will be incorporated into the HVS hotel analysis as an important component of the overall room night demand in the hotel market.

Task 5: The match between the market demand and the quality and size the proposed Building Program hotel and conference center is essential to its financial success. Based on our Recommendations market research, HVS will provide recommendations regarding the building program, as well as the appropriate service level for the hotel. The recommended facilities may include an analysis of the following elements:

 The number of rooms by type (king, double, suite, etc.),  Number and size of event space including exhibition, meeting rooms, and banquet space,  Kitchen/banquet facilities,  Types of restaurant and lounge facilities,  Concierge floors and amenities,  Quantity and location of prefunction/lobby space,  Support spaces,  Number of required parking spaces,  Technology requirements,  Health, fitness and spa facilities,  Business services and amenities, and  Others as appropriate.

The building program should meet the needs of customers, maximize revenue opportunities, and foster an efficient hotel operation.

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Task 6: The suitability of the land for a hotel and conference center is an important Site Analysis consideration affecting the economic viability of a facility and its ultimate marketability.

Based on specific criteria and in consultation with client representatives, HVS will assess up to three potential sites in Buda that may be appropriate for the recommended facility. We will select sites for analysis with client representatives and assess the amount of land required for the recommended facility.

HVS employs a site evaluation matrix that involves 20-30 variables that help to determine access, circulation, parking, size, topography, visibility, and the availability of utilities, which have a direct impact on the desirability of a particular site. The following figure presents a sample evaluation site matrix developed for another client.

EVALUTION OF FOUR SITES BASED ON 24 SELECTION CRITERIA1

Criteria Weight2 Site 1 Site 2 Site 3 Site 4

Capacity 5 3 3 3 3 Relative Ease of Land Acquisition 4 1 1 2 2 Proximate to Hotel Supply 4 2 2 1 1 Proximate to Restaurants 3 3 2 1 1 Proximate to Retail 3 3 2 1 1 Relative Ease of Construction 3 3 3 3 3 Environmental Concerns 3 3 3 3 1 Site Considerations Site Visibility 2 3 1 2 2 Sub-Total Site Considerations 21 17 16 14 Compatibility with Adjacent Land Uses 5 3 3 1 1 Impact on Community Relationships 4 3 3 3 3

Potential for Related Development 3 3 2 1 1 Urban Compliance with Existing Zoning 2 3 3 1 1 Sub-Total Urban Impact 12 11 6 6 Accessible to Autos 5 3 3 3 3 Accessible to Trucks 5 3 3 3 3 Accessible to Pedestrians - Walkability 5 3 2 1 1 Accessbility to Public Transportation 4 3 3 3 2

Access Availability of Existing Parking 2 3 1 1 1 Capacity for Additional Parking 2 3 2 3 3 Traffic Impact 1 2 2 3 3 Sub-Total Access 20 16 17 16 Land Acquisition Costs 5 1 1 3 2 Cost of Construction 4 3 3 3 3 Potential for Private Investment 4 1 1 1 1

Finance Opportunity to Leverage Public Funding 4 1 1 1 1 Opportunity Costs - Alternative Uses 2 1 2 2 2 Sub-Total Financial Considerations 7 8 10 9 Total All Criteria 60 52 49 45

Weighted Scores3 MAX Site 1 Site 2 Site 3 Site 4

Site Considerations 81 69 59 55 49 Urban 42 42 39 22 22 Access 72 71 60 58 54 Finance 57 27 29 39 34 Total 252 209 187 174 159 Percent of Maximum 83% 74% 69% 63% 1) Each criteria scored on a 1 to 3 scale (1 = site does not conform , 2 = site partially conforms, and 3 = site fully conforms). 2) Rank of the importance of the critera on a scale of 1 to 5 with five being most important and 1 being least important. 3) The importance of the criteria (weight) X the conformance score = the weighted score.

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Task 7: Based on our market research, supply and demand analysis, and facility Occupancy and recommendations, HVS will provide a projection of occupancy and average daily ADR Estimates rates at the proposed hotel. Our projections will show annual occupancy and average rate for the opening year all the way through stabilization. Thereafter, occupancy will stabilize and room rates are expected to grow with inflation.

As new competitive supply or additional demand generators open in the market area, particular years may experience substantial positive or negative changes in occupancy or average daily rates. Our analysis will attempt to model these changes over the projection period, based on the most current available information and planning data.

HVS will provide a 10-year projection of occupancy and average daily rates (ADR) for the proposed hotel. Revenue per available room (RevPAR) is a third variable we analyze, which can be calculated by taking the product of the occupancy and ADR for a given year. The occupancy and average rate projections allow us to calculate annual room revenue at the proposed hotel.

Task 8: Annual room revenue (occupied room night multiplied by ADR) is the starting Forecast of Income point of our forecast of income and expenses. But other potentially important and Expense revenue categories, such as conference event rentals, food and beverage sales and other sources need to be forecast. HVS will identify each key revenue category for the proposed hotel and conference center facility and forecast annual revenue levels in each category for a 10-year period.

HVS will also project fixed and variable expenses for the proposed hotel and conference center. The HVS proprietary SPIDER© database allows us to analyze actual financial operating statements of over 60,000 of hotels around the country. From this vast financial data library, we will select a highly relevant set of “comparable facilities” as the basis of a detailed analysis of expense ratios appropriate for the proposed hotel. HVS will identify each expense category for the proposed hotel and forecast annual expense levels in each category for a 10- year period. Our forecast of income and expenses will be consistent with the Uniform System of Accounts for the Lodging Industry.

Task 9: Following the recommended procedures and industry standards set forth in the Feasibility textbook Hotels and Motels: A Guide to Market Analysis, Investment Analysis, and Analysis/ROI Valuations that we authored for The Appraisal Institute, a feasibility analysis will be performed to determine whether the proposed hotel and conference center has economic justification.

The feasibility conclusion will be documented from several points of view including return on investment, cash flow analysis and IRR calculations. Components of the feasibility analysis such as cost of capital, relative risk, holding period, and leverage will be discussed and supported by market data.

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Task 10: HVS will provide an economic impact analysis of the recommended hotel and Economic Impact conference center. The impact analysis will be conducted for the geographic area Analysis that includes the City of Buda. The key to an accurate impact analysis is to estimate the net new activity in Buda caused by addition of a new hotel and conference center. When a facility generates room night demand, it may capture some of the existing room night demand or possibly displace demand that would otherwise be in Buda.

HVS uses the HVS CSE Impact Model© (the “Impact Model”). The Impact Model allows the user to input spending estimates that reflect the levels of spending that are unique to the local community. This methodology has the potential to produce a much more precise estimate than typical impact estimates that tend to rely exclusively on national spending data.

Once the net new demand impact is known, HVS will use these estimates to calculate the associated spending. HVS will measure four types of net new spending impacts:

1. Overnight visitor spending 2. Day visitor spending 3. Exhibitor spending 4. Event organizer spending

Spending estimates will be based in part on data from the latest version of the Destination Marketing Association International (“DMAI”) delegate expenditure survey. We will adjust the DMAI survey numbers for inflation and to local market characteristics as necessary.

HVS will estimate three types of spending impacts in the analysis:

Direct impacts include the visitor expenditures, payroll, and employment resulting from the events and operations occurring at the additional hotel and conference center. Indirect impacts are the supply of goods and services resulting from the initial direct facility-related spending. Induced impacts represent the change in local consumption due to the personal spending by employees whose incomes are affected by direct and indirect spending.

Indirect and induced impacts are often referred to as the multiplier effects, which vary depending upon the types of spending and the characteristics of the local economy.

HVS will use the IMPLAN input-output model to estimate indirect and induced impacts. IMPLAN is a nationally-recognized model commonly used to estimate economic impacts. An input-output model generally describes the commodities

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and income that normally flow through the various sectors of the economy. The indirect and induced expenditure, payroll, and employment effects result from the estimated changes in the flow of income and goods caused by the projected direct impacts. IMPLAN data are available by state, county, and zip code levels.

Fiscal Impacts

Fiscal impacts represent the incremental tax revenue collected by the municipality associated with the net new spending related to the activity at the facility. For example, our analysis estimates the hotel tax revenue from an overnight stay by an event attendee and considers this a fiscal impact.

HVS will gather data from the municipality on tax rates. Combining this tax rate information with our spending projections, HVS will estimate the impact on a variety of state and local taxes, including sales, income, hotel, food & beverage, car rental, property, and others as applicable. The analysis will result in an estimate of new tax revenue associated with the project in inflated dollars for a stabilized year of demand.

Market and Feasibility HVS will prepare an annotated, table-oriented PowerPoint that summarizes our Analysis Reporting findings and conclusions to be reviewed by the Buda EDC and the City. HVS will hold a web-based conference call with client representatives to present and discuss our initial findings. We will discuss our findings with you and incorporate any agreed-upon changes to the report.

Subsequently, HVS will finalize the study and provide a discussion of our findings, projections, estimates, and recommendations.

ADDITIONAL SERVICES

Financing Case Studies HVS can identify alternative methods of financing the construction of the facility. Case studies from financing plans used in other markets (including facilities in Texas, as well as nationwide) will help to illustrate various options. HVS will identify various innovative approaches to project financing, including various forms of public/private partnerships.

Financing Plan HVS can assist in identifying alternative sources of funding the recommended facility. HVS can explore various innovative approaches to project financing, including various forms of public/private partnerships, tax credits or incentives, 63-20 tax exempt bond, tax increment financing, and other capital resources. This analysis and discussion with client representatives will lead to a recommended financing plan that achieves the best practical match of project benefits and costs.

The market and financial analysis previously discussed in the proposal would provide the necessary information on the availability of operating revenue to support the project. In consultation with local financial advisors, HVS will identify funding alternatives and estimate the future capacity of those resources to support the construction and operations of the project.

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Developer RFP and HVS regularly assists municipalities in the solicitation and review of development Negotiation Assistance proposals, as well with negotiating certain terms with the selected developer. HVS can assist, review, and make recommendations in the development of various agreements between the City and selected developer, as needed. We can work with the City to negotiate the agreements and create a term sheet or memorandum of understating summarizing salient transaction terms and conditions and work with the City’s legal team to facilitate completion of the documents. We can explain the advantages and disadvantages of certain terms from the City’s perspective based on our experience in other deals.

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4. Schedule and Costs

HVS proposes a ten week timeline for this study. We are able to begin the project in early September. Our schedule is outlined in the table below.

HVS PROPOSED SCHEDULE

Task Description W-1 W-2 W-3 W-4 W-5 W-6 W-7 W-8 W-9 W-10

Task 1: Kickoff Meeting and Fieldwork M Task 2: Market Analysis Task 3: Hotel Supply and Demand Analysis Task 4: Conference Demand and Room Night Projections Task 5: Building Program Recommendations Task 6: Site Analysis CC Task 7: Occupancy and ADR Estimates Task 8: Forecast of Income and Expenses CC Task 9: Feasibility Analysis/ROI Task 10: Ecnomic Impact Analysis Draft and Final Reports CC Financing and Negotiation Assisstance TBD

CC = Project Status Conference Calls M = Meeting in Buda

We propose to perform the above outlined scope of services for a fee of $39,000. A retainer of will be due upon authorization to proceed. Remaining fees will be billed monthly on a percentage complete basis and all fees will be due upon delivery of our final report.

In addition to the fees presented above, you agree to reimburse us for reasonable out-of-pocket travel and related expenses (such as out-research services including Smith Travel Research, ESRI, and IMPLAN data) incurred on your behalf. Expenses will be billed at cost and are not anticipated to exceed $5,000. Expenses will include all the travel related expenses for the project (one trip to Buda for the fieldwork and meetings) the cost of all data, and the production of presentation materials and reports. You will be billed periodically for expenses, which will be due and payable upon presentation of our bills.

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5. Additional Materials

Included in this section are firm qualifications materials, including resumes and project information.

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Since 1980, HVS Global Hospitality Consulting has provided consulting and valuation services throughout the world for nearly every major industry participant. Our professional staff of more than 400 industry specialists offers a wide range of services, including market feasibility studies, valuations, strategic analyses, impact studies, advisory and development planning, and litigation support. With over 30 offices in 10 countries, we offer one of the most comprehensive knowledge bases in the industry. Last year alone, HVS completed more than 2,000 appraisals, feasibility studies, and consulting engagements. HVS is respected worldwide by developers, underwriters, operators, and investors. We operate independently as consultants and have no ownership in any venues.

Divisions of HVS

Hospitality Consulting

Hotel Valuation Litigation Support Asset Management Sustainability Services

Restaurant Management Golf Services & Consulting Hospitality Investment Hotel Management Banking & Brokerage Timeshare Consulting Marketing & Parking Solutions Communications Interior Design Operations & Management Strategy Gaming Services Executive Search Property Tax Services

Convention, Sports & Entertainment Facilities Consulting

HVS Convention, Sports, & Entertainment Facilities Consulting, a division of HVS Global Hospitality Services, based in Chicago, Illinois, provides independent and objective economic and financial consultant and advisory services to public clients and private developers of convention, sports, and entertainment facilities. Our staff is dedicated to helping implement your projects by providing rigorous analysis during the planning process and expert advice on development decisions. The specialized staff of HVS Convention, Sports, & Entertainment Facilities Consulting has performed over 350 assignments analyzing the feasibility of convention centers, stadiums, arenas, civic centers, tourism attractions, performing arts venues, water parks, and other economic development initiatives. We serve our clients from the early planning stages through financing and implementation of our projects. Our studies often appear in municipal bond offering statements. Rating agencies, bond insurers, and investors rely on our studies for independent and objective assessment of the costs, benefits and risks of real estate development. We specialize in planning and negotiating public/private partnerships and are one of the few firms that understand both the public and private sides of development issues.

HVS Convention, Sports, & Entertainment Facilities Consulting 312.587.9900 | www.hvs.com Our Clients  Public Facility Authorities  Private Developers  Planning Departments  Economic Development Agencies  Convention and Tourism Agencies  Municipal Finance Departments  Universities  Lenders, Investment Banks

Types of Services

Independent Feasibility Studies  Independent and expert opinions on project feasibility  Studies used to support project financing  Reports are available to use in municipal bond offering statements, public offering documents and private placement memorandums  Financial modeling  Extensive experience in presenting studies to policy makers and to the investment community Market Research  Analysis of relationship between economics and demographics of a community and its proposed development initiative  Extensive databases on comparable facilities  Variety of survey and interview techniques targeted to potential users Development Assistance  Business and financial plan creation  Market-based building program plans and development  Development of team solicitation and selection  Development and operating agreement negotiation  Market strategies development  Familiarity with all phases of the development process, including the early phases of project conceptualization, physical planning, deal structuring, project delivery and operations Economic and Fiscal Impact Analysis  Proven methodologies for estimating economic and fiscal impacts for public development initiatives  Sophisticated economic “input/output models” for estimation of the potential for induced and indirect project impacts  Fiscal impact analysis to measure the benefit of new tax revenue generated by the project Tax Projections  Accurate forecasting of public economic development projects revenues for creating and implementing a financial plan  Forecasts of sales, income, property, hotel occupancy, auto rental, and food and beverage taxes, as well as numerous other taxes that support publicly financed projects  HVS understands the market fundamentals and economics that drive the underlying tax base Financial & Transaction Assistance  Financial debt capacity analysis  Structure and develop financing plan  Prepare, structure, and negotiate transaction documents

HVS Convention, Sports, & Entertainment Facilities Consulting 312.587.9900 | www.hvs.com HVS Project Experience

Market and Feasibility Studies Bangor, Maine Cedar Rapids, Iowa Akron, Ohio Proposed Conference Center Convention Center Feasibility John S. Knight Convention Center Berlin, Germany Analysis Expansion Hotel, Convention and Chandler, Arizona Albany, New York Entertainment Facility Rawhide Theme park Convention Center and Hotel Bethlehem, Pennsylvania Operations Review & Valuation Albertisa, Hungary Convention Center Charleston, South Carolina Sports Complex Bexar County, Texas Citadel Stadium Albuquerque, New Mexico Multi-Purpose Event Center & Charlotte, North Carolina Convention Center Fairgrounds Convention Center Master Plan Headquarters Hotel Study Big Spring, Texas Chennai, India Alexandria, Minnesota Hotel Conference Center Trade & Exposition Center Events Center Feasibility Analysis Chesterfield, Michigan Alpena, Michigan Bloomington, Illinois Exposition Center Civic Center Arena Chicago, Illinois Alsip, Illinois Bloomington, Indiana Kino Factory Theater Conventions Center Convention Center Expansion and Hotel Feasibility – Private Amarillo, Texas Hotel Feasibility Developer Civic Center Analysis Birmingham, Alabama Hyatt McCormick Place Expansion Apopka, Florida Hotel Feasibility Hotel at University of Chicago Civic Center Boone County, Indiana Cleveland, Ohio Arlington, Texas Multi-purpose Event Center Mixed-use Lakefront Report Convention Center Expansion Boston, Massachusetts Development Ashland, Kentucky Convention & Exhibition Center Clovis, California Motor Speedway Boston Duck Tours Convention Center & Hotel Athens, Greece Aurora, Colorado Colorado Springs, Colorado Mixed-use Development Convention Center & Hotel and Conference Center (Convention Center, hotel, casino, Headquarters Hotel Feasibility Analysis retail, museum, amusement park) Branson, Missouri Columbus, Ohio Austin, Texas Convention Center & Greater Columbus Convention Austin Convention Center and Headquarters Hotel Center Hotel Brookings, South Dakota Copenhagen, Denmark Austin Long Center for the Swiftel Center Expansion Congress Facilities Performing Arts Buffalo, New York Coralville, Iowa Baltimore, Maryland Buffalo Convention Center Convention Center & Hotel Convention Center Hotel Butler, Pennsylvania Corpus Christi, Texas Feasibility Study Exhibit Hall Analysis American Bank Center Expansion Bangkok, Thailand Canonsburg, Pennsylvania Bayfront Convention Center Amari Hotels Convention Center Convention Center Feasibility Expansion Analysis Hotel, Restaurant & Retail Masterplan

HVS Convention, Sports, & Entertainment Facilities Consulting 312.587.9900 | www.hvs.com Council Bluffs, Iowa Foxwoods, Connecticut Jackson, Mississippi Mid-America Center Market Study Casino & Resort – Convention Youth/Amateur Sports Complex Dallas, Texas Facilities Jacksonville, Florida Convention Center Complex Galveston, Texas Soccer Stadium Davenport, Iowa Convention Center Jamaica (Queens), New York Convention Center Gary, Indiana Hotel & Conference Center Denver, Colorado Civic Center Maximization Jerusalem, Israel Convention Center Expansion Casino Amphitheater International Convention Center Detroit, Michigan Glens Falls, New York Kingsport, Tennessee Regional Convention Center Arena, Hotel and Parking Hotel Conference Center Ford Field Entertainment-Retail Goodard, Kansas Expansion Center Aquatics Center and Sports Knoxville, Tennessee Drumheller, Alberta, Canada Complex Hotel Feasibility Banquet Facility Grand Forks, North Dakota Lake Junaluska, North Carolina Durango, Colorado Alerus Center Convention Center Conference and Retreat Center Hotel Conference Center Feasibility Las Cruces, New Mexico Study Grand Haven, Michigan Hotel Conference Center Conference Center and Hotel Durham, North Carolina Las Vegas, Nevada Green Bay, Wisconsin Convention Center Convention Center Expansion Titletown Entertainment Retail Edmonton, Alberta Financing Attraction (Lambeau Field) Resort Hotel & Entertainment Lawton, Oklahoma Complex Greenville, South Carolina BI-LO Arena Convention Center/Arena/Hotel Edmonton, Alberta Feasibility Hagerstown, Maryland Conference Center Lee’s Summit, Missouri Multi-Purpose Events Center Erie, Pennsylvania Complex Outdoor Sports Complex Headquarters Hotel Hammond, Indiana Little Rock, Arkansas Estes Park, Colorado Cine Art Movie Theater Convention Center Expansion Auditorium/Film Center Hartford, Connecticut Loudoun County, Virginia Evanston, Illinois Convention Center Demand Convention Center & Arena Multi-purpose Community/Sports Analysis Madison, South Dakota Center Harvard, Illinois Multi-purpose Event Center Fargo, North Dakota Waterpark Resort & Expo Center Madrid, Spain Fargodome Expansion Holland, Michigan Integrated Resort Fargo, North Dakota Holland Area Center Mammoth Lakes, California Performing Arts Theater Hopkins, Minnesota Conference Center Fishkill, New York Cultural Events Center Hopkins High School Performing Sports Dome Appraisal Arts & Activities Manchester, New Hampshire Flagstaff, Arizona Houston, Texas Verizon Wireless Arena Hotel Conference Center Convention Center Feasibility Redevelopment of Reliant Fort Lauderdale, Florida Performing Arts Center Feasibility Astrodome Convention Center Expansion and Manila, Philippines Indianapolis, Indiana Hotel Feasibility Ayala Development Makati Hotel and Conference Center Fort Worth, Texas Business District Indianapolis, Indiana Hotel Convention Center Outdoor Amphitheater

HVS Convention, Sports, & Entertainment Facilities Consulting 312.587.9900 | www.hvs.com Marbella, Spain New York, New York Queens, New York Waterpark Pier 94 – the “UnConvention Convention Center & Hotel Melbourne, Australia Center” Racine, Wisconsin Convention Center and Hotel Madison Square Garden- Convention Center Memphis, Tennessee Assessment of Stadium’s Racine, Wisconsin Convention Center Market use of Convention Center DeKoven Center Expansion Analysis Norfolk, Virginia Raleigh, North Carolina Mesa, Arizona Convention Center & Hotel Convention Center and Domed Stadium Norman, Oklahoma Headquarters Hotel Mexico City, Mexico Hotel & Conference Center Stadium Feasibility Conference Center Omaha, Nebraska Rancho Mirage, California Merrillville, Indiana Convention Center, Arena & Agua Caliente Casino and Resort Convention Center Headquarters Hotel Richmond, Virginia Mission, Texas Ottawa, Ontario Greater Richmond Convention Convention Center Rideau Carleton Trade Show and Center Monterey, California Exhibition Centre Riviera Beach, Florida Conference Center Expansion Overland Park, Kansas Community Civic Center Feasibility Arena Feasibility Study Saint Louis, Missouri Mumbai, India Arena Impact Study Headquarters Hotel Market Study Bandra Kurla Convention Center Convention Center and Hotel Industry Market Study Feasibility Study Milwaukee, Wisconsin Due Diligence for Hotel Investor Soccer Stadium Auditorium Renovation Salt Lake City, Utah Wisconsin Center Phase II, III & IV Oyster Bay, New York Performing Arts Center & Expansion Banquet Hall Venue Cultural District Planning City-wide Hotel Analysis Palmdale, California Salem, Oregon Montego Bay, Jamaica Conference Center Oregon State Fair Convention Center Feasibility Park City, Utah Salem, Virginia Muskegon, Michigan Conference Center Study Convention Center Convention Center Feasibility Philadelphia, Pennsylvania San Antonio, Texas Entertainment Complex Convention Center Labor Study Alamodome Analysis Naperville, Illinois Phoenix, Arizona Convention Center Hotel and Convention Center Convention Center Demand Study Freeman Coliseum Multi-purpose Event Center Nashville, Tennessee Pigeon Forge, Tennessee Convention Center & Convention Center/Hotel Analysis Soccer Stadium Analysis Headquarters Hotel Plano, Texas Toyota Field Appraisal New Morgan, Pennsylvania Convention Center/Arena/Hotel San Bernadino, California Formula Motor Sports Park Feasibility Arena New Orleans, Louisiana Portland, Oregon Santa Fe, New Mexico Convention Center District MLS Stadium Analysis Cerrillos Road Convention Center Assessment Veteran’s Memorial Coliseum Survey Grammy Exposition Hall & Hall of Analysis Downtown Convention Center Fame Feasibility Study Quad Cities, Illinois Quad Cities International St. Louis, Missouri Raceway Park Soccer and Sports Complex Feasibility

HVS Convention, Sports, & Entertainment Facilities Consulting 312.587.9900 | www.hvs.com San Juan, Puerto Rico Tucson, Arizona America’s World Trade Convention Center/Hotel/Arena Convention Center District Vail, Colorado Saratoga Springs, New York Conference Center Concert Venue Analysis Valley View, Pennsylvania Multi-Purpose Entertainment Rausch Motor Sports / Motor Venue Sports Park Schaumburg, IL Vancouver, British Columbia Convention Center & Hotel Convention Center Feasibility Study Visalia, California Convention Center and Convention Center Expansion Headquarters Hotel Asset Wausau, Wisconsin Management Convention Center & Hotel Skagit County, Washington Washington, DC Northern State Recreation Center Wardman Park Hotel Seattle, Washington West Allis, Wisconsin Washington State Convention State Fair Park Hotel Center Expansion Hotel Feasibility Study and South Lake Tahoe, California Request for Proposals Hotel Conference Center & Event Wichita, Kansas Center Century II Suffolk, Virginia Modernization/Expansion Phase I Hotel Conference Center Century II Sydney, Australia Modernization/Expansion Phase II Convention Center Winston-Salem, North Carolina Syracuse, New York Convention Center DestiNY –Tourism, Retail & Xenia, Ohio Entertainment Center Entertainment Center Analysis Tallahassee, Florida Youngstown, Ohio Convention Center & Hotel Conference Center Headquarters Hotel Zanesville, Ohio Thackerville, Oklahoma Convention Center Conference Center Study The Colony, Texas Conference Center Study Tioga Downs, New York Waterpark Tinley Park, Illinois Convention Center Expansion Tipperary, Ireland Mixed-use Development (Convention Center, hotel, casino, retail, equestrian center) Torrance, California Hotel Conference Center

HVS Convention, Sports, & Entertainment Facilities Consulting 312.587.9900 | www.hvs.com Hotel Studies Fort Worth, Texas Albany, New York Chicago, Illinois Headquarters Hotel Hotel & Convention Center Hotel Feasibility for Private Franklin, Tennessee Albany, New York Developer Hotel Feasibility Hotel at Rensselaer Rail Station University of Chicago Hotel Frederick, Maryland Albuquerque, New Mexico Hotel Feasibility – near downtown Hotel Conference Center Headquarters Hotel Study Clovis, California Feasibility Atlanta, Georgia Convention Center & Hotel Grand Forks, North Dakota Headquarters Hotel Study Colorado Springs, Colorado Alerus Center Convention Center Austin, Texas Hotel and Conference Center Hotel Headquarters Hotel Feasibility Analysis Grand Haven, Michigan Condo-Hotel Development Costa Rica Hotel and Conference Center Baltimore, Maryland Hotel/Condo Resort Development Feasibility Convention Center Hotel Columbus, Ohio Greenville, South Carolina Feasibility Study & Fort Rapids Waterpark Hotel Greenville Auditorium District Hotel Development Coralville, Iowa Hotel Tax Revenue Bonds Hotel/Parking Structure Appraisal Convention Center & Hotel Harvey, Illinois Bangkok, Thailand Corpus Christi, Texas Hotel Feasibility Amari Hotels Convention Center American Bank Center Hotel Henderson, Nevada Bangor, Maine Bayfront Convention Center Headquarters Hotel Feasibility Proposed Hotel and Conference Expansion Honolulu, Hawai‘i Center Development Hotel, Restaurant & Retail Headquarters Hotel Feasibility Beach Park, Illinois Masterplan Highland Park, Illinois Hotel Feasibility Davenport, Iowa Hotel Feasibility Bethlehem, Pennsylvania Management RFP Houston, Texas Hotel Feasibility Blackhawk Hotel Redevelopment Hotel Feasibility Big Spring, Texas Dayton, Ohio Headquarters Hotel Feasibility Hotel Conference Center Hotel Huntsville, Alabama Feasibility Decatur, Illinois Headquarters Hotel Development Birmingham, Alabama Hotel and Conference Center Indianapolis, Indiana Hotel Feasibility Des Moines, Iowa Boston, Massachusetts Hotel Feasibility Hotel Conference Center Feasibility Headquarters Hotel Feasibility Erie, Pennsylvania Branson, Missouri Hotel Feasibility Jamaica (Queens), New York Hotel & Conference Center Convention Center & Estes Park, Colorado Headquarters Hotel Hotel Feasibility Kingston, Oklahoma Hotel Feasibility Cedar Rapids, Iowa Fishers, Indiana Hotel Feasibility Hotel Feasibility Knoxville, Tennessee Hotel Feasibility Charlotte, North Carolina Flagstaff, Arizona Headquarters Hotel Development Hotel Conference Center Lawton, Oklahoma Hotel Feasibility Convention Center Financing Fort Lauderdale, Florida Room Tax Analysis Lawrenceburg, Indiana Convention Center Hotel Chesterfield, Michigan Hotel Hotel Feasibility

HVS Convention, Sports, & Entertainment Facilities Consulting 312.587.9900 | www.hvs.com Manchester, New Hampshire Pigeon Forge, Tennessee South Lake Tahoe, California Hotel Feasibility Hotel Feasibility Hotel Conference Center & Event Milwaukee, Wisconsin Peoria, Illinois Center City-wide Hotel Market Analysis Hotel Feasibility Suffolk, Virginia Hotel Conference Center Hotel Appraisal Plano, Texas Tinley Park, Illinois Minneapolis, Minnesota Hotel Feasibility Hotel Feasibility Suburban Hotel Waterpark Plymouth, Michigan Tucson, Arizona Feasibility Inn at St. John’s Expansion Headquarters Hotel Feasibility Moline, Illinois Portland, Oregon Headquarters Hotel Virginia Beach, Virginia Hotel Feasibility Queens, New York Headquarters Hotel Feasibility Mount Pleasant, South Carolina Convention Center & Hotel and Development Assistance Hotel Feasibility Hotel Conference Center Wailuku, Hawaii Naperville, Illinois Raleigh, North Carolina Hotel Feasibility Hotel and Convention Center Headquarters Hotel & Convention Washington, DC Nashville, Tennessee Center Wardman Park Hotel Headquarters Hotel Feasibility Centennial Authority of North Wausau, Wisconsin New Orleans, Louisiana Carolina – Hotel Tax Convention Center & Hotel Headquarters Hotel Revenue Bonds Hotel-Motel Room Tax Analysis New York City, New York Downtown Hotel Development West Allis, Wisconsin Hotel Strategy State Fair Park Hotel Norfolk, Virginia Richmond, Virginia Hotel Feasibility Study and Convention Center & Hotel Greater Richmond Convention Request for Proposals Normal, Illinois Center Authority Youngstown, Ohio Hotel, Conference Center & Multi- Hotel Tax Revenue Bonds Hotel Conference Center Use Facility Saint Louis, Missouri Development Headquarters Hotel Market Study Norman, Oklahoma Hotel Industry Analysis Hotel & Conference Center Saint Louis, Minnesota North Augusta, South Carolina Hotel Hotel Feasibility San Juan, Puerto Rico Oakbrook, Illinois Room Tax Analysis Hotel Feasibility Santa Fe, New Mexico Omaha, Nebraska Civic Center Hotel Room Tax Convention Center & Hotel Analysis Convention Center, Arena & Schaumburg, IL Headquarters Hotel Convention Center & Hotel Palm Beach Gardens, Florida Feasibility Study Hotel Feasibility Convention Center and Park City, Utah Headquarters Hotel Asset Hotel Market Analysis Management Phoenix, Arizona Shasta Lake, California Hotel Feasibility Hotel Conference Center

HVS Convention, Sports, & Entertainment Facilities Consulting 312.587.9900 | www.hvs.com Economic Impact Analysis Henderson, Nevada Overland Park, Kansas Headquarters Hotel Impact Convention Center Alexandria, Minnesota Houston, Texas Palmdale, California Events Center Redevelopment of Reliant Conference Center Arlington, Texas Astrodome Park City, Utah Arlington Convention Center Huntsville, Alabama Conference Center Albany, New York Headquarters Hotel Development Phoenix, Arizona Convention Center and Jerusalem, Israel Phoenix Convention Center Headquarters Hotel International Convention Center Plano, Texas Austin, Texas Honolulu, Hawaii Convention Center/Arena/Hotel Austin Convention Center Mixed-use Resort Providence, Rhode Island Bimini Bahamas Lenox, Massachusetts Convention Center Casino Development National Music Foundation Raleigh, North Carolina Boston, Massachusetts Lombard, Illinois Proposed Convention Center Boston Convention Proposed Hotel Conference Center Center/Headquarters Hotel Richmond, Virginia Louisville, Kentucky Buffalo, New York Greater Richmond Convention Henry Clay Hotel Restoration Center Buffalo Convention Center Madison, South Dakota Salem, Virginia Chesterfield Township, Michigan Multi-purpose Event Center Convention Center Proposed Convention Center Mammoth Lakes, California Salt Lake City, Utah Chicago, Illinois Proposed Conference Center Performing Arts Center Navy Pier Milwaukee, Wisconsin Santa Fe, New Mexico Colorado Springs, Colorado Convention Center & CVB Downtown Convention Center Proposed Convention Center Monterey, California St. Charles, Illinois Columbus, Ohio Conference Center Downtown Theater Greater Columbus Convention Naperville, Illinois Center Suffolk, Virginia Proposed Conference Center Copenhagen, Denmark Hotel Conference Center New Orleans, Louisiana Proposed Congress Centre Santa Fe, New Mexico Hotel Industry Impact Study Downtown Convention Center Corpus Christi, Texas New York, New York Tallahassee, Florida American Bank Center World Trade Center Conference Center Council Bluffs, Iowa Madison Square Garden Vail, Colorado Mid-America Center Economic Impact Analysis of Conference Center Dallas, Texas Hudson Gardens Virginia Beach, Virginia Hotel Impact on Convention Nashville, Tennessee Headquarters Hotel Center Headquarters Hotel Visalia, California Denver, Colorado Norfolk, Virginia Convention Center Convention Center Headquarters Washington D.C. Hotel Convention Center Convention Center Fargo, North Dakota Normal, Illinois Fargodome Expansion Conference Center Fort Lauderdale, Florida Norman, Oklahoma Headquarters Hotel Conference Center

HVS Convention, Sports, & Entertainment Facilities Consulting 312.587.9900 | www.hvs.com Tax Forecasts

Aurora, Colorado Milwaukee, Wisconsin Raleigh, North Carolina Hotel and Convention Financing – Southeast Wisconsin Professional Centennial Authority of North Tax Revenue Projections: Baseball Carolina – Hotel State of Colorado Park – District Sales Tax Tax Revenue Bonds City of Aurora Revenue Bonds Richmond, Virginia 1996, 1997, 1999 Adams County Greater Richmond Convention Wisconsin Center District – Senior Center Authority Hotel City of Denver and Junior Dedicated (2012) Tax Revenue Bonds Arapahoe County Tax Revenue Refunding Bond San Antonio, Texas Austin, Texas Wisconsin Center District Junior Hotel Occupancy Tax Projections Convention Center/Waller Creek Dedicated Tax Revenue San Juan, Puerto Rico Venue Refunding Bond Room Tax Projections Project Bonds Nashville, Tennessee Santa Fe, New Mexico Charlotte, North Carolina Convention Center Financing- Tax Civic Center Hotel Room Tax Convention Center Financing Revenue Projections: Analysis Room Tax Analysis Hotel/Motel Tax Washington DC Chicago, Illinois Airport Tax Lodging Tax Revenue Projections City of Chicago, Revenue Vehicle Rental Tax Wausau, Wisconsin Estimates Books TDZ Tax Hotel-Motel Room Tax Analysis (1989 through 1993) New York, New York O’Hare International Terminal Jacob Javits Convention Center Special Revenue Expansion Financing Bond Financing Tax Revenue Bonds Motor Fuel Tax Bond Issue North Charleston, South Carolina Dallas, Texas Charleston County Municipal City of Dallas Hotel/Motel Accommodations Fee Analysis Occupancy Tax and Alcohol Orlando, Florida and Beverage Tax Orange County Convention Center Green Bay, Wisconsin Tax Revenue Lambeau Field Sales Tax Analysis Analysis Arena & Convention Center, Room Overland Park, Kansas Tax Analysis General Obligation Bonds – Greenville, South Carolina Transient Guest Tax Study Greenville Auditorium District Overland Park Development Corp. Hotel Tax – Senior Revenue Bonds Revenue Bonds Henderson, Nevada Transit Lodging Tax Mecklenburg County, North Carolina Room Occupancy & Prepared Food & Beverage Tax Analysis

HVS Convention, Sports, & Entertainment Facilities Consulting 312.587.9900 | www.hvs.com Development Assistance Owensboro, Kentucky Akron, Ohio Greenville, South Carolina Mixed-use Development Football Stadium & Mixed-Use BI-LO Center Perth Amboy, New Jersey Development Proposed Ballpark & Mixed-use Ballpark Development Augusta, Georgia Development Portland, Oregon Convention Center and Hotel Harlingen, Texas Headquarters Hotel Development Development Conference Hotel Development Prospect Heights, Illinois Albany, New York Huntsville, Alabama Arena Development Headquarters Hotel Task Force Headquarters Hotel Development Queens, New York Albuquerque, New Mexico Jacksonville, Florida Madison Square Garden Stadium Headquarters Hotel Task Force Jacksonville Arena Commentary Arlington, Texas Jacksonville Baseball Park Raleigh, North Carolina Headquarters Hotel and Macon, Georgia Headquarters Hotel & Convention Convention Center Expansion Arena & Ballpark Mixed-use Center Development Development Baltimore, Maryland Saint Louis, Missouri Headquarters Hotel Development Madison, Wisconsin Saint Louis University Arena & Bangor, Maine Headquarter Hotel/Mixed Use Mixed-use Development Proposed Hotel and Conference District San Antonio, Texas Center Development Manchester, New Hampshire Convention Center Cairo, Egypt Verizon Wireless Arena San Antonio, Texas Convention Center Management Milwaukee, Wisconsin CVB Study Wisconsin Center District – San Juan, Puerto Rico Charleston, South Carolina Financial Advisory Services America’s World Trade Center College of Charleston Arena Construction District Charlotte, North Carolina Minneapolis, Minnesota Savannah, Georgia Headquarters Hotel Development Airport Hotel Development Arena Development Chicago, Illinois Naperville, Illinois Schaumburg, Illinois O’Hare International Hotel and Conference Center Convention Center and Management Development Headquarters Hotel Headquarter Hotel Operator Normal, Illinois Stamford, Connecticut Selection Hotel, Conference Center & Arena Development Columbus, Ohio Mixed-Use Development Ballpark & Mixed-use COSI Science & Industry Museum Norman, Oklahoma Development Feasibility Study – Peer Review Development Contract Stillwater, Oklahoma Council Bluffs, Iowa Negotiation Assistance Oklahoma State Football Stadium Negotiation Assistance – Development Renovation Arena/Convention Center Omaha, Nebraska Wauwatosa, Wisconsin Operator Headquarters Hotel & Convention Milwaukee Regional Medical Davenport, Iowa Center Development Center Organizational Analysis Management RFP Overland Park, Kansas West Allis, Wisconsin Blackhawk Hotel Redevelopment Headquarters Hotel & Convention Hotel Feasibility Study and Frenchtown, St. Thomas Center Development Request for Proposals US Virgin Islands Resort Hotel Development

HVS Convention, Sports, & Entertainment Facilities Consulting 312.587.9900 | www.hvs.com Financial Services and Financial Analytical Services

Augusta, Georgia Milwaukee, Wisconsin Purchase of the Augusta Lynx of Buck Arena Financing Analysis the East Coast Hockey League, Omaha, Nebraska Investment Banker Omaha Royals New Downtown Chatham County, Georgia Ballpark and Mixed-use Naming Rights Marketing Development, Financial Advisor Assistance Services St. Augustine, Florida Columbia, South Carolina World Golf Village, Financial New Ballpark and Mixed-use Advisor Development, Financial Advisor St. Petersburg, Florida to Team and Developer St. Petersburg Times Forum (NHL’s Council Bluffs, Iowa Lightning), Investment Banker Mid-America Center Operational and Financial Analyst Review Tampa Bay, Florida Davenport, Iowa Tropicana Field (MLB’s Devil Rays), Convention Center Operational Investment Banker and Financial Review Analyst Denver, Colorado Raymond James Field, Investment Convention Center Expansion, Banker and Financial Advisor Financial Analyst Greenville, South Carolina Vero Beach, Florida BI-LO Center - Arena Lease, 4 Spring Training Facilities including Operating Agreements, renovation of Dodgertown, Financing Documents Investment Banker and Financial Analyst Jacksonville, Florida Worchester, Massachusetts Ballpark Lease Negotiations between the City of Jacksonville Valuation and Allocation of the and the Jacksonville Suns for a Naming Rights for Convention Long-term Lease of the new Center and Arena Baseball Grounds Leagues Comparative Study of 9 NFL Small Af2 League Market Stadium Lease, Venue and Team Services Financing and Operations Consultants to the af2 Program Manager, Overseeing National Basketball Association development of $170million Venue and Market Consultants to Sports Complex including new the NBA on the creation and Arena and Ballpark initial market selection of the Manchester, New Hampshire NBDL Verizon Wireless Arena, Investment Banker

HVS Convention, Sports, & Entertainment Facilities Consulting 312.587.9900 | www.hvs.com Thomas Hazinski MANAGING DIRECTOR

Thomas A. Hazinski has 20 years of experience in the public policy arena, as a public official and as Consulting Experience a consultant. He specializes in providing economic and financial research to public agencies and private developers involved in economic development initiatives. For twenty years, Hazinski has  Managing Director, specialized in the analysis of convention, sports and entertainment markets and the associated HVS Convention, Sports & Entertainment real estate developments. In January 2000, he started the Chicago office of HVS as its Managing Facilities Consulting Director.  Senior Vice President, Formerly, Mr. Hazinski served as Senior Vice President of C.H. Johnson Consulting, Inc., a firm that C.H. Johnson Consulting, specialized in market analyses and feasibility studies for convention, sports, hospitality, and Inc. entertainment facilities. Mr. Hazinski has managed up to 25 engagements each year helping many  Vice President, of his clients to successfully plan and finance their projects. Midwest Management Consultants Mr. Hazinski has studied and helped to implement convention center and hotel initiatives in major U.S. markets such as Chicago, Baltimore, Raleigh, Nashville, New Orleans, San Antonio, Government Boston, New York, Austin, Kansas City, and Portland, OR. His sports facility project experience Experience includes Miller Park in Milwaukee, WI; the BI-LO Arena in Greenville, SC; the Citadel Stadium in Charleston, SC; the Centennial Arena in Raleigh, NC; Lambeau Field in Green Bay, WI; and various  Assistant Budget Director for Revenue other stadium, arena and motorsports facilities. His performing arts facility project experience Analysis, City of Chicago includes the Milwaukee Theater; the Long Center for the Performing Arts in Austin, Texas; and arts venues in Little Rock, Amarillo, Farmington, New Mexico, and Salt Lake City.  Assistant Commissioner of Aviation and Internationally, he has worked on convention center and/or mixed-use resort projects in Berlin, International Terminal Cairo, Copenhagen, Geneva, Mexico City, Sydney, Melbourne, and other cities in India, Thailand, Manager South Africa, and the Philippines. He has worked on mixed-use resort, casino, entertainment and  Revenue Analysis, convention center developments in Ireland, Macau, Singapore, and Madrid. Chicago Park District Before starting his consulting career, Mr. Hazinski served in government positions dealing with Academic Background various aspects of municipal finance. Formerly Assistant Budget Director for the City of Chicago, he managed the City’s revenue analysis unit and was responsible for revenue estimation,  M.A. Public Policy legislative review and fiscal impact analyses for numerous city projects. Mr. Hazinski also served Studies, University of as the Assistant Commissioner of the Department of Aviation for the City of Chicago, where he Chicago coordinated the completion and opening of the new International Terminal at O’Hare Airport.  B.A. University of Wisconsin - Madison Tom holds a Masters Degree in Public Policy from the Harris School of Public Policy at the University of Chicago, where he specialized in municipal finance. He completed four years in the  Lecturer, DePaul post-graduate degree program, including doctoral course-work, before leaving to pursue active University management. He has lectured at DePaul University in the Masters of Public Services Program, teaching a course entitled “Financial and Economic Foundations of Public Service.”

HVS Convention, Sports, & Entertainment Facilities Consulting 312.587.9900 | www.hvs.com Catherine Sarrett SENIOR DIRECTOR

Catherine Sarrett consults for public and private clients seeking to plan, develop, and operate Consulting Experience convention, sports, cultural, and entertainment facilities. Ms. Sarrett is currently a Project Manager at HVS Convention, Sports & Entertainment Facilities Consulting, which is dedicated  Senior Director, to objective and independent market and financial analysis of public assembly facilities. HVS Convention, Sports & Entertainment Facilities Consulting Ms. Sarrett began her career in the convention, sports and entertainment field as the Owner’s Representative for the Philadelphia Spectrum Arena during the development stages  Project Manager, of the Wachovia Center. She oversaw all stages of arena design, managed the development C.H. Johnson Consulting, budget and served as the liaison between design professionals and facility operations and Chicago management. As a Program Manager with Stein & Company, Ms. Sarrett served as the  Program Manager, Stein lender representative on a variety of construction projects preparing monthly due diligence & Company, Chicago reports, ensuring that construction proceeded on schedule and approving construction draws for the lender. She also prepared a number of financial projections for a variety of land uses. With Johnson Consulting, Ms. Sarrett prepared market and feasibility studies including Academic Background demand and financial projections, operational analyses, and funding models.

 M.B.A., Finance and Catherine received her Bachelor of Science in Civil Engineering from Duke University and Marketing, spent several years as a structural engineer with Hanson Engineers, Inc. before entering the Wharton School, Wharton School of the University of Pennsylvania where she received her Master’s of University of Pennsylvania Business Administration in Finance and Marketing.  B.S. Civil Engineering, Catherine has provided the following services: Duke University . the master planning and feasibility study for the re-use of the Roosevelt Roads Naval Station in Puerto Rico, . a feasibility analysis for a conference center in Park City, Utah, . a feasibility analysis for a convention center development in Cedar Rapids, Iowa, . an expansion analysis for the Broward County, FL Convention Center, . a feasibility analysis for a convention center development in Tallahassee, Florida, . a feasibility analysis for the expansion of the Amarillo Civic Center in Amarillo, Texas, . an expansion to the Telluride Conference Center in Colorado, . feasibility of a soccer complex in St. Louis County, Missouri, . market assessment of the Denver Pepsi Center, . market assessment of an events center in Portland, Maine, and . feasibility analysis for an arena/events center in Boone County, Indiana.

HVS Convention, Sports, & Entertainment Facilities Consulting 312.587.9900 | www.hvs.com Brian Harris DIRECTOR

Brian Harris brings extensive experience in public facility financing to HVS. He served as Vice Consulting Experience President of Analytical Services, ScheerGame Sports Development, LLC and previously in a similar capacity at William R. Hough & Co. Prior to that, Harris was deputy manager of public  Director, HVS finance at Raymond James. During his 25-year career as an analyst and as a manager of Convention, Sports & Entertainment Facilities analytical services, he has worked on over 1,000 municipal financing projects ranging from Consulting basic general obligation bond issues to complex derivative transactions.  Senior Vice President, Harris’ major activities in financing began in 1985 with the financing of the Devil Ray’s ScheerGame Sports Tropicana Field for the City of St. Petersburg/Pinellas County FL. That financing involved Development, LLC financial participation and risk sharing by the City, County, State, and the franchise holders of Finance Investment the sports team. After the Tropicana Field original financing was completed, Harris later Banking Experience worked on the refunding of that transaction in order to lower overall debt service payments.

 Senior Vice President, Harris continued to be involved in numerous financing for public facilities, including the $200 William R. Hough & million Raymond James Stadium in Tampa Bay and the BI-LO Center in Greenville, S.C., Company including its 1999 refinancing that lowered its overall debt service. He was lead financial  Senior Vice President, analyst for the Verizon Wireless Arena, a 10,000-seat minor league hockey arena constructed Raymond James & in Manchester, N.H. Mr. Harris worked on the World Golf Village financing outside Assoc. Jacksonville, FL and numerous minor league ballparks throughout the southeast. He provided  Vice President, Arch both project budget analytical support for the program management team and operating Roberts & Company pro-forma analyses for the lease negotiating team on the 170 million dollar ballpark and arena improvements to Jacksonville’s Sports Complex.  Vice President, Florida Municipal Securities, Inc. In Harris’ more than 25 years of experience in the sports facility financing section of the Academic Background municipal bond market, he has experienced many variations of public/private partnerships and techniques to enable the issuance of the maximum amount of tax-exempt bonds while  B.S. Business permitting franchise teams to play in the arena. Harris also has focused on the investment of Administration, Finance, bond proceeds in municipal escrow accounts and on the reinvestment of reserve accounts University of Central for the purpose of maximizing earnings. Florida His experience providing analysis for convention centers and financing strategies includes the Dallas Convention Center Complex, the proposed Albany, NY Convention Center and Hotel, the Tucson Convention Center, and McCormick Place in Chicago. He has also conducted analyses for headquarter hotels in Virginia Beach, VA, Houston, TX, Portland, OR, Tucson, AZ, and Albany, NY.

HVS Convention, Sports, & Entertainment Facilities Consulting 312.587.9900 | www.hvs.com