Performance Oversight Responses
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Performance Oversight Hearing Materials FY17 / Q1FY18 Washington Convention and Sports Authority t/a Events DC February 26, 2018 Council of the District of Columbia Committee on Finance and Revenue Washington Convention and Sports Authority t/a Events DC FY17-Q1FY18 Performance Oversight Hearing February 26, 2018 Question 1 Please provide a list of the Board's current members. For each member, please provide the following: • Name; • Seat type (e.g. Public, ex officio; and identify seats representing the hotel industry, restaurant industry, organized labor); • When the member's term started and expires; • Attendance record for calendar year 2017 and 2018 to date. In the case of ex officio, please indicate when member or designee attended meetings; and • Identify any open seats, with current term of the seat. WASHINGTON CONVENTION AND SPORTS AUTHORITY T/A EVENTS DC BOARD OF DIRECTORS FEBRUARY 2018 Member Appointment Date Term Expires Seat Type1 Max Brown (Chairman) May 17, 2015 May 16, 2019 Public John Boardman (Vice Chairman) April 20, 2010 May 16, 2017 Organized Labor Denise Rolark Barnes (Secretary) April 4, 2017 May 16, 2020 Business Finance Linda Greenan (Treasurer) March 17, 2009 May 16, 2018 Municipal Finance Alan Bubes May 17, 2015 May 16, 2019 Public Jeffrey S. DeWitt January 2, 2014 Ex officio Ex officio Cheryle Doggett November 6, 2014 May 16, 2021 Business Finance Julio “Jay” Haddock Ortiz May 15, 2007 May 16, 2018 Tourism Industry William N. Hall November 6, 2014 October 1, 20172 Restaurant Industry Solomon Keene, Jr. February 7, 2012 Ex officio Hotel Industry3 Brian Kenner March 20, 2015 Ex officio Ex officio Miriam “Mimsy” Huger Lindner February 7, 2012 May 16, 2019 Business Finance 1 Industry-specific seat designation is maintained by the Mayor’s Office of Talent and Appointments (MOTA). The seat types listed above are taken from MOTA’s records as of February 19, 2018. 2 Pursuant to D.C. Code § 1–523.01, Mr. Hall is serving in a hold-over capacity for 180 days following the expiration date of his term. 3 Per the Authority’s organic statute, Mr. Keene is an ex officio Member of the Board by virtue of his employment as the president of the Hotel Association of Washington, DC. FY17 Washington Convention and Sports Authority Board of Directors Attendance Record Meeting Date Board Member 10/13/2016 11/10/2016 12/8/2016 1/12/2017 2/9/2017 3/10/2017 4/13/2017 5/11/2017 6/8/2017 7/13/2017 7/27/2017 9/14/2017 Brown Present Present Present Present Present Present Present Present Present Present Present Present Boardman Present Present Present Present Present Present Present Present Present Present Present Rolark Barnes Present Present Present Present Present Greenan Present Present Present Present Present Present Present Present Bubes Present Present Present Present Present Present Present Present Present DeWitt Designee Present Present Designee Present Present Present Present Present Present Designee Doggett Present Present Present Present Present Present Present Present Present Haddock Present Present Present Present Present Present Present Present Present Present Hall Present Keene Present Present Present Present Present Present Present Present Kenner Present Present Present Present Present Present Present Lindner Present Present Present Present Present Present Present Present Present Present Present FY18 Washington Convention and Sports Authority Board of Directors Attendance Record Meeting Date Board Member 10/12/2017 11/9/2017 12/14/2017 1/11/2018 1/24/2018 2/8/2018 Brown Present Present Present Present Present Present Boardman Present Rolark Barnes Present Present Present Present Greenan Present Present Present Present Bubes Present Present Present Present Present DeWitt Present Present Present Designee Present Designee Doggett Present Present Present Present Haddock Present Present Present Present Present Present Hall Keene Present Present Present Present Kenner Present Present Present Present Lindner Present Present Present Present Present Note: The Authority's by-laws do not permit a Members' designee to vote at a Board Meeting. Jeff DeWitt is the only ex-officio Member with someone who staffs his attendance at Board Meetings. Washington Convention and Sports Authority t/a Events DC FY17-Q1FY18 Performance Oversight Hearing February 26, 2018 Question 2 Please provide a list of the Board’s meeting dates, times, and locations for 2017 and 2018 to date. With two exceptions, meetings of the Board of Directors for FY17 and FY18 to date took place in the Dr. Charlene Drew Jarvis Board Room at the Walter E. Washington Convention Center. The January 11, 2018 meeting took place at the R.I.S.E. Demonstration Center, while the May 11, 2017 meeting took place at the Washington Nationals Youth Baseball Academy. The Board of Directors met on the following dates: FY17 FY18 (to date) Date Time Date Time October 13, 2016 10 a.m. October 12, 2017 10 a.m. November 10, 2016 10 a.m. November 9, 2017 9:30 a.m. December 8, 2016 3 p.m. December 14, 2017 10 a.m. January 12, 2017 10 a.m. January 11, 2018 9 a.m. February 9, 2017 10 a.m. January 24, 2018 11:30 a.m. March 10, 2017 9:30 a.m. February 8, 2018 10 a.m. April 13, 2017 10 a.m. May 11, 2017 10 a.m. June 8, 2017 4 p.m. July 13, 2017 10 a.m. July 27, 2017 11 a.m. September 14, 2017 10 a.m. Washington Convention and Sports Authority t/a Events DC FY17-Q1FY18 Performance Oversight Hearing February 26, 2018 Question 3 Please comment on the performance of the Convention Center Hotel. Please include the following in your response: • The total increased revenue resulting from the hotel's completion During the Headquarter Hotel pre-opening sales period Destination DC secured 28 new citywide accounts that would only book their event on condition of guaranteed delivery of the hotel. For FY17, Destination DC identified the following three pieces of business that would not have booked their events in Washington, DC without the availability of the hotel: the Society of Interventional Radiology, the American Thoracic Society and Microsoft Inspire. These events combined for $2.3 million in revenues to the Authority and $59.7 million in economic impact for the District of Columbia. However, the booking patterns of certain other events (American College of Surgeons, Transcatheter Cardiovascular Therapeutics, Transportation Research Board, American College of Cardiology) clearly show that these events were heavily solicited prior to 2014 but did not commit to multiple bookings until after the Marriott Marquis Washington DC’s opening in 2014. In addition, the hotel was an integral component of the successful soliciting of the 2017 IPW and Splunk events; these two events combined for $4.04 million in Authority revenues and $95.8 million in direct-spending economic impact for the District. Washington Convention and Sports Authority t/a Events DC FY17-Q1FY18 Performance Oversight Hearing February 26, 2018 Question 4 Please provide the Committee with an updated debt statement chart for FY 2017, and note the maturity date for all bonds issued, and dates of any refinancing. The Authority’s debt service schedule as of December 31, 2017, is included in the attached chart. The final maturity for the Authority’s Series 2007A (Convention Center) Bonds is October 1, 2030. The final maturity for the Authority’s Series 2010A and 2010C (Headquarters Hotel) Bonds is October 1, 2040, while the Series 2010B (Headquarters Hotel) Bonds reach final maturity on October 1, 2039. All bond series are subject to optional redemption and mandatory sinking fund redemption prior to maturity. In January 2018, the Authority’s Board of Directors authorized the issuance of Senior Lien Dedicated Tax Revenue Refunding Bonds (Series 2018A and Series 2018B) for refunding the Authority’s currently outstanding Series 2007 and Series 2010C bonds. On a combined basis, the refunding will result in significant debt-service savings for the Authority. The Series 2018 bonds are expected to close during the week of March 5, 2018. Washington Convention and Sports Authority Series 2007 and 2010 Bonds Combined Debt Service Schedule As of December 31, 2017 2010 Bonds (Hotel Bonds) 2007 Bonds (Convention Center Bonds) Combined Fiscal Year Principal Interest Total Principal Interest Total Principal Interest Total 2018 3,185,000 14,485,243 17,670,243 18,415,000 15,362,975 33,777,975 21,600,000 29,848,218 51,448,218 2019 4,090,000 14,341,472 18,431,472 19,335,000 14,442,225 33,777,225 23,425,000 28,783,697 52,208,697 2020 4,245,000 14,190,133 18,435,133 20,300,000 13,475,475 33,775,475 24,545,000 27,665,608 52,210,608 2021 4,410,000 14,030,800 18,440,800 21,315,000 12,460,475 33,775,475 25,725,000 26,491,275 52,216,275 2022 4,570,000 13,856,352 18,426,352 22,385,000 11,394,725 33,779,725 26,955,000 25,251,077 52,206,077 2023 4,740,000 13,669,430 18,409,430 23,390,000 10,387,400 33,777,400 28,130,000 24,056,830 52,186,830 2024 4,915,000 13,477,294 18,392,294 24,470,000 9,309,850 33,779,850 29,385,000 22,787,144 52,172,144 2025 7,250,000 13,279,683 20,529,683 25,690,000 8,086,350 33,776,350 32,940,000 21,366,033 54,306,033 2026 7,635,000 12,979,623 20,614,623 26,975,000 6,801,850 33,776,850 34,610,000 19,781,473 54,391,473 2027 8,770,000 12,611,986 21,381,986 28,325,000 5,453,100 33,778,100 37,095,000 18,065,086 55,160,086 2028 9,625,000 12,225,418 21,850,418 29,600,000 4,178,475 33,778,475 39,225,000 16,403,893 55,628,893 2029 10,285,000 11,819,468 22,104,468 30,930,000 2,846,475 33,776,475 41,215,000 14,665,943 55,880,943 2030 10,980,000 11,393,134