A MESSAGE FROM THE PRESIDENT/CEO

ERIC D. HART, CFE PRESIDENT/CEO I am pleased to present the recommended biannual budget for fiscal years 2020 and 2021. This budget was developed with the involvement of staff members and included a review by the Authority finance committee. This budget was developed to provide the highest level of service while continuing to be cognizant of our overall reliance on supporting government agencies, Hillsborough County and the City of Tampa.

This budget includes assumptions and proposed costs for the remaining financial terms related to major renovations to Raymond James Stadium during the 2016/2017/2018 fiscal years (extended to 2018 as explained below), which were agreed upon as part of the Stadium Renovation Agreement approved in December 2015 by the Tampa Sports Authority, Hillsborough County and the City of Tampa. The Stadium Renovation Agreement outlines the plans for a $86.5 million renovation to Raymond James Stadium over the 2016 and 2017 NFL off-seasons. Pursuant to the Renovation Agreement, the Buccaneer Stadium LLC (“BSLLC”) was responsible for $57.7 million of the total renovation amount and the Authority is responsible for $28.8 million, $25.8 million of which was already a contractual obligation of the Authority in the original 1996 Stadium Agreement. In accordance with the Renovation Agreement, the Authority was responsible to reimburse BSLLC $14.5 million when BSLLC spent a minimum of $43.5 million for the Schedule I projects and $14.3 million when BSLLC spends a minimum of $43 million for the Schedule II projects. These reimbursements have and will be funded with the previously secured $25 million of bond refunding cash flow savings as well as the 4th Cent Tourist Development Tax financing.

The Schedule I projects exceeded $74 million in costs and the Schedule II projects exceeded $89 million in costs (well above the Renovation Agreement contractual obligation), despite this, the Authority is only obligated for the amounts agreed upon in the Renovation Agreement, as outlined above. At this point the Authority has funded BSLLC for the Schedule I improvements and are in the process of arranging payment for the Schedule II improvements.

As part of this Renovation Agreement, BSLLC has agreed that the Authority, Hillsborough County and the City of Tampa have satisfied and fully performed all requirements of the Stadium Agreement related to the Practice Area Allowance of $11.6 million. Additionally, the Authority’s net other event revenue split with BSLP was changed from 50/50 to 67/33 (of the revenues above $2,000,000 up to $3,500,000) in favor of the Authority.

There were a multitude of projects completed with the 2016 Schedule 1 improvements; these included suite renovations, a replacement and expansion of the existing Video Boards, installation of a new distributed sound system, as well as the addition of the Hall of Fame Clubs, corner LED boards and LED ribbon boards.

In 2017, the Schedule 2 improvements included a renovation and remodel of the West Club, Press Box, Hall of Fame Club expansion and additional suites. The improvements also included several items designed to enhance fan comfort and safety, including the upgrade of the existing WiFi system to NFL Standards, an upgrade of the Chiller plant, the replacement of West Club bowl seats and cupholders and the installation of Magnetometers. In addition, the Buccaneers built a Team Store and a new Home Team Locker Room; the Buccaneer’s existing locker room was converted to the USF Bulls home locker room. In 2018, the Schedule 2 improvements included a renovation and remodel of the East Club, Lounge, Atrium, the Cheerleaders’ locker room and the replacement of East Club bowl seats. Additional HVAC, electrical and concession upgrades were also included in the 2018 scope of work.

The Authority in recent fiscal years managed the completion of the more than $48 million New York Yankees renovation of George M. Steinbrenner Field and the Himes Player Development Complex, as part of the State of Florida Department of Economic Opportunity Retained Spring Training Facilities Program. Through this program the Authority secured $20 million of state funding that is being used to repay debt service for the $13,590,000 Florida State Sales Tax Payments Revenue Bonds which were issued in February of 2017. This will be an impact neutral budget item for the Authority as the State revenues will cover the proposed debt service. As part of this agreement, the Yankees have extended their license agreements on these facilities from 2026 to 2046. The improvements, which are now complete, include new outfield concourses, a remodeled team store, concession area improvements, the addition of group and social gathering areas, addition of loge suites, new shaded areas, updated and expanded training areas and fields, and a vastly improved entrance to ease the access to the stadium.

The Authority, at request of the County, is now managing the Fairway Café, located downtown in the County Center. The Authority will continue to manage the Café until the County determines their long range plans for the allocated space.

In 2019, the Authority began management and operation of the 15 field Hillsborough County Tournament SportsPlex. The complex was designed to be one of the premier tournament sport venues in the country, which is evidenced by further planned investment in the coming year to attract larger events.

The Authority continues to modify its organizational structure and make modifications in operating and event staffing policies which are designed to reduce overall costs, improve efficiency and better meet the needs of Authority clients and tenants. Authority management has continued to strive to attract new events to be held at Raymond James Stadium and find creative ways to operate similar to private enterprise. As an illustration of the results of these efforts, in May of 2017 it was announced that Raymond James Stadium will host Super Bowl LVI in 2021. It was also recently announced that Raymond James Stadium will host WrestleMania 36 in April of 2020 and the inaugural season of the Tampa Bay XFL franchise will begin play in February 2020.

Respectfully, ABOUT THE AUTHORITY

The Tampa Sports Authority, a government entity, is an independent special district created by the Florida Legislature in 1965 to construct and manage sports and recreational facilities in Hillsborough County. The Authority’s mission is to provide economic development and enhance the quality of life through sports and recreation. The Authority has no taxing power, but rather acts as an enterprise fund utilizing user-fees to subsidize its operating costs. As a result, all of its major capital construction projects from the original Tampa Stadium, golf courses, Hillsborough County Tournament SportsPlex, Amalie Arena, George Steinbrenner Field and Raymond James Stadium have been accomplished by working closely with the approvals and financial support of Hillsborough County and the City of Tampa.

Raymond James Stadium was constructed with funds from the Community Investment Tax (CIT). The CIT is a 30-year half-cent local option sales tax. The first 25% of the total projected CIT collections goes to build new schools. The next amount is applied to debt payments on the Stadium bonds (approximately 7% of the total) and the remaining 68% is divided between the County and the three cities in Hillsborough County for roads, sidewalks, buildings and public safety needs. (See Page 24)

More than a million fans enjoyed the various events and functions held at Raymond James Stadium this past year. In addition to hosting the Buccaneers and USF Football seasons, the Authority also hosted major events such as the Outback Bowl, U.S Women’s Soccer in the SheBelieves Cup, U.S. Men’s soccer vs. Colombia, two Monster Jams, Sunset Music Festival, an Ed Sheeran Concert and for the first time the Bad Boy Mowers Gasparilla Bowl was held at Raymond James Stadium. All of these events were managed along with more than 100 banquets, special events, festivals and parking lot events.

The NFL Players Association continues to rank Raymond James Stadium as one of the best playing fields in the NFL.

MISSION STATEMENT To plan, develop, promote and maintain a comprehensive complex of sports and recreation facilities for the use and enjoyment of the citizens of Tampa and Hillsborough County.

OUR ROLE To facilitate the construction and operations of needed, user-fee supported sports and recreational facilities. To encourage and not compete with the private sector. “User-fee supported” distinguishes us from a Parks and Recreation Department.

VISION STATEMENT To provide economic development and enhance the quality of life through sports and recreation. TABLE OF CONTENTS

TABLE OF CONTENTS

ADMINISTRATIVE Tampa Sports Authority Board of Directors 5 Tampa Sports Authority Organizational Chart 6

EVENTS Year in Review 7-11

BUDGET REQUEST AND ASSUMPTIONS Contribution Requests 12 Budget Revenue & Expense Assumptions 13 Budget Notes 14-15 Statement of Revenue and Expenses-Comparative 16-18

CAPITAL PROJECTS 2019 Capital Project Highlights 19 Proposed Capital Project Budget (Through 2021) 20 Proposed Capital Projects (FY 2020) 21 Proposed Capital Projects (FY 2021) 22 Projected Capital Costs Overview (Through 2028) 23

DEBT SERVICE Hillsborough County Community Investment Tax (CIT) 24 Debt Service Requirements 25 5 BOARD OF DIRECTORS

LUCIANO PRIDA JR. RANDY LARSON ANDREW SCAGLIONE KALYN K. BRANDEWIE CHAIRMAN VICE CHAIRMAN SECRETARY/TREASURER

DON DEFOSSET HON. ORLANDO GUDES HON. KEN HAGAN JOHN JAEB

VINCENT MARCHETTI TONY MUNIZ THOMAS SCOTT ERIC D. HART, CVE PRESIDENT/CEO TSA EXECUTIVE TEAM

TAMPA SPORTS AUTHORITY | EXECUTIVE TEAM (L-R) MICKEY FARRELL (SR. VP OF STADIUM OPERATIONS), BOBBY SILVEST (VP OF MARKETING & COMMUNICATIONS), ERIC HART (PRESIDENT/CEO), DAVID BYRNE (VP OF FINANCE/ADMINISTRATION), REBECCA SKYLES (EXECUTIVE ASSISTANT TO CEO), KENNIE SIMS (VP OF GOLF OPERATIONS) ORGANIZATIONAL CHART 6

BOARD OF DIRECTORS

PRESIDENT/CEO ERIC HART

VP/FINANCE & SR VP/STADIUM VP/MARKETING & ADMINISTRATION OPERATIONS COMMUNICATIONS DAVID BYRNE MICKEY FARRELL BOBBY SILVEST

HUMAN RESOURCES EVENT OPERATIONS MARKETING

FINANCIAL PLANNING MERCHANDISE SALES MEDIA

RISK MANAGEMENT/ CAPITAL PROJECTS INSURANCE COMMUNICATIONS

FACILITIES PAYROLL/ AP/R MANAGEMENT GRAPHIC DESIGN

BOND OVERSIGHT AND FOOD & BEVERAGE MANAGEMENT SOCIAL MEDIA

HOUSEKEEPING PURCHASING WEBSITE MAINTENANCE

BUDGETING COORDINATION

CASH HANDLING

5 7 YEAR IN REVIEW

The 2018 Tampa Bay Buccaneers season was the franchise's 43rd season in the NFL, the 21st playing their home games at Raymond James Stadium.

Former Arizona Cardinals Head Coach Bruce Arians was hired in 2019 and is bringing along a whole new game plan for the Buccaneers. They will try to improve upon their 5–11 record from the previous two seasons. YEAR IN REVIEW 8

In 2018, the University of South Florida Bulls, led by head coach Charlie Strong, went 7-6 overall and 3-5 in the American Athletic Conference. The 2018 season featured the Bulls hosting the annual War on I-4 rival game against the University of Central Florida Knights. The Knights defeated the Bulls 38-10, with 57,626 fans in attendance. The Marshall Thundering Herd defeated the South Florida Bulls 38-20, to end the season in the Bad Boy Mowers Gasparilla Bowl. After a disappointing end to the season, Coach Strong made significant coaching changes and Bulls fans are optimistic for the 2019 season.

Feld Entertainment continues to deliver outstanding events with two Monster Jams each season, which attracted over 85,000 fans. These regular events at Raymond James Stadium continue to be a very popular and bring some of the largest crowds of the year. 9 YEAR IN REVIEW

The 2019 Outback Bowl featured the Mississippi State Bulldogs of the Southeastern Conference and the Iowa Hawkeyes of the Big Ten Conference, with 40,518 fans in attendance. This was Iowa’s sixth time playing in the Outback Bowl, defeating Mississippi State 27-22.

The Sunset Music Festival is a two-day event held during Memorial Day weekend. This event brings in dozens of electronic dance music’s (EDM) most popular DJs. This year, Chris Lake, Illenium and Zedd were some of the bigger acts that performed in our North Parking Lot. Over 40,000 fans attended the two-day music festival. YEAR IN REVIEW 10

On November 7, 2018, Ed Sheeran brought his “2018 North American Stadium Tour” to Raymond James Stadium with Snow Patrol and Lauv. Nearly 50,000 fans enjoyed this second-to-last stop on his 15 show North American Tour.

The 2018 Bad Boy Mower’s Gasparilla Bowl was hosted at Raymond James Stadium for the first time. The game featured the Marshall Thundering Herd of Conference USA and the University of South Florida Bulls of the American Athletic Conference, with 14,135 fans in attendance. The Marshall Thundering Herd defeated the South Florida Bulls 38-20. 11 YEAR IN REVIEW

The U.S. Men’s National Team hosted the Colombian National Team at Raymond James Stadium on October 11, 2018. This international friendly match won by Colombia 4-2, drew over 35,000 fans.

Raymond James Stadium hosted the SheBelieves Cup final on March 5, 2019 with England defeating Japan and the U.S. Women’s National Team defeating Brazil. The England Women’s National Team took the overall 2019 SheBelieves Cup title with their 3-0 win against Japan. Over 14,000 soccer fans enjoyed this tournament. CONTRIBUTION REQUESTS 12

This year’s anticipated property taxes, along with the Stadium’s operating and maintenance (O & M) expenses outlined in this document, require the Authority to request contributions of $1,920,633 from the City and County to meet next year’s contractual obligations. The Authority has existing Inter-local Agreements with the City of Tampa and Hillsborough County, which provide that in the event the Authority is unable to pay its operating costs, the City will pay one third (1/3) and the County will pay two thirds (2/3) of any deficit after the Authority depletes its O & M Reserve Fund. Therefore, the Authority will be asking the City of Tampa to contribute $640,211 and Hillsborough County to contribute $1,280,422 to fund next year’s operations. The following schedule shows actual and projected contributions from the City and County:

BUDGETED FORECASTED PROPOSED PROPOSED FY 19* FY 19* FY 20** FY 21***

CITY (1/3) $ 384,341 $ 366,871 $ 640,211 $ 883,337

COUNTY (2/3) $ 768,681 $ 733,742 $ 1,280,422 $ 1,766,675

TOTAL REQUEST (OPERATIONS AND $ 1,153,022 $ 1,100,613 $ 1,920,633 $ 2,650,012 MAINTENANCE)

CAPITAL REQUEST $ 10,690,165 $ 0 $ 11,648,114 $ 315,757

TOTAL REQUEST $ 11,843,187 $ 1,100,613 $ 13,568,747 $ 2,965,769 (O&M AND CAPITAL)

Capital Request funded by 4th Cent Tourist Development taxes and savings generated from Authority bond refundings. * 2019 Funding Amount reduced by FY-2016 $1,668,532 Net gain. ** 2020 Funding Amount reduced by FY-2017 $838,979 Net gain. *** 2021 Funding Amount reduced by FY-2018 $720,485 Net gain. 13 BUDGET REVENUE & EXPENSE ASSUMPTIONS

Revenues for FY 2020 were developed from the following assumptions:

1. 9 Buccaneer Games (2 Preseason) 2. 6 USF Games 3. 2 Monster Jams 4. Outback Bowl 5. Gasparilla Bowl 6. 5 XFL Games 7. WWE WrestleMania 8. A Supercross Event 9. 2-Day Sunset Music Festival 10. 1 Revenue Neutral Concert 11. 3% increase in Food and Beverage Per Caps 12. No increase in parking rates 13. Use of 2017 Net Gain to reduce FY-2020 Operating Subsidy request

Expenses for FY 2020 were developed from the following assumptions:

1. 9 Buccaneer Games (2 Preseason) 2. 6 USF Games 3. 2 Monster Jams 4. Outback Bowl 5. Gasparilla Bowl 6. 5 XFL Games 7. WWE Wrestlemania 8. A Supercross Event 9. 2-Day Sunset Music Festival 10. 1 Revenue Neutral Concert 11. An average 2.4% compounded wage adjustment for eligible full-time employees 12. An average 3.9% one-time discretionary bonuses for eligible full-time employees 13. Addition of cleaning manager and events manager positions 14. A 3.5% increase in FRS retirement costs 15. An increase in Property/Liability Insurance due to increased coverages 16. An estimated 1.57% increase in Florida minimum wage is included for part-time personal and various other contracts 17. 5% increase in utilities 18. 8% increase in Health Insurance costs increase to provide an allowance for coverage changes 19. Completing many capital projects with in-house staff vs. using contracted staff 20. Property tax increases related to anticipated increased values 21. Increase in depreciation and leasehold interest based upon the Renovation 22. Increase in travel expenses related to site visits for staff training in preparation for future major events 23. Increase in consultant costs related to new tenant acquisitions 24. Impact of home NFL playoff games not included 25. DROP impact estimated to be $0 26. Increase in hourly law enforcement costs BUDGET NOTES 14

1. Accrual Accounting: The Authority’s budget is presented on an accrual basis. Monthly financial statements along with budget documents are presented on a full accrual basis of accounting. 2. Capital Improvements: Capital Improvement activity is not included in the Budget Summary, but is shown as a separate schedule in this report. The Authority is responsible for the ongoing capital repairs at Raymond James Stadium. Between fiscal years 2007-2023, the Authority will receive $15,000,000 from the Tourist Development Tax (TDT) to fund Stadium capital repairs and improvements. 3. Debt Service: Debt service activity is not included in the Budget Summary, but is shown as a separate schedule to this report. Funding sources for the Stadium from debt service activity are primarily from sales tax funding. No new debt related to Raymond James Stadium is anticipated for the next fiscal year.

4. Salaries: Wages include full-time, part-time and over-time estimates and corresponding benefits such as social security, retirement and health insurance. 5. Buccaneers License Fee: In accordance with the terms of the Stadium Agreement between the Authority and the Tampa Bay Buccaneers, dated August 28, 1996, the Buccaneers pay an annual rent of $3,500,000. The Buccaneers retain all admissions, concessions, parking and advertising revenues generated as a result of their events. Additionally, the Buccaneers retain all suite lease revenues and advertising revenues at Raymond James Stadium.

6. Ticket Surcharges: A surcharge of 8% is placed on all tickets sold at Raymond James Stadium with a maximum surcharge amount of $2.50 per admission ticket. Ticket surcharges are charged on every paid entry ticket and are paid to the Authority, not to exceed $1,930,000 annually (beginning February 1 of each year). Surcharge revenues that exceed $1,930,000 are placed in a restricted reserve account. Surcharge reserves are permitted to be used by the Authority to reach the $1,930,000 annual surcharge cap. If the cumulative surcharge reserve exceeds $1,000,000, all reserve amounts in excess of $1,000,000 can be used by the Buccaneers for capital investments in Raymond James Stadium. In the event that surcharge revenues do not reach the $1,930,000 annual surcharge cap, the Authority uses any excess funds in the surcharge reserve account to reach the $1,930,000 surcharge cap. In the event the surcharge reserve does not have sufficient funds to be applied to reach the surcharge cap, the Authority has the right to implement surcharges on food and beverage and/or parking to address any surcharge shortfalls. The Buccaneers have the right to pay any surcharge revenue cap shortages in lieu of the Authority implementing any new surcharges. The Buccaneer’s agreed to fund any shortfall in 2019 in lieu of any surcharge implementation. The present balance in the surcharge reserve fund is $194,384.

7. Other Event Revenues: During each contract year beginning February 1, the Authority collects and pays to the Buccaneers: a. The first $2,000,000 of revenues (net of sales tax, surcharges and direct event costs) received from rents, concessions and parking for all stadium events. b. Thirty three percent (33%) of all revenues above the first $2,000,000 and below $3,500,000 (net of sale tax, surcharges and direct event costs) received from rents, concessions and parking for all stadium events. c. Fifty percent (50%) of all revenues above $3,500,000 (net of sale tax, surcharges and direct event costs) received from rents, concessions and parking for all stadium events. 15 BUDGET NOTES (CONT.)

8. Taxes: a. Income Tax: The Authority is a governmental agency and therefore exempt from Federal and State income taxes under provisions of the Internal Revenue Code and the Florida Income Tax Code, respectively. There are no provisions for income taxes in the budget.

b. Ad Valorem and Tangible Property Tax: Ad Valorem and Tangible Property taxes are estimated based upon available assessed property values from the Hillsborough County Property Assessor’s office and the estimated tax millage available at the time the budget is prepared. When the actual Ad Valorem and Tangible tax notices are received in November of each fiscal year, the estimated tax amount determined for budget purposes will be adjusted to reflect the actual tax amount. The actual tax amount will be reflected on the requests for reimbursement from the City of Tampa and from Hillsborough County. The Authority’s budget contains Ad Valorem Property Tax payments for New York Yankees Minor League Complex, portions of Raymond James Stadium and the south property which is owned by the Aviation Authority and leased by the Authority. Additionally, the Authority budget contains Tangible Property Tax payments for the Buccaneers property within Raymond James Stadium. 9. Produce Events: The Authority successfully co-produced a Supercross event in FY-2018 and produced Kenny Chesney concerts at Raymond James Stadium in 2011, 2012 and 2013. Prior to 2011, the Authority acted as a landlord with clients who promoted concerts in Raymond James Stadium. Since 2011, the Authority has acted as an event promoter and self-produced several concerts with the goal of generating additional revenue. The Authority continues to encourage promoters to produce events in the stadium, when evaluating these opportunities, the Authority strategically evaluates the risks and reward of self-promotion. The need to produce events is new for many stadiums and is primarily due to changes in the event industry and a decline in event promoters and acts which have the ability to sell tickets for such large stadiums. There are inherent risks with self-promoting events and Authority management will continue to work closely with the Authority Board of Directors and the City and County administrations to gain approval and a better understanding of the risks and possible return on investment. Additionally the Authority as part of this budget process, has established a $500,000 event development fund (which was funded FY-2018 and 2019 from prior positive budget variances) in order to offset the potential risks of producing events. STATEMENT OF REVENUE & EXPENSES 16

FY 2018 FY 2019 FY 2019 FY 2020 FY 2021 ACTUAL BUDGET FORECAST PROPOSED PROPOSED

OPERATING REVENUE BUCCANEERS LICENSE FEES $ 3,500,000 $ 3,500,000 $ 3,500,000 $ 3,500,000 $ 3,500,000 TICKET SURCHARGE $ 1,359,405 $ 864,231 $ 812,661 $ 1,357,393 $ 1,121,066 PARKING $ 353,519 $ 436,916 $ 28,220 $ 25,000 $ 28,271 TOTAL BUCCANEERS $ 5,212,923 $ 4,801,147 $ 4,340,881 $ 4,882,393 $ 4,649,337 COLLEGE FOOTBALL LICENSE FEES $ 1,602,000 $ 1,919,020 $ 2,052,147 $ 2,190,919 $ 2,383,079 TICKET SURCHARGE $ 318,560 $ 357,500 $ 375,610 $ 313,770 $ 385,682 CONCESSIONS $ 978,890 $ 1,116,428 $ 1,217,070 $ 1,029,154 $ 1,430,563 PARKING $ 453,996 $ 478,616 $ 487,347 $ 421,672 $ 499,608 TOTAL COLLEGE FOOTBALL $ 3,353,446 $ 3,871,564 $ 4,132,174 $ 3,955,515 $ 4,698,932 CONCERTS & MOTORSPORTS LICENSE FEES $ 1,860,761 $ 1,230,259 $ 791,181 $ 3,934,287 $ 3,747,929 TICKET SURCHARGE $ 551,899 $ 329,888 $ 266,660 $ 294,124 $ 234,124 CONCESSIONS $ 2,105,495 $ 784,347 $ 619,204 $ 807,265 $ 664,211 PARKING $ 855,141 $ 454,783 $ 335,634 $ 401,530 $ 310,630 TOTAL CONCERTS & MOTORSPORTS $ 5,373,295 $ 2,799,277 $ 2,012,679 $ 5,437,206 $ 4,956,894

EXCESS REVENUE OVER $2,000,000 $ 905,738 $ 1,816,969 $ 2,057,880 $ 739,162 $ 1,176,094

BUCS AD VALOREM/TANGIBLE TAX PAYMENT $ 76,527 $ 110,803 $ 114,559 $ 114,559 $ 114,559 NYY AD VALOREM TAX PAYMENT $ 54,578 $ 57,940 $ 56,319 $ 56,319 $ 56,319 $ 131,105 $ 168,743 $ 170,877 $ 170,877 $ 170,877 OTHER LICENSE FEES $ 392,148 $ 794,061 $ 1,271,084 $ 2,710,276 $ 2,011,899 TICKET SURCHARGE $ 1,944 $ 71,354 $ 139,424 $ 251,170 $ 101,320 CONCESSIONS $ 65,545 $ 220,412 $ 356,898 $ 1,015,007 $ 511,309 PARKING $ 75,619 $ 176,699 $ 282,429 $ 389,194 $ 195,114 PARKING - OFFSITE $ 281,484 $ 227,730 $ 224,010 $ 266,874 $ 199,680 RENT $ 352,245 $ 358,958 $ 357,940 $ 363,626 $ 365,836 MISCELLANEOUS/OTHER $ 147,762 $ 97,500 $ 143,120 $ 115,000 $ 123,000

TOTAL OTHER $ 1,316,747 $ 1,946,714 $ 2,774,905 $ 5,111,147 $ 3,508,158 17 STATEMENT OF REVENUE & EXPENSES

FY 2018 FY 2019 FY 2019 FY 2020 FY 2021 ACTUAL BUDGET FORECAST PROPOSED PROPOSED

TOTAL GROSS OPERATING REVENUES $ 16,293,255 $ 15,404,414 $ 15,489,397 $ 20,296,300 $ 19,160,292

LESS: REVENUE SPLITS $ (5,127,983) $ (3,821,094) $ (3,946,189) $ (3,746,570) $ (3,819,854)

TOTAL NET OPERATING REVENUES $ 11,165,272 $ 11,583,320 $ 11,543,208 $ 16,549,730 $ 15,340,438

OPERATING EXPENSES

SALARIES & WAGES $ 2,880,745 $ 3,028,522 $ 2,907,000 $ 3,208,855 $ 3,294,161 SALARIES & WAGES REIMBURSEMENT $ (971,559) $ (1,118,907) $ (1,127,417) $ (1,279,422) $ (1,209,605)

FRINGES/RELATED COSTS $ 1,065,547 $ 1,189,223 $ 1,105,585 $ 1,287,158 $ 1,367,558 COMPUTER EXPENSES $ 81,964 $ 63,000 $ 72,000 $ 65,000 $ 68,250 LICENSES & PERMITS $ 15,342 $ 17,000 $ 18,000 $ 17,800 $ 17,800

MARKETING & ADVERTISING $ 109,871 $ 113,725 $ 125,255 $ 122,025 $ 122,025 MAINT & SUPPLIES FIELDS & BUILDING $ 161,742 $ 214,000 $ 194,000 $ 200,000 $ 208,500

MAINT - CONTRACTUAL $ 1,032,516 $ 1,163,500 $ 1,080,397 $ 1,116,840 $ 1,142,580 INSURANCE/BONDING $ 495,760 $ 485,980 $ 477,749 $ 514,179 $ 589,735 EVENT - BUCCANEERS $ 2,700,858 $ 2,540,120 $ 2,597,252 $ 2,428,160 $ 2,865,717

EVENT - DIRECT COSTS $ 3,806,372 $ 3,972,069 $ 3,631,880 $ 9,375,258 $ 8,109,839 EVENT - OTHER COSTS $ (12,746) $ 0 $ 0 $ 0 $ 0 EVENT - OFFSITE PARKING $ 91,263 $ 77,740 $ 97,069 $ 98,900 $ 81,900

PROFESSIONAL SERVICES $ 208,629 $ 657,888 $ 333,300 $ 500,000 $ 364,800 HCAA & CONDO RENTS $ 269,447 $ 269,447 $ 269,447 $ 269,447 $ 269,447 REAL ESTATE TAXES $ 428,378 $ 484,339 $ 431,930 $ 465,238 $ 497,044

BUCS INTANGIBLE TAX PAYMENT $ 0 $ 0 $ 0 $ 0 $ 0 BUCS AD VALOREM/TANGIBLE TAX $ 76,527 $ 110,803 $ 114,559 $ 114,559 $ 114,559 NYY AD VALOREM TAX PAYMENT $ 54,578 $ 57,940 $ 56,319 $ 56,319 $ 56,319

SUPPLIES, POSTAGE & SHIPPING $ 45,743 $ 51,500 $ 48,000 $ 52,000 $ 53,500 UTILITIES & TELEPHONE $ 495,975 $ 678,250 $ 553,750 $ 579,391 $ 593,847 TRAINING & EDUCATION $ 13,440 $ 63,175 $ 42,500 $ 73,175 $ 58,500

PENSION & EXPENSES $ 329,047 $ 0 $ 0 $ 0 $ 0

MISCELLANEOUS OTHER $ 30,694 $ 38,800 $ 48,200 $ 47,700 $ 47,700 DEPRECIATION $ 310,749 $ 318,000 $ 305,500 $ 318,000 $ 2,581,071

TOTAL OPERATING EXPENSES $ 13,720,881 $ 14,476,113 $ 13,382,275 $ 19,630,582 $ 21,295,246 STATEMENT OF REVENUE & EXPENSES 18

FY 2018 FY 2019 FY 2019 FY 2020 FY 2021 ACTUAL BUDGET FORECAST PROPOSED PROPOSED NON-OPERATING REVENUES (EXPENSES) CONTRIBUTED OPERATING REVENUE $ 20,059,748 $ 0 $ 1,100,613 $ 0 $ 0 TSA RESERVE REVENUE $ 0 $ 0 $ 0 $ 0 $ 0 INVESTMENT INCOME $ 217,218 $ 37,780 $ 337,000 $ 37,780 $ 37,780 BOND GRANTS AND CONTRIBUTIONS $ 15,645,524 $ 15,545,000 $ 15,550,125 $ 15,545,000 $ 15,534,875 PRACTICE FACILITY CONTRIBUTION $ 0 $ 0 $ 0 $ 0 $ 0 AMORTIZATION OF BOND ISSUE COSTS $ 0 $ 0 $ 0 $ 0 $ 0 AMORTIZATION OF LEASEHOLD INTEREST $ (18,398,774) $ (27,052,178) $ (24,240,323) $ (28,124,678) $ (32,384,410) FORGIVENESS OF DEBT $ 0 $ 0 $ 0 $ 0 $ 0 INTEREST EXPENSE AND AMORTIZATION OF BOND $ (4,119,513) $ (3,852,819) $ (3,698,717) $ (3,214,017) $ (2,717,069) GAIN (LOSS) ON DISPOSAL OF ASSETS $ (73,472) $ 0 $ 1,000 $ 1,000 $ 1,000 CAPITAL GRANTS AND CONTRIBUTIONS $ 0 $ 0 $ 0 $ 0 $ 0 TOTAL NON-OPERATING REVENUES (EXPENSES) $ 13,330,731 $ (15,322,217) $ (10,950,302) $ (15,754,916) $ (19,527,824)

EXCESS REVENUES OVER EXPENSES $ 10,775,122 $ (18,215,011) $ (12,789,368) $ (18,835,767) $ (25,482,631)

RECONCILIATION TO CASH BASIS TOTAL NET OPERATING REVENUES $ 11,165,272 $ 11,583,320 $ 11,543,208 $ 16,549,730 $ 15,340,438 LESS: TOTAL OPERATING EXPENSES $ 13,720,881 $ 14,476,113 $ 13,382,275 $ 19,630,582 $ 21,295,246 $ (2,555,609) $ (2,892,794) $ (1,839,067) $ (3,080,852) $ (5,954,808) ADD:TOTAL UNRESTRICTED INVESTMENT INCOME $ 4,350 $ 3,240 $ 6,500 $ 3,240 $ 3,240 $ (2,551,258) $ (2,889,554) $ (1,832,567) $ (3,077,612) $ (5,951,568)

LESS: DEPRECIATION $ 310,749 $ 318,000 $ 305,500 $ 318,000 $ 2,581,071 LESS: NON-CASH PENSION EXPENSE $ 329,047 $ 0 $ 0 $ 0 $ 0

NET OPERATING (CASH BASIS) DEFICIT $ (1,911,463) $ (2,571,554) $ (1,527,067) $ (2,759,612) $ (3,370,497) ADD: FUNDS CARRIED FORWARD* $ 692,804 $ 1,668,532 $ 1,668,532 $ 838,979 $ 720,485 LESS: EVENT DEVELOPMENT FUND $ (250,000) $ (250,000) $ (250,000) OPERATING DEFICIT & FUNDS CARRIED FORWARD $ (1,468,659) $ (1,153,022) $ (108,535) $ (1,920,633) $ (2,650,012)

TOTAL SUBSIDIES/DONATED CAPITAL RECEIVED $ 20,059,748 $ 0 $ 1,100,613 $ 0 $ 0 LESS: BUCS DONATED CAPITAL $ (17,870,603) $ 0 $ 0 $ 0 $ 0 OPERATING SUBSIDY (SHOWN AS ZERO FOR BUDGET) $ 2,189,144 $ 0 $ 1,100,613 $ 0 $ 0

NET GAIN (LOSS) $ 720,485 $ (1,153,022) $ 992,078 $ (1,920,633) $ (2,650,012)

OPERATING SUBSIDY REQUEST $ 2,189,144 $ 1,153,022 $ 1,100,613 $ 1,920,633 $ 2,650,012 HILLSBOROUGH COUNTY $ 1,459,429 $ 768,681 $ 733,742 $ 1,280,422 $ 1,766,675 CITY OF TAMPA $ 729,715 $ 384,341 $ 366,871 $ 640,211 $ 883,337

* FY-2019 OFFSET BY FY-2016 OPERATING SURPLUS, FY-2020 OFFSET BY FY-2017 OPERATING SURPLUS AND FY-2021 OFFSET BY FY-2018 OPERATING SURPLUS 19 2019 CAPITAL PROJECT HIGHLIGHTS

SEATING UPGRADES The existing red seats located within the upper and lower decks of the venue have been renovated to include painting of the seating standards and the replacement of the seat backs. These improvements will ensure the seats will remain in top condition throughout the remaining terms of the current lease agreement.

EXPANSION JOINTS The expansion joints within the venue have been replaced to provide improved water protection throughout the concourses and seating bowls.

CONCOURSE COATINGS All concourse coatings within the venue have been removed and replaced with new coatings providing improved visual appeal and water protection for the venue. Additionally, these surfaces provide improved slip resistance in the walking areas.

SECURITY CAMERAS Additional Security cameras have been added along with infrastructure improvements allowing for enhanced camera coverage, greater picture resolution and increase distance for surveillance. PROPOSED CAPITAL PROJECT BUDGET 20 (THROUGH 2021)

TAMPA SPORTS AUTHORITY CAPITAL PROJECTS

FY 2019 FY 2020 FY 2021 FORECAST PROPOSED PROPOSED

AVAILABLE CASH BALANCE $ 8,751,961 $ 5,669,737 $ 0

ADD: INTEREST INCOME/REVENUE COMMUNITY INVESTMENT TAX $ 750,000 $ 750,000 $ 750,000 BOND PROCEEDS $ 179,187 $ 0 $ 0 LEHMAN BROTHERS, INC. BANKRUPTCY CLAIM PAYMENT $ 12,252 $ 0 $ 0

SUBTOTAL: FUNDS AVAILABLE FOR CAPITAL PROJECTS $ 9,693,400 $ 6,419,737 $ 750,000

LESS: COMPLETED AND PROJECTED PROJECTS $ (4,023,663) $ (3,733,906) $ (1,065,757)

LESS: BUCCANEERS PROJECTS $ 0 $ (14,333,975) $ 0

SUBTOTAL: FUNDS REMAINING $ 5,669,737 $ (11,648,144) $ (315,757)

ADD: REQUESTED SUBSIDY FOR CAPITAL 0 $ 11,648,144 $ 315,757

TOTAL FUNDS REMAINING AS OF FISCAL YEAR END $ 5,669,737 $ 0 $ 0

17 21 PROPOSED CAPITAL PROJECTS (FY 2020)

CAPITAL PROJECTS DESCRIPTION FY 2020 Repairs to portions of vertical and horizontal joint caulking at precast architectural panels, precast Architectural Panels and Precast Concrete Caulking concrete panels, control joints and expansion joints each year as required. $42,000

Replacement and/or purchase of office based computers, printers, servers, and support peripherals Computers plus software upgrades and licenses including vendor labor to install. $80,000 Repair concrete slab on grade at service level at expansion joints and other damaged areas Concrete Flatwork Repair including concrete sidewalks around stadium perimeter. $30,000 Perform repairs or modifications to various grates that are below grade of surrounding walking Concourse and Ramp Drains surface. $25,000 Replace locks and cylinders and re-key accordingly the ramp and service level exterior doors. Door and Magnetic Locks (Phase 2) Upgrade / replace magnetic locks and door hardware as needed. $100,000 Freight Elevators Replace Traction control and perform freight door modernization on Freight Elevators "A" and "B". $600,000 Repair drainage and irrigation systems as required, install and mix root zone mix, grade, fumigate Main Stadium Playing Field Replacement and install new sod. $590,000

Maintenance Equipment Yearly purchase as required of Maintenance and Field Equipment. $64,000

Overhead Coiling Doors Repair doors at docks and on service level each year as required. $17,000 Repaint Black Striping on Bowl Steps Repaint warning striping on all bowl aisle steps $18,000

Construction Office Space Renovate construction field offices located in unfinished space for use by TSA operations. $25,000

Security Enhancements Various security upgrades each year as required. $100,000

Stadium Rails Replace glass rail system on stair rails and landings in seating bowl, refinish handrails. $594,000

Stadium Seating Address faded front edges on red seat bottoms. $29,000 Perform recommended repairs per 2017 Walter P Moore Engineers report: repair spalls, cracks, Structural Precast and escalator steel inspection repair grout and inspect escalator structural support / replace flashing as needed per Schindler Elevator report. $110,000

Videoboards Videoboard control room equipment replacement per Daktronics agreement. $25,906

East Club Window Refirbishment Re-glaze window seals and replace 3 glass panels on east club windows $30,000 Upgrade Card Access control system (C-Cure) to current technology, add access control to telecom Access Control closets and various doors within facility $125,000 Upgrade CCTV system (Victor) to current technology, upgrade CCTV fiber infastructure and switches, CCTV System upgrade various existing cameras. $218,000

Fire Sprinkler System Repair, replace and paint pipe on concourses and sevice level $40,000

Microlite Electrical System Replace Microlite control system. $200,000 Upgrade exterior S7 lights, West upper concourse up-lights, East upper concourse up-lights, and Interior and Exterior Lighting Fixtures misc lights (rooms/ areas) throughout the facility. $80,000 Upgrade controls on AHU's 1SW1, 1SW2. Replace Chilled water valves on AHU 1SW1 and 1SW2. HVAC Upgrades Replace AHU 1SE1 and controls, Upgrade controls on AHU's 1SE2, replace VAV 1SE1. Install roof top fall arrest system. $190,000

HVAC Pumps Re-build / recondition primary and secondary chilled water pumps. $35,000

Chilled Water Pumping System Repair and refurbish piping and piping joints. Upgrade secondary pump VSD's. $15,000

Insulation Repair and replace each year as required. $18,000 Landscaping Ongoing replacement of plants, sod and sprinkler equipment in the outside landscaped areas. $13,000

Parking Lot Upgrades Upgrade lighting by replacing poles, fixtures, wiring and lamps in lots 1 through 10. $75,000

Contingency Projects Unforeseen Projects $245,000 TOTAL TSA Capital Projects $3,733,906 Multiple construction projects: Interior Renovation of Suite Elevators and Lobbies, Renovation of Clubs and East Atrium, Expansion of North Hall of Fame Club, Refresh Existing West Club Suite Finishes, Renovate all remaining Suites on all Levels, Replacement of Club Bowl Seats and Cupholders, Renovation of Press Box including HVAC Upgrades, Refurbish Two Existing Locker Rooms, Television Replacements, Wi Fi Upgrade to NFL Standards, Concourse and Gates Sound Buccaneers Projects (Phase 2A and 2B) System Upgrade, Upgrade End Zone and Upper Concourse Concessions including Walk-in Cooler Replacement, Recoat Floor Slab at Main and Upper Concourses, Upgrade Chiller Plant and Various HVAC and Controls Systems, Install Magnetometers, Install New Parking Lot Signage, Renovate interior of Disabled Elevators, and Improve North Gate Plaza. Includes cost of fees for management of TSA's interests in projects. $14,333,975 Total $18,067,881 PROPOSED CAPITAL PROJECTS 22 (FY 2021)

CAPITAL PROJECTS DESCRIPTION FY 2021

Repairs to portions of vertical and horizontal joint caulking at precast architectural panels, precast Architectural Panels and Precast Concrete Caulking concrete panels, control joints and expansion joints each year as required. $43,851 Repairs to building concourse expansion joints, horizontal endzone expansion joints, and bowl Building Expansion Joints precast construction joints. $12,000 Replacement and/or purchase of office based computers, printers, servers, and support peripherals Computers plus software upgrades and licenses including vendor labor to install. $67,000 Repair concrete slab on grade at service level at expansion joints and other damaged areas Concrete Flatwork Repair including concrete sidewalks around stadium perimeter. $30,000 Field Stair Repair Repair field stairs on as needed basis. $10,000 Maintenance Equipment Yearly purchase as required of Maintenance and Field Equipment. $67,000 Masonry Inspect and repair precast masonry unit walls. $20,000 Overhead Coiling Doors Repair doors at docks and on service level each year as required. $17,000 Retractable Bowl Seats in South Endzone Perform rust remediation on decking, supports and tracks, Paint as needed. $40,000 Security Enhancements Various security upgrades each year as required. $100,000 Stadium Seating Address faded front edges on red seat bottoms. $29,000 Perform recommended repairs per 2017 Walter P Moore Engineers report: repair spalls, cracks and Structural Precast repair grout. $25,000 Videoboards Videoboard control room equipment replacement per Daktronics agreement. $25,906 Fire Sprinkler System Rebuild fire pump $30,000 Interior and Exterior Lighting Fixtures Upgrade locker rooms, service hallways and misc lights (rooms/ areas) throughout the facility. $40,000 Pipe Hangers Replace exposed corroded pipe hangers and supports. $10,000 HVAC Upgrades Upgrade existing BMS Controls and hardware devices $61,000 Chilled Water Pumping System Repair and refurbish piping and piping joints. Upgrade secondary pump VSD's. $15,000 Insulation Repair and replace each year as required. $19,000 Domestic Hot Water Replacement of various hot water heaters within the facility. $13,000 Main HW Boilers Refurbish existing main hot water boiler tanks in Quads "B" and "D". $122,000 Tree Replacement/Landscape Ongoing replacement of plants, sod and sprinkler equipment in the outside landscape areas. $24,000 Contingency Projects Unforeseen Projects $245,000

TOTAL TSA Capital Projects $1,065,757 23 PROJECTED CAPITAL COSTS OVERVIEW (THROUGH 2028)

PROJECTED CAPITAL COSTS OVERVIEW THROUGH 2028 2019-2023 2024-2028 TOTAL

PROJECTED CAPITAL COSTS (ESCALATED YEAR TO YEAR) $ (25,640,299) $ (4,755,077) $ (30,395,376)

CAPITAL IMPROVEMENT TAX $ 3,500,000 $ 0 $ 3,500,000

STADIUM FUND PROCEEDS $ 179,187 $ 0 $ 179,187

LEHMAN BROTHERS BANKRUPTCY CLAIM PAYMENT$ 12,252 $ 0 $ 12,252

INTEREST $ 0 $ 0 $ 0

FUNDS CARRIED FORWARD $ 8,751,961 $ 0 $ 8,751,961

TOTAL UNFUNDED $ (13,196,899) $ (4,755,077) $ (17,951,976) HILLSBOROUGH COUNTY COMMUNITY 24 INVESTMENT TAX (FISCAL YEAR 2018 DISTRIBUTIONS)

COMMUNITY INVESTMENT TAX (CIT) DISTRIBUTION SCHEDULE (FY-2018)

PUBLIC SAFETY, ROADS, INFRASTRUCTURE NEEDS

% OF TOTAL

HILLSBOROUGH COUNTY BOCC $ 65,243,735

CITY OF TAMPA $ 19,664,865

CITY OF PLANT CITY $ 2,041,614

CITY OF TEMPLE TERRACE $ 1,393,085

SUBTOTAL $ 88,343,300 68%

RAYMOND JAMES STADIUM SAFETY AND ROADS OTHER FUNDING RECIPIENTS HILLSBOROUGH COUNTY SCHOOLS HILLSBOROUGH COUNTY SCHOOLS $ 32,676,085 25%

RAYMOND JAMES STADIUM $ 9,684,875 7% SUBTOTAL $ 42,360,933

TOTAL CIT DISTRIBUTIONS $ 130,704,233 100% 25 DEBT SERVICE REQUIREMENTS

LONG-TERM DEBT: DEBT SERVICE PAYMENTS FOR FY 2020 PRINCIPAL ANNUAL DEBT INTEREST PAYMENTS PAYMENT

STEINBRENNER FIELD

$13,590,000 FLORIDA STATE SALES TAX PAYMENTS REVENUE BONDS, SERIES 2017 $ 458,401 $ 530,000 $ 988,401

SUBTOTAL $ 458,401 $ 530,000 $ 988,401

AMALIE ARENA

$28,790,000 SPECIAL PURPOSE BONDS, STATE OF FLORIDA SALES TAX PAYMENT, SERIES 1995 $ 594,838 $ 1,400,000 $ 1,994,838

$10,300,000 SPECIAL PURPOSE BONDS, CITY OF TAMPA GUARANTEED PARKING REVENUE, SERIES 1995 $ 262,603 $ 485,000 $ 747,603

$2,815,000 SPECIAL PURPOSE BONDS, CITY OF TAMPA SURCHARGE LOAN REVENUE, SERIES 1995 $ 109,874 $ 140,000 $ 249,874

SUBTOTAL $ 967,314 $ 2,025,000 $ 2,992,314

RAYMOND JAMES STADIUM

$63,020,000 LOCAL OPTION SALES TAX REFUNDING REVENUE BONDS, SERIES 2015 $ 2,611,650 $ 6,160,000 $ 8,771,650

$19,240,000 FLORIDA SALES TAX PAYMENTS REFUNDING REVENUE BONDS, SERIES 2015 $ 455,650 $ 1,535,000 $ 1,990,650

SUBTOTAL $ 3,067,300 $ 7,695,000 $ 10,762,299

TOTAL DEBT SERVICE $ 4,493,015 $ 10,250,000 $ 14,743,014 PAYMENTS FY 2020 WWW.RAYMONDJAMESSTADIUM.COM

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