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Home , 2017 Outback Bowl, Raymond James Stadium, Tampa Stadium

A MESSAGE FROM THE CEO/PRESIDENT

I am pleased to present the recommended biannual budget for fiscal years 2018 and 2019. 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 major renovations to Raymond James during the 2016/2017 fiscal years (extended to 2018 as explained below) which were agreed upon with as part of the Stadium Renovation Agreement approved in December 2015 by ERIC D. HART, CFE PRESIDENT/CEO the Tampa Sports Authority, Hillsborough County, and the City of Tampa. The Stadium Renovation Agreement outlines the plans for an $86.5 million renovation to over the 2016 and 2017 NFL off-seasons. Pursuant to the Renovation Agreement the Buccaneer Stadium LLC (“BSLLC”) will be responsible for $57.7 million of the total renovation amount, and the Sports Authority will be responsible for $28.8 million, $25.8 million of which was already a contractual obligation of the Sports Authority in the original 1996 Stadium Agreement. Pursuant to the Renovation Agreement, the Sports Authority is responsible to reimburse BSLLC $14.5 million when BSLLC spends a minimum of $43.5 million for the 2016 projects and $14.3 million when BSLLC spends a minimum of $43 million for 2017 projects. These reimbursements 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 as is necessary.

The 2016 projects, exceeded $75 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. Additionally an agreement was reached in March of 2017, which grants BSLLC an additional year to complete the Schedule 2 projects, which will now extend into 2018.

As part of this Renovation Agreement, BSLLC has agreed that the Sports 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 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 include a renovation and remodel of the West Club, Press Box, Hall of Fame Club and additional suites. The improvements will also include several items designed to enhance fan comfort and safety, including the upgrade of existing WiFi 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 will be building a new Home Team Locker Room and the Buccaneer’s existing home team locker room will be refreshed with a USF Bulls color scheme. Additional improvements are scheduled for 2018. The Authority also entered into an agreement with the New York Yankees, for the renovation of George M. Steinbrenner Field and the Himes Player Development Complex. The Authority has been certified under the State of Department of Economic Opportunity Retained Spring Training Facilities Program. Through this program, the Authority has secured $20 million of state funding that will be 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 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 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 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 continually strives to attract new events to be held at Raymond James Stadium and find creative ways to operate similar to private enterprise.

Respectfully, ABOUT US

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 , golf courses, , 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 8% of the total), and the remaining 67% is divided between the County and the three cities in Hillsborough County for roads, sidewalks, buildings and public safety needs. (See Page 24)

During the off season, the TSA and USF entered into a new six year License Agreement with a five year option to continue playing football at Raymond James Stadium. This new agreement provides a greater revenue share for USF based on additional games played at Raymond James Stadium, while still allowing the University to determine the feasibility of developing an on campus stadium over the long term.

Over 1.25 million fans enjoyed the various events and functions held at Raymond James Stadium in 2017. In addition to hosting the Buccaneers and USF Football seasons, the Authority also hosted major events such as the National Championship, the , two Monster Jams, Sunset Music Festival, Stadiumlinks (golf event), CONCACAF Gold Cup Soccer (featuring the U.S. Men’s National Team), a sold out Concert, 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 nation.

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

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

EVENTS 2017 Year in Review……….………………………………..….……..…7-11

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

CAPITAL PROJECTS 2017 Capital Project Highlights……………………………………..…..19 Proposed Capital Project Budget (thru 2019)………………………..…. 20 Proposed Capital Projects FY 2018………………………………………21 Proposed Capital Projects FY 2019………………………………………22 Projected Capital Costs Overview (thru 2028)………………………….. 23

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

JOHN JAEB TONY MUNIZ HON. FRANK REDDICK KALYN K. BRANDEWIE CHAIRMAN VICE CHAIRMAN SECRETARY/TREASURER

DON DEFOSSET HON. KEN HAGAN RANDY LARSON VINCENT MARCHETTI

LUCIANO PRIDA, JR. ANDREW SCAGLIONE THOMAS SCOTT ERIC D. HART, CFE PRESIDENT/CEO

TSA EXECUTIVE TEAM A

STEVEN A. ANDERSON, P.L GENERAL COUNSEL

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 OPERATIONS VP/GOLF OPERATIONS VP/MARKETING & ADMINISTRATION MICKEY FARRELL KENNIE SIMS COMMUNICATIONS DAVID BYRNE BOBBY SILVEST

HUMAN RESOURCES EVENT OPERATIONS CLUB HOUSE MARKETING & SALES OPERATIONS

FINANCIAL PLANNING MERCHANDISE SALES COURSE & FACILITY COMMUNICATIONS MAINTENANCE

RISK MANAGEMENT/ CAPITAL PROJECTS GRAPHIC DESIGN INSURANCE FOOD & BEVERAGE

FACILITIES SOCIAL MEDIA PAYROLL/ AP/R MANAGEMENT MERCHANDISE SALES

BOND OVERSIGHT AND FOOD & BEVERAGE MANAGEMENT

PURCHASING

BUDGETING

COORDINATION A

CASH HANDLING

5 2017 YEAR IN REVIEW 7

The Buccaneer’s 2016 campaign saw them improve to a 9-7 record. A victory on Monday night against division rival Carolina saw begin a streak in which they won seven out of their next nine games. Between weeks 10 & 14, the Buccaneers achieved their first five-game winning streak since their championship season. After just missing the playoffs by a tiebreaker, there is great optimism for a successful season in 2017. The Bucs are the featured team in this season’s realty sports documentary show “Hard Knocks”, produced by NFL Films and HBO. A comprehensive renovation of Raymond James Stadium began in 2016. The multi- stage renovation plan is expected to exceed $150 million. The first stage was completed prior to the Buccaneers’ 2016 season and was highlighted by the installation of new, state-of-the-art HD video boards in each and four HD tower video displays in each corner of the lower bowl, giving the stadium a total video display area of 28,416 feet – the third-largest in the NFL. Also included were two HD ribbon boards extending the length of each sideline, a new, distributed sound system in the bowl and the renovation of all luxury suites, including development of the Hall of Fame Club.

The second phase of renovations – to be completed in time for the team’s 2017 season – will include a completely renovated West Stadium Club, with over 60,000 square feet of total lounge space, 178 new 4K video monitors in the West Stadium Club, a 10,000 square-foot retail team shop and a 16,200 square-foot home locker room, which will be more than three times bigger than the Bucs current locker room. Additional enhancements include adding 100 seats to the North Hall of Fame Club, an extensive wi-fi upgrade, installation of security magnetometers and a refresh of the stadium press box. Raymond James Stadium and Tampa Bay were host to the crown jewel of college football on January 7, 2017- The National Championship. 8 We were honored to be the 3rd city chosen for this event and the first in the south. After a weeklong schedule of marquee events leading up to the big game- the Alabama Crimson Tide and the Clemson Tigers did not disappoint. In an unprecedented rematch of the 2016 game, the Clemson Tigers claimed its first national title in 35 years by defeating Alabama 35-31. The 2017 College Football Playoff National Championship’s attendance of 74,512 set a new record for Raymond James Stadium.

A $40 million update to George M. Steinbrenner Field in Tampa transforms a New York Yankees spring training game into a social and entertainment experience. Renovation costs were divided equally between the Yankees, Hillsborough County and the State of Florida. Renovation projects include a new main entrance, a new two-story gift shop plus new lounges, cabanas and pavilions that create social gathering spaces. In addition, all 11,000 seats in the stadium were replaced. In 2016, South Florida had their most successful season in school history, finishing 11–2, 7–1 in American Conference play. They finished as co-champions of the East Division, but lost out on participating in the AAC Championship Game 9 on a tie-breaker to Temple. Before playing in the , head coach Willie Taggart was hired by Oregon, and interim head coach T. J. Weist led them to victory in the bowl, 46–39 in overtime over South Carolina. The coaching vacancy was filled when USF hired Charlie Strong as head coach. Strong had been the head coach at the University of Texas for 4 seasons and at Louisville for 4 seasons before that. Coach Strong’s leadership combined with the return of QB Quinton Flowers, a Heisman Trophy hopeful, have Bulls’ fans optimistic for another great season and are predicted by various media outlets to be the favorite to win the AAC Championship.

The was the 31st game of this classic college bowl tradition. The match up featured the of the SEC and the Iowa Hawkeyes of the Big 10. The Gators defeated the Hawkeyes 30-3 with over 45,000 fans in attendance. Feld Entertainment continues to provide excellent event programming with two Monster Jams each season. This regular stop at Raymond James Stadium 10 continues to be a fan favorite.

The Sunset Music Festival (SMF) is a two day event held over the Memorial Day weekend. In its 6th year, SMF brought in over 45,000 fans to see some of the top acts of electronic dance music. This years’ event was headlined by international superstars such as Major Lazer, RL Grime, Above & Beyond, and Zeds Dead. This event continues to positively impact the local economy and hotel industry on what has traditionally been a slow weekend. On June 13, 2017, Raymond James Stadium hosted over 52,000 fans for U2’s . This worldwide concert tour by the iconic rock band 11 commemorated the 30th anniversary of their 1987 album, The Joshua Tree.

Raymond James Stadium hosted the CONCACAF Gold Cup on July 12, 2017. The CONCACAF Gold Cup is the soccer championship of the North, Central American and Caribbean regions. Panama defeated Nicaragua 2-1 in the first match and the U.S. defeated Martinique 3-2 in the second match. 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 $2,255,266 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 $751,755 and Hillsborough County to contribute $1,503,511 to fund next year’s operations. The following schedule shows actual and projected contributions from the City and County:

BUDGETED ACTUAL PROPOSED PROPOSED FY 17 FY 1 7 FY 18** FY 19***

CITY (1/3) $ 751,420 $ 752,761 $ 751,755A$ 808,952

COUNTY (2/3) $ 1,502,840 $ 1,505,523 $ 1,503,511 $ 1,617,904

TOTAL REQUEST (OPERATIONS AND $ 2,254,260 $ 2,258,284 $ 2,255,266 $ 2,426,855 MAINTENANCE)

CAPITAL REQUEST* $ 0 $ 0 $ 8,621,165 $ 967,452

TOTALS REQUEST $ 2,254,260 $ 2,258,284 $ 10,876,431 $ 3,394,307 (O&M AND CAPITAL)

* Capital costs funded by 4th Cent Tourist Development taxes and savings generated from Authority bond refundings. ** 2018 Funding Amount reduced by FY-2015 Operating Surplus. *** 2019 Funding Amount reduced by FY-2016 operating Surplus. REVENUE & EXPENSE

ASSUMPTIONS 13 Revenues for FY 2018 were developed A from the following assumptions:

1. 11 Buccaneer Games (2 Preseason) 2. 6 USF Games 3. 2 Monster Jams 4. Outback Bowl 5. Supercross 6. 2-Day Sunset Music Festival 7. 1 Revenue Neutral Concert 8. No Soccer Event 9. Increase in Parking Rates 10. 4% increase in Food and Beverage Per Caps 11. Includes $96,000 in concessions adjustment 12. Use of 2015 Net Gain to reduce FY-2018 Operating Subsidy request.

Expenses for FY 2018 were developed from the following assumptions:

1. 11 Buccaneer Games (2 Preseason) 2. 6 USF Games 3. 2 Monster Jams 4. Outback Bowl 5. Supercross 6. 2-Day Sunset Music Festival 7. 1 Revenue Neutral Promoted Concert 8. No Soccer Event 9. 3.5% market equity adjustment for all full-time employees 10. 5% increase in retirement costs 11. Minimal increase in Property/Liability Insurance due to increase coverage 12. An estimated 2% increase in Florida minimum wage is included for part-time personal and various other contracts 13. 5% increase in electricity 14. Minimal Health Insurance costs increase to provides an allowance for coverage changes. Premium increases will be responsibility of the employee. 15. Completing many capital projects with in-house staff vs. using contracted staff including the addition of HVAC staff to save on HVAC maintenance costs. 16. A 10% increase in the assessed value for the South Property resulting in a estimated $45,000 increase in property taxes. 17. Increase in depreciation, donated capital and leasehold interest based upon the Renovation. 18. Impact of home NFL playoff games not included. 19. DROP impact estimated to be $35,000. 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 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. RJS Renovations: Lost revenues realized during the construction period are reflected within the proposed revenue assumptions within this budget.

5. Salaries: Wages include full-time, part-time and over-time estimates and corresponding benefits such as social security, retirement and health insurance and a 3.5% salary increase for all full time employees in FY 2018.

6. Buccaneers License Fee: In accordance with the terms of the Stadium Agreement between the Authority and the , 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.

7. 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. 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 present balance in the surcharge reserve fund is $5,825.

8. 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.

BUDGET NOTES (CONT.) 15

9. 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.

10. Produce Events: The Authority successfully co-produced the Taylor Swift concert in 2015 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. The Authority continues to encourage promoters to promote 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 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.

The Authority has plans to co-produce a Supercross event in FY-2018. Additionally the Authority as part of this budget process, has established a $500,000 event development fund (to be funded in FY-2018 and 2019 from prior positive

budget variances) in order to offset the potential risks of producing events. A STATEMENT OF REVENUE & EXPENSES 16

FY 2016 FY 2017 FY 2017 FY 2018 FY 2019 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 $ 1,295,798 $ 1,381,342 $ 1,292,219 $ 1,374,879 $ 1,364,036 PARKING $ 468,875 $ 567,491 $ 460,808 $ 500,000 $ 478,972 TOTAL BUCCANEERS $ 5,264,672 $ 5,448,833 $ 5,253,027 $ 5,374,879 $ 5,343,008 COLLEGE FOOTBALL LICENSE FEES $ 1,486,500 $ 1,722,450 $ 2,833,591 $ 1,285,122 $ 1,295,723 TICKET SURCHARGE $ 402,553 $ 267,500 $ 372,918 $ 286,000 $ 286,000 CONCESSIONS $ 1,329,877 $ 1,250,244 $ 1,659,699 $ 978,870 $ 1,013,195 PARKING $ 419,294 $ 352,337 $ 498,619 $ 476,636 $ 476,636 TOTAL COLLEGE FOOTBALL $ 3,638,224 $ 3,592,531 $ 5,364,827 $ 3,026,628 $ 3,071,554 CONCERTS & MOTORSPORTS LICENSE FEES $ 1,968,175 $ 3,376,215 $ 990,495 $ 3,925,913 $ 3,808,632 TICKET SURCHARGE $ 392,297 $ 232,575 $ 294,301 $ 304,258 $ 254,258 CONCESSIONS $ 722,851 $ 647,129 $ 741,189 $ 764,244 $ 656,701 PARKING $ 404,761 $ 254,002 $ 321,173 $ 450,281 $ 331,122 TOTAL CONCERTS & MOTORSPORTS $ 3,488,084 $ 4,509,921 $ 2,347,158 $ 5,444,696 $ 5,050,714

EXCESS REVENUE OVER $2,000,000 $ 730,677 $ 804,390 $ 1,195,101 $ 1,013,224 $ 406,360

BUCS AD VALOREM/TANGIBLE TAX PAYMENT $ 65,992 $ 90,000 $ 63,114 $ 68,500 $ 155,000 NYY AD VALOREM TAX PAYMENT $ 47,773 $ 90,000 $ 50,882 $ 57,000 $ 85,000 $ 113,765 $ 180,000 $ 113,997 $ 125,500 $ 240,000 OTHER LICENSE FEES $ 396,252 $ 290,128 $ 685,284 $ 313,231 $ 334,614 TICKET SURCHARGE $ 24,380 $ 1,000 $ 48,057 $ 2,080 $ 2,240 CONCESSIONS $ 95,400 $ 39,662 $ 138,901 $ 55,779 $ 56,683 PARKING $ 146,410 $ 112,236 $ 119,680 $ 88,593 $ 89,061 PARKING - OFFSITE $ 238,269 $ 228,996 $ 223,518 $ 219,680 $ 205,807 RENT $ 344,873 $ 339,455 $ 351,276 $ 358,034 $ 365,335 MISCELLANEOUS/OTHER $ 84,744 $ 70,300 $ 111,000 $ 76,800 $ 81,800

TOTAL OTHER $ 1,330,327 $ 1,081,777 $ 1,677,716 $ 1,114,197 $ 1,135,540 STATEMENT OF REVENUE & EXPENSES 17

FY 2016 FY 2017 FY 2017 FY 2018 FY 2019

ACTUAL BUDGET FORECAST PROPOSED PROPOSED

TOTAL GROSS OPERATING REVENUES $ 14,565,749 $ 15,617,452 $ 15,951,825 $ 16,099,124 $ 15,247,175

LESS: REVENUE SPLITS $ (4,576,280) $ (2,882,556) $ (4,609,334) $ (3,113,066) $ (3,145,598) TOTAL NET OPERATING REVENUES $ 9,989,469 $ 12,734,896 $ 11,342,491 $ 12,986,058 $ 12,101,577 OPERATING EXPENSES

SALARIES & WAGES $ 2,661,604 $ 2,583,891 $ 2,727,707 $ 2,869,502 $ 2,982,942 SALARIES & WAGES REIMBURSEMENT $ (886,520) $ (804,786) $ (938,194) $ (976,412) $ (981,995)

FRINGES/RELATED COSTS $ 851,656 $ 1,023,857 $ 1,016,385 $ 1,175,881 $ 1,222,833 COMPUTER EXPENSES $ 53,319 $ 40,000 $ 45,000 $ 58,400 $ 58,400 LICENSES & PERMITS $ 18,785 $ 19,250 $ 18,000 $ 17,000 $ 17,000

MARKETING & ADVERTISING $ 98,152 $ 109,182 $ 90,000 $ 112,655 $ 112,655 MAINT & SUPPLIES FIELDS & BUILDING $ 166,462 $ 167,750 $ 172,500 $ 212,250 $ 219,000 MAINT - CONTRACTUAL $ 1,081,606 $ 1,313,700 $ 1,263,000 $ 1,145,000 $ 1,208,000

INSURANCE/BONDING $ 374,533 $ 374,623 $ 389,801 $ 405,604 $ 417,623 EVENT - BUCCANEERS $ 2,228,652 $ 2,625,825 $ 2,398,400 $ 2,726,850 $ 2,484,398

EVENT - DIRECT COSTS $ 3,049,530 $ 5,543,534 $ 3,986,047 $ 5,884,920 $ 5,545,685 EVENT - OTHER COSTS $ (797) $ 0 $ 0 $ 0 $ 0 EVENT - OFFSITE PARKING $ 71,012 $ 65,800 $ 86,019 $ 81,863 $ 77,363

PROFESSIONAL SERVICES $ 219,709 $ 221,100 $ 212,250 $ 279,990 $ 386,338 HCAA & CONDO RENTS $ 253,967 $ 266,000 $ 253,967 $ 269,447 $ 269,447 REAL ESTATE TAXES $ 428,447 $ 420,000 $ 424,024 $ 494,500 $ 535,000

BUCS INTANGIBLE TAX PAYMENT $ (56,542) $ 0 $ 0 $ 0 $ 0 BUCS AD VALOREM/TANGIBLE TAX $ 65,992 $ 90,000 $ 63,114 $ 68,500 $ 155,000 NYY AD VALOREM TAX PAYMENT $ 47,773 $ 90,000 $ 50,882 $ 57,000 $ 85,000

SUPPLIES, POSTAGE & SHIPPING $ 48,795 $ 42,730 $ 59,700 $ 50,220 $ 51,631 UTILITIES & TELEPHONE $ 511,688 $ 735,000 $ 664,500 $ 747,225 $ 783,836 TRAINING & EDUCATION $ 29,302 $ 39,000 $ 23,200 $ 40,975 $ 41,795

PENSION & EXPENSES $ 270,612 $ 0 $ 0 $ 0 $ 0 MISCELLANEOUS OTHER $ 33,561 $ 33,500 $ 37,100 $ 37,400 $ 37,400 DEPRECIATION $ 306,444 $ 3,483,667 $ 1,390,000 $ 3,580,671 $ 5,788,962

TOTAL OPERATING EXPENSES $ 11,927,740 $ 18,483,623 $ 14,433,403 $ 19,339,441 $ 21,498,314 STATEMENT OF REVENUE & EXPENSES 18

FY 2016 FY 2017 FY 2017 FY 2018 FY 2019 ACTUAL BUDGET FORECAST PROPOSED PROPOSED

NON-OPERATING REVENUES (EXPENSES) CONTRIBUTED OPERATING REVENUE $ 59,856,069 $ 29,000,000 $ 2,258,284 $ 0 $ 28,700,000 TSA RESERVE REVENUE $ 0 $ 0 $ 0 $ 0 $ 0 INVESTMENT INCOME $ 97,858 $ 44,100 $ 138,500 $ 73,400 $ 55,400 BOND GRANTS AND CONTRIBUTIONS $ 14,687,936 $ 14,135,408 $ 15,306,875 $ 15,551,129 $ 15,545,000 PRACTICE FACILITY CONTRIBUTION $ (12,000,126) $ 0 $ 0 $ 0 $ 0 AMORTIZATION OF BOND ISSUE COSTS $ 0 $ 0 $ 0 $ 0 $ 0 AMORTIZATION OF LEASEHOLD INTEREST $ (11,195,874) $ (14,874,912) $ (12,619,861) $ (16,541,202) $ (22,670,062) FORGIVENESS OF DEBT $ 0 $ 0 $ 0 $ 0 $ 0 INTEREST EXPENSE AND AMORTIZATION OF BOND $ (3,981,736) $ (3,895,058) $ (4,184,430) $ (4,196,505) $ (3,852,644) GAIN (LOSS) ON DISPOSAL OF ASSETS $ (1,917,223) $ 0 $ 15,000 $ 0 $ 0 CAPITAL GRANTS AND CONTRIBUTIONS $ 0 $ 0 $ 0 $ 0 $ 0

TOTAL NON-OPERATING REVENUES (EXPENSES) $ 45,546,905 $ 24,409,538 $ 914,368 $ (5,113,177) $ 17,777,695

EXCESS REVENUES OVER EXPENSES $ 43,608,634 $ 18,660,811 $ (2,176,544) $ (11,466,560) $ 8,380,958

RECONCILIATION TO CASH BASIS TOTAL NET OPERATING REVENUES $ 9,989,469 $ 12,734,896 $ 11,342,491 $ 12,986,058 $ 12,101,577 LESS: TOTAL OPERATING EXPENSES $ 11,927,740 $ 18,483,623 $ 14,433,403 $ 19,339,441 $ 21,498,314 $ (1,938,271) $ (5,748,727) $ (3,090,913) $ (6,353,383) $ (9,396,737) ADD:TOTAL UNRESTRICTED INVESTMENT INCOME $ 44,677 $ 10,800 $ 68,500 $ 51,000 $ 33,000 $ (1,893,594) $ (5,737,927) $ (3,022,413) $ (6,302,383) $ (9,363,737)

DEPRECIATION $ 306,444 $ 3,483,667 $ 1,390,000 $ 3,580,671 $ 5,788,962 NET OPERATING (CASH BASIS) DEFICIT $ (1,587,149) $ (2,254,260) $ (1,632,413) $ (2,721,712) $ (3,574,775) FUNDS CARRIED FORWARD* $ 0 $ 0 $ 0 $ 716,446 $ 1,397,920 LESS: EVENT DEVELOPMENT FUND $ (250,000) $ (250,000) OPERATING DEFICIT & FUNDS CARRIED FORWARD $ (1,587,149) $ (2,254,260) $ (1,632,413) $ (2,255,266) $ (2,426,855)

TOTAL SUBSIDIES/DONATED CAPITAL RECEIVED $ 59,856,069 $ 29,000,000 $ 2,258,284 $ 0 $ 28,700,000 LESS: BUCS DONATED CAPITAL $ (56,871,000) $ (29,000,000) $ 0 $ 0 $ (28,700,000) OPERATING SUBSIDY (SHOWN AS ZERO FOR BUDGET) $ 2,985,069 $ 0 $ 2,258,284 $ 0 $ 0

NET GAIN (LOSS) $ 1,397,920 $ (2,254,260) $ 625,872 $ (2,255,266) $ (2,426,855)

OPERATING SUBSIDY REQUEST $ 2,985,069 $ 2,254,260 $ 2,258,284 $ 2,255,266 $ 2,426,855 HILLSBOROUGH COUNTY $ 1,990,046 $ 1,502,840 $ 1,505,523 $ 1,503,511 $ 1,617,904 CITY OF TAMPA $ 995,023 $ 751,420 $ 752,761 $ 751,755 $ 808,952

* FY-2018 offset by FY 2015 Net Gain Operating Surplus and FY-2019 offset by FY-2016 Operating Surplus. 2017 CAPITAL PROJECT HIGHLIGHTS 19

COMMAND CENTER UPGRADE To further enhance security monitoring capabilities, the press box game day command center has been relocated to a larger space allowing for an increase in staff. The increased area also allows for the installation of additional, upgraded security monitoring equipment.

SEAT REFURBISHMENT The 28,319 red seats located in the lower seating bowl will undergo a restoration process prior to the start of the football season, which will restore the faded plastic color to its original vibrant shade. This is a phased project, with the remainder of the seats in the upper seating bowl to be restored in FY18.

FIELD LIGHT TOWER REPAINTING The eight cantilevered caged walkway structures at the top of the bowl that support the field lights were treated for minor cosmetic rusting, had the old chalking paint removed and are currently being refurbished and repainted. This will reduce future maintenance and will eliminate the need for future tower painting for the remaining life of the building. PROPOSED CAPITAL PROJECT BUDGET 20 (THRU 2019)

TAMPA SPORTS AUTHORITY CAPITAL PROJECTS

FY 2017 FY 2018 FY 2019 FORECAST PROPOSED PROPOSED

AVAILABLE CASH BALANCE $ 908,008 $ 9,698,304 $ 0

AVAILABLE BOND PROCEED BALANCE $ 18,461,389 $ 0 $ 0 ADD: INTEREST INCOME/REVENUE

COMMUNITY INVESTMENT TAX $ 750,000 $ 750,000 $ 750,000

STADIUM FUND PROCEEDS $ 5,079,651 $ 1,519,547 $ 179,187

SUBTOTAL: FUNDS AVAILABLE FOR CAPITAL PROJECTS $ 25,199,048 $ 11,967,851 $ 929,187

LESS: COMPLETED AND PROJECTED PROJECTS $ (1,797,652) $ (6,255,041) $ (1,896,639)

LESS: BUCCANEERS PROPOSED PROJECTS* $ (13,703,092) $ (14,333,975) $ 0

SUBTOTAL: FUNDS REMAINING $ 9,698,304 $ (8,621,165) $ (967,452)

ADD: REQUESTED SUBSIDY FOR CAPITAL $ 0 $ 8,621,165 $ 967,452

TOTAL FUNDS REMAINING AS OF FISCAL YEAR END $ 9,698,304 $ 0 $ 0

*$796,908 spent in FY16 for Buccaneers Projects

17 PROPOSED CAPITAL PROJECTS FY 2018 21

CAPITAL PROJECTS DESCRIPTION FY 2018 Architectural Panels and Precast Concrete Repair to portions of vertical joint caulking at precast architectural panels and precast concrete $ 31,335 Caulking panels each year as required Building Expansion Joints Repairs to building concourse expansion joints, horizontal expansion joints at endzones, and $ 2,041,000 bowl precast construction joints Computers Includes office computers and support peripherals plus software upgrades and licenses $ 59,000 Concrete Sealing Apply water repellant to ramps $ 60,000 Domestic Hot Water Replacement of portion of hot water heaters $ 11,500 Elevators (public only, no freight elevators) Replace elevator door operator packages for Press Box and Suites/Clubs elevators $ 118,048 Escalator Controls Upgrade step movement control boards $ 50,000 Field Stairs Repair field stairs $ 25,000 Freight Elevators Rust remediation for rope and hoistway, new brake switch, and new toe guards $ 58,158 HVAC Upgrades Upgrade select heating, ventilation and air conditioning components each year to newer $ 54,000 technology to reduce energy consumption and improve performance Insulation Some replacement each year as required $ 17,000 Interior Lighting Fixtures Replace lamps with energy efficient LED lighting on the main concourse, north and south $ 70,000 parking lot light fixtures, replace light ring clamps on ramp fixtures Landscaping Ongoing replacement of plants, sod and sprinkler equipment $ 10,000 Maintenance Equipment Yearly purchase as required of Maintenance and Field Equipment $ 59,000 Microlite Electrical System Replace Microlite control system $ 265,000 Overhead Coiling Doors Repair doors at docks and on service level each year as required $ 16,000 Parking Lot Vaults Repair interior damage to underground storm vaults $ 157,000 Paving Reseal asphalt parking lots (A,B,C,D and associated roadways) and repair any damaged areas $ 56,000 Roofing at General Locations Replace all roofs (except sideline concession stands) Includes end zone concessions, upper $ 2,126,000 concourse corner concessions, club roofs, elevator tower roofs Security Various security enhancements $ 150,000 Stadium Rails (Phase 1) Replace glass rail system on stair rails and landings in lower seating bowl $ 196,000 Stadium Seating (Phase 2) Restore color on upper bowl red seats $ 221,000 Structural Precast (Phase 1) Perform recommended repairs per 2017 Engineers report: repair spalls, $ 100,000 cracks, repair grout Telephones Install new telephone system $ 92,000 Test & Balance Test and balance heating ventilation and air conditioning systems in TSA office $ 12,000 Contingency Projects Unforeseen Projects $ 200,000 Total TSA Capital Projects $ 6,255,041 Buccaneers Projects (Phase 2A and 2B) Multiple construction projects: Interior Renovation of Suite Elevators and Lobbies, Renovation $ 14,333,975 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 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. CAPITAL PROJECTS TOTAL $20,589,016 PROPOSED CAPITAL PROJECTS

FY 2019 22 A

CAPITAL PROJECTS DESCRIPTION FY 2019 Architectural Panels and Precast Concrete Repair to portions of vertical joint caulking at precast architectural panels and precast $ 32,729 Caulking concrete panels each year as required Access Control Upgrade entrance door security systems to current technology $ 70,000 Computers Includes office computers and support peripherals plus software upgrades and licenses $ 62,000 Construction Office Space Renovate former Manhattan Construction field offices for use by TSA $ 25,000 Door and Magnetic Locks Rekey and replace magnetic locks, hardware, and cylinders on ramp and service level $ 70,000 doors Escalators Inspect escalator structural support per Schindler Elevator report $ 30,000 Field Irrigation Replace irrigation booster pump $ 15,000 Freight Elevators Traction control and freight door modernization $ 303,000

HVAC Upgrades Upgrade select heating, ventilation and air conditioning components each year to newer $ 57,000 technology to reduce energy consumption and improve performance Insulation Some replacement each year as required $ 18,000 Interior Lighting Fixtures Replace lamps with energy efficient LED lighting on center stairwells and office areas $ 40,000 Landscaping Ongoing replacement of plants, sod and sprinkler equipment $ 10,910 Main HW Boiler Refurbish existing main hot water boiler $ 122,000 Maintenance Equipment Yearly purchase as required of Maintenance and Field Equipment $ 62,000 Overhead Coiling Doors Repair doors at docks and on service level each year as required $ 16,000 Sports Lighting Fixtures Replace ballasts and lamps $ 429,000 Stadium Rails (Phase 2) Replace glass rail system on stair rails and landings in upper seating bowl $ 209,000 Stadium Seating Painting Repaint a portion of metal seat standards $ 80,000 Structural Precast (Phase 2) Perform recommended repairs per 2017 Walter P Moore Engineers report: repair $ 45,000 overhead and vertical spalls, repair concrete floor spalls at seating risers and ramps. Contingency Projects Unforeseen Projects $ 200,000 TOTAL $1,896,639 PROJECTED CAPITAL COSTS OVERVIEW 23 THRU 2028

PROJECTED CAPITAL COSTS OVERVIEW THRU 2028

2018-2022 2023-2027 2028 TOTAL

PROJECTED CAPITAL COSTS (ESCALATED YEAR TO YEAR) $ 26,721,176 $ 5,362,135 $ 609,706 $ 32,693,017

FUNDS PLEDGED FROM CIT $ 3,750,000 $ 500,000 0 $ 4,250,000

STADIUM FUND PROCEEDS $ 1,698,734 0 0 $ 1,698,734

FUNDS CARRIED FORWARD $ 9,492,357 0 0 $ 9,492,357

TOTAL UNFUNDED $ 11,780,085 $ 4,862,135 $ 609,706 $ 17,251,926 H I L L S B O R O U G H C O U N T Y 24 C O M M U N I T Y I N V E S T M E N T T A X (FISCAL YEAR 2016 DISTRIBUTIONS)

COMMUNITY INVESTMENT TAX (CIT) DISTRIBUTION SCHEDULE (FY-2016)

PUBLIC SAFETY, ROADS, INFRASTRUCTURE NEEDS % OF TOTAL HILLSBOROUGH COUNTY BOCC $ 58,868,426 CITY OF TAMPA $ 17,815,637 CITY OF PLANT CITY $ 1,819,645 CITY OF TEMPLE TERRACE $ 1,280,780 SUBTOTAL $ 79,784,488 67%

OTHER FUNDING RECIPIENTS RAYMOND JAMES STADIUM SAFETY AND ROADS HILLSBOROUGH COUNTY SCHOOLS $ 29,823,260 25% HILLSBOROUGH COUNTY SCHOOLS RAYMOND JAMES STADIUM $ 9,685,292 8% SUBTOTAL $ 39,508,552

TOTAL CIT DISTRIBUTIONS $ 119,293,040 100% Debt Service Requirements 25

LONG-TERM DEBT: DEBT SERVICE PAYMENTS FOR FY 2018 PRINCIPAL ANNUAL DEBT INTEREST PAYMENTS PAYMENT STEINBRENNER FIELD $13,590,000 FLORIDA STATE SALES TAX PAYMENTS $ 475,627 $ 405,000 $ 880,627 REVENUE BONDS, SERIES 2017

SUBTOTAL $ 475,627 $ 405,000 $ 880,627 AMALIE ARENA $28,790,000 SPECIAL PURPOSE BONDS, STATE OF $ 744,769 $ 1,250,000 $ 1,994,769 FLORIDA SALES TAX PAYMENT, SERIES 1995

$10,300,000 SPECIAL PURPOSE BONDS, CITY OF TAMPA GUARANTEED PARKING REVENUE, SERIES 1995 $ 316,750 $ 425,000 $ 741,750

$2,815,000 SPECIAL PURPOSE BONDS, CITY OF TAMPA $ 130,325 $ 120,000 $ 250,325 SURCHARGE LOAN REVENUE, SERIES 1995

SUBTOTAL $ 1,191,844 $ 1,795,000 $ 2,986,844 RAYMOND JAMES STADIUM $63,020,000 LOCAL OPTION SALES TAX REFUNDING $ 1,000,000 $ 3,061,650 $ 4,061,650 REVENUE BONDS, SERIES 2015

$19,240,000 FLORIDA SALES TAX PAYMENTS $ 1,395,000 $ 596,700 $ 1,991,700 REFUNDING REVENUE BONDS, SERIES 2015

SUBTOTAL $ 2,395,000 $ 3,658,350 $ 6,053,349

TOTAL DEBT SERVICE $ 4,062,471 $ 5,858,350 $ 9,920,820 PAYMENTS FY 2018 FEBRUARY 24TH RAYMOND JAMES STADIUM

Returning after 19 years…