CITY OF PETERBOROUGH MULTI-USE SPORT AND EVENT CENTRE FEASIBILITY STUDY SEPTEMBER 2018 i City of Peterborough Multi-Use Sport and Event Centre Feasibility Study 3.2.334T 34T Conclusion34T 34T .................................................................. 15 Contents 34T 34T Situationa34T l Assessment: The PMC in 2030 and Beyond 34T ............. 16 4.134T 34T Recent,34T Committed and Anticipated Expenditures 34T ............ 17 Executive34T Summary 34T ............................................................................. iv 4.1.134T 34T Historical34T Expenditures 34T ............................................... 17 Key34T Questions Answered................................34T ................................. iv 4.1.234T 34T Recently34T Committed Expenditures 34T ............................. 17 Propos34T ed Concept and Capital Cost 34T ............................................... vii 4.1.334T 34T Anticipated34T Future Investment 34T .................................. 17 Relationship34T with Community Ice Needs 34T ....................................... vii 4.234T 34T Opportunity34T Costs of the PMC 34T ........................................... 18 Locational34T Opportunities 34T ................................................................ vii 4.334T 34T Future34T Community Ice Needs and Future Use Potential of the Un34T derstanding the Benefits and Costs of Status Quo Versus PMC 34T ....................................................................................... 19 Change 34T ........................................................................................... viii 4.3.134T 34T The34T Requirement for Arenas in the Future 34T ................ 19 Priorities34T Going Forward 34T .................................................................. x 4.3.234T 34T Is34T the PMC part of the Community Ice Solution? 34T ....... 20 34T 34T Introduction34T and Objectives 34T ......................................................... 1 4.434T 34T Principles34T for the Re-Use of the PMC 34T ................................. 21 1.134T 34T Study34T Aims and Objectives 34T ................................................... 2 34T 34T Market34T Opportunities for a MUSEC 34T ........................................... 23 1.234T 34T The34T Importance of the Peterborough Memorial Centre 34T ...... 3 5.134T 34T Defined34T Market Area 34T .......................................................... 24 1.334T 34T Outline34T of Report 34T .................................................................. 6 5.234T 34T Market34T Area Profile 34T ............................................................ 26 1.434T 34T Limitations34T of Analysis 34T .......................................................... 2 5.2.134T 34T Population34T Growth 34T ..................................................... 26 34T 34T What34T is a Multi-Use Sport and Event Centre? 34T ............................. 2 5.2.234T 34T Age34T Profile 34T .................................................................. 27 2.134T 34T Dynamic34T Range of Events 34T ..................................................... 3 5.2.334T 34T Inco34T me and Spending 34T ................................................. 29 2.234T 34T Scale34T and Flexibility of Use 34T ................................................... 4 5.2.434T 34T Educational34T Attainment and Employment 34T ................. 30 2.334T 34T Examples34T of Competitive Venues 34T ......................................... 6 5.2.534T 34T Key34T Take-Aways 34T .......................................................... 31 34T 34T Functional34T Assessment: The PMC in 2018 34T ................................... 7 5.334T 34T Trad34T e Area Comparisons 34T .................................................... 32 3.134T 34T Description34T of the Existing PMC 34T ........................................... 8 5.3.134T 34T Comparative34T Size of Markets 34T ..................................... 32 3.234T 34T Observed34T Condition of the PMC 34T........................................... 9 5.3.234T 34T Age34T Profile of Comparative Markets 34T .......................... 34 3.2.134T 34T Functional34T Challenges................................34T ................... 9 3.2.234T 34T Building34T Code Challenges 34T ........................................... 15 September 2018 ii City of Peterborough Multi-Use Sport and Event Centre Feasibility Study 5.3.334T 34T Income34T and Spending Profile of Comparative 7.634T 34T Convention34T Market................................34T ............................. 67 Markets 34T .................................................................................... 34 34T 34T Pote34T ntial Components of a Multi-Use Sports and Event 5.3.434T 34T Education34T and Employment within Comparative Centre34T Markets 34T ...................................................................... 36 .................................................................................................... 68 5.3.534T 34T Key34T Take-Aways 34T .......................................................... 36 8.134T 34T Appropriate34T Scale of Facility 34T ............................................... 69 34T 34T Current34T Events Market 34T ............................................................... 38 8.1.134T 34T A34T View to the Future 34T .................................................. 69 6.134T 34T Classification34T of Events 34T ....................................................... 39 8.1.234T 34T Seat34T Count Considerations 34T ......................................... 69 6.234T 34T Existing34T Sporting and Other Events at the PMC 34T ................. 39 8.234T 34T Recommended34T General Concept 34T ....................................... 72 6.334T 34T Anchor34T Tenant Considerations and Attendance 34T ................ 41 8.334T 34T Capital34T Cost Considerations 34T ................................................ 76 6.3.134T 34T Hockey34T 34T ........................................................................ 41 8.3.134T 34T Comparables34T 34T ............................................................... 76 6.3.234T 34T Lacros34T se 34T ...................................................................... 45 8.3.234T 34T Capital34T Cost Exclusions 34T ............................................... 78 6.3.334T 34T Season34T Tickets Market Draw 34T ...................................... 45 8.3.334T 34T Parking34T 34T ........................................................................ 78 6.434T 34T Non34T -Sport Event Attendance and Related Entertainment 8.3.434T 34T Costing34T Methodology 34T ................................................. 79 Market at the PMC 34T ................................................................ 48 34T 34T Expected34T Operational Performance 34T ........................................... 80 6.534T 34T Other34T Competitive Venues in the Market Area 34T ................. 51 9.134T 34T Existing34T Financial Performance 34T .......................................... 81 6.5.134T 34T Event34T Days at Major Facilities 34T .................................... 51 9.234T 34T New34T MUSEC: Indicative Operating Performance 34T ............... 82 6.5.234T 34T Smaller34T Event Venues 34T ................................................. 52 9.334T 34T Key34T Assumptions 34T ................................................................ 82 34T 34T Future34T Events Market 34T ................................................................. 54 9.434T 34T Indicative34T Performance 34T ...................................................... 84 7.134T 34T Consideration34T of Tour Market Dynamics 34T ........................... 55 9.34T 5 34T Period34T of Facility Ramp-Up to Achieve Market Potential...34T 89 7.234T 34T Factors34T Impacting Events Market Growth Potential 34T .......... 59 9.634T 34T Sensitivity34T for Tenant Event Attendance / Presence of Second 7.334T 34T Market34T Capacity to Support MUSEC Project 34T ...................... 60 Tenant 34T ................................................................................... 89 7.434T 34T Theory34T vs. Reality 34T ............................................................... 61 34T 34T Locational34T Considerations 34T .......................................................... 91 7.534T 34T Pr34T ojected Event Days/Opportunities for a MUSEC 34T ............ 62 34T 34T Economic34T Impact Considerations 34T ............................................... 94 7.5.134T 34T Comparables34T 34T ............................................................... 62 11.134T 34T Overview34T 34T............................................................................. 95 7.5.234T 34T New34T MUSEC Targets 34T ................................................... 65 11.234T 34T Range34T of Measures 34T ............................................................. 95 September 2018 iii City of Peterborough Multi-Use Sport and Event Centre Feasibility Study 11.334T 34T Definition34T of Terms 34T ............................................................. 97 11.434T 34T Construction34T and Operational Impacts 34T .............................. 98 11.534T 34T Off34T -Site Spending Impact 34T ................................................. 100 11.634T 34T Quantitative34T Estimates of Bed-Night Demand Generation 34T .......................................................................................... 103 11.734T 34T Downtown34T Regeneration Impacts................................34T .... 103 34T 34T