On benchmarking trip today…
Got Philly briefing from Mayor Nutter – Penn grad – very impressed with his grasp of city ops. Says he treats it like a business – he’s the CEO and the taxpayers are investors.
Dr Genshaft announced a multi-million dollar grant from BP to USF to further study effects of oil spill – Go Bulls!
Presentation on the inner-workings of Philly’s stadium deals by Tom Whitworth, of NorthMarq Financial and Sam Rhoades, Sr VP of Finance, PIDC (economic development arm) – very insightful. Tom has worked on several stadium deals, including the Marlins park in Miami; Sam is on economic development side from Philly’s perspective. They have the only sports complex in the country where professional football, baseball, basketball, and hockey are played. The combined parks – Lincoln Financial Field, Citizens Park, and the Wells Fargo Spectrum – have a combined 108,000 seats and parking for 22,000 cars.
Take-aways for Tampa –
- Make it about community impact….not about the stadium. Focus on how the project will impact the surrounding community both economically, and from a ‘quality of life’ perspective.
- Structure deal so the community shares in upside of increase value of franchise – get a piece of the action if team owners cash out after public money helped increase the value of the team.
- The stadium is storm shelter – example from Miami’s new park, which has retractable roof system.
- Make teams responsible for cost overruns – set up deal with capped commitment from public sector.
- Issue bonds on incremental new income – this could be done if there’s substantial upside in new revenue from a new stadium.
Off to the Liberty Bell and Constitution Hall!