Posted by: stevencstanford on Tuesday, August 30, 2011

[gallery] 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 –

  1. 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.
  2. 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.
  3. The stadium is storm shelter – example from Miami’s new park, which has retractable roof system.
  4. Make teams responsible for cost overruns – set up deal with capped commitment from public sector.
  5. 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! [email protected]

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