Firm Background CSL International Industry-leading sports & entertainment facility feasibility advisor Founded in 1988 by former Partners, Directors & Consultants with Coopers & Lybrand (now PwC) Sports Practice EXPERTISE: Market Demand Facility Program Financial Feasibility Based in Dallas, TX Marketing Strategies Over 120 years of collective experience Over 1,000 feasibility studies completed Extensive collegiate experience (Baylor, Minnesota, Akron, etc.) Proven track record with credibility in the marketplace Independent, unbiased research and analysis 1 Operational Reviews Economic Impacts Funding Plans Valuations Business Plans Collegiate Stadium Experience TCF Bank Stadium Minnesota Autzen Stadium Oregon Bronco Stadium Boise State Baylor Stadium Baylor Husky Stadium Washington Notre Dame Stadium Notre Dame FAU Stadium Florida Atlantic Martin Stadium Washington State Kenan Stadium North Carolina Kyle Field Texas A&M Sun Devil Stadium Arizona State Ross-Ade Stadium Purdue Amon Carter Stadium Texas Christian Reser Stadium Oregon State Spartan Stadium Michigan State Darrell K. Royal Stadium Texas Folsom Field Colorado Williams-Brice Stadium South Carolina Jones AT&T Stadium Texas Tech Scott Stadium Virginia Tiger Stadium Louisiana State Jack Trice Stadium Iowa State Rutgers Stadium Rutgers Fargodome North Dakota State Lane Stadium Virginia Tech Nippert Stadium Cincinnati Delaware Stadium Delaware Kinnick Stadium Iowa Milan Puskar Stadium West Virginia Michigan Stadium Michigan Proposed Stadium Memphis Beaver Stadium Penn State Paulson Stadium Georgia Southern 2 CSL Premium Seating Recommendations TCF BANK STADIUM University of Minnesota Year Opened 2009 Capacity 50,805 Project Cost $303M CSL Recommendations vs. Actual Building Program CSL Recommendations Inventory Seating Area Low High TCF Bank Stadium Premium Seating Average Annual Price Low High Seating Area Inventory Current % Sold Average Annual Price 250 1,200 60% 100% $2,400 $1,800 Club Seats: Indoor Outdoor 250 1,000 300 1,200 $2,800 $1,850 $3,000 $2,000 Club Seats: Indoor Outdoor Loge Boxes 45 60 $13,500 $15,000 Loge Boxes 54 100% $11,300 Luxury Suites 35 40 $40,000 $42,500 Luxury Suites 37 84% $43,000 3 CSL Premium Seating Recommendations University of Oregon CSL Recommendations Seating Area Club Seats: Outdoor Outdoor Luxury Suites Actual Building Program Inventory Average Annual Price 3,000 350 $1,000 $600 32 $40,000 Seating Area Club Seats: Outdoor Outdoor Luxury Suites Inventory Current % Sold Average Annual Price 3,000 381 100% 100% $750 $1,250 31 100% $42,500 University of Iowa CSL Recommendations Seating Area Club Seats: Outdoor Indoor Luxury Suites Actual Building Program Inventory Average Annual Price 1,150 310 $2,300 $5,000 40 $56,000 Seating Area Club Seats: Outdoor Indoor Luxury Suites Inventory Current % Sold Average Annual Price 1,150 130 98% 100% $2,200 $5,000 45 96% $55,000 Several recent CSL collegiate football stadium renovation projects In general, schools followed CSL building recommendations. Oregon State University CSL Recommendations Actual Building Program Inventory Average Annual Price 2,040 1,890 $1,700 $1,700 Club Seats: Outdoor Indoor 3,100 200 80% 100% $1,325 $3,750 Loge Boxes 52 $10,700 Loge Boxes 52 100% $12,000 Luxury Suites 20 $43,000 Luxury Suites 22 100% $42,800 Seating Area Club Seats: Scenario #1 Scenario #2 (1) (2) Seating Area Inventory Current % Sold Average Annual Price (1) Assumed no loge boxes or indoor club seats built. (2) Assumed loge boxes were built but indoor club seats were not built. 4 Premium seating inventories between 80% and 100% sold Study Components Competitive Facilities Comparable Facilities Historical Analysis Market Demand & Building Program Financial Projections & Funding Potential 5 Market Surveys Mountain West Conference Premium Seating Luxury Suites School Stadium Boise State UNLV New Mexico Air Force Wyoming Nevada Colorado State Fresno State San Jose State San Diego State Hawaii Utah State Bronco Stadium Sam Boyd Stadium University Stadium Falcon Stadium War Memorial Stadium Mackay Stadium Hughes Stadium Bulldog Stadium Spartan Stadium Qualcomm Stadium Aloha Stadium Romney Stadium (1) (2) Average (excluding CSU) Total Seating Capacity # Suites 37,000 36,800 39,224 52,480 29,181 29,993 32,500 41,031 30,456 70,561 50,000 25,413 38 16 9 9 10 58 12 22 12 8 0 0 41,673 20 (3) Loge Boxes % Sold Average Annual Cost # Boxes 100% 100% 100% 100% 100% 100% 92% 100% 100% 100% n/a n/a $45,000 $50,000 $21,000 $20,000 $40,000 $16,500 $28,000 $35,000 $12,000 $8,400 n/a n/a 100% $28,000 Club Seats % Sold Average Annual Cost Total Actual Annual Revenue Total Potential Annual Revenue 787 488 1,597 825 256 0 427 0 0 0 0 0 100% 100% 100% 100% 100% n/a 87% n/a n/a n/a n/a n/a $2,200 $1,500 $839 $1,072 $2,500 n/a $1,500 n/a n/a n/a n/a n/a $3,957,000 $1,532,000 $1,529,000 $1,064,000 $1,040,000 $957,000 $868,000 $770,000 $144,000 $67,000 n/a n/a $3,957,000 $1,532,000 $1,529,000 $1,064,000 $1,040,000 $957,000 $977,000 $770,000 $144,000 $67,000 n/a n/a 791 100% $1,622 $1,229,000 $1,229,000 % Sold Average Annual Cost # Seats 43 0 0 0 0 0 0 0 0 0 0 0 100% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a $12,000 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 43 100% $12,000 (1) San Jose State is currently adding six 24-seat suites to the North end zone of Spartan Stadium. (2) San Diego State receives eight suites per year in Qualcomm Stadium, which cost $1,200 per game. The City also allocates club seats for use by the University, but information was not available. (3) Hawaii offers field level suites for $3,500 per game, which includes 24 tickets and catering. Inventory unavailable at the time of this report. Note: Average inventory and pricing reflects only those schools that offer each concept. Source: Interviews with athletic department officials, Revenues from Sports Venues College Edition *Utah State and San Jose State will become members of the Mountain West Conference in 2013, following the departure of Boise State and San Diego State. 6 Survey Completion Statistics Number of Survey Percentage of Responses Population Estimated Population Percentage of Survey Responses Margin of Error Ram Club Donors Non-Ram Club Athletics Donors Non-Ram Club Football Season Ticket Holders Non-Ram Club Occasional Ticket Buyers Other 6,765 6,674 2,263 9,879 114,509 822 224 178 1,435 3,840 12% 3% 8% 15% 3% 13% 3% 3% 22% 59% 3.2% 6.4% 7.1% 2.4% 1.6% Total 140,090 6,499 5% 100% 1.2% (2) (3) (1) Based on a 95% confidence interval, indicating that we would expect to generate same survey results 95 times out of 100, plus or minus 1.2 percent. (2) Includes Ram Club donors since 2000. (3) Includes CSU faculty and staff, CSU alumni living within a 100-mile radius, University donors living within 100-mile radius, former student-athletes, and alumni association board members. Note: Responses based on a total of 69,390 surveys sent out. Total response rate of approximately 9.4 percent. 7 (1) Survey Respondent Status Incidence Rate Ram Non-Ram Club Club Athletics Donors Donors Status Ram Club Donor Athletics Donor (non-Ram Club) Football Season Ticket Holder Occasional Football Ticket Buyer Alumni University Donor (non-athletic) Corporate Sponsor Faculty/Staff Student (current only) None of the Above 100% 11% 60% 24% 76% 37% 3% 10% 1% 0% Non-Donor Season Ticket Holders Non-Donor Occasional Ticket Buyers Other All Respondents 0% 0% 100% 6% 70% 20% 2% 17% 2% 0% 0% 0% 0% 100% 75% 24% 1% 21% 3% 0% 0% 0% 0% 0% 69% 12% 0% 33% 7% 2% 13% 5% 11% 27% 72% 19% 1% 26% 5% 1% 0% 100% 15% 53% 80% 44% 2% 11% 2% 0% *Multiple responses were accepted. Most Common Selections per Survey Group Ram Club Donors • • • Non-Ram Club Athletic Donors Alumni – 76% FB season ticket holder – 60% University donor – 37% • • • Alumni – 75% University donor – 24% Faculty / Staff – 21% • • • Alumni – 80% Occasional FB ticket buyer – 53% University donor – 44% Occasional Ticket Buyers • • • Season Ticket Holders Other 8 • • • Alumni – 69% Faculty / Staff – 33% University donor – 12% Alumni – 70% University donor – 20% Faculty / Staff – 17% Attendance Impact of New Stadium Average Games per Season Historical Anticipated New Stadium Attendance Attendance Increase at Hughes at New (Decrease) Stadium Stadium Attendance Percentage Increase (Decrease) Attendance Ram Club Athletics Donor (non-Ram Club) Non-Donor Football Season Ticket Buyer Non-Donor Occassional Football Ticket Buyer Other 4.1 2.4 5.2 1.8 0.8 4.7 3.0 4.6 2.3 1.1 0.6 0.6 -0.6 0.6 0.3 14% 24% -11% 32% 33% OVERALL 1.6 2.0 0.4 22% 9 Estimated CSU New Stadium Attendance Estimated Average Attendance Based on Historical Attendance 10-Year CSU Average Attendance Estimated Average Tickets Out - LOW Year Total Seating Capacity 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 32,500 32,500 32,500 32,500 32,500 32,500 32,500 30,000 30,000 30,000 10-Year Average 22,637 (2009-11 Average Tickets Out) x 1.22 (new stadium factor from survey) Attendance Average as % (1) Attendance of Capacity 21,867 22,400 23,643 21,008 21,794 24,183 29,347 27,296 30,631 30,461 67.3% 68.9% 72.7% 64.6% 67.1% 74.4% 90.3% 91.0% 102.1% 101.5% 25,263 80.0% 27,617 (attendance in new stadium) Estimated Average Tickets Out - BASE 25,263 (10-Year Average Tickets Out) x 1.22 (new stadium factor from survey) 30,821 (attendance in new stadium) Estimated Average Tickets Out - HIGH (1) Average attendance reflects "Total Tickets Out". 30,631 (10-Year High Average Tickets Out) x 1.22 (new stadium factor from survey) 37,370 (attendance in new stadium) 10 Premium Seating Concepts Tested Priority Seats Loge Boxes Field Level Club Memberships Luxury Suites 11 Club Seats Club Suites Summary of Premium Seating Interest Premium Seating Concept All Survey Groups Definitely Likely Possibly Total Initial Interest - Before Pricing 28% 22% 29% 79% Interest at Various Pricing Levels $500 $450 $400 30% 32% 37% 34% 34% 31% 34% 31% 28% 97% 97% 97% Initial Interest - Before Pricing 6% 7% 20% 34% Interest at Various Pricing Levels $2,000 $1,500 $1,000 2% 3% 5% 5% 6% 9% 31% 30% 33% 38% 38% 47% Initial Interest - Before Pricing 2% 3% 13% 17% Interest at Various Pricing Levels $15,000 $12,000 $9,000 1% 2% 2% 2% 1% 3% 16% 14% 18% 19% 16% 23% Initial Interest - Before Pricing 1% 1% 6% 8% Interest at Various Pricing Levels $50,000 $40,000 $30,000 3% 3% 3% 4% 2% 3% 17% 17% 21% 23% 23% 27% Initial Interest - Before Pricing 1% 1% 7% 9% Interest at Various Pricing Levels $27,500 $22,500 $17,500 3% 3% 4% 4% 4% 5% 22% 21% 31% 28% 29% 39% Field Level Club Memberships: Club Seats: Loge Boxes: Luxury Suites: Club Suites: Note: Initial interest questions asked only of those respondents indicating an interest in attending games in a new stadium. Note: Only those respondents indicating an initial interest in each seating concept were asked their interest at each price point. 12 Recommended Building Program Recommended Building Program Total Capacity: Approx. 35,000 to 45,000 seats Premium Seating Program: 15 to 25 Luxury Suites 15 to 21 Club Suites 20 to 30 Loge Boxes 1,100 to 2,000 Club Seats 1,100 to 2,000 Field Level Club Memberships Priority Seating Program: (1) (2) (3) 11,000 to 19,000 seats (1) 16-s ea t l uxury s ui tes . (2) 8-s ea t cl ub s ui tes . (3) 4-s ea t l oge boxes . Priority / Premium Seating Matrix Inventory Seating Concept Priority Seats - Goal line to 20's Priority Seats - 20's to 40's Priority Seats - Between 40's Field Level Club Memberships Club Seats Loge Boxes Luxury Suites Club Suites Annual Price Low High Low High Average 4,000 4,000 3,000 1,100 1,100 20 15 15 6,500 6,500 5,500 2,000 2,000 30 25 21 $200 $400 $600 $400 $1,000 $9,000 $30,000 $17,500 $200 $400 $600 $500 $2,000 $15,000 $50,000 $27,500 $200 $400 $600 $495 $1,727 $11,609 $40,000 $22,800 Total Annual Revenue (1) Based on weighted average. Total Annual Revenue 13 (1) Low High $800,000 $1,600,000 $1,800,000 $544,000 $1,900,000 $232,000 $600,000 $335,000 $1,300,000 $2,600,000 $3,300,000 $989,000 $3,455,000 $348,000 $1,000,000 $479,000 $7,811,000 $13,471,000 Recent Collegiate Naming Rights Values Naming Rights Value Stadium School Boone Pickens Stadium Autzen Stadium TCF Bank Stadium Apogee Stadium Bright House Networks Stadium Capital One Field at Byrd Stadium Jones AT&T Stadium High Point Solutions Stadium InfoCision Stadium Papa John's Cardinal Stadium Houchens Industries-L.T. Smith Stadium Oklahoma State Oregon Minnesota North Texas Central Florida Maryland Texas Tech Rutgers Akron Louisville Western Kentucky Average Median $165,000,000 $45,000,000 $35,000,000 $20,000,000 $15,000,000 $20,000,000 $20,000,000 $6,500,000 $10,000,000 $15,000,000 $5,000,000 $32,000,000 $20,000,000 Duration Average Annual Revenue 30 * 30 * 25 20 15 25 25 10 20 44 30 * $5,500,000 $1,500,000 $1,400,000 $1,000,000 $1,000,000 $800,000 $800,000 $650,000 $500,000 $341,000 $167,000 25 25 $1,242,000 $800,000 *Note: Boone Pickens Stadium, Autzen Stadium, and Houchens Industries-L.T. Smith Stadium have lifetime naming rights agreements. For purposes of a comparative analysis, the term has been assumed to be 30 years, which is generally the useful life of a sports venue. 14 Assumptions Used in Financial Projections Low Scenario Base Scenario High Scenario Average "Tickets Out" - Year 1 Average Paid Attendance - Year 1 Average Individual Ticket Price Average Season Ticket Price 35,000 25,000 $48.00 $210 40,000 30,000 $52.50 $250 45,000 35,000 $60.00 $300 Priority Seats: $200 Donation (90% sold) $400 Donation (95% sold) $600 Donation (95% sold) Total 4,000 4,000 3,000 11,000 5,250 5,250 4,250 14,750 6,500 6,500 5,500 18,500 1,100 1,100 20 15 15 1,500 1,500 25 18 20 2,000 2,000 30 21 25 $6.50 $20.00 $8.50 $25.00 $10.50 $30.00 $1.00 $2.00 $3.00 $10.00 $12.00 $14.00 $2.00 $1.00 $2.00 $1.00 $2.00 $1.00 $400,000 $3,129,000 $500,000 $3,629,000 $750,000 $4,129,000 Other Event Revenue $100,000 $150,000 $200,000 Game Day Expenses Other Operating Expenses $480,000 $925,000 $600,000 $1,140,000 $900,000 $1,555,000 Premium Seats: Field Level Club Memberships - $500 (90% sold) Club Seats - $1,700 (90% sold) Loge Boxes (4 seats) - $11,500 (90% sold) Club Suites (8 seats) - $22,500 (90% sold) Luxury Suites (16 seats) - $40,000 (90% sold) Concession Per Cap: Non-Premium Premium Merchandise Per Cap: All Attendees Parking: 90% captured by University parking Facility Fee: Single-Game Football Tickets Single-Game Men's & Women's Basketball / Volleyball Tickets Stadium Naming Rights (Cash only) Advertising / Sponsorship Note: Revenues and expenses have been inflated by 3 percent per year over 30-year term. 15 CSL has developed 3 potential operating scenarios. Attendance has been inflated by 4 percent per year from Year 1 to Year 5. Attendance remains constant after Year 5. Year 1 Operating Comparison New Football Stadium Projected Financial Operations Year 1 Operating Comparison Low Scenario Base Scenario High Scenario $3,310,000 2,840,000 3,950,000 3,229,000 633,800 53,800 423,000 3,129,096 400,000 138,000 55,219 150,000 100,000 $3,840,000 4,450,000 5,363,000 4,314,000 971,000 125,400 584,000 3,629,096 500,000 146,400 55,219 250,000 150,000 $4,610,000 6,660,000 6,775,000 5,596,000 1,379,500 214,900 766,000 4,129,096 750,000 153,600 55,219 350,000 200,000 $18,412,000 $24,378,000 $31,639,000 $200,000 15,000 35,000 75,000 200,000 400,000 480,000 $225,000 25,000 40,000 100,000 250,000 500,000 600,000 $300,000 35,000 45,000 125,000 300,000 750,000 900,000 $1,405,000 $1,740,000 $2,455,000 INCOME FROM NEW STADIUM OPERATIONS $17,007,000 $22,638,000 $29,184,000 Less: Existing Income from Current Stadium $6,680,857 $6,680,857 $6,680,857 $10,326,000 $15,957,000 $22,503,000 REVENUES: Individual Game Tickets Season Tickets Priority Seat Donations Premium Seating Concessions, net Merchandise, net Parking, net Advertising / Sponsorship Stadium Naming Rights Facility Development Fee - $2.00 per Single-Game Football Ticket Facility Development Fee - $1.00 per Single-Game MBB, WBB, VB Ticket Non-Game Day Club Rentals Other Events TOTAL REVENUES EXPENSES: Salaries and Benefits Supplies General Operating Services Professional Services Repairs & Maintenance Utilities Game-Day Expenses TOTAL Total EXPENSES Expenses INCREMENTAL NET STADIUM REVENUES 16 Low Operating Scenario Financial Projections New Football Stadium Projected Financial Operations Low Operating Scenario REVENUES: Individual Game Tickets Season Tickets Priority Seat Donations Premium Seating Concessions, net Merchandise, net Parking, net Advertising / Sponsorship Stadium Naming Rights Facility Development Fee - $2.00 per Single-Game Football Ticket Facility Development Fee - $1.00 per Single-Game MBB, WBB, VB Ticket Non-Game Day Club Rentals Other Events TOTAL REVENUES EXPENSES: Salaries and Benefits Supplies General Operating Services Professional Services Repairs & Maintenance Utilities Game-Day Expenses TOTAL Total EXPENSES Expenses INCOME FROM NEW STADIUM OPERATIONS Less: Existing Income from Current Stadium INCREMENTAL NET STADIUM REVENUES Year 1 Year 2 Year 3 Year 10 Year 20 Year 30 $3,310,000 2,840,000 3,950,000 3,229,000 633,800 53,800 423,000 3,129,096 400,000 138,000 55,219 150,000 100,000 $3,550,000 3,040,000 4,069,000 3,329,000 772,600 66,500 514,000 3,223,000 412,000 143,520 55,219 155,000 103,000 $3,800,000 3,250,000 4,191,000 3,422,000 817,600 70,500 530,000 3,320,000 424,360 149,261 55,219 160,000 106,100 $5,060,000 4,330,000 5,153,000 4,208,000 1,061,700 91,900 846,000 4,085,000 521,909 161,440 55,219 197,000 130,600 $6,790,000 5,820,000 6,926,000 5,665,000 1,427,200 123,500 1,410,000 5,490,000 701,402 161,440 55,219 264,000 175,500 $9,130,000 7,820,000 9,309,000 7,606,000 1,917,400 166,000 1,974,000 7,380,000 942,626 161,440 55,219 354,000 236,000 $18,412,000 $19,433,000 $20,296,000 $25,902,000 $35,009,000 $47,052,000 $200,000 15,000 35,000 75,000 200,000 400,000 480,000 $206,000 15,450 36,050 77,250 206,000 412,000 494,400 $212,000 15,914 37,132 79,568 212,180 424,360 509,232 $261,000 19,572 45,667 97,858 260,955 521,909 626,291 $351,000 26,303 61,373 131,513 350,701 701,402 841,683 $473,000 35,348 82,480 176,742 471,313 942,626 1,131,151 $1,405,000 $1,447,150 $1,490,385 $1,833,252 $2,463,975 $3,312,661 $17,007,000 $17,985,850 $18,805,616 $24,068,748 $32,545,025 $43,739,339 $6,680,857 $6,881,283 $7,088,000 $8,718,000 $11,715,000 $15,744,000 $10,326,000 $11,105,000 $11,718,000 $15,351,000 $20,830,000 $27,995,000 17 Base Operating Scenario Financial Projections New Football Stadium Projected Financial Operations Base Operating Scenario REVENUES: Individual Game Tickets Season Tickets Priority Seat Donations Premium Seating Concessions, net Merchandise, net Parking, net Advertising / Sponsorship Stadium Naming Rights Facility Development Fee - $2.00 per Single-Game Football Ticket Facility Development Fee - $1.00 per Single-Game MBB, WBB, VB Ticket Non-Game Day Club Rentals Other Events TOTAL REVENUES EXPENSES: Salaries and Benefits Supplies General Operating Services Professional Services Repairs & Maintenance Utilities Game-Day Expenses TOTAL Total EXPENSES Expenses INCOME FROM NEW STADIUM OPERATIONS Less: Existing Income from Current Stadium INCREMENTAL NET STADIUM REVENUES Year 1 Year 2 Year 3 Year 10 Year 20 Year 30 $3,840,000 4,450,000 5,363,000 4,314,000 971,000 125,400 584,000 3,629,096 500,000 146,400 55,219 250,000 150,000 $4,120,000 4,770,000 5,523,000 4,441,000 1,162,800 152,200 698,000 3,738,000 515,000 152,256 55,219 258,000 154,500 $4,410,000 5,110,000 5,689,000 4,573,000 1,231,700 161,500 720,000 3,850,000 530,450 158,346 55,219 266,000 159,100 $5,870,000 6,790,000 6,997,000 5,629,000 1,602,700 211,100 1,090,000 4,736,000 652,387 171,267 55,219 327,000 195,700 $7,880,000 9,130,000 9,403,000 7,561,000 2,153,500 283,700 1,730,000 6,365,000 876,753 171,267 55,219 439,000 262,900 $10,590,000 12,270,000 12,637,000 10,168,000 2,894,000 381,200 2,371,000 8,555,000 1,178,283 171,267 55,219 590,000 353,300 $24,378,000 $25,740,000 $26,914,000 $34,327,000 $46,311,000 $62,214,000 $225,000 $25,000 $40,000 $100,000 $250,000 $500,000 $600,000 $231,750 $25,750 $41,200 $103,000 $257,500 $515,000 $618,000 $239,000 $26,523 $42,436 $106,090 $265,225 $530,450 $636,540 $294,000 $32,619 $52,191 $130,477 $326,193 $652,387 $782,864 $396,000 $43,838 $70,140 $175,351 $438,377 $876,753 $1,052,104 $533,000 $58,914 $94,263 $235,657 $589,141 $1,178,283 $1,413,939 $1,740,000 $1,792,200 $1,846,264 $2,270,731 $3,052,562 $4,103,197 $22,638,000 $23,947,800 $25,067,737 $32,056,269 $43,258,438 $58,110,803 $6,680,857 $6,881,283 $7,088,000 $8,718,000 $11,715,000 $15,744,000 $15,957,000 $17,067,000 $17,980,000 $23,338,000 $31,543,000 $42,367,000 18 High Operating Scenario Financial Projections New Football Stadium Projected Financial Operations High Operating Scenario REVENUES: Individual Game Tickets Season Tickets Priority Seat Donations Premium Seating Concessions, net Merchandise, net Parking, net Advertising / Sponsorship Stadium Naming Rights Facility Development Fee - $2.00 per Single-Game Football Ticket Facility Development Fee - $1.00 per Single-Game MBB, WBB, VB Ticket Non-Game Day Club Rentals Other Events TOTAL REVENUES EXPENSES: Salaries and Benefits Supplies General Operating Services Professional Services Repairs & Maintenance Utilities Game-Day Expenses TOTAL Total EXPENSES Expenses INCOME FROM NEW STADIUM OPERATIONS Less: Existing Income from Current Stadium INCREMENTAL NET STADIUM REVENUES Year 1 Year 2 Year 3 Year 10 Year 20 Year 30 $4,610,000 6,660,000 6,775,000 5,596,000 1,379,500 214,900 766,000 4,129,096 750,000 153,600 55,219 350,000 200,000 $4,940,000 7,130,000 6,978,000 5,767,000 1,629,100 256,900 904,000 4,253,000 772,500 159,744 55,219 361,000 206,000 $5,290,000 7,640,000 7,187,000 5,931,000 1,725,900 273,000 935,000 4,381,000 795,675 166,134 55,219 372,000 212,200 $7,030,000 10,170,000 8,840,000 7,297,000 2,249,500 357,500 1,358,000 5,387,000 978,580 179,690 55,219 457,000 261,200 $9,450,000 13,660,000 11,880,000 9,814,000 3,023,800 480,400 2,073,000 7,240,000 1,315,130 179,690 55,219 614,000 351,000 $12,700,000 18,360,000 15,966,000 13,186,000 4,064,100 645,600 2,788,000 9,728,000 1,767,424 179,690 55,219 825,000 471,700 $31,639,000 $33,412,000 $34,964,000 $44,621,000 $60,136,000 $80,737,000 $300,000 35,000 45,000 125,000 300,000 750,000 900,000 $309,000 36,050 46,350 128,750 309,000 772,500 927,000 $318,000 37,132 47,741 132,613 318,270 795,675 954,810 $391,000 45,667 58,715 163,097 391,432 978,580 1,174,296 $525,000 61,373 78,908 219,188 526,052 1,315,130 1,578,155 $706,000 82,480 106,045 294,571 706,970 1,767,424 2,120,909 $2,455,000 $2,528,650 $2,604,240 $3,202,786 $4,303,806 $5,784,399 $29,184,000 $30,883,350 $32,359,761 $41,418,214 $55,832,194 $74,952,601 $6,680,857 $6,881,283 $7,088,000 $8,718,000 $11,715,000 $15,744,000 $22,503,000 $24,002,000 $25,272,000 $32,700,000 $44,117,000 $59,209,000 19