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<br />seven figure deferred payment loan arrangement if the County <br />determines it would be advantageous to borrow additional funds. In <br />exchange, they are requesting "naming rights" which have yet to be <br />defined. <br />This concept was introduced to the Commissioners at the September <br />14th work session, and mentioned again at the October 3 regular <br />meeting. At this point staff is poised to begin negotiations with Sports <br />Endeavors and for additional fundraising with other potential partners <br />on behalf of the county for detailed rights and privileges that could be <br />offered in exchange for private partnership -funds. These discussions <br />would include naming rights for the center, naming rights for individual <br />fields and the concession stand, as well as other amenities within the <br />park. In addition, smaller sponsorships could be solicited for interior <br />perimeter fencing signage. A proposal targeting a three year <br />renewable contract for naming of the facility and/or other identifiable <br />benefits would be developed and negotiated with each potential <br />sponsor, and brought back to the Board for final approval. <br />Current Status <br />The project is currently ahead of schedule. CRZ hopes to have bid <br />documents for the final field development package ready in the April- <br />May time frame. With BOCC~ approval in June, construction could <br />proceed and the ~flelds could be sprigged and irrigated during the <br />summer months. The remainder of the Construction package, <br />consisting of the building, walking track, lighting, landscaping, etc <br />would follow with the likelihood that. the completed complex could <br />open for play in the fall of 2008. <br />Staff estimates annual operating costs for the facility to be <br />approximately $350,000 per year including staff, operations and <br />recurring ppital costs. <br />Financial Impact <br />A total of $300,000 has been offered by Sports Endeavors, with the <br />caveat that an additional $150,000 is raised. This potential total of <br />$450,000 could be directed to development cost overruns (if any) <br />and/or to offset annual operating costs. There would be no guarantees <br />of recurring revenue generation at this level, but there would be <br />• <br />• <br />u <br />