Agenda - 03-11-2014 - 3 CIP - Laserfiche WebLink

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• FY15/ 16 Court Addition ($900,000): Completing the major expansion vision would be the addition of a regulation high school/ college basketball court along with retractable bleachers. Additional programming would include youth and adult basketball leagues; Lil Dunkers; court based fitness programs; volleyball, and Kidsplex activities. • Additional revenue from membership growth with these phased in facilities is anticipated to generate $3,597,000 over the FY15 -16 to FY19 -20 five year planning horizon, with an additional $2,430,950 in other program revenue anticipated over the FY15 -16 to FY19 -20 five year planning horizon. Financial Impact: • Although the timing of the project may change, the overall positive financial impact assumptions remain sound. The Lobby renovation assumptions are already being validated through continued growth as membership continuesto grow in anticipation of the improvements. The revenue and expense pro forma has been updated to isolatejust the Mezzanine /Turf /Court portionsof the project. • The land acquisition has been finalized and all parking and traffic flow will be readily accommodated by the ability to design the proposed new building addition on the expanded property site with maximum efficiencies. • An independent study of Orange County entertainment and recreation facilities, as published in the Daily Tar Heel and Chapel Hill News, ranked the Orange County Sportsplex asthe number one recreation/ entertainment destination facility in the County ahead of even the Dean E Smith Center. • The current pace is480,000 annual visitors. Aswell, since this exceptional facility resides within the County, it encourages residentsto stay for their fitness, recreation and entertainment needs. This in turn results in significant dollars staying within the County both in monies spent at the Sportsplex aswell as local restaurants, food and convenience stores, shopping, etc. The planned expansion would add another 20,000 visitors per month for a combined annual visitor base of 720,000. • Major events at the goortsplex such as swim meets, skating competitions, hockey tournaments, and triathlons average 750 participants and twice that number of spectators for each event. These events attract regional and state wide visitors. The Visitor Bureau has estimated the annual impact on the local economy to be at least $2,112,000. Not contemplated in these numbers is the impact of dollars that remain in the County by participants not leaving to go to facilitates outside of Orange County for their daily fitness and recreation needs. This is estimated to be at least $8,448,000 annually. • The addition of indoor turf and courts to the goortsplex will double the number of events for afurther $10,560,000 annual injection/ retention. Condusion • The recent land acquisition next to the Sportsplex creates the opportunity to evaluate alternate construction design utilization of the expanded land footprint. All goortsplex performance and financial milestones to validate this major project continue to be met. There are strong logistical and financial advantages to revising the project plan. There is a highly positive economic impact on Orange County from the goortsplex expansion plan. :Y/