The Current and Future Impact of P3 Deals on Campus and Community Recreation Centers
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1 The Current and Future Impact of P3 Deals on Campus and Community Recreation Centers ANN DRUMMIE & PETER ISAAC NOVEMBER 19, :15AM 11:45AM This seminar was created for the live learning environment of the Athletic Business Conference & Expo. Brailsford & Dunlavey has no financial interest/arrangement that would be considered a conflict of interest.
2 L EARNING OBJECTIVES UPON COMPLETION OF THIS SEMINAR, YOU LL BE ABLE TO: Describe the term P3 with many variations. Differentiate P3 for financing, constructing, operating, and maintaining. Reference existing P3 recreation center projects. Inquire about P3 options for your existing or prospective facility.
3 1 Introductions 2 Industry 3 PPP 4 How 5 Case Context 101 to Approach PPP Studies & Lessons Learned OUTLINE P3 Recreation 6 Q&A
4 BRAILSFORD & DUNLAVEY 485 Higher education clients 317 Campus and community recreation projects $4.1B In completed campus community recreation projects Professionals in 10 regional offices Years of experience in delivering recreation and wellness solutions
5 P RESENTERS Ann Drummie, Regional Vice President Peter Isaac, Regional Vice President Architecture and engineering background 14 ½ years with B&D Worked with more than 100 clients guiding 30+ from feasibility through to opening Finance and development background 9 ½ years with B&D Worked with more than 100 clients including public-private partnerships valued at more than $1 billion
6 S TARTING P OINT There aren t many P3 Rec deals, yet. We are not P3 advocates, but advisors. Developers want to make a profit. Myths: It s free money It s fast-tracked It s always successful / miserable P3 Recreation
7 Communities - Military - Colleges USA - Canada - Others PARTICIPANTS Operators Architects AUDIENCE Outsourcing Experience Construction Project Experience B&D Experience
8 WHY THIS TOPIC? Increasingly we hear of Public-Private Partnerships (P3) for various infrastructure and building projects that are successful and others that are under scrutiny. Some states embrace the approach and others are blocking P3- supportive legislation. How has and will this impact the recreation professional s world?
9 CONTEXT: AN EVOLVING INDUSTRY
10 I NCREASED CONSTRUCTION C OST College Planning & Management February 2012 The 2012 College Construction Annual Report
11 S TATE F UNDING HAS DECREASED Source: CBPP budget analysis and National Center for Education Statistics.
12 WHO IS COVERING THE GAP?
13 WHO IS COVERING THE GAP? Source: BLS, Bain & Co, & Sterling Partners Analysis
14 M ORE S TUDENTS M ADE IT P OSSIBLE
15 T HE M ARKET IS C HANGING Highly scrutinized tuition and fees / taxes Limited institutional debt capacity Risk of enrollment / population decline, especially absent of recruitment and retention amenities
16 Creative Delivery Solutions are a Requirement T HE M ARKET IS C HANGING
17 PUBLIC PRIVATE PARTNERSHIPS 101
18 WHAT DOES PPP MEAN? PPP does not have a common definition NCPPP identifies 18 different legal and financial P3 structures based on who owns, finances, designs, builds, operates, and maintains the project Few centers of excellence There is no centralized governing body Shortage of technical and financial expertise
19 ONE S IZE DOES N OT F IT ALL
20 T HESE A RE N OT O FF-THE-SHELF D EALS Institution MUST define the project Design Build Finance Operate Maintain
21 I T S ALL ABOUT RISK T RANSFER Transfer risk to the party best able to control it
22 P UBLIC S ECTOR RISK M ANAGEMENT Political risk prioritized over financial risk Process and consensus is prioritized over schedule Avoid controversy or perceived risk Heavy reliance on contract language Legal issues before financial issues Frequent use of consultants
23 P RIVATE S ECTOR RISK M ANAGEMENT Experience Flexibility Ongoing and less regulated negotiations Market knowledge Collaboration Control of the schedule Constant pursuit of saving opportunity Negotiation as preferred dispute resolution process
24 GOALS FOR A P3 Public Sector Private Sector Certainty Efficiency Mission-based Risk transfer to private partner Fair return Desires flexibility to succeed from public partner Desires direction from public partner Desires openness from private partner
25 E VOLVING M ARKET CONDITIONS Evolving market conditions provide a unique opportunity to balance institutional control with developmental risk, ultimately driving greater value throughout the decision-making process. Diversification of options Role of equity & risk Evolving credit assessment Interest rate risk Value for money Balance of scale & control Changing legislation
26 I NSTITUTIONS HAVE OPTIONS. 1 Institution owned, operated, designed, financed 3 Institution not-forprofit owned, ground lease 5 Developer owned, design and build through a ground lease. Managed by institution TRADITIONAL DEVELOPMENT FULL PRIVATIZATION 2 Institution owned, operated, financed / turn-key development 4 Unrelated not-forprofit owned, ground lease. 6 Developer owned, design and build through a ground lease. Privately managed.
27 DELIBERATE ANALYSIS OF OPTIONS Institution Affiliated Private Developer Cost of Capital Lowest Middle Highest Speed of Delivery Slowest Closer to Private Developer Fastest Institutional Control Program, Operations, Tenants, etc. Greatest Need for control; manage the developer Least Institutional Risk Delivery, Financing, Lease-up, etc. Greatest Exposure Some Exposure Least Exposure Institutional Financial Impact / Debt Capacity Greatest Exposure / Opportunity Some Impact Least Exposure / Opportunity
28 PROCESS OVERVIEW
29 K EY I NGREDIENTS FOR S UCCESSFUL P3S Stated commitment to strategic vision / mission Project champion & key stakeholder alignment / support Clear definition of project framework (no fishing expeditions!) Essential facility need Feasibility / business case Definition of funding gap / economic output Institutional risk profile / tolerance Organized, fair, transparent procurement process Partnership oriented rather than transactional focus Advisors & expertise from initial stages through implementation
30 R EASONS F OR D OING A P3 Debt capacity / Inability to finance Avoid cumbersome procurement Faster delivery (time = money) Avoid institutional / system / state construction standards Development expertise Land assemblage Management expertise Financially focused development (1.2 debt coverage ratio) Financial return to university (Ground lease rev. / excess cash flow) Risk transfer (Upfront costs, budget and schedule)
31 R EASONS F OR N OT D OING A P3 Cheaper cost of capital Better access to the capital markets Additional project costs Concerned about control In house development expertise In house management expertise University owns the land Few university/state construction standards No procurement concerns Impact on existing housing operation Off balance sheet, but still on credit
32 PLANNING DRIVES VALUE & CONTROL Effort Master Plan Feasibility Development Implementation
33 YOUR M ISSION DRIVES S UCCESS Commit to the outcome rather than the structure early in the process What are your intended outcomes? What does the 100% solution look like? Your purpose is not negotiable.
34 PLANNING DRIVES VALUE & CONTROL Strategic Asset Value Focus Groups Survey How do market conditions impact the feasibility of your project? Peer Analysis Market Analysis Financial Analysis Reduction in risk translates to reduction in cost
35 S OLICITATION & SELECTION Ensuring the selection and contracting process drives value as defined by the project definition phase Leveraging delivery structures Engaging an evolving market Normalizing variables Driving competition Engage with internal and external approval processes
36 M AINTAIN I MPLEMENTATION OVERSIGHT Ensuring that the developer delivers to the letter on their promises and that you receive what is negotiated Integrity of the Process Project Accountability Decision Making Partnering Project Coordination
37 CASE STUDIES
38 C ASE S TUDY MARSHALL UNIVERSITY QUICK FACTS: Driver: Market repositioning 123,000 SF Standalone recreation 501c3 structure Privatized management Student fee funded
39 C ASE S TUDY UNIVERSITY OF SOUTH FLORIDA QUICK FACTS: Driver: Population Change ~15,000 SF Mixed use project Equity structure Construction / Debt funded by other project revenues Operations funded by student fee
40 C ASE S TUDY UNIVERSITY OF SOUTH CAROLINA QUICK FACTS: Driver: Mission-based performance ~10,000 20,000 SF Mixed use project Structure TBD Construction / Debt funded by reserve fund Operations funded by student fees
41 C ASE S TUDY LOUISIANA STATE UNIVERSITY QUICK FACTS: Driver: Mission-based performance ~10,000 SF Mixed use project Structure TBD Retail lease (developer responsible for debt) Operations funded by student fees
42 C A S E S T U DY UNIVERSITY OF NORTH CAROLINA, CHARLOTTE Q U I C K FA C T S : Driver: Population change Recreation project Self developed Operations funded by student fee efficiency
43 C ASE S TUDY FREEDOM AQUATIC AND FITNESS CENTER QUICK FACTS: Driver: Population change Tripartite Agreement George Mason University City of Manassas Prince William County Roles during ramp up
44 C ASE S TUDY OLEAN FAMILY YMCA / JCC PE CENTER QUICK FACTS: Driver: Market reposition 2004 Mission alignment for larger facility
45 L EARNING OBJECTIVES UPON COMPLETION OF THIS SEMINAR, YOU LL BE ABLE TO: Describe the term P3 with many variations. Differentiate P3 for financing, constructing, operating, and maintaining. Reference existing P3 recreation center projects. Inquire about P3 options for your existing or prospective facility.
46 E VALUATION QUESTIONS What does the term P3 stand for? P3 Recreation A. Playstation 3 B. Power Play Points C. Public Private Partnership
47 E VALUATION QUESTIONS What does DBFOM stand for when considering creating a unique partnership? A. Direct Building From Oracle Magic B. Design, Build, Finance, Operate, Maintain P3 Rec
48 E VALUATION QUESTIONS P3 Rec Name one recreation center with a P3 aspect A. Marshall University B. University of South Carolina C. University of South Florida D. Louisiana State University E. University of North Carolina Charlotte F. George Mason University G. All of the above
49 E VALUATION QUESTIONS What are the steps on a P3 path? P3 Rec
50 Identify a project champion to lead the decision-making process PATH
51 Commit to the outcome rather than the structure early in the process PATH
52 Define the project through a comprehensive definition phase PATH
53 Consider the full range of capital structures provided by the market PATH
54 Focus on delivering value throughout the process PATH
55 T HANK YOU! If you have any questions or concerns regarding this seminar, please contact: P3 Recreation Ann Drummie Regional Vice President Brailsford & Dunlavey (202) Peter Isaac Regional Vice President Brailsford & Dunlavey (512) See you at the charging station!
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