Deal Points City/CRVA Team County A Stadium Construction Total stadium cost: $175 million

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1 Deal Points City/CRVA Team County A Stadium Construction Total stadium cost: $175 million $43.75 million cap to construct base stadium including design $87.5 million contribution to construct base stadium including design and site preparation. MLS Stadium will be constructed at the American Legion Memorial Stadium Team will fund any enhancements to base stadium or team changes in scope after construction commences. $43.75 million cap to construct base stadium including design Design and construction will be managed by the County MWSBE goals and apprenticeships will be adhered to as practical B Financing C Payment terms Inter-local agreement with City to pay its share of the project costs City to pay County all invoiced project costs as agreed Team will provide up-front cash payment totaling $12.5 million during construction. Remainder will be paid as lease payments. Will provide $12.5 million cash payment. Remaining projects costs shall be level payments of $4.26 million per year over 25 years. Stone wall in current stadium will reconfigured and preserved County will fund its share and $75 million of team s share of costs and will be reimbursed as stated in the project payment terms Payments to County are as scheduled and backed by the Inter-local agreement with the City and guarantee instrument from the team 1 P a g e

2 Amounts pledged or owed shall be guaranteed by the ownership entity that signs the lease. D Term of Agreement 25 years with 5 yr options 25 years with 5 yr options 25 years with 5 yr options E Events of default that would trigger TBD payments from guarantee F Amateur sports and other event uses Stadium will be available for up to 6 amateur sports and other days brokered by CRVA. Team will be treated similarly to the Carolina Panthers and Charlotte Hornets as it relates to scheduling, advertising and usage for CRVA/County event dates Stadium will be available for up to 14 amateur sports and other days brokered by County. G Rental Fees H Ticket sales gate receipts I Event Costs No rental fee for 6 days per year Team agrees to maintain a non-profit rental fee that allows community groups to access the facility at a reasonable cost. CRVA shall retain ticket sales less service fees of any ticket distribution system for CRVA brokered events User pays out-of-pocket costs directly associated with hosted events Team will retain ticket sales for all events except ticket sales for city and county dates per provisions F, G and H. Team will retain all other stadium revenues for all events User pays out-of-pocket costs directly associated with hosted events J Operation of Facility Team maintains full control and responsibility for operation of the facility No rental fee for 14 days per year County shall retain ticket sales less service fees of any ticket distribution system for County brokered events User pays out-of-pocket costs directly associated with hosted events 2 P a g e

3 K Operating Costs Team will pay all operating costs for the stadium, including but not limited to insurance, HVAC, electricity, janitorial service, security, preventive maintenance, telephone, internet etc. L Marketing & Promotion naming rights and sponsorships Team will manage the marketing and branding opportunities and retain all revenue. All signage must comply with building code and sign ordinance The design of the stadium will honor the history of Memorial Stadium and the County s veterans M Event Revenue Team will manage concessionaire and master vendor contracts and retain all revenue N Capital Projects Team will contribute $150,000 per year to a capital reserve fund to pay for capital projects during the term of the agreement. Payments will increase by 5% per year compounded County policies regarding naming rights and sponsorships will be waived All signage must comply with building code and sign ordinance County will contribute $150,000 per year to a capital reserve fund to pay for capital projects during the term of the agreement. Payments will increase by 5% per year compounded 3 P a g e

4 but will not exceed $300,000 in any year but will not exceed $300,000 in any year O Major upgrades Major upgrades to the stadium are the responsibility of the County. The condition of the stadium will be assessed and the improvements will be made in the eleventh year of operation. Upgrades will be made in the 21 st year of operation and will be tied to a lease extension. P Non-relocation The team commits to play in the stadium for 25 years. If the team leaves sooner the County can recover liquidated damages. Team may terminate the agreement after 15 years if the team is no longer economically viable which will be based on a series of criteria Q MLS Franchise Fee & Escrow Team will comply with all MLS rules including payment of the franchise fee which is currently $150 million and an escrow requirement if any. 4 P a g e

5 R Independence Park Team will fund the cost of area plan and traffic and parking studies, up to $100,000, pursuant to potential agreement with the Elizabeth Neighborhood Association. S Parking Team will have access to all parking facilities pursuant to the current shared parking agreement between the County and Central Piedmont Community College. County will fund a $100,000 master planning process for Independence Park, the Stadium and the surrounding area. The Elizabeth Neighborhood will be key participants in the process. Associated capital projects will be included in the FY18-FY22 capital plan. This includes a connector from Independence Park to Little Sugar Creek Greenway County will work with Central Piedmont Community College on an amendment to the ground lease to permit retail use on the ground level of the parking deck. Team will pay all game day costs and retain net revenue On game days, team will provide security to deter parking on side streets in the Elizabeth Neighborhood 5 P a g e