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PANAMA CITY BEACH SPORTS VILLAGE RESTORE Act Advisory Committee Presentation February 24, 2015 ---PAGE BREAK--- 2 Panama City Beach Sports Village PHASE 1: The Sporting Grounds (rectangular athletic fields) One “Championship” artificial turf field with expanded seating & amenities Seven artificial turf fields Non-summer events: soccer, lacrosse, field hockey PHASE 2: The Sporting Grounds (baseball & softball fields) Two “Championship” artificial turf fields with expanded seating & amenities Ten (10) artificial turf fields Disc golf course, pavilions, walk/bike trails Renovation of Frank Brown Park PHASE 3: Special Event Center Arena Multi-court tournaments, concerts, exhibitions, trade shows Retractable & permanent seating, locker rooms, concession areas Center for Education & Learning – classroom, conference, culinary, laboratory space Fieldhouse Full size multi-purpose and support facilities Center for Health & Performance – wellness, human performance, sports medicine ---PAGE BREAK--- 3 Panama City Beach Sports Village PHASE 1: The Sporting Grounds (rectangular athletic fields) One “Championship” artificial turf field with expanded seating & amenities Seven artificial turf fields Soccer, lacrosse, field hockey ---PAGE BREAK--- 4 Panama City Beach Sports Village PROJECTED COST Sporting Grounds – Phase 1: $6.4 million Land Acquisition (TDC Funds) $2.4 million Construction (TDC/RESTORE Funds) $3.7 million Equipment (TDC/RESTORE Funds) $100,000 Administrative (TDC/RESTORE Funds) $200,000 CAPITAL FUNDING SOURCES RESTORE Act grant: $2.0 million Bay County TDC funds: $4.4 million ON-GOING FUNDING SOURCES User Fees/Facility Rental Bay County TDC funds Incremental tax proceeds ---PAGE BREAK--- 5 Panama City Beach Sports Village PHASE 1 PROJECT UTILIZATION Year 3 Projections - Preliminary Types of Events: Soccer, Lacrosse, Flag Football, Rugby, Ultimate Frisbee Number of Events: 25 Average Length of Stay: 3.3 nights Average Room Nights Generated per event: 1,743 rooms Average Visitors per event: 2,007 $14.2 million direct visitor spending Source: Oxford Economics Sports Events Model (with local inputs) ---PAGE BREAK--- 6 Panama City Beach Sports Village PHASE 1 PROJECT BENEFITS Year 3 Projections - Preliminary 590 tourism industry jobs $26,970 average salary $15.9 million payroll $186,399 Tourist Development Tax revenue $193,137 Local Sales Tax revenue Sources: Oxford Economics Sports Events Model (with local inputs), UWF Haas Center for Business Research & Economic Development, VISIT FLORIDA ---PAGE BREAK--- 7 Panama City Beach Sports Village $0 $10,000,000 $20,000,000 $30,000,000 $40,000,000 $50,000,000 $60,000,000 $70,000,000 $80,000,000 Chart for representation purposes only; not drawn to scale. 93% of Growth Occurs in Non-Summer Months ---PAGE BREAK--- 8 Panama City Beach Sports Village NEXT STEPS April, 2015 – TDC to select firm to design and plan the Sports Village Facilities Phase 1 plan should be completed within 90 days of selection of firm Secure land for Phase 1 Construction to commence when RESTORE Act funding and permits are in place ---PAGE BREAK--- QUESTIONS?