Production/Tribute Christian Comedy The Tribute Jeanne Robertson. Under The Streetlamp

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4 Country Oldies Classic Rock/Pop Travis Tritt The Beach Boys America Josh Turner The Temptations America Air Supply Clint Black The Four Tops Michael Bolton The Oak Ridge Boys Peter Noone & Herman s Hermits 38 Special The Charlie Daniels Band The Spinners Kansas Lonestar Original Stars of Night Ranger Trace Adkins American Bandstand Gin Blossums Sara Evans Marty Stuart Production/Tribute Christian Comedy The Texas Tenors Jeff Allen The Midtown Men Chonda Pierce 1964 The Tribute Jeanne Robertson Hotel California Anita Renfro Winter Dance Party Michael Jr. Under The Streetlamp

5 Walking distance from most major hotels in the county Parking is shown as a yellow P. Site plan will show that Maple Leaf will provide for 662 parking spaces. Far more than code requires.

6 Two entrances/exits. Hawthorne Drive and the future Maple Leaf Boulevard Propose to widen Hawthorne Drive to three lanes. Two lanes in and then two lanes out Propose extending Chestnut for two means of ingress/egress from Hawthorne Dr. Access from Hawthorne Dr. proposed to be through police station or around police station as depicted here.

7 Only one access point. 100% of the traffic will pass through Maple Leaf Boulevard Full access interchange No changes to Chestnut Emergency traffic through the YMCA And the Town still has its funding to do all the upgrades to Hawthorne without the Maple Leaf.

8 The vision is that the Maple Leaf will provide seating for 2,000 patrons

9 Latest Drawings 2,013 Seats

10 Latest Drawings First Aid Beer/Wine Garden Proposed Family Garden Increased number of women s toilets Doubled Concession Space Trying to include Dress/Break Out Rooms via trip to Effingham Performing Arts

11 It is proposed that The Maple Leaf will provide beverage and concession service and have a log cabin feel in appearance. It will not compete with local restaurants.

12 Latest Drawings Beamery

13 The Maple Leaf will use materials native to the area such as Brown County stone, whenever possible. LEED certification will be pursued to the extent the budget allows.

14 Latest Drawings

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16 EXPENSE (Total Building Costs to Construct MLPAC) Land, Site Work, Building $9,601,500 Sound System, Furniture Etc. $922,500 Contingency $873,234 Total $11,397,234

17 EXPENSE (Total Administrative Costs to Construct MLPAC) Legal, Title, Survey, Appraisal, Marketing, etc. $290,000 Civil Engineer, Architect, Soils $237,970 Total $527,970 EXPENSE (Total Financing Costs to Construct MLPAC) Financing Fees $132,500 Interest Carry (Under Construction 18 months) $442,296 Total $574,796 Total Administrative & Financing Costs $1,102,766

18 Building Costs $11,397,234 Administrative & Financing Costs $1,102,766 Grand Total $12,500,000* *This worst case estimate is based on contractor input who took into account the increased cost of building materials due to the shortage being caused by all the reconstruction surrounding the damage caused by the two hurricanes and the California wildfires. It also was increased due to the expansion of Maple Leaf Boulevard.

19 Similar Interest Rates Bond VS Loan Bond has to be reissued after 20 years because the quote contained a balloon payment VS A Loan with an interest rate adjustments in 10 year increments with floor and ceiling limit on the increase/decrease. Bond had EDIT (Economic Development Portion of the local Income Tax) guarantee VS A Loan that only requires a pledge of the Innkeepers Tax and Mortgage on the real estate. *Maple Leaf will not negatively impact the County s ability to do future projects.

20 Amount of Loan (Loan/Total construction costs of the Maple Leaf) $12,500,000 Interest Rate 3.43%* Amortization Schedule 30 Years Annual Bond Payment (Mortgage Payment) $667,720 Negotiated a unique amortization schedule that will allow smaller payments equaling $559,000 until *Interest rate today would be 3.54%

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23 Income Ticket Sales 82,533* Guests at an average $28.48/ticket $2,350,178 Food and Beverage $863,577 Total $3,213,755 Expense Performers $1,100,000 Food, Beverage, Production, Booking Fees $969,289 Payroll, Marketing, Maint., Insurance, Energy, Reserves $803,044 Total ($2,872,332) Net Operating Income (Profit Before Making Bond Payment) $341,422 *From Live Nation (25 National shows at 80 %occupancy plus 70 Regional/Local shows at 30% occupancy

24 Net Operating Income (Profit before making mortgage payment) $341,422 Less Mortgage Payment ($559,000) Add Facilities Fee (82,533 tickets at $3) $247,599 Add Proposed Entertainment Tax (82,533 tickets at $1) $82,533 Total Net Mortgage Payment ($228,868)* Estimated Annual Profit $112,554 *Remember this mortgage amount for future conversation

25 Estimated Annual Profit: $112,554 based on 82,533 guests $297,776 based on 100,000 guests $499,382 based on 120,000 guests

26 *Assuming the MLPAC generates a profit, the profit could be used for purposes other than paying down the bonds. As suggestions: PILOT (Payment In Lieu Of Taxes) a percent donated to the Community Foundation, a percent to go to the Playhouse to provide for its long term viability, an initiative to fund broadband internet to rural county residents All of the above!

27 REVENUE (Innkeepers Tax Collection by Year) Innkeepers Tax CVB Budget 2007 $617,510 $570, $629, % $550, $657, % $580, $662, % $600, $645, % $600, $714, % $693, $745, % $693, $714, % $693, $776, % $693, $813, % $693, $838, % $712,500 Estimate

28 Innkeepers Tax CVB Budget Estimated Innkeepers Tax 2017 $838,743 $712,500 Estimated Innkeepers Tax 2018 (3% increase) $863,905 $712,500 Estimated Innkeepers Tax 2019 (20% increase) $1,036,686 $750,000 Innkeepers Tax 2019 $1,036,686 Less CVB Budget ($750,000) $286,686 Excess Funds Moving forward, the Maple Leaf is expected to pay its own mortgage payment out of its operating income which leaves 100% of the Innkeepers tax available.

29 Excess Innkeepers Tax $286,686 Net Mortgage Payment ($228,868) $57,818 So In a worst case scenario where the Maple Leaf can only pay its operating expenses and can t afford to make its mortgage payment, a mere 20% increase in the Innkeepers tax over 2018 levels can pay the mortgage payment and the CVB can still have an annual budget that is in excess of its current 2017 level and have $57,818 left over.

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