SCSA
Santa Clara Stadium Authority
SANTA CLARA
STADIUM AUTHORITY
FINANCIAL STATUS REPORT
Quarter Ending December 31, 2021
April 19, 2022
'=== WELCOME TO =e:aa
LEVI ' S · STADIUM
1 Table of Contents
Introduction .................................................................................................................................................. 2 NFL Events .................................................................................................................................................. 3 Non-NFL Events ......................................................................................................................................... 6 Discretionary Fund ..................................................................................................................................... 8 Stadium Builder Licenses ......................................................................................................................... 9 Santa Clara Stadium Authority Budget Status Reports ...................................................................... 11 Operating Budget ................................................................................................................................. 11 Debt Service Budget ............................................................................................................................ 14 Capital Improvement Project Budget ................................................................................................ 18 City of Santa Clara Net General Fund Impact ..................................................................................... 20 Public Safety and Administrative Cost Reimbursement ................................................................. 21 Rents and Senior and Youth Fee ...................................................................................................... 21 Other Revenue Impacts ...................................................................................................................... 21 Glossary ..................................................................................................................................................... 23
2 Introduction
This Santa Clara Stadium Au thority (“Stadium Authority ”) Financial Status Report provides information covering the second quar ter of the Stadium Authority’s 2021/22 fiscal year (FY) which ended on December 31, 2021. Comparative data from prior fiscal years is also included.
In addition to these quarterl y reports, the Stadium Authorit y produces annual financial statements. The FY 2020/21 financial statements were audited by an external audit firm and presented to the Stadium Authority’s Audit Committee on September 16, 2021 and the Stadium Authority Board (“Board”) on September 28, 2021. Once presented to the Stadium Authority Board, the financial statements are published on the Stadium Authority’s website.
The Stadium Authority also pr epares a detailed b udget prior to the beginning of each fiscal year. The FY 2021/22 budget was considered at a study session on March 9, 2021 and adopted by the Board on March 23, 2021.
Stadium Authority finances are structured so that the City of Santa Clara (City) is not liable for the debts or obligations of the Stadium Authority. All serv ices provided by the City, including administrative and public safety , to the Forty Niners Stadium Management Company, LLC (“ManagementCo”) or the Stadium Authority are fully reimbursed with Stadium Authority funds.
Methodology
Information provided in this report was based in part on documentation submitted by ManagementCo. Specifically, NFL and Non-NFL event statistics and financial information relating to Stadium Manager expenses ar e provided by ManagementCo. Stadium Authority staff is limited to a review of selected financial information submitted by ManagementCo, including some source documentation for Non-NFL events with attendance greater than 25,000, submitted 45 days after each event. More detailed documents are received over 90 days after the close of the fiscal year. For all other financial information, a full detailed review and/or audit of source documentation has not been completed by the Stadium Authority for this report.
The Stadium Authority has cont racted with JS Held (formerl y Hagen, Streiff, Newton, & Oshiro), a forensic accounting firm, to review and evaluate Non-NFL event financial information from prior years, including source documentation. This report was discussed with the Board at the December 1, 2020 Stadium Authority Board meeting. The Stadium Authority is working with JS Held for the review of additional historical years.
The information provided reflects the best known and available at the time of the writing of this report and is subject to further re vision when the full body of records becomes available and review is complete. Consequent ly, the Board’s notation and filing of this report should not be considered an approval of the accuracy of the information in the report.
3 NFL Events
This section provides year to date and comparative data for NFL games categorized as pre-season and regular season games. In FY 2020-21, there were no fans present for the NFL games. The comparative data is based on the quarter ended December 31, 2019.
The San Francisco Forty-Niner s (“49ers”) played a total of nine NFL games (two pre- season games and seven regular season games) at Levi’s
® Stadium as of December 31,
2021. There was a total of 604,526 tickets sold to these NFL games, an average of 67,172 per game. This is up by 899 or 1.4% when compared to the same period in FY 2019-20.
The ticket sales resulted in $8.9 million in NFL ticket surcharge revenue (10% of ticket sales) to the Stadium Authority. The average NFL ticket surcharge revenue was $988,933 per game in the current year which is up by $147,704 or 17.6% from the same period in the FY 2019/20. This increase can be attributed to dynamically priced tickets to each NFL game and COVID-19 economic recovery. A total of $211,591 of Senior and Youth Program Fees, which is based on $0.35 per NFL ticket sold, were collected through the end of the third quarter of the fiscal year. These fees were transferred to the City’s General Fund in support of such programs.
A total of 63,718 cars were parked in the permitted offsite parking lots generating $376,573 in offsite parking fees. The Ta sman Lots Parking F ee generated $19,650 for the General Fund in the current fiscal year. The overall number of cars parked in the permitted offsite lots and the Tasman lots ro se by an average of 445 cars per game or
6.3% when compared to the FY 2019/20.
There was $4.5 million of NFL event public safety cost s in the current reporting period which is an average of $503,792 per game. This is up from the FY 2019/20 average of $370,151. Of the $4.5 million NFL event public safety costs, $3.1 million or 67.9% are direct City costs and $1.4 million or 32.1% are outside agency costs. $376,573 of the total NFL event public safety costs were covered by the offsite parking fees that were collected and the remaining was invoiced to Management Co. It should be noted that costs differ dependent on deployment needs for each event.
Statistics for the NFL games held at Levi’s
® Stadium in the first three quarters of the
2021/22 fiscal year are shown in Table 1 and co mparative data from all eight years of operations can be found in Table 2.
4 2021/22
08/14/21 08/29/21 09/26/21 10/03/21 10/24/21 11/07/21 11/15/21 11/28/21 12/19/21 YTD Total No. of Tickets Sold 63,172 68,258 68,021 67,016 64,768 67,398 66,659 69,572 69,682 604,546 NFL Ticket Surcharge 498,759 $ 551,632 $ 1,601,010 $ 1,551,718 $ 865,536 $ 889,178 $ 1,128,298 $ 901,571 $ 912,696 $ 8,900,398$ Senior/Youth Program Fees 22,110 $ 23,890 $ 23,807 $ 23,456 $ 22,669 $ 23,589 $ 23,331 $ 24,350 $ 24,389 $ 211,591$ Cars Parked at Offsite Lots 5,340 8,145 8,193 7,581 5,514 7,244 6,066 7,718 7,917 63,718 City Offsite Parking Fee 31,559 $ 48,137 $ 48,421 $ 44,804 $ 32,588 $ 42,812 $ 35,850 $ 45,613 $ 46,789 $ 376,573$ Cars Parked on Tasman Lots 364 416 400 439 397 455 472 501 486 3,930 City Tasman Lot Parking Fee 1,820 $ 2,080 $ 2,000 $ 2,195 $ 1,985 $ 2,275 $ 2,360 $ 2,505 $ 2,430 $ 19,650$ Stadium Public Safety Costs 524,627 $ 768,283 $ 454,145 $ 469,390 $ 422,511 $ 491,337 $ 454,233 $ 486,287 $ 463,311 $ 4,534,124$ Less: Offsite Parking Fee Credit (31,559) $ (48,137) $ (48,421) $ (44,804) $ (32,588) $ (42,812) $ (35,850) $ (45,613) $ (46,789) $ (376,573)$ Reimbursable Stadium Public Safety Costs 493,068$ 720,146 $ 405,724 $ 424,586 $ 389,923 $ 448,525 $ 418,383 $ 440,674 $ 416,522 $ 4,157,551$ Amount Reimbursed - $ - $ - $ - $ - $ - $ - $ - $ - $ -$ Game 6 vs
Cardinals
Game 7 vs
Rams
Game 8 vs
Vikings
Game 9 vs
Falcons
Game 1 vs
Chiefs
Game 2 vs
Raiders
Game 3 vs
Packers
Game 4 vs
Seahawks
Game 5 vs
Colts
Table 1
Levi's® Stadium
2021/22 NFL Event Statistics
As of December 31, 2021
5 2014/15 Q3 2015/16 Q3 2016/17 Q3 2017/18 Q3 2018/19 Q3 2019/20 Q3 2020/21 Q3 2021/22 Q3 Total Total Total Total Total Total Total Total
No. of NFL Events 10 9 9 10 10 10 - 9 No. of Tickets Sold 682,095 602,268 588,794 643,189 651,237 662,731 - 604,546 NFL Ticket Surcharge 8,366,290 $ 7,448,271 $ 7,403,778 $ 7,806,190 $ 8,076,510 $ 8,412,291 $ - $ 8,900,398$ Senior/Youth Program Fees 238,734 $ 210,794 $ 206,078 $ 225,116 $ 227,933 $ 231,956 $ - $ 211,591$ Cars Parked at Offsite Lots 90,024 51,375 61,310 54,107 56,390 64,960 - 63,718 City Offsite Parking Fee 442,919 $ 260,985 $ 321,264 $ 293,260 $ 317,476 $ 380,016 $ - $ 376,573$ Cars Parked on Tasman Lots 4,983 6,184 4,653 5,530 4,729 5,751 - 3,930 Cars Parked on Golf Course 233,306 18,823 - - - - - - City Tasman Lot and Golf Course Parking Fee 141,445$ 125,035 $ 23,265 $ 27,650 $ 23,645 $ 28,755 $ - $ 19,650$ Stadium Public Safety Costs 2,414,028 $ 2,092,697 $ 2,497,858 $ 2,388,347 $ 2,994,735 $ 3,701,510 $ - $ 4,534,124$ Golf Course Public Safety Costs 180,766 $ 71,000 $ - $ - $ - $ - $ - $ - $ Subtotal Event Public Safety Costs 2,594,794 $ 2,163,698 $ 2,497,858 $ 2,388,347 $ 2,994,735 $ 3,701,510 $ - $ 4,534,124$ Less: Offsite Parking Fee Credit (442,919) $ (260,985) $ (321,264) $ (293,260) $ (317,476) $ (380,016) $ - $ (376,573)$ Reimbursable Stadium Public Safety Costs 2,151,875$ 1,902,713 $ 2,176,593 $ 2,095,087 $ 2,677,259 $ 3,321,494 $ - $ 4,157,551$ Total Amount Reimbursed 2,151,875 $ 1,902,713 $ 2,176,593 $ 2,095,087 $ 2,677,259 $ 2,937,591 $ - $ - $ Table 2
Levi's® Stadium
Historical NFL Event Statistics
6 Non-NFL Events
This section provides annual and comparative data for Non- NFL events categorized as events ranging from high school and college football games , international soccer matches, concerts, wedding fairs, and specia l events. There were no Non-NFL events due to the pandemic, and only smaller, non-ticketed events are held in FY 2021/22.
Statistics for FY 2021/22 events are shown in Table 3 and comparative data from all eight years of operations for the Non-NFL ticket ed events and special ev ents are shown in Table 4.
2021/22 Q1-Q3 2021/22
Special Events YTD Total
No. of Scanned Attendees - -
No. of Tickets Sold - -
Non-NFL Ticket Surcharge - $ -$
No. of Non-NFL Special Events 1 1 Non-NFL Special Event Attendees - - Cars Parked at Offsite Lots - - City Offsite Parking Fee - $ -$
Stadium Public Safety Costs 1,827 $ 1,827$ Less: Offsite Parking Fee Credit - $ -$ Reimbursable Public Safety Costs 1,827$ 1,827$ Amount Reimbursed - $ -$
Table 3
Levi's® Stadium
FY2021/22 Non-NFL Event Statistics
As of December 31, 2021
7 2014/15 Q3 2015/16 Q3 2016/17 Q3 2017/18 Q3 2018/19 Q3 2019/20 Q3 2020/21 Q3 2021/22 Q3 Total Total Total Total Total Total Total Total
No. of non-NFL Ticketed Events 7 15 17 11 11 8 - - No. of Tickets Sold 248,591 623,687 579,059 319,580 290,341 183,874 - - Non-NFL Ticket Surcharge 916,656 $ 2,455,816$ 2,316,236 $ 1,278,320 $ 1,161,364 $ 735,496 $ - $ - $ No. of Non-NFL Special Events 138 171 101 84 87 64 - 1 Non-NFL Special Event Attendees 42,808 97,747 43,526 51,928 32,593 22,155 - - Cars Parked at Offsite Lots 16,054 55,720 60,969 25,741 26,041 17,127 - - City Offsite Parking Fee 78,986 $ 278,703 $ 313,978 $ 138,087 $ 144,407 $ 98,547 $ - $ - $ Cars Parked on Golf Course 8,566 21,572 9,562 - - - - - City Golf Course Parking Fee 42,830 $ 107,860 $ 47,810 $ - $ - $ - $ - $ - $ Stadium Public Safety Costs 1,217,852 $ 3,003,358 $ 2,938,082 $ 1,601,824 $ 1,948,594 $ 1,556,785 $ - $ 1,827$ Golf Course Public Safety Costs 64,618$ 119,842 $ 39,905 $ - $ - $ - $ - $ - $ Subtotal Event Public Safety Costs 1,282,469$ 3,123,200 $ 2,977,987 $ 1,601,824 $ 1,948,594 $ 1,556,785 $ - $ 1,827$ Less: Offsite Parking Fee Credit (78,986)$ (278,703)$ (313,978) $ (138,087) $ (144,407) $ (98,547) $ - $ - $ Reimbursable Public Safety Costs 1,203,483$ 2,844,497 $ 2,664,009 $ 1,463,737 $ 1,804,187 $ 1,458,238 $ - $ 1,827$ Amount Reimbursed 1,203,483 $ 2,844,497 $ 2,664,009 $ 1,463,737 $ 1,469,701 $ 793,941 $ - $ - $ (1) Includes Non-NFL special events.
Table 4
Levi's® Stadium
Historical Non-NFL Event Statistics(1)
8 Discretionary Fund
The Discretionary Fund is funded by rev enue equal to 50% of the Non-NFL Ticket Surcharge of $4 per ticket. The Discretionary Fund can be used to pay for excess Public Safety Costs over the annual Public Safe ty Costs Threshold and Board’s directive initiatives costs and can also be transferred to the City’s General Fund. Table 5 shows the revenues and expenses in the Discretionary Fund since FY 2014/15. The balance at the end of this reporting period was $2.3 million.
The Public Safety Costs Threshold is the subject of current on going litigation, which includes issues regarding the application of Off-Site Parking Permit Fees to the Threshold calculation, and also Stadium Lease Agr eement obligations for StadCo to have negotiated an increase to the Threshold in good faith. Therefore, the Discretionary Fund is recommended to be reserved for any pot ential claim payments resulting from the conclusion of the litigation.
Table 6 shows the statistics for the excess Pub lic Safety Costs from all eight years of operations, except for the application of Offsite Parking Credits to the CAP.
Fiscal Year
Beginning
Balance Revenue Expenses
Ending
Balance
2014/15 - $ 715,770$ 714,028 $ 1,742 $ 2015/16 1,742 1,238,542 699,129 541,155 2016/17 541,155 1,164,698 1,209,342 496,511 2017/18 496,511 768,564 - 1,265,075 2018/19 1,265,075 796,294 101,267 1,960,102 2019/20 1,960,102 367,748 - 2,327,850 2020/21 2,327,850 - 18 2,327,832 2021/22 2,327,832 - (18) 2,327,850 Table 5
Discretionary Fund - Accrual Basis
Fiscal Year
Public Safety
Costs (net of
Offsite Parking
Credits)
Public Safety
Costs
Threshold/CAP
Overage Public
Safety Costs
over CAP
Overage Paid by
Discretionary
Fund
Overage Paid
by StadCo Difference
2014/15 1,971,110$ 1,257,082 $ 714,028 $ (714,028) $ - $ 2015/16 2,176,726 1,477,597 699,129 $ (699,129) - $ 2016/17 2,765,892 1,556,550 1,209,342 $ (1,209,342) - $ 2017/18 2,282,977 1,619,009 663,968 $ - (663,968) - $ 2018/19 2,686,864 1,671,284 1,015,580 $ - (1,015,580) - $ 2019/20 4,937,790 2,005,776 2,932,014 $ - (2,932,014) - $ 2020/21 887,617 1,075,521 - $ - - - $ Total 17,708,976 10,662,819 7,234,061 (2,622,499) (4,611,562) - Table 6
Excess Public Safety Costs
9 Stadium Builder Licenses
The total principal value of currently active Stadium Bu ilder Licenses (“SBLs”) is $537.1 million and, as of December 31, 2021, 90% of the total principal value of all SBLs sold (i.e., $484.7 million) had been collected.
SBL holders that finance their purchase pay an annual interest rate of 8.5% and payments are due by March 1
st each year. The majority of SBL holders make their payments on time. For those that do not pay on time, SBL service staff, working for ManagementCo on the Stadium Authority’s behalf, contact the SBL holders and attempt to collect the full amounts owed. Ultimately, an SBL can be def aulted for non-payment. Once an SBL is defaulted, the SBL holder in default loses their right to buy season tickets as well as their priority rights to tickets to Non-NFL events, and forfeits any money they had invested in the SBL. Defaulted SBLs are then available for resale.
There is a total of 61,548 currently active SBLs, or 93% of the 66,066 sellable SBL seats.
This is an increase of 1,180 from the total active SBLs at t he end of the prior fiscal year (March 31, 2021). The main reasons for the increase are due to sale of new SBLs offset by the customer seat relocation program and default buy back. The customer seat relocation program allows customers to trade in their SBLs in return for others in a different location as long as the total face va lue of the new seats is equal to or greater than the original seats.
During the current reporting period, 1,613 SBLs were sold for a total face value of $11.0 million. The customer seat relo cation program resulted in an increase of $1.8 million to the SBL face value, and the number of SBLs for this category increased by 13. The reason for this is due to a relocation to a higher SBL Tier. Additional details regarding currently active SBLs are noted in Table 7.
10 18479025.1
SBL Seats
Available
SBL Seats Sold as
of 3/31/21
New SBL
Sales
Net SBL
Relocations
SBL
Defaults Other SBL Seats
Sold SBL Value SBL Collected % SBL Principal
Collected
100 100 - - - - 100 14,082,625$ 12,588,623 $ 89.4% 942 925 9 6 (14) - 926 74,080,000$ 69,781,469 $ 94.2% 2 2 - - - - 2 80,000$ 70,027 $ 87.5% 4,945 4,463 99 24 (38) - 4,548 136,440,000$ 125,945,449 $ 92.3% 3,475 2,852 59 9 (27) - 2,893 57,860,000$ 52,789,594 $ 91.2% 7 7 - - - - 7 105,000$ 90,595 $ 86.3% 2,162 2,166 28 3 (29) - 2,168 26,016,000$ 23,333,206 $ 89.7% 7 7 - - - - 7 70,000$ 66,122 $ 94.5% 20,652 20,547 305 94 (133) - 20,813 124,878,000$ 109,355,456 $ 87.6% 14,306 13,302 577 23 (117) 1 13,786 68,930,000$ 59,727,827 $ 86.6% 916 920 - 2 (3) - 919 3,676,000$ 3,499,020 $ 95.2% 91 91 - - - - 91 273,000$ 240,479 $ 88.1% 41 44 - - - - 44 110,000$ 98,991 $ 90.0% 18,387 14,907 536 (146) (85) - 15,212 30,424,000$ 27,052,131 $ 88.9% 33 35 - (2) (1) - 32 32,000$ 29,247 $ 91.4% 66,066 60,368 1,613 13 (447) 1 61,548 537,056,625$ 484,668,236 $ 90.2% Plus: Interest on financed SBLs 60,427,943
Total Principal & Interest 545,096,179
(1) This table does not include $32.1 million that has been collected life-to-date from defaulted SBL holders.
Total
Table 7
10,000
Santa Clara Stadium Authority
Currently Active Stadium Builder License (SBL) Summary (1) Through December 31, 2021
Seat Value
141,392
80,000
40,000
30,000
20,000
15,000
12,000
6,000
5,000
4,000
3,000
2,500
2,000
1,000
11 18479025.1
Santa Clara Stadium Authority Budget Status Reports
Operating Budget
With 75% of the fiscal year complete, total operating revenues thru the third quarter of the 2021/22 fiscal year were $47.4 million repres enting 73% of the overall budget for revenues. Stadium rent earned from StadCo totaled $19.1 million or 77% of budget.
During the current reporting period, the Stadium Authority collected $15.4 million in SBL proceeds or 65% of budget. All SBL proceeds are to be transferred to the debt service fund per applicable loan agreement s. The Stadium Authority also collected NFL Ticket Surcharges, Sponsorship Revenue, Nami ng Rights Revenue, and Senior & Youth Program Fees all of which are expected to meet budget this fiscal year.
Total operating expenses were $37.1 million, or 57% of the annual budget, which included the debt service transfers of $25.9 million. Other expenditures to note include shared stadium manager expenses. In the prior fiscal year, operating expense payments, except for insurance, were withheld based on Board direction for the partial suspension of payments at the March 27, 2019 Stadium Authority Board meeting, based on the concern that public funds would be used to pay for expenses that were not legally procured, or compliant with prevailing wage laws or self-dea ling/conflicts of interest laws. At that meeting, the Board direct ed Executive Director to onl y release public funds to ManagementCo for the payment of shared stadium manager expenses when supporting documents have been submitted to show those expenses adhere to our agreements and State and local laws. Separate from that par tial suspension of pay ments, the Stadium Authority continued to pay fo r utilities, insurance, nam ing rights commission and costs associated with SBL sales and services.
For the current fiscal year, the Stadium Authority’s FY 2021/22 budget was adopted on March 23, 2021 and included the Stadium Manager’s recommended Shared Expense budget of $8.1 million in a Legal Contingency line item. The expenses that were included in the Legal Contingency lin e are Stadium Operations, En gineering, Guest Services, Groundskeeping, Security and the Stadium M anagement Fee. However, the Executive Director was delegated authority to approve budget amendments of $4.2 million to move funds from the Legal Contingency line item to Shared Expenses after the review of adequate documentations for costs based on B oard direction. Subsequent to that direction, Stadium Aut hority staff met at Levi’s
® Stadium on March 30, 2021 to review
documentation for shared expenses. After follow-up meetings with the Stadium Manager, payments related to compensation that were reviewed and approved for monthly payment, totaling $4.2 million for the fiscal year.
With the positive developments regarding the ability for Levi’s ® Stadium to host small and
large Non-NFL events coming out of the Covid-19 pandemic, Stadium Manager requested for additional staffing needed to perform all obligations under the Management Agreement. In August 2021, the Board appr oved the budget amendm ent requested for five (5) additional positions: (a) Head of Public Ticketed Events, (b) Director of Procurement, (c) Senior Financial Analys t, (d) Accounting Manager, and (e) Staff Accountant.
12 18479025.1
Shared Stadium Manager expenses were at 80% of the budget, or $6.0 million of the $7.5 million budgeted amount and SBL Sales & Service expenses were 52% of the budget, or $1.8 million of the $3.4 million budgeted amount. Stadium Authority G&A costs were at 41% of the budget, or $2.1 million of the $5.1 million budgeted amount.
The Stadium Authority pays for all utility costs from February 1 st through July 31st and the
tenant (StadCo) pays for utility costs from August 1 st through January 31 st (Tenant Season). However, based on conversation at Stadium Manager-Stadium Authority Quarterly meeting, it was stated that the utility costs invoiced were based on the budget, which did not factor utility co sts to operate the vaccination site into consideration.
Because the vaccination site is treated as an NFL sponsored event, these costs are not borne by the Stadium Authority based on the terms of the Stadium Lease Agreement. As the vaccination site was expected to operate for four to six months, the Stadium Authority requested that the portion estimated to be associated with the vaccination operations be credited back based on histor ical usage and per the leas e requirements regarding expenses for NFL sponsored events. No addi tional information was provided by the Stadium Manager and the Stadium Authority continues to pay half of the invoiced amount until documentation showing a credit for the va ccination site utility usage is produced.
Utility costs are 31% of the budget for the year, or $495,500.
The current budget includes an additional $250,000 in the Transfers Ou t line item for a Board approved electrical maintenance and r epair services related to Levi’s Signage Repairs project. It also includes an estima ted $600,000 loss projected by the Stadium Manager for Non-NFL events. The Stadium Manager invoiced the Stadium Authority $510,000 in estimated Non-NFL events expenses through the third quarter. The invoice is premature, and the Stadi um Manager did not provide adequate supporting documentation for the estimated expenses so the Stadium Authority withheld payments to this expense item as of the end of this quarter.
As of the end of third quarter of FY 2021/22, the Stadium Manager issued approximately $5.7 million in Notices of Default to the Stadium Authority for the unpaid Non- Compensation Shared Stadi um Manager expenses, SBL Sales & Service expenses, Utilities, Non-NFL event expenses and other G&A expense. These Notices of Default carry a 12% interest rate. The Stadium Manager invoiced a total of $186,033 in interests ($7,259 in first quarter, $52,651 in second quarter, and $126,123 in third quarter) for the outstanding Notices of Defaul t at the end of December 31, 2021. These claims are currently in litigation.
Additional details are shown in Table 8.
13 18479025.1
Budget to Budget to
Final YTD Actual % Final YTD Actual %
Budget Actuals Difference Received Budget Actuals Difference Received Resources
Revenues
NFL Ticket Surcharge 8,665,000 $ 8,900,398 $ (235,398) $ 103% 8,665,000 $ - $ 8,665,000$ 0% SBL Proceeds 23,682,000 15,391,101 8,290,899 65% 24,213,000 9,956,678 14,256,322 41% Interest 56,000 14,947 41,053 27% 896,000 28,112 867,888 3% Non-NFL Event Revenue - - - NA - - - NA Net Revenues from Non-NFL Events - - - NA 1,500,000 - 1,500,000 0% Naming Rights 7,165,000 3,529,738 3,635,262 49% 6,957,000 3,426,930 3,530,070 49% Sponsorship Revenue (STR) 325,000 243,750 81,250 75% 392,000 243,750 148,250 62% Rent 24,762,000 19,122,100 5,639,900 77% 24,762,000 14,857,200 9,904,800 60% Senior & Youth Program Fees 232,000 211,591 20,409 91% 230,000 - 230,000 0% Non-NFL Event Ticket Surcharge 150,000 - 150,000 0% 572,000 - 572,000 0% Bay Area Host Committee Reimbursement - - - NA - 727 (727) NA Other Revenue - - - NA - - - NA Revenues Subtotal 65,037,000 $ 47,413,625 $ 17,623,375 $ 73% 68,187,000 $ 28,513,396 $ 39,673,604 $ 42% Total Resources 65,037,000 $ 47,413,625 $ 17,623,375 $ 73% 68,187,000 $ 28,513,396 $ 39,673,604 $ 42% Budget to Budget to
Final YTD Actual Final YTD Actual
Budget Actuals Difference % Used Budget Actuals Difference % Used Expenses
Shared Stadium Manager Expenses
Stadium Operations 1,681,393 $ 1,438,442 $ 242,951 $ 86% - $ - $ - $ NA Engineering 1,543,240 1,270,215 273,025 82% - - - NA Guest Services 304,134 199,630 104,504 66% - - - NA Groundskeeping 93,809 77,225 16,584 82% - - - NA Security 378,652 311,655 66,997 82% - - - NA Procurement 311,412 207,608 103,804 67% - - - NA Insurance 3,136,000 2,457,134 678,866 78% 3,045,000 2,283,750 761,250 75% Stadium Management Fee - - - NA - - - NA Shared Stadium Mngr Exps Subtotal 7,448,640$ 5,961,909 $ 1,486,731 $ 80% 3,045,000 $ 2,283,750 $ 761,250 $ 75% Other Expenses
SBL Sales and Service 3,448,000 $ 1,800,000 $ 1,648,000 $ 52% 3,610,000 $ 1,717,000 $ 1,893,000 $ 48% Senior & Youth Fees (paid to City) 232,000 211,592 20,408 91% 230,000 - 230,000 0% Non-NFL Event Expense 600,000 - 600,000 0% - - - NA Ground Rent (paid to City) 425,000 425,000 - 100% 390,000 390,000 - 100% Performance Rent (paid to City) - - - NA 555,000 - 555,000 0% Discretionary Fund Expense 250,000 - 250,000 0% 250,000 - 250,000 0% Utilities 1,586,000 495,500 1,090,500 31% 1,597,000 1,064,000 533,000 67% Use of StadCo Tenant Improvements 26,000 - 26,000 0% 73,000 - 73,000 0% Stadium Authority G&A 5,115,000 2,106,650 3,008,350 41% 4,581,000 1,981,261 2,599,739 43% Naming Rights Commission 88,000 88,244 (244) 100% 30,000 30,000 - 100% Legal Contingency 3,810,360 - 3,810,360 0% 9,231,000 - 9,231,000 0% Other Expenses 388,000 152,206 235,794 39% 1,400,000 552,251 847,749 39% College Football Playoff Expense - - - NA - 727 (727) NA Transfers Out 41,512,000 25,860,883 15,651,117 62% 42,847,000 35,440,676 7,406,324 83% Contribution to Operating Reserve - - - NA 348,000 - 348,000 0% Other Expenses Subtotal 57,480,360 $ 31,140,075 $ 26,340,285 $ 54% 65,142,000 $ 41,175,915 $ 23,966,085 $ 63% Total Expenses 64,929,000 $ 37,101,984 $ 27,827,016 $ 57% 68,187,000 $ 43,459,665 $ 24,727,335 $ 64% Operating Reserve 9,693,657 $ 11,940,523 $ 11,593,270 $ 11,592,741 $ Discretionary Fund 2,327,850 $ 2,327,850 $ 2,302,075 $ 2,327,850 $ Table 8
Operating Budget Status Report
For the Period Ending December 31, 2021 and 2020
Period Ending December 31, 2021 Period Ending December 31, 2020 Santa Clara Stadium Authority
14 18479025.1
Debt Service Budget
The Stadium Authority’s FY 2021/22 debt service revenue budget of $483,000 represents anticipated contributions from the Community Facilities Distr ict (CFD). The CFD levies and collects a special hotel tax on hotel room s within the CFD. All collections from the special CFD hotel taxes are contributed to Stadium Authority to pay down the CFD advance. The CFD Advance is payable solely from amounts actually received by the Stadium Authority from the CFD. During the first three quarters of the current fiscal year, $542,797 was contributed by the CFD. Transfers in from operating fund amounted to $25.9 million or 69% of budget.
Total Stadium Authority debt service expenses for the cu rrent reporting period were $24.9 million, 65% of the budgeted amount. The debt service expenses for the CFD Advance, the Term A Loan, and the StadCo Subordinated Loan were $1.3 million, $22.7 million, and $0.9 million, respectively.
On April 1, 2020, the Stadium Authority completed the Trust Excess Cash Flow funding instructions for fiscal year 2019-20 and provided it to FinanceCo and StadCo to complete the year end Trust Excess Cash Flow f unding distribution per the Deposit and Disbursement Agreement. The Trust Excess Cash Flow instruction specifically excluded payments to the Revolving Loan of $6,300, 653 because the Stadium Authority did not recognize this as an expense due to t he fact that Managem entCo had improperly withdrawn funds under the Revo lving Loan without authorizati on and in violation of the Revolving Loan terms. StadCo did not follow the funding instructions and took the Excess Revenues from the distribution to pay off the Management Com pany Revolving Loan instead of leaving the monies in the trust bank account. The Stadium Authority was informed of this diversion in a letter dated April 27, 2020. On May 18, 2020, the Stadium Authority notified StadCo and the Trust that the diversion is in direct contravention of the Stadium Authority's instructions to the Trustee with regards to the use of Excess Revenue. Subsequently, the Stadium Authority has record ed a receivable from StadCo for $6,300,653 for the portion diverted from t he funding instruction. These claims are currently in litigation.
On March 31, 2021, the Stadium Authority completed the Trust Excess Cash Flow funding instructions for FY 2020-21 and provided it to FinanceCo and StadCo to complete the year end Trust Excess Cash Flow funding distribution per the Deposit and Disbursement Agreement. The instruction requested for the Trust to pay the $5,796,711 minimum debt service amount due for the Subordinate Loan. StadCo did not follow the funding instructions and took $2,167, 689 from the distribution to pay off the Management Company Revolving Loan instead of paying down the Subordinated Loan debt service amount that the Stadium Authority instructed StadCo to pay. The Stadium Authority was informed of this diversion in a letter dated May 18, 2021. StadCo noted that the minimum debt service amount due wa s $3,629,022 because the loan amortization schedule was reset after a loan adjustment in March 2017. However, the Stadium Authority Board did not formally approve this revised loan amortization schedule. Subsequently, because we dispute this diversion, the Stadium Authorit y has recorded a receivable from StadCo for $2,167,689 for the portion diverted from the funding instruction. 15 18479025.1
As of December 31, 2021, the total outst anding amount of Stadium Authority debt had declined to $282.8 million. This is a reduction in principal of $14.0 million from the March 31, 2021 outstanding debt amount of $296.8 million.
Additional details are shown in Tables 9 and 10 and Chart 1. 16 18479025.1
Budget to Budget to
Final YTD Actual Final YTD Actual
Budget Actuals Difference % Received Budget Actuals Difference % Received Resources
Revenues
Contribution from CFD 483,000 $ 542,797 $ (59,797) $ 112% 4,028,000 $ 222,227 $ 3,805,773$ 6% Revenues Subtotal 483,000 $ 542,797 $ (59,797) $ 112% 4,028,000 $ 222,227 $ 3,805,773$ 6% Net Transfers In from Operating 37,572,000 25,860,884 11,711,116 69% 39,265,000 34,281,402 4,983,598 87% Contribution from Fund Balance - (1,523,608) 1,523,608 NA - 4,211,573 (4,211,573) NA Total Resources 38,055,000 $ 24,880,074 $ 13,174,926 $ 65% 43,293,000 $ 38,715,202 $ 4,577,798 $ 89% Budget to Budget to
Final YTD Actual Final YTD Actual
Budget Actuals Difference % Used Budget Actuals Difference % Used Expenses
CFD Advance 483,000 $ 1,273,677$ (790,677) $ 264% 3,989,000 $ 1,613,936 $ 2,375,064 $ 40% Term A Loan 25,529,000 22,652,184 2,876,816 89% 25,562,000 22,510,009 3,051,991 88% StadCo Subordinated Loan 12,043,000 954,213 11,088,787 8% 13,742,000 14,591,257 (849,257) 106% Total Expenses 38,055,000 $ 24,880,074 $ 13,174,926 $ 65% 43,293,000 $ 38,715,202 $ 4,577,798 $ 89% Debt Service Reserve 11,536,235 $ 11,536,235 $ 11,536,235 $ 11,536,235 $ Table 9
Debt Service Budget Status Report
For the Period Ending September 30, 2021 and 2020
Period Ending December 31, 2021 Period Ending December 31, 2020 Santa Clara Stadium Authority
17 18479025.1
Chart 1
Type of Indebtedness
Interest
Rates
Outstanding as of
March 31, 2021 Net Change
Outstanding as of
December 31, 2021
Stadium Funding Trust Loan:
Term A Loan 5.00% 244,160,240 $ (14,022,000) $ 230,138,240 $ StadCo CFD Advance 5.73% 29,502,893 - 29,502,893 StadCo Subordinated Loan 5.50% 23,132,426 - 23,132,426 Total $ 296,795,559 $ (14,022,000) $ 282,773,559 For the Period Ending December 31, 2021
Table 10
Santa Clara Stadium Authority
Debt Summary Report
$-
$100
$200
$300
$400
$500
$600
$700
Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Dec 2021 Total Outstanding Debt (in millions)
Construction Loan StadCo Agency Advance Term B Loan
Term A Loan StadCo CFD Advance StadCo Subordinated Loan $41.1
$396.1
$653.4
$561.6
$464.7
$429.8
$382.7
$325.3$340.2
$296.8 $282.8
■
■
■
■
■
■
18 18479025.1
Capital Improvement Project Budget
As part of the Capital Expense (“CapEx”) Plan, the following projects have been completed as of the current reporting period:
Key Management System
Rigaku CQL 1064nm Handheld Ra man Chemical Detector
True Defender FTX S1 WM D Chemical Detector
Surveillance – Command Center Equipment
CCTV Pop Up Trailers
Security X-Ray Scanners
The following CapEx projects are currently in progress and expected to be completed by the end of the fiscal year:
Financial Management Information System
Vehicle Upfits for John Deere Gator
Lift Station
Tunnel Slip and Fall Protection
RadHalo Remote Radiation Monitors
PPE Replacement (Nomax Tops and Bottoms)
Levi’s
® Signage Repairs
Non-Slip Floor Matting
The Stadium Authority’s FY 2021/22 CIP budget of $14.6 million was adopted on March 23, 2021, and the Board s ubsequently approved budget amendment of $256 thousand for electrical maintenance and repair services related to Levi’s® Signage Repairs project and Non-Slip Floor Matting project.
A total of $798,266 has been spent in FY 2021/22, which amounts to 5.4% of the budget.
The main reasons that this is below budget are (1) there has been little activity on warranty work which makes up 10.3% of the CIP Budget, and (2) a number of projects are behind schedule due to ManagementCo’s inability to demonstrat e compliance with State procurement and prevailing wage laws. As a re sult, capital projects have stalled. We continue to raise this issue with ManagementCo to ensure the Stadium Authority asset is maintained in a sufficient manner, and we believe that ManagementCo is working towards completing these duties for this fiscal year.
Additional details are shown below in Table 11.
19 18479025.1
Budget to Budget to
Final YTD Actual Final YTD Actual
Budget Actuals Difference % Received Budget Actuals Difference % Received Beginning Balances 19,438,420 $ 20,805,741 $ (1,367,321) $ 17,837,300 $ 17,010,611 $ 826,689 Resources
3,940,000 - 3,940,000 0% 3,582,000 1,159,274 2,422,726 32% - - - NA - - - NA Total Resources 23,378,420 $ 20,805,741 $ 2,572,679 $ 89% 21,419,300 $ 18,169,885 $ 3,249,415 $ 85% Budget to Budget to
Final YTD Actual Final YTD Actual
Budget Actuals Difference % Used Budget Actuals Difference % Used Expenses
Construction 6,743,911 349,469 6,394,442 5% 4,725,327 18,442 4,706,885 0% Equipment 5,991,621 448,797 5,542,824 7.5% 6,460,557 675,812 5,784,745 10% Contingency 623,935 - 623,935 0% 559,296 - 559,296 0% Stadium Warranty Related Construction 1,528,202 - 1,528,202 0% 1,528,202 - 1,528,202 0% Total Expenses 14,887,669 $ 798,266 $ 14,089,403$ 5.4% 13,273,382 $ 694,254 $ 12,579,128$ 5% Ending Balances 8,490,751 $ 20,007,475 $ 8,145,918 $ 17,475,631 $ Transfers In from Stadium Manager
Table 11
CIP Budget Status Report
Transfers In from Operating Budget
For the Period Ending December 31, 2021 and 2020
Period Ending December 31, 2021 Period Ending December 31, 2020 Santa Clara Stadium Authority
20 Capital Improvement Project Budget - Adjustment
From time to time, budget amendments may be necessary to align capital expenditures to actual or unexpected activities during the course of a fiscal year. In FY 2021/22, there were three prior fiscal year’s CapEx projects that were completed in FY2021/22. The Rope Rescue Gear, Stadium Personal Prot ective Equipment and Public Safety Command Post Dispatch System projects we re expected to be completed during FY 2020/21 but were delayed due to the ongoing impacts of the COVID-19 on global supply chains and documentation request from the Stadium Manager. As a result, the projects were completed in FY 2021/22 and a budget adjustment is needed to reflect the costs of the projects.
Therefore staff is requesting the budget amendments noted in Table 12.
Final
Adopted Amended Amended
Budget Budget Adjustments Budget
Beginning Balance 19,438,420$ - $ - $ 19,438,420$ Resources
Revenues
Transfers in from Operating 3,690,000 250,000 3,940,000 Total Resources 23,128,420 $ 250,000 $ - $ 23,378,420$ Final
Adopted Amended Amended
Budget Budget Adjustments Budget
Expenses
Construction 6,743,911 $ - $ - $ 6,743,911$ Equipment 5,734,770 256,851 126,940 6,118,561 Contingency 623,935 - - 623,935 Stadium Warranty Related Construction 1,528,202 - - 1,528,202 Total Expenses 14,630,818 $ 256,851 $ 126,940 $ 15,014,609$ Capital Expense Reserve 8,497,602 $ 8,490,751 $ 8,363,811 $ Table 12
Santa Clara Stadium Authority
2021/22 CIP Budget Adjustment
2021/22 Fiscal Year
21 City of Santa Clara Net General Fund Impact
During the current reporting per iod there was a total of $1 ,015,309 that was contributed to the General Fund as shown in Table 12. This section of the report also provides information on General Fund revenue and expenditure impacts resulting from the stadium.
Public Safety and Administrative Cost Reimbursement
As described in earlier sections of this report, costs incurred by the City on NFL and Non- NFL events are tracked and bill ed to the Stadium Manager. Public safety costs incurred in support of NFL and Non-NFL events occurring in FY 2021/22 will be reimbursed in full to the City of Santa Clara.
In addition to public safety costs, administrat ive costs are also tracked and billed to the Stadium Authority. These incl ude the cost of providing overall stadium management, financial, human resource, legal, and other services to the Stadium Authority. In the first three quarter of FY 2021/22, a total of $1,090, 752 of administrative costs were incurred by the General Fund, which have been reimbursed to the City.
Rents and Senior and Youth Program Fees
As noted above the City’s General Fund collected ground rent of $425,000. Additionally, Senior and Youth Program F ees generated $211,591, of whic h the entire amount was forwarded to the City in support of senior and youth programs. Lastly, the Tasman Lots Parking Fee generated $19,650 for the City. See the Glossary for more information on these revenues and how they are calculated.
Other Revenue Impacts
General Fund sales tax, property tax, and transient occupancy tax (TOT) collections have benefited from the direct and indirect economic activity related to stadium events.
Ground Rent 425,000 $
Performance Rent -
Senior and Youth Program Fees 211,591
Tasman Lots Parking Fee 19,650
Sales Tax 359,068
Total Net General Fund Impact 1,015,309 $
Table 13
City of Santa Clara
Net General Fund Impact
For Stadium Authority Fiscal Year to Date Ending December 31, 2021 22 Food and beverage concession sales and merchandise sales at Levi’s ® Stadium are taxable, resulting in sales tax revenue for t he City. The last three quarters of sales tax collections from Levi’s® Stadium transactions generated $359,068 for the City’s General Fund. In addition to the direct sellers at the Stadium, other businesses in Santa Clara are benefiting from the influx of people coming to attend one or more events at Levi’s ® Stadium, resulting in potentially more sales tax collections for the General Fund.
In accordance with State Law, StadCo must pay possessory interest property tax based on their lease of Levi’s
® Stadium from the Stadium Authority. This revenue is collected by the county and placed into the Redevelopm ent Property Tax Trust Fund (RPTTF).
Amounts remaining in the RPTTF after payi ng any enforceable obligations of the Successor Agency are distributed to taxing ent ities in the same proportion as secured property taxes. The City’s proportion is approximately 10%.
Many stadium events bring travelers to the region, resulting in hotel stays which generate TOT collections for the City’s General Fund. Although it is impossible to say exactly what portion of the City’s TOT collections is due to the stadium, it is clear that hotels both inside and outside the City have benefited, resulting in increases in TOT collections in Santa Clara and our neighboring cities.
23 Glossary
This section of the report prov ides details behind key terms that are used in the body of this report.
Discretionary Fund – The Amended and Restated Stadium Lease Agreement describes the Non-NFL Event Ticket Surcharge which is imposed by the Stadium Authority. All promotors or sponsors of ti cketed Non-NFL events are requi red to collect a Non-NFL Event Ticket Surcharge of $4 per ticket on behalf of the Stadium Author ity. One-half of these proceeds are used to cover Stadium Authority operating and maintenance costs.
The other one-half of the proceeds are deposited in the Stadium Authority’s discretionary fund. If at any time the discretionary fund balance exceeds $1 million, then in consultation with the Stadium Manager, the Stadium Authority will dete rmine if provision has been made for replacement and improvement of capital improvements contemplated under the public safety plan. If not, t hen funds will be reserved in t he discretionary fund for such purposes. If adequate provision has been made fo r these items and the balance of the discretionary fund still exceeds $1 million, then up to half of the amount ov er $1 million can be transferred to the General Fund, in which event an equal amount will also be transferred from the discretionary fund to the Stadium Authority operating fund and will be included as revenue available to pay Stadium Authority expenses.
Ground Lease – The Ground Lease Agreement has an initial term of 40 years commencing on the date of substantial completion which was July 31, 2014. The amount of annual base ground rent that is payable by the Stadium Au thority to the City is noted in the chart below.
Net Non-NFL Event Revenue – Net Non-NFL Event Revenue is remitted by ManagmentCo to the Stadium Authority on a yearly basis. This is done annually because the final reconciliation of the Non-NFL event revenues and expenses does not occur until after the conclusion of each fiscal year.
Lease Year Fiscal Year
Annual Fixed
Ground Rent
1 2014/15 180,000 $
2 2015/16 215,000 $
3 2016/17 250,000 $
4 2017/18 285,000 $
5 2018/19 320,000 $
6 2019/20 355,000 $
7 2020/21 390,000 $
8 2021/22 425,000 $
9 2022/23 460,000 $
10 2023/24 495,000 $
11-15 2024/25 - 2028/29 1,000,000$
16-20 2029/30 - 2033/34 1,100,000$
21-25 2034/35 - 2038/39 1,200,000$
26-30 2039/40 - 2043/44 1,300,000$
31-35 2044/45 - 2048/49 1,400,000$
36-40 2049/50 - 2053/54 1,500,000$
24 Beginning with FY 2018/19, t he Stadium Authority budgeted t he Non-NFL event activity at gross, budgeting for revenue and expenses s eparately. In the prior fiscal years that activity was budgeted as a net amount.
NFL Ticket Surcharge – The Amended and Restated Non-Relocation Agreement states that the Team will collect a 10% NFL ticket surcharge on the price of admission to all NFL games on behalf of Stadium Authority.
Non-NFL Event Ticket Surcharge – The Stadium Lease Agreem ent requires that the promoter or sponsor of any Non-NFL event collect a Non-NFL Event Ticket Surcharge of $4 per ticket. The Lease Agreement sets aside one-half of the Non-NFL Ticket Surcharge for stadium operating and maintenance costs and one-half for discretionary expenses of the Stadium Authority.
Offsite Parking Fees – Parking lot operators who wish to operate a parking lot for sports or entertainment venues are required to go through the Cit y’s permitting process. If approved, per the City’s Municipal Fee Schedule, these operators remit an offsite parking fee for each car that is parked for sports or entertainment events. This fee is designed to recover the public safety costs associated with these permitted offsite parking lots.
Therefore, when invoicing for NFL or Non-NFL public safety costs for a particular event held at Levi’s® Stadium, the offsite parking fee that is collected for said event partly offsets the total public safety costs owed for that event. In the City’s FY 2021/22 (July 1, 2021 through June 30, 2022) the offsite parking fee is $5.91.
Performance-Based Rent – The Amended and Restated Stadium Lease Agreement and the Ground Lease Agreement both describe the performance-bas ed rent that is due to the City. (It is calculated as 50% of t he net income from Non-NFL events less performance-based rent credits. The performance-based rent credits include 50% of the fixed ground rent for the current lease year.)
Public Safety Costs – For each NFL and Non-NFL event held at Levi’s ® Stadium, a
public safety plan is developed and implem ented. Multiple City departments provide staffing, materials, and supplies to support t he public safety plan. Services are provided through a combination of City staff, contracts with other agencies (California Highway Patrol, County Sheriff’s Office, and City of Sunnyvale) and some vendor provided services.
The Amended and Restated Stadium Lease Agreement section 7.5 states that the tenant is responsible for reimbursing the City for the public safety costs attributed to NFL events at Levi’s
® Stadium. Additionally, Article 5 of the Stadium Management Agreement notes that the Stadium Manager is responsible for paying Non-NFL event expenses on behalf of the Stadium Authority. Ther efore, the cost of providing public safety services are tracked through the City’s financial system and invoices are sent to the Stadium Manager.
All of these costs are reimbursed to the City of Santa Clara.
25 Senior and Youth Program Fees – The Amended and Restated Stadium Lease Agreement requires that StadCo collect a S enior and Youth Progra m Fee of $0.35 per NFL ticket sold on behalf of the Stadium Aut hority. Per section 8.2 of the Ground Lease Agreement between the City and the Stadium Authority, the Stadium Authority remits this fee to the City as additional rent to support senior and youth programs in the City.
Stadium Management Fee – The Stadium Manager re ceives an annual base management fee to manage Levi’s® Stadium. The fee was $400,000 in the first lease year and increases by 3% annually as detailed in the table below. This annual base management fee is split 50/50 between StadCo and the Stadium Authority since the Stadium Manager manages the stadium year-r ound for both entities. In addition to the base management fee, the Stad ium Manager also receives a stadium marketing and booking fee (incentive fee) wh ich is based on a percentage of the amount that the net income from Non-NFL events exceeds the marketing and booking fee benchmark. The marketing and booking fee benchm ark was $5 million in the first lease year and also increases by 3% annually as detailed in t he table below. The annual stadium management fee for each of the first ten lease years are noted in the chart below.
Tasman Lots Parking Fees – The City collects a fee of $5 per space for all cars that are parked on the Tasman surface lots during NFL events.
Fiscal
Year
Lease
Year
Annual Base
Stadium
Management Fee
(SCSA Share)
Stadium
Marketing and
Booking Fee
Benchmark
Net Income
from Non-NFL
Events
Additional
Stadium
Marketing and
Booking Fee
Total Stadium
Management Fee
2014/15 1 200,000 $ 5,000,000$ 5,207,553 $ 10,378 $ 210,378 $ 2015/16 2 206,000 5,150,000 6,079,016 46,451 252,451 2016/17 3 212,180 5,304,500 5,316,894 620 212,800 2017/18 4 218,545 5,463,635 5,163,329 - 218,545 2018/19 5 225,102 5,627,544 18,591 - 225,102 2019/20 6 231,855 5,796,370 (2,741,014) - 231,855 2020/21 7 238,810 5,970,261 (476,960) - 238,810 2021/22(1) 8 245,975 6,149,369 (550,000) - 245,975 2022/23 9 253,354 6,333,850
2023/24 10 260,955 6,523,866
(1) Net loss from Non-NFL events for FY 2021/22 is a projection.