3k5/25 Item#4.B
Santa Clara Stadium
Authority
Action on the Stadium Authority Financial Status Report for the Quarter Ending December 31, 2024 and Related Budget
Amendments
Item #4.B (25-101)
March 25, 2025
SCSA
SANTA CLARA STADIUM AUTHORITY
Agenda
• Financial Status Highlights
• NFL / Non-NFL Events
• Operating Budget
Debt Status
• Capital Improvement Program
• Recommendation
SCSA 2
SARTA CLARA STADIUM NIHORITY
POST MEETING MATERIAL
1 Financial Status Highlights
• Total Operating Revenues of $50.1 million
NFL Ticket Surcharge, SBL Proceeds, Bank Interest, Non-NFL Event Ticket Surcharge are above annual budget as of the third quarter of FY • Total Operating Expenses of 17.9 million
• Total Debt Service Expenses of $17.1 million
• Capital Improvement Program expenditures of $5.1 million SCSA
SANTA CLARA STADIUM AUTHORITY
NFL / Non-NFL Events
• Total of ten NFL games
• One preseason game, nine regular season games
• 696,000 tickets sold resulting in $14.6 million in NFL Ticket Surcharge and $279,000 in Senior Youth Fees (based on $0.40/ticket sold) • There were eight ticketed Non-NFL Events
• 348,480 tickets sold resulting in $1.4 million in Non-NFL Event Ticket Surcharge
• There were fifty-one non-ticketed Non-NFL special events SCSA
SANTA CLARA STADIUM AUTHORITY
2 NFL / Non-NFL Events (cont.)
• NFL Public Safety Costs through the third quarter amounted to $5.4 million:
• $546,000 were covered by the offsite parking fee
• Non-NFL Public Safety Costs through the third quarter amounted to $3.1 million:
• $246,000 were covered by the offsite parking fee
SCSA
SANTA CLARA STADIUM AUTHORITY
NFL / Non-NFL Events (cont.)
• Net Revenue from
Levi's® Stadium Non-NFL Events $10.1
Net Revenue for Non-NFL Events by Event Type
As of December 31, 2024 million
Event Type Events Net Revenue • Other Operating
Ticketed Events
3 $ 4,685,031 Expenses consists of
Sporting Events: Special Events
58,30,78-
2.086,969 Department Labor
Other Operating Income(" Costs, Non-Event
Other Expenses!?) (1.632.901
Not Revenue from Non-NFL Events (3) 59 $ 10,107.471 Specific Staff Costs, reimbursements unrelated to a specie eventinuatie to a specie event. Examples are herest income and and Catered Events 12) Other Operating Expenses are expenses not attributable to a specific event. Examples are event selling expenses aNil Revere from Noan Everis does not indude Non-NFL Event Ticket Surcharge or 31-4m. Staff Costs SCSA
SANTA CLARA STADIUM ARTHURDY
3 Operating Budget
• Total Operating Revenues of $50.1 million or 80% of annual budget • Total Operating Expenses and Transfers Out to Debt Service and Capital Expenditure Reserve of $35.3 million or 52% of annual budget • Transfers of $697 thousand to Discretionary Fund
• Recommended Budget Adjustments to align FY 2024/25 Operating Budget to projected revenues and expenses
SCSA
SANTA CLARA STADIS AUTHORITY
Operating Budget (cont.)
• Stadium Builder Licenses (SBLs)
SBL proceeds amount to $5.3 million
• Value of currently active SBLs is $561 million
• A total of 95% of principal value has been collected as of December 31, 2024 ($531 million)
1,275 new SBLs were sold with total face value of $8.4 million SCSA
SANTA CLARA STADIUM NUTHUPITY
4 Operating Budget (cont.)
Discretionary Fund Reserve
leginnin
Fiscal Year alanc Revenue Expenses Ending Balance
2020/21 2,327.850 $ 18 $ 2.327.832
2021/22 2.327.832 (18) 2,327.850
2,327,850 639.896 1,300,051 1.667,695
1.667.695 796,628 2.464.323
2.464,323 696,960 3.161,283
• Current balance is $3.2 million
• Discretionary fund will be used to pay NFL public safety costs above the public safety threshold
SCSA 9
SANTA CLARA STADIUM AITHDRITY
Debt Status
Santa Clara Stadium Authority
Pered er SunDer for 31.2021
Outstanding as of Outstanding as of
Interest Rates March 31, 2024 Net Change December 31, 2024 Traitor ladies ost Loan:
Term A Loan 5.00% $ 199,956,240 $ (7,299,896) $ 192,656,344 StadCo CFD Advance 5.73% 28.711.586 (1.351,749) 27.359,837 Total 228,667,826 $ (8,651,645) $ 220,016,181
SCSA 10
SANTA CLARA STACIUM AUTHORNY
5 Debt Status (cont.)
Total Outstanding Debt (in millions)
$700
$6534
$600
Term A - budgeted $561.6
payments of $16.9 $500
$464.7
$429 8
million $396.1 $382.7
$400
$325.3
CFD Advance - required $300
to pass through revenue $200
Hillin
from hotel proceeds only
$100
$41,1
Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Dec 2024 • Construction Loan StadCo Agency Advance Term B Loan a Term A Loan a StadCo CFD Advance = StadCo Subordinated Loan SCSA 11
SANTA CARA STADIUM AITORIEY
Capital Improvement Program
• Total Capital Budget of $24.1 million
• $5.1 million or 21% spend on Stadium CIP costs
• There were 9 Capital projects completed during the quarter Fire Station 9 Storage Cabinets
Overhead Doors, Motors, Sensors and Track Replacements
RAID 8 Multi Agent Detection Kit
Secure Video File Sharing Software Integration
Street Signage
• Women's Locker Room
SCSA 12
SANTA CLARA STAGEM AITHORITY
6 Recommendation
• Note and file the Santa Clara Stadium Authority Financial Status Report for the Quarter Ending December 31, 2024; and
• Approve the FY 2024/25 Budget Amendments in the Operating Budget in the amount of $8,969,000 to reflect increases in projected revenues and expenses; amendments to the Debt Service Budget in the amount of $675,000 to reflect an increase in projected CFD collections and resulting CFD debt service payments; and amendments to the Capital Budget to increase expenses in the amount of $65,000 offset by a reduction in Ending Fund Balance.
SCSA 15
SANTA CLARA STADIUM AUTHORITY
SCSA
Santa Clara Stadium Authority
7