AR-Big League Dreams -construction of sports park

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fronting Valley Boulevard, may be resold or leased for suitable retail/commercial development. It is estimated that the sports park will consume at least 22 of the 28 acres proposed for acquisition. By way of separate action in the Colton Redevelopment Agency Meeting for July 17, 2001, the land acquisitions for most of the parcels were agendized for Agency Board approval. The City's General Fund will loan the acquisition proceeds to the agency who will hold title to the land. The proposed project includes four replica baseball stadiums, one replica soccer stadium, one soccer field, one multi - sport pavilion, four sand volleyball courts, one skateboard arena, one stadium club/concessionaire, two tot lots, and one concession patio/area at the soccer fields. A site plan is attached. Following is a breakdown of the estimated gross and net land acquisition costs, project construction costs, net amount estimated to be financed, and estimated annual debt service: 1. Total land assembly budget for 41 acres, including mitigation 2. Less estimated resources: A. Redevelopment Agency contribution (Fairway Drive properties) ($300,000) B. Fiscal Year 2000/01 CIP Carryover — portion offset with 2001/02 transportation funds ($360,000) C. Estimated 2000/01 General Fund Surplus available for CIP ($1,000,000) D. Amount included for acquisition in 2001/02 approved budget ($500,000) E. Private investment/resale of Frontier Town parcel fronting Valley Boulevard ($1.200.000) TOTAL ESTIMATED SOURCES 3. Amount of land acquisition to be financed 4. Estimated project construction costs 5. Total costs to be financed 6. Estimated costs of debt issuance and related reserves 7. Total estimated amount financed 8. Taxable financing portion 9. Tax-exempt financing portion 10. Estimated annual debt service A. Taxable portion (8% interest) B. Tax exempt portion (4% interest) — State Infrastructure Bank C. Total Gross Debt Service $5,600,000 $311,000 $492,000 X803 000 The debt service should be offset by additional property tax, sales tax, and transient occupancy tax revenue approximating $200,000 during the first year of operation, growing to approximately $400,000 by the tenth year. Furthermore, the City's share of gross receipts from the park are estimated at $230,000, starting in year 4 of operations, growing to $330,000 by year 10. At that time, the net annual cost to the City is estimated at $73,000 with break even expected by year 12.