Country Oldies Classic Rock/PopTravis Tritt The Beach Boys AmericaJosh Turner The Temptations America Air SupplyClint Black The Four Tops Michael BoltonThe Oak Ridge Boys Peter Noone & Herman’s Hermits 38 SpecialThe Charlie Daniels Band The Spinners KansasLonestar Original Stars of Night RangerTrace Adkins American Bandstand Gin BlossumsSara EvansMarty Stuart

Production/Tribute Christian ComedyThe Texas Tenors Jeff AllenThe Midtown Men Chonda Pierce1964 The Tribute Jeanne RobertsonHotel California Anita RenfroWinter Dance Party Michael Jr.Under The Streetlamp

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.

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.

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.

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

Latest Drawings

2,013 Seats

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

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.

Latest Drawings

Beamery

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.

Latest Drawings

EXPENSE (Total Building Costs to Construct MLPAC)

Land, Site Work, Building $9,601,500 Sound System, Furniture Etc. $922,500Contingency $873,234

Total $11,397,234

EXPENSE (Total Administrative Costs to Construct MLPAC)

Legal, Title, Survey, Appraisal, Marketing, etc. $290,000

Civil Engineer, Architect, Soils $237,970Total $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

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.

Bond VS Loan Similar Interest Rates

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.

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 2023.

*Interest rate today would be 3.54%

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

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) $82,533Total Net Mortgage Payment ($228,868)*

Estimated Annual Profit $112,554

*Remember this mortgage amount for future conversation

Estimated Annual Profit:

$112,554 based on 82,533 guests

$297,776 based on 100,000 guests

$499,382 based on 120,000 guests

*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!

REVENUE (Innkeepers Tax Collection by Year)

Innkeepers Tax CVB Budget

2007 $617,510 $570,000

2008 $629,166 +3.6% $550,000

2009 $657,716 +3.3% $580,000

2010 $662,890 +3.6% $600,000

2011 $645,187 -.9% $600,000

2012 $714,073 +7.1% $693,500

2013 $745,051 +1.7% $693,500

2014 $714,068 +0.09% $693,500

2015 $776,116 +4.4% $693,500

2016 $813,743 +6.5% $693,500

2017 $838,743 +3.1% $712,500 Estimate

Innkeepers CVB BudgetTax

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.

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.