West Palm Beach, Florida

Major League BaseballSpring Training

CONFIDENTIAL MATERIALS NOT FOR DISTRIBUTION

The Challenge

How can the State of Florida, Palm Beach County, The City of West Palm Beach, the Washington

Nationals and Houston Astros Baseball Organizations come together in a Public/Private

Partnership and convert a former landfill site on 45th Street into an exciting, vibrant year-round

first class athletic complex creating a new opportunity in that area for the citizens and the youth

of Palm Beach County and solidify the east coast of Florida as THE tourist destination for MLB

spring training baseball and national youth sporting events.

Here’s How

U13 SOCCER FIELDSPARKING

(1000 FIELD SPACES)

ADULT SOCCER FIELDSPARKING

(2700 FIELD SPACES)

PARKING (300 FIELD SPACES)

PARKING (500 FIELD SPACES)

(925 PERMANENT SPACES)

VIP(150 PERM. SPACES)

Construction Other Development Project 2016 2-TeamYear Cost Cost Cost Cost Equivalent Cost Equivalent

Cost(b)

Salt River Fields (2) 2011 $139M $45M $42M $226M $254.5M --

Camelback Ranch (2) 2009 $107M $11M $19M $137 $157.4M --

Goodyear Park (2) 2009 $80M $35M $30M $135M $155.1M --

Palm Beach (2) 2017 $121M $6M $19M $146M $146.0M --

JetBlue Ballpark (1) 2012 $59M $6M $20M $85M $96.7M $140M

Wrigleyville West (1) 2014 $82M $10M $15M $107M $115.8M $159M

Marc Taylor Study (2) 2017 $116M $30M $15M $161M $161M --

Spring Training Comparison

(a) ADD comparable second team cost with no site adversity

The Cost to Build the Project

Washington Nationals & Houston AstrosSpring Training Construction BudgetSite Work & Utilities

$19,571,826

Stadium, Team Complexes & FFE

$97,532,533

Architectural/Engineering Fees

$ 8,863,000

Consultants

$ 3,809,000

Other Soft Costs

$ 3,829,750

Subtotal

$133,606,109

Contingency (5%)

$6,680,305

Total Construction

$140,286,414

Rounded

$140,000,000

Financial AnalysisSources of Revenue for Project

ANNUAL RENT PAID BY THE TWO TEAMS Rent $2.1M for 27yrs @ 3.98% $31,369,187 bonding capacity

$51,102,278 bonding capacityPALM BEACH COUNTY Current TDC $3M for 30yrs @ 3.98%

STATE OF FLORIDA Florida Statutes $2.0M for 25yrs @ 3.71% $30,799,727 bonding capacity

$35,918,445 bonding capacityREQUEST

Financial Analysis

$149,189,637

A 3.5% Growth Factor on $3M of Current TDC

Bond Proceeds$149,189,637

Interest from Project Fund$402,500

Total$149,592,137

Roger Dean Debt$ 4,393,750

Stadium Project Costs$140,000,00

Cost of Issuance$1,637,375

Interest 3 Years (Minus Rev/Int)$3,555,075

$5,937

Total$149,592,137

Source & Use of Funds

Key Points of Letter of Interest

1. The Teams will pay a combined $2,100,00 annually toward the funding of the bonds.

2. The Teams will maintain all areas of the facility on a year round basis at their own expense inclusive of soccer fields, parking areas, non-major league practice fields and the main stadium while being used by the County and City. This maintenance expense is expected to be in excess of $3,300,000 per year.

3. The soccer fields, non-major league practice fields and the main stadium will be available for the County and City to use, in coordination with the Teams, beginning April 15 through December 15 of each year.

4. Any excess bond proceeds in the initial raise not utilized for construction or cost of issuance will be used for the capital renewal and replacement program escrow fund to be established.

5. Teams will provide marketing avails in Houston and Washington D.C. during each home game of the MLB regular season and spring training season to promote tourism in Palm Beach County, Florida. The Teams pledge to provide marketing value in excess of $1,000,000 each year ($500,000 each).

6. The Teams will commit to a 30 year Term with options.