Marin Sports Community Center Investment Offering

Transcripción

Investment Offering
marin sports community center
I. Executive Summary..........................................................X
II. Site Summary....................................................................X
III. Market Summary.............................................................X
IV. Financial Summary ........................................................X
V. Lifestyle & Culture ...........................................................X
Table of
Contents
Executive
Summary
THE OFFERING
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6
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Address:
1385 N Hamilton Pkwy Novato CA 94949
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EXECUTIVE SUMMARY
EXECUTIVE SUMMARY
PROPERTY SUMMARY
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veliquis et lobore feui blam, vulla feu facilit aliquisit nostincidui bla faci eugiam, sim iriusci
duipsusto doloborper irit augait acilit adit lor sed te endre dolorper ipsuscipis eugue vel dions
dolortionum zzrit lam veniamcommod molor acin estie commolo bortis aciliquat praesent irilis
adipisl dionsed tinis aliquat ueraesequam, sequat ad duissim nosto commy nibh exer senismo
dolobore min veratue del eu feuisse nisciduip ea augait nos nummoloreet nonsectetuer iuscillut
ecte modip esenisi. nis aliquat ueraesequam, sequat ad duissim nosto commy nibh exer senismo
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7
Subhead
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8
101
EXECUTIVE SUMMARY
EXECUTIVE SUMMARY
INVESTMENT HIGHLIGHTS
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9
Subhead
omnostatiam.
Subhead
Subhead
Subhead
omnostatiam.
San Rafael
10
Marin County
Q1 2013
Q1 2012
Q1 2013
Q1 2012
4,075,390
4,075,390
9,854,488
9,854,488
Overall Vacancy
13.7%
14.9%
16.1%
15.7%
Net Absorption
(trailing 12 months)
51,998
436,173
(36,603)
363,538
Average Rentail Rates
(FS/SF/month)
$2.51
$2.44
$2.50
$2.47
Inventory
EXECUTIVE SUMMARY
EXECUTIVE SUMMARY
11
Site
Summary
PROPERTY SUMMARY
omnostatiam.
SITE SUMMARY
SITE SUMMARY
Site Summary
14
APN(s):
text
Site Area:
text
Current FAR:
text
Zoning:
text
Flood Zone:
text
Parking:
text
Parking Ratio:
text
Text:
text
15
PROPERTY SITE INFORMATION
Subhead
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Subhead
Subhead
Subhead
omnostatiam.
101
SITE SUMMARY
SITE SUMMARY
Property Summary
16
Address:
1385 N Hamilton Pkwy, Novato, CA 94949
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Club House
1. Club House
2. Marin Athletic Foundation Hall of Fame
3. Wildlife Habitat Education Center
4. Club One Fitness Facility
5. Indoor Pool
6. Outdoor Pool, Water Slide Pool and Play Area
CONSTRUCTION SYSTEM DETAIL
Subhead
Subhead
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Subhead
Subhead
Subhead
Baseball Complex
7. Standard Field
8. Stadium Field
9. Championship Softball Field
S
12
Subhead
28
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28
16
7
28
28
5
23
6
7
7
S
13
7
15
1
13
9
13
17
20
8
22
17
29
24
Tennis Complex
14. Tennis Courts
13
Basketball
15. Basketball Complex
18
Cross Country
16. Cross Country Tracks
Picnic Area / Landscape Buffer
17. Corporate Picnic Area
S
21
14
S
3
4
Soccer Complex
13. Soccer Field
14
19
2
7
7
27
S
7
28
Ancillary Baseball Amenities
10. Training Cages
11. Batting Cages
12. Indoor Diamond
7
26
28
Subhead
Subhead
25
28
Subhead
Subhead
1
10
Maintenance
18. Maintenance / Vehicle Shed
19. Loading Dock / Service Vehicle Area
Parking
20. Main Parking Area
21. Club One Reserved Parking Area
22. Picnic Parking
23. Staff Parking
24. Overflow Parking
25. Ancillary Baseball Amanities Parking
26. Cross Country Track Parking
Existing Conditions
27. Pacheco Creek Setback (50 foot)
28. Wetlands to be Preserved
29. Skate Park & Parking
S.
18
SITE SUMMARY
SITE SUMMARY
Subhead
11
Other Amenities
Snack Bar
19
Length
Width
Area
Quantity
Program Area
Square Feet
Baseball Complex
Acres
Square Feet
38
1,655,280
Location
Length
Width
Area
Quantity
Program Area
Square Feet
Army Land
Club House
Standard Field
300
70,650
8
565,200
Restaurant
5,000
1
5,000
Stadium Field
380
113,354
1
113,354
Retail
2,500
1
2,500
Championship Softball Field
220
37,994
1
37,994
Recreation Center
2,500
1
2,500
Snack Bar
25
625
2
1,250
Office / Administration
2,500
2,500
Marin Athletic Foundation Hall of Fame
10,000
1
1
10,000
Wildlife Habitat Education Center
5,000
1
10,000
25
Total
717,798
Baseball Anicllary Amenities
1
43,560
Army Land
Total
30
15
450
6
2,700
Batting Cages
30
15
450
6
2,700
Club One Complex
Indoor Diamond
120
120
14,400
1
14,400
Fitness Facility
60,000
1
60,000
Snack Bar
25
25
625
1
625
Indoor Pool
45,000
1
45,000
Outdoor Pool
45,000
1
45,000
Water Slide Pool and Play area
22,500
1
22,500
20,425
Soccer Complex
9
392,040
Army Land
Total
International Sized Adult Soccer Field
328
197
64,616
1
64,616
Snack Bar
25
25
625
1
625
Corporate Picnic Area
65,241
Corporate Picnic Area
Total
Acres
Square Feet
1
43,560
City Land
5
217,800
City Land
3
130.680
Todd Road
0
0
Ammo Hill
7
304,920
105,000
0
Total
Tennis Complex
2
87,120
Army Land
Doubles Sized Tennis Court
120
60
7,200
12
86,400
Cross-Country Track
Grass Center Court
120
60
7,200
1
7,200
Cross-Country Track
Snack Bar
1
Total
0
Total
93,600
Parking
Basketball Complex
Basketball Courts
Support Space
Total
3
94
50
4,700
10
47,000
1
43,000
90,000
130,680
City Land
City Land
Parking Spaces
180
1410
Total
253,800
253,800
Maintenance
Maintenance / Vehicle Shed
Total
Site Total
20
Location
32,500
Training Cages
Total
Site Allocation
SITE SUMMARY
SITE SUMMARY
Site Allocation
City Land
2
250
60
15,000
1
15,000
15,000
1,139,564
71
3,110,640
21
THE OFFERING
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22
Subhead
Subhead
Subhead
Subhead
Subhead
Subhead
Subhead
Subhead
INTERIOR DETAIL
Subhead
SITE SUMMARY
SITE SUMMARY
Subhead
Subhead
Subhead
23
Market
Summary
MARKET SUMMARY
omnostatiam.
26
Building Base
Available Space
Vacancy
Direct
Sublease
Total
Q1-13
Q1-11
Avg. Asking
Rate (FS)
Sausalto/Tiburon
734,979
45,909
0
45,909
6.2%
8.9%
$2.81
Mill Valley
427,299
93,101
0
93,101
21.8%
15.5%
$3.69
Corte Madera
459,901
29,760
14,960
44,720
9.7%
8.3%
$2.89
Greenbrae/Larkspur
864,759
75,929
3,441
79,370
9.2%
10.7%
$3.76
San Rafael
4,075,390
495,911
61,048
556,959
13.7%
25.6%
$2.51
Novato
3,292,160
413,703
353,285
766,988
23.3%
18.4%
$2.18
Marin County Totals
9,854,488
1,154,313
432,734
1,587,047
16.1%
19.4%
$2.50
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vit. Fultum, tus sunt. Cestraet intemor terferf ecerevi vivensum ad inceps,
que publibus foreis, cons At feculina vit, conulest elisulute, publiconu
et; nos andiu menis.
Itatuusque arivena, sultum di clarium, quondam simiu vivit redium pubis
publica udesciem it, nem, tentem quam auterevil huius, nove, creheme
rfeconsilis it. in Itat C. C.Uris sus. ex simihil issilium det ia dem tam, teri
culos huidees? Ad convere, qua no. Sp. Palissim publint ebefaterum
omnonsi lnerviciam es peri et; num hactus? Quis ommo in verem a noc
manum sum omnostatiam.
Solutus hilic mo vit; es ocre consusquam inatienicit veris, quit.Im
dolumsandrem volute dolore feugait, vulput nosto el utat. Duis nisim
zzrit volorperosto odigna conse corem nostis nullaor sequat. Oborer
ad mod tat adiat. Luptat, sis eugue feuisl endiat, quatie dunt wismodo
lorperos digna commod tet aut iril ut ulput dolorpe raesequ issequi
exerosto dolutpa tummodo lenibh erit ad tem iuscilisisit at, quis nim
zzrillam, sustrud tet, quamet nonsequat. Liquam ver ad modit veliquis
et lobore feui blam, vulla feu facilit aliquisit nostincidui bla faci
eugiam, sim iriusci duipsusto doloborper irit augait acilit adit lor sed
te endre dolorper ipsuscipis eugue vel dions dolortionum zzrit lam
veniamcommod molor acin estie commolo bortis aciliquat praesent
irilis adipisl dionsed tinis aliquat ueraesequam, sequat ad duissim nosto
commy nibh exer senismo dolobore min veratue del eu feuisse nisciduip
ea augait nos nummoloreet nonsectetuer iuscillut ecte modip esenisi.
nis aliquat ueraesequam, sequat ad duissim nosto commy nibh exer
senismo dolobore min veratue del eu feuisse nisciduip ea augait nos
nummoloreet nonsectetuer iuscillut ecte modip esenisi.
zzrillam, sustrud tet, quamet nonsequat. Liquam ver ad modit veliquis et
lobore feui blam, vulla feu facilit aliquisit nostincidui bla faci eugiam, sim
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acin estie commolo bortis aciliquat praesent irilis adipisl dionsed tinis
aliquat ueraesequam,
MARKET SUMMARY
MARKET SUMMARY
Submarket
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27
28
Clubsource is considering building and
operating a family oriented sports and fitness
center in Novato, California called Club One.
Club One is a personal fitness business, where
their services are housed in large commercial
space. There is a proposal to build such a
space on a currently vacant lot near Bel
Marin Keys and Hamilton Field in Novato,
CA. Construction would begin in 2014 and
would last 12 months. Operations would
begin thereafter. It is important to recognize
that the combination of construction and
operations has a sequential economic
impact on Novato’s economy. First, without
the new construction, Club one would
not operate in Novato; to experience the
ongoing, annual economic gains from Club
One’s operations, the city of Novato also
receives the gains from new construction.
Marin Economic Forum (MEF) has the
following mission: enable Marin’s economic
stakeholders to collaborate on improving
the County’s economic vitality, focusing on
Marin’s targeted industries, while enhancing
social equity and protecting the environment.
The stakeholders include local residents,
businesses, non-profit organizations and
governments in Marin County. One of MEF’s
targeted industries is alternative health care,
where wellness and fitness is at the center of
that industry.
The following is a summary of the economic
impacts of the construction and operation
of that facility, assuming the following:
•
A construction project of $22 million;
•
Time to build: 12 months
•
Full-Time Equivalent Workers: 225
•
Annual Revenue = $6 million
•
4,000 households served within two years
as members; and
•
Each
member/household
spends
an average of $125/month at Club
One generating $6.0 million revenue
annually.
•
There are also public benefits/resources
– Club One is considering public-private
models for use by the City of Novato and
its residents and businesses in terms of
expanding the breadth of city park and
recreation facilities.
In summary, the construction phase creates
over 160 new jobs in Novato, over $1.22
million in local and state taxes and over $29
million in new business revenue. For ongoing
operations, over 242 new jobs are created
in Novato, with annual increases in business
revenues and new state and local taxes of
$9.04 million and $529K respectively. This
report provides more detail as to the types of
businesses that would be impacted by more
labor demand, more business revenue, and
the fiscal impact of this business on Novato.
MARKET SUMMARY
MARKET SUMMARY
ECONOMIC IMPACTS
29
CONSTRUCTION IMPACTS
This construction project would be a $22 million commercial project and a boost for otherwise
slowly- recovering industries. This is a business that wants to build its own facility and operate
once construction provides a dual effect in terms of economic impacts. The occupancy is
already set for the new building. The following data are the business revenue, full-time equivalent
employment and local and state tax effects of that construction project. In the case of business
revenues and employment, the top ten industries affected are shown.
Industry
Direct
Indirect
Induced
Total
$21,110,400
$-
$-
$21,110,400
Architectural and engineering services
0
1,167,600
9,400
1,177,000
Rental income for Property
Owners
0
0
877,000
877,000
Wholesalers
0
499,400
278,100
777,400
Real Estate Agencies
0
159,100
242,200
401,200
Legal Services
0
198,500
79,900
278,400
Banks and Credit Unions
0
130,600
109,100
239,700
Bar and Restaurants
0
44,200
175,800
220,000
Medical and Dental Offices
0
0
199,700
199,700
Check Cashing/Pawn
0
86,900
87,600
174,600
All Others
0
1,855,400
1,891,400
3,746,900
$21,110,400
$4,141,700
$3,950,200
$29,202,300
Construction
Industry
Direct
Indirect
Induced
Total
Construction
110.0
0.0
0.0
110.0
Architectural, engineering,
and related services
0.0
9.4
0.1
9.5
Bars and Restaurants
0.0
0.7
2.6
3.3
Wholesalers
0.0
2.0
1.1
3.1
0.0
0.9
1.4
2.4
Legal Services
0.0
1.3
0.5
1.8
Business Retail Direct and electronic sales
0.0
0.5
0.9
1.4
Medical and Dental Offices
0.0
0.0
1.4
1.4
Employment Placement
Services
0.0
1.1
0.2
1.3
State and Local Tax Impacts: Construction
Maintenance Services
0.0
0.9
0.4
1.3
State and Local Taxes
Amount
All Others
0.0
10.2
15.2
25.2
Employment Taxes
$37,400
110.0
27.0
23.8
160.7
Sales Taxes
259,100
Property Taxes
211,100
Personal Income
486,300
Other Taxes and Fees
234,600
Total
Totals
Total State and Local Taxes
30
MARKET SUMMARY
MARKET SUMMARY
Employment: New Jobs (Construction), Full-Time Equivalents
New Business Revenues: Construction
$1,228,500
31
OPERATIONS IMPACTS
These impacts represent the jobs and income flows as a result of Club One’s location in Novato
operating at 4,000 members. Current planning suggests Club One in Novato would operate at
this level within two years of beginning operations, approximately 2016.
New Business Revenues: Annual Average (Operations)
Industry
Indirect
$6,000,000
$
1,576
$
Total
Direct
Indirect
Induced
Total
Fitness Center Workers
225.0
0.0
0.1
225.1
0.0
2.4
0.5
2.9
Bars and Restaurants
0.0
0.3
0.9
1.2
3,362
$6,004,938
Maintenance Services to
buildings
0.0
0.8
0.1
0.9
86,992
524,156
0.0
0.7
0.1
0.8
299,217
299,217
Dry-cleaning/laundry services
Wholesalers
0.0
0.2
0.4
0.6
Real estate establishments
-
Rental activity for owneroccupied dwellings
-
Wholesale trade businesses
-
48,434
99,494
147,928
Advertising Services
0.0
0.5
0.0
0.6
Management of companies and enterprises
-
97,288
9,561
106,953
Employment Services
0.0
0.5
0.1
0.5
Lenders
-
54,632
30,153
84,890
0.0
0.5
0.1
0.5
Food services and drinking
places
Accounting, bookkeeping,
and payroll services
-
75,330
6,934
82,264
0.0
0.0
0.5
0.5
Advertising and related
services
Medical and Dental Services
-
20,802
61,251
82,054
All others
0.0
4.1
5.2
9.3
Accounting services
-
44,231
27,947
72,178
Totals
225.0
10.0
7.8
242.8
Depository Banks
-
33,725
38,348
71,968
All Others
-
857,203
707,699
1,564,797
$1,670,595
$1,370,747
$9,041,342
Total
$6,000,000
437,269
Induced
Industry
-
New Tax Receipts: Operations (Annual)
State and Local Taxes
Amount
Employment Taxes
$15,600
Sales Taxes
142,300
Property Taxes
114,900
Personal Income
159,000
Other Taxes and Fees
Total State and Local Taxes
32
MARKET SUMMARY
MARKET SUMMARY
Fitness and recreational
sports centers
Direct
Employment Impacts: New Jobs overall (Operations), Full-Time Equivalents
97,200
$529,000
33
CITY OF NOVATO
ADDITIONAL SAVINGS
34
•
Club One intends to offer facilities for
•
Aquatics programs (senior water aerobics,
swim lessons, masters swimming);
•
After-school kids programs (fitness, sports,
tutoring);
•
Events (town meetings, sports groups,
school events); and
•
Competitive events (swimming, cross
country, cycling)
•
Club One’s intent is to work collaboratively
with the City of Novato to identify
programs that we can absorb or host in
our facilities.
•
Club One may also be able to provide
an office and marketing support for the
Park & Rec team on site.
The importance of such a partnership is
that any use of programs, facilities, or event
space provides cost savings to the City
of Novato, which is the direct provider of
many programs. Club One’s fiscal impact is
augmented beyond the local and state tax
revenue estimated above, it is also providing
direct savings to the city budget.
In summary, the construction phase creates over 114 new jobs in Novato in an industry that is
hurting for new job creation (construction), $860K in local and state taxes and $20 million in new
business revenue. For ongoing operations, over 154 new jobs are created in Novato, with annual
increases in business revenues and new state and local taxes of $9.1 million and $557K respectively.
Augmented impact on the City of Novato can come from a public-private partnership on the
public use and availability of Club One’s resources.
MARKET SUMMARY
MARKET SUMMARY
Club One intends to offer resources to the
public through city parks and recreation
and potentially provide office space.
SUMMARY
35
Financials
HEADER
omnostatiam.
38
Soft costs
$550,000
Tennis Courts
$700,000
Aquatics
$1,500,000
Shell
$4,800,000
Sitework
Tis
$978,750
$8,400,000
Presales office
$80,000
Development fees
$500,000
FFE
$2,200,000
Operating Losses/WC
$1,500,000
Total
$21,208,750
Debt
$12,725,250
Equity
$8,483,500
Pre-Opening
Forecast
Year 1
Forecast
Year 2
Forecast
Year 3
Forecast
Year 4
Forecast
Year 5
Forecast
Starting Membership
0
0
1,709
2,956
3,665
3,952
Adds
0
1,900
1,800
1,500
1,200
1,200
Deletes
0
(191)
(553)
(791)
(913)
(974)
Ending Membership
0
1,709
2,956
3,665
3,952
4,178
Revenue
$0
$1,670,216
$3,882,102
$5,289,705
$5,970,458
$6,353,366
-
144,315
374,081
523,833
598,808
638,364
-
1,525,901
3,508,021
4,765,872
5,371,650
5,715,002
At Funding
Cost of sales
Gross profit
-
Operating expenses
Management Fee (Revenue)
EBITDA
-
-
1,671,306
2,343,153
2,699,869
2,918,825
3,057,111
48,000
167,022
350,000
350,000
350,000
350,000
(48,000)
(312,427)
814,868
1,716,003
2,102,825
2,307,891
Depreciation/Amortization
-
649,786
651,798
660,936
672,361
684,732
Principal & Interest - Long Term Debt
-
277,012
277,012
277,012
277,012
277,012
Interest Expense - Other
-
-
-
49,625
593,881
574,491
Income tax expense
-
-
-
-
-
-
(48,000)
(1,239,224)
(113,941)
728,431
559,571
771,656
Net profit (loss)
-
omnostatiam.
FINANCIAL OPPORTUNITY
INCOME STATEMENT
39
BALANCE SHEET
At Funding
Pre-Opening
Forecast
Year 1
Forecast
Year 2
Forecast
Year 3
Forecast
Year 4
Forecast
Year 5
Forecast
14,618,176
Assets
Current Assets
Marketable Securities
314,435
861,393
2,220,537
3,404,410
4,803,990
-
23,197
53,918
73,468
82,923
88,241
Other Current Assets
-
8,351
19,411
26,449
29,852
31,767
14,618,176
860,098
345,983
934,722
2,320,453
3,517,186
4,923,998
PP&E, net
-
13,710,078
13,060,292
12,436,492
11,828,453
11,215,796
10,594,598
Deferred sales expense
-
-
-
-
-
-
Total Current Assets
Collateralized letter of credit
-
-
-
-
-
-
-
Other assets
-
-
33,404
77,642
105,794
119,409
127,067
-
13,710,078
13,093,697
12,514,134
11,934,247
11,335,206
10,721,665
$14,618,176
$14,570,176
$13,439,680
$13,448,855
$14,254,700
$14,852,391
$15,645,663
-
$0
$25,217
$37,739
$44,774
$48,856
$51,326
Total Long Term Assets
Total Assets
Liabilities And Stockholders’ Equity
Current Liabilities
Accounts Payable
Other Accrued Expenses
Total Current Liabilities
-
83,511
194,105
264,485
298,523
317,668
-
108,728
231,844
309,259
347,379
368,994
Long Term Liabilities
Capital leases
Long-term debt
Deferred revenue, net of current
Deferred rent, net of current
Total Long Term Liabilities
Total Liabilities
Retained earnings
Equity - "B Units"
Total Liabilities & Equity
40
-
-
-
-
-
-
9,061,128
9,061,128
8,784,116
8,507,105
8,230,093
7,953,081
7,676,070
-
-
-
-
-
-
-
-
-
-
-
-
-
-
9,061,128
9,061,128
8,784,116
8,507,105
8,230,093
7,953,081
7,676,070
9,061,128
9,061,128
8,892,844
8,738,949
8,539,352
8,300,460
8,045,064
-
(48,000)
(1,287,224)
(1,401,165)
(672,734)
(113,163)
658,493
5,557,048
5,557,048
5,557,048
5,557,048
5,557,048
5,557,048
5,557,048
$14,618,176
$14,570,176
$13,162,668
$12,894,832
$13,423,666
$13,744,345
$14,260,605
860,098
Accounts Receivable
41
CASH FLOW STATEMENT
Pre-Opening
Forecast
Year 1
Forecast
Year 2
Forecast
Year 3
Forecast
Year 4
Forecast
Year 5
Forecast
$(48,000)
$(1,239,224)
$(113,941)
$728,431
$559,571
$771,656
860,098
314,435
861,393
2,220,537
3,404,410
4,803,990
-
649,786
651,798
660,936
672,361
684,732
Accounts receivable
-
(23,197)
(30,721)
(19,550)
(9,455)
(5,318)
Other assets
-
(41,755)
(55,297)
(35,190)
(17,019)
(9,573)
Accounts payable
-
25,217
12,522
7,034
4,082
2,470
Other accrued expenses
-
83,511
110,594
70,380
34,038
19,145
Deferred rent
-
-
-
-
-
-
Deferred revenue and expenses
-
-
-
-
-
-
-
693,561
688,897
683,610
684,007
691,457
(48,000)
(545,663)
574,956
1,412,041
1,243,578
1,463,113
(13,710,078)
-
(27,997)
(52,897)
(59,705)
(63,534)
-
-
-
-
-
-
(13,710,078)
-
(27,997)
(52,897)
(59,705)
(63,534)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
$(13,758,078)
$(545,663)
$546,958
$1,359,144
$1,183,874
$1,399,579
14,618,176
860,098
314,435
861,393
2,220,537
3,404,410
$860,098
$314,435
$861,393
$2,220,537
$3,404,410
$4,803,990
(48,000)
(1,239,224)
(113,941)
-
-
-
35%
35%
35%
35%
35%
35%
16,800
433,728
39,879
-
-
-
At Funding
Cash Flows From Operating Activities
Net earnings (loss)
Adjustments to reconcile net earnings (loss)
to net cash (used in) provided by operations:
14,618,176
Depreciation and amortization
TOTAL Balance Sheet Adjustments
Net cash (used in) provided by operations
Cash Flows From Investing Activities
Sale (purchases) of property and equipment
Proceeds of release of letter of credit
Net cash (used in) provided by investing activities
Cash Flows From Financing Activities
Proceeds (repayment) of long-term debt
-
Proceeds (repayment) of capital leases
-
Dividends to investors
Net cash provided by (used in) financing activities
Net increase (decrease) in cash
Cash beginning of period
Cash end of period
Net change in operating assets and liabilities:
Tax Benefits
Net loss
Federal tax rate
Tax benefit
35%
490,408
42
43

Marin Sports Community Center Investment Offering

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