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Question 3. The aW.Ocanl has a fina►tcicrl corruirrbr►clrr to provide 50% or ►lturc of the funds
<br />required by an y ree►trent or the cgrt Wim. c. strtrct0 or rertovalirirt of the
<br />facility for a relainec! I)rOtg Iraining franchise. the a=entetpt crrn he conli=n
<br />►iUjum the asicrrdln afirutds rrrtder this watt►? and when carrclitions j r'ececc ent to use
<br />by tete .vpring: training frrr►rchi:se.
<br />As contempiated by the Memorandum (.see: Tab A), the County is providing approximately
<br />65.7%u or more of the total capital needs to acquire and renovate Dodgertown. The total capital cost
<br />of the project being provided by the County is $19,000,000, of which $10,000,040 is allocated to the
<br />acquisition of the Land, $7,000,000 is allocated to finance the costs of capital improvements to
<br />Dodgertown and $2,000,000 is allocated to hind the capital repair and replacement reserve account.
<br />In order to produce the net dollar amount of $17,000,000 from Bond proceeds, the County will
<br />actually issue more debt to fund costs of issuance, debt service reserve funds and other associated
<br />costs of issuing the Bonds. used on current capital market conditions, the County estimates that
<br />the revenue stream derived from the State funds of $500,000 per year for 30 years will provide net
<br />Bond proceeds of approximately '$6,504,000. In order to provide the remaining $10,500,000 of
<br />required net Bond proceeds, the County will issue approximately $11,000,000 in Bonds to be paid
<br />from proceeds of the County's fourth cent tourist development tax and the County's half cent sales
<br />tax revenues.
<br />The County will be pledging tourist development tax revenues and sales tax revenues in an
<br />estimated amount of $1,144,564 for the twenty year term of the portion of the Bonds to be repaid
<br />from local finds, for a total commitment over the twenty year period of approximately $22,891,280.'
<br />In addition, the County and the City are providing '$2,000,000 to fund the Capital Reserve Account,
<br />for a total local contribution estimated at $24,891,280. The total cost of the project, including Bond
<br />repayment, is estimated at $37,891,280. When compared to the $15,000,000 provided by the State
<br />(ie: $500,000 per year for 30 years), the County is providing over 65% of the total funds required,
<br />and over 65% of the net funds required to acquire and improve Dodgertown.
<br />The agreements between the County and the Dodgers are necessarily contingent upon the
<br />awarding of fiends from the State of Florida. Indian River County seeks the full allocation permissible
<br />under 'Section 288.1162, Florida Stalules, of $41,6167 per month for 30 years to assist with land and
<br />facilities purchase and the costs of the improvements and renovations to Dodgertown contemplated
<br />by the County. The State funds will be pledged, along with the County's tourist development tax
<br />revenues and half -cent sales tax revenues to the repayment of the Bonds, including the payment of
<br />principal of and interest on the Bonds.
<br />The following Table l sets forth the net funding requirements and percentage breakdown for
<br />�- the capital expenditure costs of acquiring and improving Dodgertown.
<br />'Estimates of Bond principal and interest payments are based on projections prepared for the County
<br />by William R. Hough & Co.
<br />3-1
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