CONSULTING Indy Sports and Entertainment, LLC Proposed Multi-Use Stadium Analysis February 2015 Table of Contents Background .. 2 Plan of Finance .. 2 Project Scope .. 3 Summary of Significant Assumptions .. 4 Stadium Event Operations, Hotel Operations and Related Revenues .. 4 Financing .. 6 Discussion of Risk Factors .. 7 Season Ticket Holder Information ..16 Demographic ..16 Geographic ..17 Table 1: Estimated Events and Attendance .. 8 Table 2: Estimated Attendance, Ticket Revenues and Admission Taxes .. 9 Table 3: Estimated Patron Spending and Related Taxes ..10 Table 4: Summary of Stadium-Related Tax Revenues ..11 Table 5: Estimated Hotel Revenues and Related Taxes ..12 Table 6: Combined Stadium and Hotel Operations Tax Revenues ..13 Table 7: Sources and Uses of Funds ..14 Table 8: Debt Service and Coverage Schedule ..15 NH ?041 l_\i Project Overview Background Indy Sports Entertainment, LLC (IS E) operates the Indy Eleven soccer team that was launched on January 16, 2013. Indy Eleven began playing in the North American Soccer League (NASL) in the spring of 2014 at their temporary home field, Indiana University-Purdue University Indianapolis (IUPUI) Michael A. Carroll Stadium. The team collaborated with IUPUI to make improvements to the stadium for more soccer-specific accommodations, including the addition of 5,000 temporary seats (on top of 6,000 permanent seats) and 12 premium suites. The team reached their 7,000 season ticket sales goal five months before play began and averaged approximately 10,400 in attendance. The team indicates that 2015 tickets are on pace for a similar performance. Season ticket holder information is presented in the Appendix. IS seeks construction of an 18,500-seat outdoor stadium in downtown Indianapolis that would accommodate 22,500 people and would be configurable with temporary seating for a total capacity of 25,000. The multipurpose venue would primarily host professional soccer matches, other sporting events, and could also feature live musical performances. This analysis contemplates the use of financing tools similar to those authorized by the Indiana General Assembly (Professional Sports Development Areas, Motorsports Investment Districts, etc.) and used for the construction of new or improvements to existing public sports, entertainment and convention-related facilities. Plan of Finance IS plans to work with a qualified debt issuing entity for the issuance of bonds with a final maturity in 32 years to finance the construction of the project. It is anticipated that interest during construction and a debt service reserve, in an amount necessary to issue the bonds, will be funded contributions other than bond proceeds. Sources of the repayment for the bonds would be a combination of eligible state and local taxes created from the operations of the multi-purpose facility and a downtown Indianapolis hotel development. A luxury hotel is under construction at the site of the Illinois Building on the southeast corner of Illinois and Market Streets, equidistant from Indiana State Capitol and Monument Circle. It is expected to open for lodging guests in April 2016 and have 184 rooms and suites. Three restaurants (steak house, Italian-style and roof-top full-service restaurant and bar) are expected to be open by the end of the 2015. I (Hid I ll\.Li Project Overview State Taxes 0 Sales - Income Similar financings in which the state of Indiana has participated, placed a limit on the amount of contribution from these revenues. This limit would established according to any authorizing legislation and has not been incorporated into this analysis as of the issuance of this report. Local Taxes Admissions - lnnkeeper's - Food and Beverage - Local option income In some cases, the full rate for some of these taxes may not be available for this project due to prior project financing commitments in Marion County. Those situations are described in the Summary of Significant Assumptions. Property taxes from the hotel would inure to the benefit of the downtown Indianapolis consolidated tax allocation area. As of the issuance of this report, lS continues to research, with appropriate parties, financing structures and related security features. Therefore, this analysis is subject to update based on the results of that research and may not reflect the structure of any future financing. Project Scope KSM Consulting (KSMC) was asked by IS to convert the economic activity from the operations of an outdoor stadium and downtown hotel into its related tax revenue streams that could be used as sources of repayment for bonds issued similar to the financing programs used in the past in Marion County and the state of Indiana. These computations are presented in the following sections of the analysis and are based on certain assumptions and are subject to risk. The Summary of Significant Assumptions and Discussion of Risk Factors should be read in conjunction with the estimates presented in the analysis. 't Assumptions Summary of Significant Assumptions This report was prepared on the basis of assumptions provided by Indy Eleven, publicly available information, and a limited analysis by KSMC. Information obtained from others was not audited and KSMC makes no representations regarding its veracity. There will usually be differences between the assumed and actual results, because events and circumstances frequently do not occur as expected, and those differences may be material. The following assumptions are significant to this report and are presented under the following Stadium Event Operations, Hotel Operations and Related Revenues and Financing sections. Stadium Event Operations, Hotel Operations and Related Revenues 1. The estimated number of stadium events, attendance, patron-related spending, hotel operations and tax revenues are presented in Tables 1 through 6. Table 1 - Estimated Events and Attendance Table 2 - Estimated Attendance, Ticket Revenues and Admission Taxes Table 3 Estimated Patron Spending and Related Taxes Table 4 - Summary of Stadium-Related Tax Revenues Table 5 - Estimated Hotel Revenues and Related Taxes Table 6 - Combined Stadium and Hotel Operations Tax Revenues 2. This report has assumed an opening of the proposed stadium prior to the 2018 NASL soccer season. 3. It is assumed legislation will permit the capture of identified revenues beginning July 1, 2015 at the current location and then transfer to a distinct tax area created specifically for this project. 4. Professional men?s soccer attendance is assumed to be 17,500, but 16,500 has been used in the analysis to reflect complimentary and discounted tickets. 5. The events, other than Indy Eleven games, are phased in over three years following the opening of the facility to achieve the stabilized, full event calendar provided by IS and presented in Table 1. 6. One-third of ?Other Events? are assumed exempt from admission tax (educational, charitable, and religious). 7. Indy Eleven ticket prices are assumed to increase 6% per year for the first ten years after opening, 4% per year for the next 5 years and 2.14% (the 10 year average inflation rate) per year for the remainder of the term that the bonds are outstanding. 8. Ticket prices for all other events are assumed to increase 2.14% per year for all years following the opening of the facility. 9. Ancillary patron spending revenues (concessions and retail) are assumed to increase 2.14% per year for all years following the opening of the facility. li\.t. Assumptions 10. For estimated income tax revenue streams, the state income tax rate used was 3.3% for 2015-2016 and then 3.2% for 2017 thereafter. Seventy percent of Indy Eleven wages are assumed to be Marion County residents and taxed at the current county rate of 1.77%. Indy Eleven payroll is assumed to be $5.8 million in the year the facility opens. 0 Team management is assumed to be located at the new facility and the income tax from their salaries and wages is assumed to be captured. 0 Wages are assumed to increase 3% per year. No wages related to facilities employees or event workers has been estimated and incorporated in this analysis. 11. Other assumed rates were: a 10% admissions tax rate 0 7% sales tax rate a 1% food and beverage tax rate a 6% innkeeper?s tax rate a The innkeeper?s and food and beverage tax rates have been adjusted to reflect the commitment of portion of the statutory rate to previous financings. It is assumed the revenues from these net tax rates which would be subordinate to other financings would be available and released by Marion County Capital Improvement Board for this financing. 12. Admission taxes will be levied on any new concert venue in downtown Indianapolis and those taxes, along with sales and food and beverage taxes, would be made available for this project. 13. it is assumed that food and beverage taxes can be accounted for and directed to the benefit of this project. 14. Hotel operations revenues and tax revenues for 2016 through 2020 were provided by a hospitality consultant. The following adjustments have been made to those estimates for purposes of this report: 0 Operating revenues and related tax revenues were assumed to grow by 2.14% per year after 2020. hm. Assumptions Financing A Sources and Uses of Funds and a Debt Service and Coverage Schedule are presented in Tables 7 and 8. The assumptions related to these tables are: 1. Tax-exempt bonds are sold by a qualified debt issuing entity. - 32 year bond issue, 30 year lease 2. Interest rates for rated bonds as of January 2015 were obtained from publicly available sources and have been used in the debt service schedule. The final structure of the financing will determine what portion of the bonds may be tax-exempt. 3. Interest payments for the first two and one-half years are funded from contributions other than bond proceeds. 4. A debt service reserve fund (DSRF) equal to one-half maximum annual debt service is funded from governmental entity cash contributions. Excess pledged revenues will be added to the DSRF until it reaches the maximum annual debt service. It is assumed that once the debt service reserve requirement is satisfied excess pledged revenues up to an amount to be determined would be available for operating expense and capital reserves. 5. Costs of issuance equal to 1% of the par value of the bonds issued will be paid from bond proceeds. 6. No limit to the state tax revenue contribution has been incorporated into the analysis. IS is researching other financing structures that could result in new or different sources and uses of funds and pledged security. The outcome of this research will impact the ultimate structure of the financing. and 1 mt. Risk Factors 1. 2. Discussion of Risk Factors The stadium financing contemplated in this report could be up to 32 years. There are risks that will be present over this period of time which could materially impact the findings and the estimated tax revenues in this report. These risk factors can include but are not limited to: Economic factors leading to reduced discretionary income could result in decreased event attendance and spending. Future legislative action by the Indiana General Assembly and the Indianapolis-Marion County City-County Council to change the tax rates from the levels assumed in this model could adversely impact the estimated tax revenues. Professional soccer leagues and franchises are still developing which can impact the number of games and the caliber of team players and corresponding wages paid. Cannibalization from other event venues and the competition for discretionary spending within the city and surrounding areas (sporting events and concerts) could impact attendance and related spending. Regional competition could impact the number of events attracted to the facility. The inflation factors for both employment income and per capita spending will vary with either favorable or adverse impacts on estimated revenues. Interest rates at the time of issuance of bonds to finance construction could be different than those presented in this financing scenario and could impact the amount of bonds issued and/or debt service coverage. Damages to the stadium or hotel beyond the operator?s control such as natural disasters or intentional actions such as vandalism or terrorism could disrupt revenue producing events from being held. Business and lease rental interruption insurance could mitigate these risks while the facility is repaired to a useful state. General economic conditions could impact business and leisure travel. . Competition within downtown Indianapolis hospitality market could impact hotel revenues through variances from assumed occupancy, room rates and Spending by guests. Tables Table 1: Estimated Events and Attendance Number Average of Paid Total Paid Events Attendance Attendance Indy Eleven Games 20 16,500 330,000 Pro Women's Team 15 8,500 127,500 Other Soccer Events 6 15,000 90,000 Concerts 10 10,000 100,000 Other Events-Exempt 5 5,000 25,000 Other Events 10 10,000 100,000 Total 66 772,500 Professional men's soccer attendance is assumed to be 17,500, but 16,500 is used in the analysis to reflect complimentary and discounted tickets. See Summary of Significant Assumptions and Discussion of Risk Factors. tIH?x'Nl ll\l;; Table 2: Estimated Attendance, Ticket Revenues and Admission Taxes Estimated Estimated Total Paid Average Ticket Admission Attendance Ticket Price Revenue Tax Indy Eleven 330,000 $29.50 $9,735,000 $973,500 Pro Women?s Team 127,500 $17.00 2,167,500 216,750 Other Soccer 90,000 $25.00 2,250,000 225,000 Concerts 100,000 $55.00 5,500,000 550,000 Other Events-Exempt 25,000 $10.00 250,000 0 Other Events 100,000 $20.00 2,000,000 200,000 Total 772,500 $21,902,500 $2,165,250 Professional men?s soccer attendance is assumed to be 17,500, but 16,500 is used in the analysis to reflect complimentary and discounted tickets. See Summary of Significant Assumptions and Discussion of Risk Factors. 'l Indy Eleven Pro Women's Team Other Soccer Concerts Other Events-Exam pt Other Events Total Table 3: Estimated Patron Spending and Related Taxes Per Capita Per Capita Total Spend Spend TOta' meillary Spend Food Attendance Concessions Merchandise Per Attendee Dollars Sales tax Beverage Tax 350,000 $13.50 $3.50 $17.00 $5,950,000 $416,500 $44,550 127,500 $13.50 $3.50 $17.00 $2,167,500 $151,725 $17,213 90,000 $12.00 $4.00 $16.00 $1,440,000 $100,800 $10,800 100,000 $19.50 $14.25 $33.75 $3,375,000 $236,250 $19,500 25,000 $8.50 $3.50 $12.00 $300,000 $21,000 $2,125 100,000 $10.00 $3.50 $13.50 $1,350,000 $94,500 $10,000 792,500 $14,582,500 $1,020,775 $104,188 See Summary of Significant Assumptions and Discussion of Risk Factors. Tables Table 4: Summary of Stadium-Related Tax Revenues Food 8 State Income County Income Total Stadium- Year Admission Tax Sales Tax Beverage Tax Tax Tax Related Tax 2015 $146,943 $39,271 $3,292 $29,255 $10,984 $229,744 2016 293,886 78,542 6,584 58,509 21,967 459,488 2017 293,886 78,542 6,584 57,268 21,967 458,247 2018 1,370,750 617,925 64,429 210,692 80,820 2,344,616 2019 1,826,410 828,263 85,262 217,013 83,244 3,040,192 2020 2,285,575 1,038,792 106,115 223,523 85,742 3,739,746 2021 2,376,708 1,061,022 108,385 230,229 88,314 3,864,658 2022 2,472,324 1,083,728 110,705 237,136 90,963 3,994,856 2023 2,572,672 1,106,920 113,074 244,250 93,692 4,130,608 2024 2,678,014 1,130,608 115,494 251,578 96,503 4,272,196 2025 2,788,627 1,154,803 117,965 259,125 99,398 4,419,918 2026 2,904,806 1,179,516 120,490 266,899 102,380 4,574,090 2027 3,026,861 1,204,757 123,068 274,906 105,451 4,735,043 2028 3,155,121 1,230,539 125,702 283,153 108,615 4,903,130 2029 3,255,068 1,256,873 128,392 291,647 111,873 5,043,853 2030 3,358,451 1,283,770 131,140 300,397 115,230 5,188,986 2031 3,465,395 1,311,242 133,946 309,409 118,686 5,338,678 2032 3,576,030 1,339,303 136,812 318,691 122,247 5,493,083 2033 3,690,492 1,367,964 139,740 328,252 125,915 5,652,363 2034 3,769,469 1,397,238 142,731 338,099 129,692 5,777,229 2035 3,850,135 1,427,139 145,785 348,242 133,583 5,904,885 2036 3,932,528 1,457,680 148,905 358,689 137,590 6,035,393 2037 4,016,684 1,488,874 152,091 369,450 141,718 6,168,818 2038 4,102,641 1,520,736 155,346 380,534 145,969 6,305,227 2039 4,190,438 1,553,280 158,671 391,950 150,349 6,444,687 2040 4,280,113 1,586,520 162,066 403,708 154,859 6,587,267 2041 4,371,708 1,620,472 165,534 415,819 159,505 6,733,038 2042 4,465,262 1,655,150 169,077 428,294 164,290 6,882,073 2043 4,560,819 1,690,570 172,695 441,143 169,219 7,034,445 2044 4,658,420 1,726,748 176,391 454,377 174,295 7,190,232 2045 4,758,111 1,763,701 180,166 468,008 179,524 7,349,509 2046 4,859,934 1,801,444 184,021 482,049 184,910 7,512,358 2047 4,963,937 1,839,995 187,959 496,510 190,457 7,678,858 $106,318,216 $40,921,929 $4,178,617 $10,168,804 $3,899,951 $165,487,516 See Summary of Significant Assumptions and Discussion of Risk Factors. L. l \ii Table 5: Estimated Hotel Revenues and Related Taxes Income Taxes Food and Beverage Sales Hotel Room Sales Total Hotel_ Year State Sales County State Sales County State County Related Taxes 2016 $812,560 $116,080 $572,880 $491,040 $198,990 $106,731 $2,298,281 2017 834,750 119.250 620.130 531.540 196.352 108.607 2.410.629 2018 857.472 122.496 684,110 586,380 201.866 111.657 2.563.981 2019 880,874 125.839 723,940 620,520 207.522 114.786 2.673.481 2020 903.912 129.131 755.580 647.640 213.358 118,014 2,767,635 2021 923.256 131 ,894 771.749 661,499 217,924 120,539 2,826,862 2022 943,014 134,716 788.265 675.656 222,587 123,119 2,887,357 2023 963,194 137,599 805.134 690.115 227,351 125.754 2,949,146 2024 983.807 140,544 822,364 704,883 232,216 128,445 3.012.258 2025 1,004,860 143,552 839,962 719,968 237.186 131,193 3,076,720 2026 1,026,364 146.624 857.937 735.375 242.261 134.001 3.142.562 2027 1,048,328 149.761 876,297 751,112 247.446 136,868 3,209,813 2028 1,070,763 152.966 895,050 767,186 252.741 139,797 3,278,503 2029 1,093,677 156,240 914,204 783,603 258,150 142,789 3,348,663 2030 1.117.082 159,583 933.768 800.373 263.674 145,845 3,420,324 2031 1.140.987 162.998 953.751 817,501 269,317 148,966 3,493,519 2032 1.165.404 166,487 974.161 834.995 275,080 152,154 3.568.281 2033 1.190.344 170,049 995.008 852.864 280,967 155,410 3.644.642 2034 1.215.817 173,688 1,016,301 871,115 286,980 158,736 3,722,637 2035 1.241.836 177,405 1,038,050 889.757 293,121 162,133 3,802,302 2036 1,268,411 181,202 1.060264 908,798 299,394 165,602 3,883,671 2037 1,295,555 185,080 1,082,954 928.246 305.801 169.146 3,966,781 2038 1,323,280 189,040 1 ,106.129 948.111 312.345 172,766 4,051,671 2039 1,351.598 193.086 1.129.800 968.400 319.029 176,463 4,138,376 2040 1,380,522 197,218 1,153,978 989,124 325.856 180.239 4,226,938 2041 1,410,066 201.438 1,178,673 1,010,291 332.830 184,096 4.317.394 2042 1,440,241 205.749 1,203,897 1,031,911 339,952 188,036 4.409.786 2043 1,471,062 210.152 1.229.660 1,053,994 347.227 192,060 4.504.156 2044 1,502,543 214.649 1,255,975 1,076,550 354,658 196,170 4.600.545 2045 1,534,697 219.243 1,282,853 1,099,588 362,247 200,368 4.698.996 2046 1.567.540 223.935 1.310.306 1.123.119 369,999 204,656 4,799,555 2047 1,601,085 228,727 1,338,346 1,147,154 377,917 209.036 4,902,265 $37,564,902 $5,366,420 $31,171,476 $26,718,408 $8,872,343 $4,904.183 $114,597,731 See Summary of Significant Assumptions and Discussion of Risk Factors. Mimi. Table 6: Combined Stadium and Hotel Operations Tax Revenues Total Stadium- Total Hotel Total Project Year Related Tax Related Related 2015 $229,744 $0 $229,744 2016 459,488 2,298,281 2,757,769 2017 458,247 2,410,629 2,868,876 2018 2,344,616 2,563,981 4,908,597 2019 3,040,192 2,673,481 5,713,673 2020 3,739,746 2,767,635 6,507,381 2021 3,864,658 2,826,862 6,691,520 2022 3,994,856 2,887,357 6,882,213 2023 4,130,608 2,949,146 7,079,754 2024 4,272,196 3,012,258 7,284,454 2025 4,419,918 3,076,720 7,496,639 2026 4,574,090 3,142,562 7,716,652 2027 4,735,043 3,209,813 7,944,856 2028 4,903,130 3,278,503 8,181,633 2029 5,043,853 3,348,663 8,392,516 2030 5,188,986 3,420,324 8,609,311 2031 5,338,678 3,493,519 8,832,197 2032 5,493,083 3,568,281 9,061,364 2033 5,652,363 3,644,642 9,297,004 2034 5,777,229 3,722,637 9,499,866 2035 5,904,885 3,802,302 9,707,186 2036 6,035,393 3,883,671 9,919,064 2037 6,168,818 3,966,781 10,135,600 2038 6,305,227 4,051,671 10,356,898 2039 6,444,687 4,138,376 10,583,063 2040 6,587,267 4,226,938 10,814,204 2041 6,733,038 4,317,394 11,050,432 2042 6,882,073 4,409,786 11,291,859 2043 7,034,445 4,504,156 11,538,601 2044 7,190,232 4,600,545 11,790,776 2045 7,349,509 4,698,996 12,048,506 2046 7,512,358 4,799,555 12,311,912 2047 7,678,858 4,902,265 12,581,123 $165,487,516 $114,597,731 $280,085,247 See Summary of Significant Assumptions and Discussion of Risk Factors. mu m, Tables Table 7: Sources and Uses of Funds Sources of Funds Par Value $82,500,00000 Contribution 9,920,363.75 Total Sources of Funds $92,420,363.75 Uses of Funds Deposit $81,675,000.00 Capitalized Interest 6,720,668.75 Costs of Issuance 825,000.00 Debt Service Reserve Fund 3,119,695.00 Total Uses of Funds $92,420,363.75 See Summary of Significant Assumptions and Discussion of Risk Factors. 'l {6809108! $265,000.00 680,000.00 780,000.00 900,000.00 1,020,000.00 1,140,000.00 ?l 280,000.00 1,420,000.00 1,575,000.00 1,730,000.00 1,890,000.00 2,055,000.00 2,230,000.00 2,400,000.00 2,600,000.00 2,790,000.00 2,980,000.00 3,180,000.00 3,400,000.00 3,620,000.00 3,850,000.00 4,100,000.00 4,350,000.00 4,625,000.00 4,900,000.00 5,200,000.00 5,520,000.00 5,840,000.00 6,180,000.00 "8855001000100? Table 8: Debt Service and Coverage Schedule 9.91.1090 2.00% 2.00% 2.00% 2.10% 2.10% 2.20% 2.20% 2.30% 2.30% 2.40% 2.40% 2.50% 2.50% 2.50% 2.50% 2.70% 2.70% 2.80% 2.80% 2.90% 2.90% 3.00% 3.00% 3.10% 3.10% 3.15% 3.15% 3.20% 3.20% 3.25% 3.25% 3.25% 3.25% 3.30% 3.30% 3.30% 3.30% 3.35% 3.35% 3.35% 3.35% 3.40% 3.40011) 3.40% 3.40% 3.45% 3.45% 3.45% 3.45% 3.55% 3.55% 3.55% 3.55% 3.55% 3.55% 3.55% 3.55% [03.9.1981 $1,844,138.78 1,344,133.75 1,344,133.75 1,344,133.75 1,344,133.75 1,344,133.75 1,344,138.78 1,344,133.75 1,341,483.78 1,341,483.78 1,334,883.75 1,334,883.75 1,328,498.78 1,328,493.78 1,318,893.75 1.318.893.75 180488378 1,304,863.75 1,291,188.75 1,291,183.78 1,278,183.78 1,278,183.78 1,288,723.75 1,258,723.78 1,238,481.25 1,235,461.25 1,211,241.28 1,211,241.25 1,188,838.25 1,183,838.25 1,153,011.28 1,153,011.28 1,118,448.28 1,118,448.28 1,080,848.25 1,080,848.25 1,038,048.25 1,039,048.25 993,708.75 993,708.78 945,283.75 945,283.75 892,813.75 892,813.75 838,713.75 838,713.75 778,078.75 778,078.78 711,891.28 711,891.28 841,891.28 841,891.28 587,941.28 587,941.28 488,180.00 488,180.00 403,838.00 403,838.00 311,338.00 311,338.00 213,358.00 213,355.00 109,898.00 109,095.00 35809873750 314059873750 514059873750 Annual! Debt Service Debt Service ?evenue $1,344,133.75 1,344,133.75 $2,688,267.50 $5,675,781 1,344,133.75 1,344,133.75 2,688,267.50 5,557,144 1,344,133.75 1,344,133.75 2,688,267.50 6,252,731 1,344,133.75 1,609,133.75 2,953,267.50 5,713,673 1,341,483.75 2,021,483.75 3,362,967.50 6,507,381 1 634,683. 75 2,114,683.75 3,449,367.50 6,691,520 1,326,493.75 2,226,493.75 3,552,987.50 6,882,213 1,316,593.75 2,336,593.75 3,653,187.50 7,079,754 1,304,863.75 2,444,863.75 3,749,727.50 7,284,454 1,291,183.75 2,571,183.75 3,862,367.50 7,496,639 1,275,183.75 2,695,183.75 3,970,367.50 7,716,652 1,256,723.75 2,831,723.75 4,088,447.50 7,944,856 1,235,461.25 2,965,461.25 4,200,922.50 8,181,633 1,211,241.25 3,101,241.25 4,312,482.50 8,392,516 1,183,836.25 3,238,836.25 4,422,672.50 8,609,311 1,153,011.25 3,383,011.25 4,536,022.50 8,832,197 1,118,446.25 3,518,446.25 4,636,892.50 9,061,364 1,080,646.25 3,680,646.25 4,761,292.50 9,297,004 1,039,046.25 3,829,046.25 4,868,092.50 9,499,866 993,708.76 3,973,708.75 4,967,417.50 9,707,186 945,283.75 4,125,283.75 5,070,567.50 9,919,064 892,813.75 4,292,813.75 5,185,627.50 10,135,600 836,713.75 4,456,713.75 5,293,427.50 10,356,898 776,078.75 4,626,078.75 5,402,157.50 10,583,063 711,591.25 4,811,591.25 5,523,182.50 10,814,204 641,891.25 4,991,891.25 5,633,782.50 11,050,432 567,941.25 5,192,941.25 5,760,882.50 11,291,859 488,160.00 5,388,160.00 5,876,320.00 11,538,601 403,635.00 5,603,635.00 6,007,270.00 11,790,776 311,335.00 5,831,335.00 6,142,670.00 12,048,506 213,355.00 6,053,355.00 6,266,710.00 12,311,912 109,695.00 6,289,695.00 6,399,390.00 12,581,123 Coverage (1791 233% 193% 194 194% 1 94% 1 94% 194% 194% 194% 199. 195% 195% 1 95% 1 95% 1 95% 195% 195% 195% 195%: 195% 195% 19696% 196% '1 950/0 1 9 5 197% See Summary of Significant Assumptions and Discussion of Risk Factors. Excess revenues will be deposited in the debt service reserve fund until the balance equais maximum annua! debt service. Coverage 62,987,513 2,868,876 3,564,464 2,760,405 3,144,413 3,242,153 3,329,226 3,426,567 3,534,727 3,634,271 3,746,285 3,856,409 3,980,711 4,080,034 4,186,638 4,296,175 4,424,472 4,535,712 4,631,774 4,739,769 4,848,496 4,949,972 5,063,470 5, 180,906 5,291,022 5,416,650 5,530,977 5,662,281 5,783,506 5,905,836 6,045,202 6,181,733 Cumulative 9989898181 $2,987,513 212,182 Appendix Season Ticket Holder Information Demographic Age 19% - 18-24 years 31% 25-34 years 25% 35-44 years 17% - 45-54 years 6% - 55?64 years 2% - 65+ years Household Income 12over $150,000 Education 93% - some college 72% college graduate 22% - advanced degree Gender 62% - male 38% - female Top Ten Single?Game Ticket Purchasers By: Zip Code City County 46220 (Broad Ripple) lndianapolis Marion 46032 (Carmel) Carmel Hamilton 46202 (Downtown) Fishers Hendricks 46038 (Fishers) Greenwood Johnson 46033 (Carmel) Noblesvilie Boone 46077 (Zionsville) Zionsvilie Hancock 46143 (Greenwood) Avon Madison 46205 (Broad Ripple) Brownsburg Monroe 46074 (Westfield) Wesffield Morgan 46037 (Fishers) Greenfield Tippecanoe Top Ten Group Ticket Purchasers By: Zip Code City County 46077 (Zionsville) lndlanapolis Marlon 46163 (New Palestine) Zionsville Hamilton 46140 (Greenfield) New Palestine Hancock 46037 (Fishers) Fishers Boone 46205 (Broad Ripple) Carmel Hendricks 46032 (Carmel) Greenfield Johnson 46074 (Westfield) Greenwood Morgan 46237 Noblesville Bartholomew 46236 Avon Madison 46033 (Carmel) Westfield Shelby Top Ten Season Ticket Purchasers By: Zip Code City County 46220 (Broad Ripple) Indianapolis Marion 46032 (Carmel) Carmel Hamilton 46077 (Zionsville) Fishers Hendricks 46033 (Carmel) Zionsville Johnson 46205 (Broad Ripple) Greenwood Boone 46038 (Fishers) Noblesville Hancock 46202 (Downtown) Avon Monroe 46204 (Downtown) Brownsburg Morgan 46037 (Fishers) Westfield Madison 46260 Bloomington Bartholomew