BOARD OF COUNTY COMMISSIONERS Escambia County, Florida County Administrator's Report BCC Regular Meeting Meeting Date: May 17, 2018 issue: Unsolicited Proposal from the Pensacola Arena Development Partners (PADP) From: Amy Lo Assistant County Administrator Organization: tyA inistragn CAO A I: I pprova vm: . RECOMMENDATION: Recommendation Concerning the Review and Approval of Items Related to the Unsolicited Proposal from the Pensacola Arena Development Partners Group Amy Lovov, Assistant County Administrator That the Board take the following action: A. Approve the provided scope of service for an independent analysis of the proposed Pensacola Arena Development Partners (PADP) Sports proposal and authorize staff to proceed with a Request for Proposal (RFP) to procure this independent analysis, to be paid from the Tourist Development Tax; and B. Discuss the provided Interim Agreement between ESCambia County, Florida and Pensacola Arena Development Partners, LLC, with the following provisions: (1). The County will perform and independent feasibility and financial analysis of the proposal; (2). The Agreement stipulates that no Local Option Sales Tax dollars or General Fund dollars will be used to support the project; (3). The Agreement authorizes PADP to perform due diligence and pro-development tasks which can include but not be limited to: Engineering and architectural services including preliminary drawings, design documents and schematics; Site assessments including appraisals, title searches, environmental studies, boundary/topographic surveys and soil borings; and (0). Transportation and landscape architecture; (4). In the event the County terminates this Agreement without cause the County agrees to reimburse PADP for these pre-development expenses up to a maximum of $50,000; and (5). lf any of the following events occur, the County may terminate this Agreement without payment of predevelopment costs or penalty: Unreasonable delay or default by PDAP in the performance of its obligations contained in the Agreement; CAR The County?s independent study concludes that the project is not practically or financially feasible or in the public's best interest; There is insufficient funding from Triumph Gulf Coast; The total County payment exceeds the ?Total Available Payment? figures included in the provided financing schedule; and New Market Tax Credits are insufficient to bring the project into a budget to allow a County annual payment according to the provided schedule. [Fundings Fund 108, Tourist Development Tax] BACKGROUND: The County has received an unsolicited proposal from a development group. Their proposal includes replacing the Bay Center with an 80,000 100,000 square foot field house to be used as a multi-use sports tourism venue, a 6500- fixed seat arena, a 120-150 room hotel, a parking structure, and mixed use commercial properties. Their revised proposal includes several potential sites including the existing Bay Center site, and the site of the old wastewater treatment plant. The consultant will review a maximum of four sites for feasibility according to the scope of work. BUDGETARYIMPACT: All funding for this project is expected to come from the Tourist Development Tax however, certain sites will require more funding than will be available. This will require either reductions in existing TDT activities or additional TDT funding. Kristin Hual, Senior Assistant County Attorney, has approved the Interim Agreement for legal sufficiency. PERSONNEL: FOR BOARD ACTION: Attachments CAR ,f Multi-Use Development Feasibility Analysis Background: Escambia County is a county located in the extreme northwest corner of the State of Florida and has a population of an estimated 305,000. The County currently owns and operates through a private management company the Pensacola Bay Center, a 10,000?seat arena with 20,000 square feet of exhibition space and 13,000 square feet of meeting space. The Bay Center was constructed in 1984 and is a functional but aging facility. The County has received an unsolicited proposal and a proposed from PADP, a private development group. Their proposal includes replacing the Bay Center with an 80,000 100,000 square foot field house to be used as a multi?use sports tourism venue, a 6,500-fixed seat arena, a 120?150 room hotel, a parking structure, and mixed use commercial properties with a total project cost of $80 million to $100 million delivered over eighteen (18) months. The initial delivered phase includes the multi-use sports tourism venue and the 6,500 fixed seat arena proposed at an estimated $80 million, and these are the two developments where the County is requested to provide 30-year annual financial support. The PADP proposal includes several sites from which to choose. The consultant will be expected to provide an analysis of a total of4 sites. The 2 sites listed below and 2 others that may be named by the County. in pricing the proposal the consultant should provide pricing by site. 0 The existing Bay Center site located at 201 East Gregory Street, Pensacola, Fl - A vacant site across from the existing Pensacola Blue Wahoos baseball stadium referred to as the Studier site - 401 West Government Street, Pensacola, Fl 0 A remediated superfund site that has been acquired by the County from the federal government ?See attached map for parcels. PADP has also discussed they are exploring unidentified alternative site(s) outside of downtown Pensacola that would allow New Market Tax Credits to be used. Under the proposal, the County would be expected to pay a fixed 30-year lease payment to the development group for the public portions (the field house and the arena). The private group would be responsible for the hotel, commercial development and parking garage. Purpose: Escambia County wishes to retain an independent consultant to evaluate the financial and practical feasibility ofthe proposal and the terms of the proposed LOI. Scope: Engaged consultant will be required to determine the financial and practical feasibility, including the economic sustainability, of the proposal and proposed LOI, including the terms ofthe land lease on the Bay Center site, the terms ofthe County lease payment, an analysis of all known sites, including site acquisition costs, the identification of any alternative sites and related site acquisition costs, confirming the proposal and subsequent data submitted to the County showing proposed direct tax and economic 1 CAR benefits the projects would provide as individual elements to Escambia County, confirming the availability of New Market Tax Credits at any proposed site and at what percentage ofthe total development cost, and what, if any, additional financial and/or economic feasibility data or other relevant information needs to be provided to the County to help it make an informed decision on this proposal and LOI in keeping with Florida Statutes 255.065. It is expected that the consultant will interview member(s) ofthe development group, members of County staff and interested stakeholders such as the Pensacola Sports Association, Visit Pensacola and the Escambia County Destination Management Organization. Deliverables: Consultant will deliver a complete written report that details the methodology used, examples of similar proposals that have been successfully developed, conclusions and recommendations for next steps. The report will include the items noted above in the Scope, an estimated cost to build and operate the proposal on both sites and any identified alternative sites, the pros and cons of each site as well as an estimated timeline. Consultant will also be expected to deliver a presentation ofthe final report in person to the Board of County Commissioners. Initial drafts will be given at 50% completion and 90% completion prior to delivering the final report. Timeline: The County desires the study to be completed as soon as practical. Attachments: 0 PADP proposal as presented to the Board 0 Revised financial structure CAR INTERIM AGREEMENT BETWEEN ESCANIBIA COUNTY, FLORIDA AND PENSACOLA ARENA DEVELOPMENT PARTNERS, LLC THIS AGREEMENT is made and entered into by and between Escambia County, a political subdivision of the State of Florida (hereinafter, the ?County?), with an administrative address of 221 Palafox Place, Pensacola, FL 32502, and Pensacola Arena Development Partners, LLC, a Florida limited liability company (hereina?er, 82-3613435, with a principal address of 4401 North Mesa, El Paso, TX 79902. WHEREAS, PADP submitted an unsolicited proposal (hereinafter, the Proposal?) to the County for the design, development, ?nancing, operation and maintenance of a 6,500 seat multi-purpose events center, an approximately 80,000 - 100,000 square foot ?eld house, and associated commercial development to be located in Escambia County (collectively, the ?Proj ect?); and WHEREAS, in accordance with ?255.065, Florida Statutes, the County subsequently published a request for competitive proposals for a similar development; and WHEREAS, the County received one competitive proposal and, after meeting with the respondent and PADP, decided to move forward with Proposal; and WHEREAS, the parties desire to enter into this Interim Agreement setting forth the terms whereby the parties may proceed with the preliminary due diligence and establish the framework for a collaborative process for deve10ping the details of the proposed Project. NOW, THEREFORE, for and in consideration of the promises and other good and valuable consideration, the parties hereto agree as follows: Section 1. Pumose of Agreement. 1.1 The recitals contained in the Preamble of this Agreement are declared to be true and correct and are incorporated into this Agreement. 1.2 This Agreement establishes the terms and conditions whereby the County and PADP may proceed with the preliminary planning and development of the Project and establish conditions for proceeding with the negotiation of a Comprehensive Agreement in accordance with ?255.065, Florida Statutes. The parties acknowledge and understand that entering into this Interim Agreement shall not obligate the County to enter into a Comprehensive Agreement. Section 2. Responsibilities of the Parties. 2.1 Escambia Coungg: A. Upon execution of this Interim Agreement, the County shall proceed with performing an independent ?nancial analysis and feasibility study (hereinafter, the ?Study?) to evaluate the cost- 1 CAR effectiveness and overall public need or bene?t that may be derived from the proposed Project. The cost for said Study shall not exceed $15,000.00, and said costs shall be paid with local option transient rental or tourist development tax proceeds. B. The County will give due consideration to any to proposed sources of revenue PADP may allocate to fund the Project, as well as any available economic development incentives, tax credits, grants and other available sources of funding for the development and construction of the Project. C. The County shall not, under any circumstances, utilize local option sales tax proceeds or general revenue funds to fund any portion of the Project. Further, unless otherwise stated in this Agreement, local option transient rental or tourist development tax proceeds may only be utilized in the event of an operating revenue shortfall following completion of the Project. 2.2 PADP: A. Upon execution of this Interim Agreement, PADP shall perform the following Predevelopment Tasks: 1) selecting, contracting with and supervising third-party design, engineering, construction and other professionals necessary for the planning, design, engineering, ?nancing, construction and development of the Project; 2) preparation of preliminary drawings, conceptual designs, schematic designs, preliminary speci?cations, design development and construction documents for the Project (collectively, the "Plans") for review and approval by the County and preliminary construction pricing and preliminary development analysis related to the Project; 3) ?nal due diligence and detailed assessment of potential Project Sites, including title review, boundary/topographical surveys, soil borings and testing, andfor environmental site assessment; 4) further re?nement of the Plans at the request of the County and based upon any Project Site constraints determined by the assessment of the Project Site and preparation of the ?nal and complete Plans (including ?nal and complete speci?cations) for the Project for review and approval by the County; 5) preparation of a detailed development schedule including sequencing of the development for review and approval by the County; 6) additional preliminary construction pricing based upon actual Project Site conditions, re?ned conceptual designs, and the ultimate development schedule for the Project for review and approval by the County; 7) obtaining all necessary and desirable governmental approvals and permits for the development and construction of the Project (subject to review and approval by the CountY); CAR 8) preparation of a ?nal development budget for the Project; 9) with the assistance of the County, as necessary, satisfying the requirements of the proposed ?nancing, negotiating the terms of the ?nancing documents, closing the ?nancing and otherwise implementing the ?nancing plan; 10) keep the County informed as to the progress of all Predevelopment Tasks and provide the County with all information needed to make Project related decisions; PADP will perform the Predevelopment Tasks' 1n two phases, as indicated below: Phase One (approximately 1-4 months from execution of Interim Agreement) Due diligence (geotechnical, environmental, etc.) and site selection Draft design?build agreement and ?nancing documentation Propose ?nancial structure Finalize Triumph application Finalize New Market Tax Credit application, if applicable Propose schematic design of Project, with input from County and stakeholders Finalize purchase price for Site, if any, and County ownership structure Accounting due diligence Draft County approvals process Indicative design, construction and operations pricing (ii) Phase Two (approximately 4-6 months from execution of Interim Agreement) Finalize Project design and construction pricing and documentation Finalize operational budget for years 1-3 and Operating agreements Finalize ?nancial structure and corresponding ?nancing agreements Finalize Project agreements Finalize real estate documents Secure ?nancing commitments from lenders, underwriter, Triumph, County, etc., as applicable Section 3. Reimbursable Predevelonment Expenses. 3.1 For the purpose of this Interim Agreement, Reimbursable Predevelopment Expenses shall include the reasonable and documented costs to perform the following: a. Site-related diligence expenses i. Environmental testing ii. Surveying Geotechnical testing iv. Permitting v. Title searches, insurance and perfection services b. Design/Architecture i. Production of conceptual, schematic and detailed designs on the Facilities and the Site CAR ii. Civil engineering related to the Facilities and the Site Mechanical engineering related to the Facilities and the Site iv. Electrical engineering relating to Facilities systems and integration of systems v. Energy optimization and sustainability consulting relating to resiliency and sustainability goals for the Project. vi. Parking Optimization studies and designs as required vii. Transportation master planning for site Landscape architecture and planning 3.2 PADP will generate appropriate deliverables in accordance with performance of each of the Predevelopment Tasks. Each such deliverable will be submitted to the County for comment or approval at an appropriate time in its development. The County and PADP will agree to a mutually acceptable form for submittal and approval of such deliverables. Certain of these deliverables will be the product, in whole or in part, of Predevelopment Tasks that constitute Reimbursable Predevelopment Expenses. In the event that a deliverable includes a Reimbursable Predevelopment Expense site diligence or design), PADP will indicate this fact in the agreed form. 3.3 In the event the County terminates this Agreement without cause and solely for convenience prior to entering into a Comprehensive Agreement, the County will reimburse PADP for reasonable and documented Reimbursable Predevelopment Expenses incurred by PADP through the date of termination in an amount not to exceed $50,000.00, which shall be paid with local option transient rental "or toudst development tax proceeds; PADP shall be re3ponsible for all other costs or expenses related to the performance of Predevelopment Tasks undertaken by PADP pursuant to this Agreement. 3.4 In the event the parties enter into a Comprehensive Agreement and Financial Closing occurs, Reimbursable Predevelopment Expenses will be included in the total Project development costs and reimbursed to PADP out of the proceeds of the Financial Closing; provided, however, the County?s obligation to ?md the Project, including any Reimbursable Predevelopment Expenses, shall not exceed the estimated annual ?Total Availability Payment? amounts identi?ed in Attachment A. Further, subject to the terms of any ?nancing agreements, any direct, related Project development costs incurred by the County shall also be eligible for reimbursement to the County out of Financial Closing proceeds. 3.5 Upon the occurrence of any of the following events, the County may terminate this Agreement as provided in paragraph 4.1 below and shall not be responsible for any Reimbursable Predevelopment Expenses or any other costs or expenses incurred or to be incurred by PADP pursuant to this Agreement: a) default or unreasonable delay in the performance of its obligations as set forth in this Agreement; b) The County?s independent Study concludes that the Project is neither practically nor ?nancially feasible or in the public?s best interest; c) Insuf?cient Project funding from Triumph Gulf Coast; CAR d) Lack of New Markets Tax Credit allowance for site selected; or e) The annual Total Availability Payments exceed the estimated ?Total Availability Paymen ?gures identi?ed in Attachment A. 3.6 Except as speci?cally provided in this Agreement, PADP shall be solely responsible for its fees, expenses, and other costs incurred in connection with the matters set out in this Agreement. Section 4. Miscellaneous Provisions. 4.1 Term and Termination. This Agreement shall commence upon the date last executed by the parties and continue until such time the parties may enter into a Comprehensive Agreement unless earlier terminated as provided herein. This Agreement may be terminated by the County with or without cause upon providing seven (7) days prior written notice to PADP. 4.2 Notice. Any notice under this Agreement required hereunder or desired by the party giving such notice shall be given in writing and delivered by hand or through the instrumentality of certi?ed mail of the United States Postal Service or private courier service, such as Federal Express. Unless otherwise noti?ed in writing of a new address, notice shall be made to each party as follows: To: PADP, LLC To: Escambia County Attention: President Attention: County Administrator 4401 North Mesa 221 Palafox Place, Suite 420 El Paso, TX 79902 Pensacola, Florida 32502 Rejection, or other refusal by the addressee to accept, or the inability of the courier service or the United States Postal Service to deliver because of a changed address of which no notice was given, shall be deemed to be receipt of the notice sent. Any party shall have the right, from time to time, to change the address to which notices shall be sent by giving the other party at least ten (10) days prior notice of the address change. 4.3 Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Florida, and the parties stipulate that venue shall be in the County of Escambia. 4.4 Entire Agreement. This Agreement contains the entire agreement between the parties and supersedes all prior oral or written agreements. Contractor acknowledges that it has not relied upon any statement, representation, prior or contemporaneous written or oral promises, agreements 0r warranties, except such as are expressed herein. The terms and conditions of this Agreement can only be amended in writing upon mutual agreement of the parties. 4.5 Assignment of Agreement. This Agreement, or any interest herein, shall not be assigned, transferred, or otherwise encumbered, under any circumstances, by Contractor without the prior written consent of the County. However, the Agreement shall run with the Escambia County Board of County Commissioners and its successors. CAR 4.6 Miscellaneous. If any term or condition of this Agreement shall be invalid or unenforceable, the remainder of the terms and conditions of this Agreement shall remain in full force and effect. This Agreement shall not be more strictly construed against either party hereto by reason of the fact that: one party may have drafted or prepared any or all of the terms and provisions hereof. 4.7 Public Records. The parties acknowledge that this Agreement and any related ?nancial records, audits, reports, plans correspondence, and other documents may be subject to disclosure to members of the public pursuant to Chapter 119, Florida Statutes. If PADP fails to comply with the provisions of Chapter 1 19, Florida Statutes, the County may, without prejudice to any other right or remedy, and after providing seven (7) days prior written notice, terminate the Agreement. IN WITNESS WHEREOF, the parties hereto have made and executed this Agreement on the respective dates under each signature: COUNTY: ESCAMBIA COUNTY, FLORIDA By: AT TEST: Pam Childers JeffBergosh, Chairman Clerk of the Circuit Court Date: Deputy Clerk BCC Approved: PENSACOLA ARENA DEVELOPMENT PARTNERS, LLC By: Witness Date: Witness Approved as to on 1 and icgah suf?ciency. Byfl?itlc: CAR CAR PROPOSED FINANCIAL LEASE MODEL FOR THE REPLACEMENT OF THE PENSACOLA BAY CENTER NMOLN M00 I . I .1 Without Total availability payme :11 Base Rent Additional rent (Index linked) .. 3? 5,264,962 4,789,967 475,000 5,054,217 4,564,967 489.250 4,843,895 4,339,967 503.928 4,634,012 4,114,967 519.045 4.424.534 3,889,967 534,617 3,720,954 3,170,299 550,655 3,737,474 3,170,299 567,175 OII NMOLNMOO With Total availability pavrnent Base Rent Additional rent (Index linkedWithout Total availability Base Rent Additional rent (Index linked) Additional operating reserve funding 1842,784 3,367,784 475,000 3,632,034 3,142,784 489,250 3,421,712 2,917,784 503,928 3,211,330 2,692,784 519,045 3,002,401 2,467,784 534,617 2,298,772 1,748,117 550,655 2,315,291 1,748,117 567,175 4,010,452 3,535,452 475,000 3.988.094 3,498,844 489,250 4,182,771 3,498,844 503,928 180,000 4,203,289 3,498,844 519,045 135,400 4,224,422 3,498,844 534,617 190,962 4,246,190 3,498,844 550,655 196,691 4,263,610 3,498,844 567,175 202,592 OI I ?Nth Total availability pavment Base Rent Additional rent (Index linked) Additional operating reserve funding 2,943,694 2,468,694 475,000 2.732544 2,243,694 489,250 2.74 1,230 2,057,352 503,928 130,000 2,744,205 2,039,760 519,045 105.400 2,765,339 2,039,760 534,617 190,962 2,787,106 2,039,760 550,655 196,691 2,809,526 2,039,760 567,175 202,592 CAR PROPOSED FINANCIAL LEASE MODEL FOR REPLACEMENT OF THE PENSACOLA BAY CENTER - 3L . I 9 I Without Total availability payment Base Rent Additional rent {index linked} .- 712395797 mama, 5:75. 7? ?ffz?= 3,754,489 3,170,299 584,190 3,772,015 3,170,299 601,716 3,790,066 3,303,659 3,170,299 3,170,299 619,767 638,360 3,827,810 3,170,299 657,511 3.84 7,536 3, 170,299 677,236 3.367.353 3,170,299 697,554 With Total availability pay-merit Base Rent Additional rent (Index linked) HLHON (ITWithout Total availability payment Base Rent Additional rent (Index linked) Additional Operating reserve funding NMOLNMOG 2,332,307 1,748,117 584,190 2,349,832 1,748,117 601,716 2,367,884 2,396,477 1,748,117 1,748,117 619,767 638,360 2,405,623 1,748,117 657,511 2,42 5,353 1,748,117 677,236 2,445,570 1,743,117 697,554 4,291,703 3,498,844 584,190 208,669 4.3 15 .489 3,498,844 601,716 214,929 4,339,988 4,365,223 3,498,844 3,498,844 619,767 638,360 221,377 228,019 4,391,214 3,498,844 657,511 234,859 4,417,985 3,498,844 677,236 241.905 4,445,559 3,498,844 697,554 249,162 With NMTB Total avaiiahility payment Base Rent Additional rent (index linked) Additional operating reserve funding HLBON OI I 2,832,619 2,039,760 584,190 208.569 2,355,405 2,039,760 601,716 214.929 2.380, 904 2,906, 139 2,039,760 2,039,760 619,767 638,360 221,377 228,019 2,932,130 2,039,760 657,511 234,859 2,953,901 2,039,760 677,236 241,905 2,936,475 2,039,760 697,554 249,162 CAR PROPOSED FINANCIAL LEASE MODEL FOR THE REPLACEMENT OF THE PENSACOLA BAY CENTER NMOLNMOCI .Without Total availability payment Base Rent Additional rent (Index linked] tie ?185mg 83! .5- 3,858,773 3,170,299 718,480 3,910,334 3,170,299 740,035 3,932.5 35 3,170,299 762,236 3,955,402 3,170,299 785,103 3,978,955 3, 170,299 808,656 4,003,215 3,170,299 832,915 4,023,202 3,170,299 857,903 01: I With Total availability payment Base Rent Additional rent (index linked) NMOLNMOG 0 I I I - Without Total availability payment Base Rent Additional rent (Index linked) Additional operating reserve handing 2,455,597 1,748,117 718,480 2,435,151 1,748,117 740,035 2,510,352 1,748,117 762,236 2,533,213 1,748,117 785,103 2.555.772 1,748,117 808,656 2,551,032 1,748,117 832,915 2,505,019 1,748,117 857,903 14,473,951 3,498,844 718,480 256,637 4,303,214 3,498,844 740,035 264,336 4,533,345 3,498,844 762,236 272,266 4,564,380 3,498,844 785,103 230,434 4,595,347 3,498,844 808,556 288,847 4,529,272 3,498,844 832,915 297,513 4,663,134 3,498,844 857,903 306,438 HLHON 01 With Total availability payment Base Rent Additional rent (Index linked) Additional operating reserve funding 3.014.877 2,039,760 718,480 256,637 3,044,130 2,039,760 740,035 264,335 3.074252 2,039,760 762,236 272,266 3,105.29? 2,039,760 785,103 280,434 3. 137,263 2,039,760 808,656 288,847 3,170.188 2,039,760 832,915 297,513 3,204,101 2,039,760 857,903 306,438 CAR PROPOSED FINANCIAL LEASE MODEL FOR THE REPLACEMENT OF THE PENSACOLA BAY CENTER NMOLNMOCI Without Total availability! payment Base Rent Additional rent (Index linked] - 4.053.939 3,170,299 883.640 4,080,448 3,170,299 910,149 4,107,753 3,170,299 937,454 4,135,876 3,170,299 955,517 4,164,844 3,170,299 994,545 4,194,630 3,170,299 1,024,381 4,225,411 3,170,299 1,055,112 OI With Total availal'Jilitiyr payment Base Rent Additional rent (Index linked) a I - - . Without Total payment 2.031.756 1,748,117 883,640 2.655266 1,748,117 910,149 2,685,570 1,748,117 937,454 2,713,694 1,748,117 965,577 2,742,661 1,748,117 994,545 2,772,457 1,748,117 1,024,381 2,003.229 1,748,117 1,055,112 4,598,115 4 ,734,093 4,771,150 4,809,320 4343.534 4,889,127 4,930,336 Base Rent Additional rent (Index linked) Additional operating reserve funding 3,498,844 883,640 315,631 3,498,844 910,149 325,100 3,498,844 937,454 334.853 3,498,844 965,577 344,899 3,498,844 994,545 355,246 3,498,844 1,024,381 365,903 3,498,844 1,055,112 376,880 UT With Total availability payment Base Rent Additional rent (Index linked) Additional operating reserve funding 3,239,031 2,039,760 883,640 315.53 1 3,275,003 2,039,760 910,149 32 5,100 3,312,056 2,039,760 937,454 334,853 3,350,236 2,039,760 965,577 344,899 3,355,550 2,039,760 994,545 355,246 3,430,044 2,039,760 1,024,381 355.903 3,471,752 2,039,760 1,055,112 375,330 L-I II HVO PROPOSED FINANCIAL LEASE MODEL FOR THE REPLACEMENT OF THE PENSACOLA BAY CENTER Without Total avaiiahilitv payment 4,257,065 3 Base Rent 3,170,299 8 Additional rent (Index linked) 1,086,766 With Total pavrnEn'l 2,834,882 2 Base Rent 1,748,117 2 Additional rent (index linked) 1,086,766 Will-mull Total availability payment 4,9?3395 5 Base Rent 3,498,844 Additional rent (Index linked) 1,086,756 0 Additional operating reserve funding 388,186 I With Total availability payment 3,514,712 2 Base Rent 2,039,760 3 Additional rent (Index linked) 1,086,766 Additional operating reserve funding 388,186