Capital Plan
Representative Capital Investment Plan

Representative Capital Proceeds Plan

Existing Industry Assets

Uses of Proceeds

Existing Real Property

Pimlico Racing and Community Development Concept Plan:

• Pimlico Property
• Laurel Park Property

Demolition, Infrastructure and Site Work
Tracks, infield and community spaces
Multi-purpose clubhouse and events center

$101,302,000
$33,099,000
$65,146,000

Total: Pimlico Project Costs

$199,547,000

Existing Sources of Funds - Available for Annual Debt Service
• Dedicated Racetrack Capital Improvement Funds

$8,500,000

Laurel Park Racing/Training/Stabling Concept Plan

• Horsemen Contribution (Purse Dedication Account)

$5,000,000

Demolition, Infrastructure and Site Work
Barns, Training, Backstretch

$47,917,000
$57,270,000

• City Infrastructure Contribution (VLT)

$3,500,000

Clubhouse and Paddock

$68,178,000

Total: Annual Debt Service Funds

$17,000,000

Available Proceeds from Existing Sources of Funds
• Bond Proceeds from Annual Debt Service
• Capital Improvements Funds (RFRA) Cash Balance (as of 3/31/21)
Total: Available Proceeds

Total: Laurel Park Project Costs

$173,365,000

Total: Concept Plans/Project Costs

$372,912,000

$348,000,000
$27,500,000
$375,500,000

Available Balance (Capital Repairs Fund - Initial Deposit/
Cost of Bond Issuance/Other)
Total: Uses of Proceeds

$1,588,000

$375,500,000

Assumptions and Notes:
• Proceeds from debt issuance dependent upon financial market conditions and determination of tax-exempt/taxable status. Plan assumes 2.75% blended interest rate, 30 year term.
• Assumes RFRA and Industry Annual Debt Service Funds available for duration of term of initial debt issuance.
• Assumes estimated RFRA cash balance as of 3/31/21. Subject to mutually agreeable concept plans, governmental approvals and definitive documents, assumes no further reimbursements/ payments from fund to MJC/TSG (est. + $8m).
• Assumes Capital Repairs Fund to be established and supplemented annually by remainder of RFRA cash balance in excess of debt service payments or other sources.
• Concept plans assume use or repurposing of certain RFRA funded assets (est. $12.5m - $15m - to be fully assessed as concept plans proceed).
• Subject to mutually agreeable concept plans, governmental approvals and definitive documents, Representative Capital Financing Plan contemplates TSG/MJC assuming responsibility annually for the costs and expenses associated with
temporary suites, structures and overlays, including for the Preakness Stakes® and Maryland Million (est. $10m per year).
• Concept and Capital Investment Plans subject to mutually agreeable governmental approvals and definitive documents, including the forms, structures, terms, conditions, covenants and reservations with respect to all agreements,
transactions, contributions, donations, leases and/or uses contemplated therein.