DRAFT COPY Feasibility Analysis of a Proposed Redevelopment of the Three County Fairgrounds June 13, 2005
DRAFT COPY Presentation Outline 1. 2. 3. 4. 5. 6. 7. 8. Introduction/Background Existing Facility and Community Analysis Competitive/Comparable Facilities Market Demand Supportable Building Program & Event Levels Financial Operations and Construction Costs Economic Impact Analysis Funding Alternatives
DRAFT COPY Existing Fairgrounds Site
DRAFT COPY 2005 Fairgrounds Events
DRAFT COPY Seasonal Fairgrounds Usage
DRAFT COPY Proximity to Lodging Properties
DRAFT COPY Local Market Strengths • Unique destination • Close driving proximity to two major metropolitan areas • Tourist destination with a variety of visitor amenities • Centralized geographic location within a populationdense regional area • Relatively strong name/product recognition for a small/mid-sized community • Renowned annual arts festivals and cultural events
DRAFT COPY Local Market Weaknesses • Limited number of traditional, full-service, convention -quality hotel properties • Limited number of sleeping rooms in largest hotels • Dispersed nature of hotel inventory • Proximity to larger regional area markets • Lack of direct commercial air access • Limited corporate base • Traffic, ingress/egress and parking issues • Cold weather destination
DRAFT COPY Competitive/Regional Facilities • • • Bayside Expo & Conf. Ctr. Boston Convention Center Connecticut Expo Center Cummington Fairgrounds Deerfield Fairgrounds Digital Credit Union Ctr. Eastern States Exposition Empire State Plaza Conv. Ctr Fort Washington Expo Ctr. Hartford Civic Center Hartford Convention Center • • • Hynes Convention Center Indoor Action Sports Dome Marshfield Fairgrounds Mass. Mutual Center Mullins Center Radisson Hotel Valley Forge Rhode Island Conv. Center Royal Plaza Center Saratoga Springs City Ctr. Topsfield Fairgrounds Valley Forge Conv. Center
DRAFT COPY Comparable Facilities • • • • CAM-PLEX Cedar Rapids Exhibition Ctr. Connecticut Expo Center Cummington Fair Delaware State Fairgrounds Deschutes Cty. Fairgrounds Dutchess County Fairgrounds Eastern States Exposition Erie County Fairgrounds Fort Washington Expo Center Garden State Exhibition Ctr. Island Grove Regional Park Lane County Fairgrounds Linn County Fair & Expo Ctr. • • • • Meadowlands Exposition Ctr. Monroe County Fairgrounds Pennsylvania Expo Center Pima County Fairgrounds QCCA Expo Center Reno Livestock Event Center Solano County Fairgrounds Sonoma County Fairgrounds Topsfield Fairgrounds Iowa State Fairgrounds Westchester County Center Western Idaho Fairgrounds York Expo Center
DRAFT COPY Population Comparison
DRAFT COPY Population/Exhibit Space Ratios Based on Population Within 25 Miles Based on Population Within 50 Miles 241. 86 222. 64 Implies undersupply of exhibit space 470. 08 306. 47 302. 02 128. 88 Implies undersupply of exhibit space Average Implies oversupply of exhibit space Northampton Hypothetical Exhibit Space Based on Average Penetration Ratio = 25, 000 Sq. Ft. 41, 300 Sq. Ft.
DRAFT COPY Potential User Survey Results Likelihood of Using an Expanded/Improved Facility
DRAFT COPY Event Seasonality
DRAFT COPY Equestrian Show Market Demand • Majority of existing equestrian/livestock events are secure; however, some shows could be lost over the long term • Interviews suggest a potential to attract a number of new shows to the Fairgrounds if certain improvements are made and dates are available. • The biggest areas of Complex deficiency include: – number of quality show/warm-up rings – lack of large number of portable stalls – poor condition of the grounds/structures/amenities – lack of a second covered arena/ring – limited availability of in-house portable tent and footing
DRAFT COPY Consumer Show Market Demand • Arena facility is inadequate for the large majority of show producers. • Opportunity exists to attract a moderate number of public/consumer shows, many niche-oriented. • Traditional exhibit space will be required. • Contiguous exhibit space is critical for most events. • Demand for two separated exhibit hall structures is not apparent at this time.
DRAFT COPY Program Issues • Retain Core Business • Consider Identity • Evolve Modestly • Racetrack • Exhibit Hall • Year-round Niche Events • Marketing
DRAFT COPY Supportable Program • Exhibit Space: 80, 000 sq. ft. contiguous • Arena: modest renovation • Stalls: replacement of existing with portable/stretch-frame • Show / Warm-up Rings: min. of 3 addt’l rings, incl. covered • Other Facilities: racetrack, other renovations, tents, entries • Amenities / Event Service: electrical, sound, footing • Grounds: improved parking/RV, electrical, etc.
DRAFT COPY Estimated Event Levels
DRAFT COPY Estimated Utilization Days
DRAFT COPY Estimated Attendance
DRAFT COPY Existing Fairgrounds – Financial Operating Characteristics
DRAFT COPY Redeveloped Fairgrounds – Estimated Financial Operations
DRAFT COPY Redeveloped Fairgrounds – Preliminary Construction Costs
DRAFT COPY Estimated Annual Direct Spending (Stabilized Operations, 2005 $)
DRAFT COPY Estimated Annual Economic Impacts (Stabilized Operations, 2005 $) Existing: Incremental: Total: Total Direct Spending $15, 483, 000 $19, 493, 000 $34, 976, 000 Total Output $21, 676, 000 $27, 290, 000 $48, 966, 000 Earnings $9, 290, 000 $11, 696, 000 $20, 986, 000 Employment 310 400 710
DRAFT COPY Funding Alternatives • • • Plan must include multiple participants/funding sources Operations income stream insufficient to cover debt service New economic impacts to Northampton community City participation should be solicited Various grant and assistance program opportunities, including: – Mass Econ Development Incentive Program – Comm Development Action Grant Program – Mass. Development grants/loans – Community Development Block Grant Program • Other private sector opportunities
Скачать презентацию DRAFT COPY Feasibility Analysis of a Proposed Redevelopment
e3be21c4318b2f1ea0b5447470c95c89.ppt