Cowboys Estimate
Cowboys Estimate
4/4/2010
$325,000,000
25,000,000
$350,000,000
29.2%
$148,000,000
$76,000,000
$350,000,000
$276,000,000
$850,000,000
$1,200,000,000
70.8%
100.0%
# Seats
50,000
1,200
14,000
1,000
12,000
78,200
288 Suites
12,000
15,000
34,000
1,200
14,000
1,000
Price
$900
$1,250
$1,250
$1,250
$1,250
$250,000
$1,250
$2,150
$4,000
$12,000
$30,000
$150,000
Tickets
$45,000,000
$1,500,000
$17,500,000
$1,250,000
$13,500,000
$78,750,000
$26,775,000
$51,975,000
PV (.05,30)
$411,600,000
$799,000,000
$72,500,000
13,500,000
$59,000,000
$907,000,000
$32,250,000
$10,965,000
$21,285,000
$76,000,000
$92,600,000
$327,200,000
$136,000,000
$14,400,000
$420,000,000
$150,000,000
$720,400,000
$720,400,000
$90,000,000
$30,000,000
$120,000,000
$290,000,000
$1,844,700,000
$504,200,000
$4,674,300,000
$5,178,500,000
*Cowboys one-third partner in Legends Hospitality Management with New York Yankees, Goldman Sacs and CIC Partners in 2008.
Source: John Vrooman, Vanderbilt University 4/6/2010
22
John Vrooman
NFL Stadium
Year
Seats
Suites
Dolphins Stadium
Georgia Dome
Qualcomm Stadium
FedEx Stadium
Raymond James Stadium
Paul Brown Stadium
Heinz Field
1987
1992
1997
1997
1998
2000
2001
75.4
71.2
71.5
91.7
66.3
65.6
64.5
216
203
113
284
195
114
129
Altell Stadium
Edward Jones Dome
McAfee Coliseum
Bank America Stadium
M&T Bank Stadium
LP Field
Browns Stadium
Reliant Stadium
1995
1995
1995
1996
1998
1999
1999
2002
73.0
65.3
63.1
73.4
69.3
67.7
73.2
69.5
2001
2002
2002
2002
2003
2003
2003
2006
2008
2009
2010
2010
2012
Club
$Cost
$Team
$NFL
$PSL
%Private
10,209
4,688
7,800
15,000
12,300
7,600
6,600
115
214
78
251
169
458
284
102
0
18
180
15
44
113
30
20
0
90
0
0
0
0
0
0
0
0
26
37
.887
.000
.231
.720
.089
.096
.398
85
124
143
158
108
143
147
191
11,200
6,150
6,300
11,358
7,900
9,600
8,754
8,250
141
299
128
248
229
292
314
449
20
0
0
187
29
71
79
132
0
0
0
34
0
0
48
0
0
78
68
122
65
71
25
50
.142
.000
.000
.763
.127
.243
.252
.331
76.2
68.8
64.4
67.0
67.6
61.5
71.0
63.4
63.0
80.0
77.1
82.5
124
80
132
82
172
133
167
88
142
320
133
217
8,200
6,000
8,641
7,700
10,828
8,600
6,260
7,500
7,100
15,000
10,000
10,000
401
412
500
430
518
632
295
455
675
1,150
375
1,600
100
340
375
130
330
200
126
147
100
800
125
1,600
48
141
100
63
125
100
13
42
33
76
43
300
0
0
0
17
70
70
93
0
0
470
0
355
.250
.825
.750
.302
.637
.316
.427
.323
.148
.696
.333
1.000
68.5
150
8,000
937
823
150
.878
EXHIBIT C
PRELIMINARY COWBOYS COMPLEX PROJECT BUDGET
CITY OF ARLINGTON, TEXAS
Budget
SF Total Structure
SF Footprint
2,115,433
414,272
Excavation / Dewatering
Plaza Landscape/Hardscape
Foundations
Basement Walls
Access Tunnel to Event Level
Playing Field
Stadium Structure
Seating Bowl Structure
Roof Structure (Operable & Fixed)
Total Structure Cost
$
$
$
$
$
$
$
$
$
$
14,528,269
4,188,950
12,196,862
11,849,880
4,460,304
2,860,167
63,684,636
15,669,569
107,086,927
236,525,564
Exterior Skin
End Zone Build Out - Operable End Zone
Total Skin Cost
$
$
$
27,822,797
4,364,260
32,187,057
$
$
$
$
$
$
$
$
$
25,767,722
9,614,068
1,760,040
9,509,277
6,385,760
12,611,716
7,349,144
7,500,000
80,497,727
Mechanical Systems
Electrical Systems
Total Systems Cost
$
$
$
68,209,733
27,222,033
95,431,766
$
$
$
Not Included
16,002,000
17,305,991
33,456,507
General Conditions(3.5%)
Fee / Bonds (Fee - 3% / Bonds - 1%)
Contingency (3.5% Construction / 3.5% Design)
Escalation
ARL400/20000
Dallas Stadium - Master Agreement (with updated Exhibit A) Re Dallas Cowboys Complex Development Project (2).DOC
C-1
66,764,498
$
$
$
$
$
17,919,933
8,959,966
4,095,995
16,329,517
47,305,411
558,712,023
$
$
$
$
$
$
$
$
$
10,698,000
6,874,400
4,000,000
42,000,000
8,853,000
5,560,990
6,513,000
6,900,000
91,399,390
650,111,413
Disclaimer
The amounts contained in this Budget are preliminary. They may not be relied upon. They may
be adjusted in the future. The final Budget will be based upon final plans for the Project
prepared for and acceptable to the Dallas Cowboys Football Club.
ARL400/20000
Dallas Stadium - Master Agreement (with updated Exhibit A) Re Dallas Cowboys Complex Development Project (2).DOC
C-2
20
John Vrooman
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
National Revenue
Television and radio
Road games
NFL Properties income
Expansion Fees
Total National Revenue
94.48
16.18
36.46
147.12
87.58
15.14
32.85
135.58
84.66
14.12
26.09
124.87
87.33
12.92
15.07
115.33
84.23
12.04
14.53
110.80
81.18
11.38
7.31
3.33
103.20
77.14
10.77
4.70
5.00
97.61
69.40
10.20
5.29
4.96
89.85
65.11
9.41
6.19
5.00
85.72
61.00
9.40
4.16
5.00
79.56
61.82
8.34
4.25
16.79
91.19
42.57
8.14
3.72
0.63
55.05
41.41
7.25
3.13
2.57
54.37
Local Revenue
Home games
Private box income
Venue Revenue
Total Local Revenue
31.10
12.83
56.89
100.81
30.89
12.06
62.81
105.76
29.00
11.78
52.42
93.20
28.45
11.29
53.34
93.08
26.64
10.95
51.95
89.54
26.54
10.48
42.20
79.23
20.50
10.53
29.46
60.49
17.84
7.63
21.64
47.11
17.89
5.79
19.40
43.08
14.58
5.79
13.88
34.25
12.43
4.38
11.48
28.30
12.47
4.38
10.92
27.77
10.85
3.78
9.14
23.76
247.93
241.34
218.07
208.41
200.34
182.43
158.10
136.97
128.80
113.81
119.49
82.82
78.13
Operating Expenses
Player costs
Other Operating Expenses
Total Operating Expenses
138.70
89.12
227.82
124.65
95.26
219.92
110.69
73.14
183.83
102.87
84.61
187.48
97.87
68.39
166.25
96.10
53.85
149.95
77.64
52.26
129.90
78.84
49.90
128.74
77.29
43.74
121.03
76.64
32.59
109.23
66.01
29.70
95.71
48.46
26.32
74.77
46.69
24.37
71.07
20.11
21.42
34.25
20.93
34.09
32.48
28.20
8.23
7.77
4.58
23.78
8.05
7.06
Packers Debt
34.06
34.18
35.85
46.96
35.56
34.55
34.88
20.24
16.86
16.17
11.05
13.93
8.92
1,019.0
1,023.0
927.0
911.0
849.0
756.0
609.0
474.0
392.0
337.0
320.0
244.0
186.0
$225 million Lambeau Field renovation in 2003. Packers $126 million share of costs included $93 million PSLs and $13 million NFL G-3 loan.
Expansion fees: one-time $16.8 million from Cleveland Browns for 1/29 share of $487 million net fee in 1998 (actual $530 million fee includes $43 million NFL stadium loan).
Houston Texans $700 million expansion fee includes 1/30 share: $5 million annually1999-2003 and $3.3 million in 2004
Source: Green Bay Packers, Inc.
QuickAnalysisofArlingtonCowboysStadiumBondsbyJohnVrooman,EconomicsProfessor,Vanderbilt
University
BasedonpreviousknowledgeandestimatesandyourdocumentsthereseemtobetwoCityofArlingtonbond
issues:
$148millioninprivateissuetaxablemunicipalbondsatabout6.126%interestfor30years20072036.
Thesebondsaresecuredbya10%tickettaxanda$3/vehicleparkingtaxonalleventsatCowboysStadium.The
annualdebtserviceisapproximately$10.9millionperyear.TheCowboysestimatethatthesetaxesproduced
about$9.3millionin2009.Thebondsarealsoguaranteedbyanunspecifiedstadiumcashflowofabout$10.3
millionin2009.Thisadditionalguaranteegivesacoverageratioofabout2:1whichisrelativelysafe.TheCowboys
ticketandparkingestimatesincreaseat2%peryear.Theseestimatesarerealisticandontheconservativeside.
Theonlyissueliesinthenatureoftheguarantee,whichisapparentlyexplainedinanotherpartofthedocument.
Withouttheguaranteethecoverageratiosoflessthanoneareveryrisky.Asfarastheproformaanalysisgoesthe
coverageratiosaremorethanadequate,inspiteofvariousbusinessrisks,suchasthelossoftheBig12
Championshipgameafter2011.
$325millionintaxfreemunibondsissuedataguesstimateofabout4%for25years20102034(youshouldbe
abletoverifymyguesstimates)
Thesebondsaresecuredby.5%salestaxintheCityofArlington.TheCityestimatesthatthetaxwillraiseabout
$27millioninrevenuescomparedtotheaveragedebtserviceofabout$21million.Onitsfacethiscoverageratio
ofjustoveronelooksalittlesketchyandtheconvergenceofrevenueanddebtservice(especiallyduringtheten
years20182027)isprobablywhatcaughtyoueye.Asyoucantellfromthespreadsheet,however,the$6million
orsosurplusaccumulatesyearafteryearinthecolumnlabeleddebtserviceendingbalancesoforexamplethe
coverageratioreaches2:1in2015andthereafter.By2034thetaxwillhavegeneratedadebtservicefundofan
estimated$170million.BasedontheseestimatestheCitycouldevenretirethedebt5or6yearsearly.These
estimatesarealsorelativelysafeandconservative.TheCitysafelyassumeszerogrowthin$27millionsalestax
revenueafter2010.ItisalsoimportanttorememberthatthisisthesametaxbasethatretiredRangersstadium
debtearly.
ThisanalysisshouldconfirmthattheCityofArlingtonisrelativelysafe,butitdoesnotservetojustifytheuseof
publicmoneyforprivateDallasCowboysgain.Ifweconsiderthe$148millionbondissueaspublicspendingthe
private/publicCowboys/Arlingtonratioofspendingisabout60/40.Thegoodnewsisthatthisisabetterdealfor
thepublicthanmoststadiumdealsinsmallermarketsbutthisiswaytoomuchpublicinvolvementtohelp
Americasteamandoneoftheworldsmostvaluablesportsfranchises.Thebadnewsisthatinmyseparate
estimates,over30yearstheCowboysprivaterevenuesalonecaneasilycoverthetotal$1.2billioncostofJerry
Worldbyaratioofgreaterthan4to1.
July1,2010
Period
Ending
Total
Debt Service
Bond Insurance
(19.8 bps paid
semi-annual)
01/01/2007
07/01/2007
01/01/2008
07/01/2008
01/01/2009
07/01/2009
01/01/2010
07/01/2010
01/01/2011
07/01/2011
01/01/2012
07/01/2012
01/01/2013
07/01/2013
01/01/2014
07/01/2014
01/01/2015
07/01/2015
01/01/2016
07/01/2016
01/01/2017
07/01/2017
01/01/2018
07/01/2018
01/01/2019
07/01/2019
01/01/2020
07/01/2020
01/01/2021
07/01/2021
01/01/2022
07/01/2022
4,076,194.46
4,529,104.95
4,529,104.95
4,529,104.95
4,529,104.95
4,529,104.95
9,039,104.95
4,390,963.65
4,820,963.65
4,377,792.75
5,002,792.75
4,358,649.00
5,193,649.00
4,333,072.95
5,398,072.95
4,300,452.00
5,610,452.00
4,260,326.70
5,835,326.70
4,212,084.45
6,072,084.45
4,155,112.65
6,325,112.65
4,088,645.55
6,588,645.55
4,012,070.55
6,867,070.55
3,924,621.90
7,159,621.90
3,825,533.85
7,475,533.85
3,713,734.35
146,386.35
146,386.35
146,386.35
146,386.35
146,386.35
146,386.35
141,921.45
141,921.45
141,495.75
141,495.75
140,877.00
140,877.00
140,050.35
140,050.35
138,996.00
138,996.00
137,699.10
137,699.10
136,139.85
136,139.85
134,298.45
134,298.45
132,150.15
132,150.15
129,675.15
129,675.15
126,848.70
126,848.70
123,646.05
123,646.05
120,032.55
120,032.55
S&P
Monitoring
Trustee
10,000
6,000
10,000
6,000
10,000
6,000
10,000
6,000
10,000
6,000
10,000
6,000
10,000
6,000
10,000
6,000
10,000
6,000
10,000
6,000
10,000
6,000
10,000
6,000
10,000
6,000
10,000
6,000
10,000
6,000
10,000
6,000
Debt Service
Reserve Fund
(50%)
150,000
150,000
150,000
150,000
150,000
150,000
150,000
150,000
150,000
150,000
150,000
150,000
150,000
150,000
150,000
150,000
150,000
150,000
150,000
150,000
150,000
150,000
150,000
150,000
150,000
150,000
Capitalized
Interest
(through
07/01/2009)
Capitalized
Expenses
(through
07/01/2009)
4,076,194.46
4,529,104.95
4,529,104.95
4,529,104.95
4,529,104.95
4,529,104.95
162,386.35
146,386.35
162,386.35
146,386.35
162,386.35
146,386.35
Net
Debt Service
9,047,026.40
4,382,885.10
4,828,459.40
4,369,288.50
5,009,669.75
4,349,526.00
5,199,699.35
4,323,123.30
5,403,068.95
4,289,448.00
5,614,151.10
4,248,025.80
5,837,466.55
4,198,224.30
6,072,382.90
4,139,411.10
6,323,262.80
4,070,795.70
6,584,320.70
3,991,745.70
6,859,919.25
3,901,470.60
7,149,267.95
3,799,179.90
7,461,566.40
3,683,766.90
Bond Insurance
(19.8 bps paid
semi-annual)
Period
Ending
Total
Debt Service
01/01/2023
07/01/2023
01/01/2024
07/01/2024
01/01/2025
07/01/2025
01/01/2026
07/01/2026
01/01/2027
07/01/2027
01/01/2028
07/01/2028
01/01/2029
07/01/2029
01/01/2030
07/01/2030
01/01/2031
07/01/2031
01/01/2032
07/01/2032
01/01/2033
07/01/2033
01/01/2034
07/01/2034
01/01/2035
07/01/2035
01/01/2036
7,803,734.35
3,588,457.65
8,148,457.65
3,448,784.85
8,518,784.85
3,293,490.75
8,903,490.75
3,121,656.45
9,316,656.45
2,931,903.60
9,751,903.60
2,723,007.00
10,208,007.00
2,493,741.45
10,693,741.45
2,242,575.45
11,207,575.45
1,967,977.50
11,752,977.50
1,668,262.95
12,328,262.95
1,341,747.15
12,936,747.15
986,592.30
13,581,592.30
600,807.45
20,215,807.45
115,983.45
115,983.45
111,469.05
111,469.05
106,449.75
106,449.75
100,895.85
100,895.85
94,762.80
94,762.80
88,011.00
88,011.00
80,600.85
80,600.85
72,482.85
72,482.85
63,607.50
63,607.50
53,920.35
53,920.35
43,366.95
43,366.95
31,887.90
31,887.90
19,418.85
19,418.85
347,839,953.96
6,331,693.50
S&P
Monitoring
Trustee
10,000
6,000
10,000
6,000
10,000
6,000
10,000
6,000
10,000
6,000
10,000
6,000
10,000
6,000
10,000
6,000
10,000
6,000
10,000
6,000
10,000
6,000
10,000
6,000
10,000
6,000
10,000
300,000
174,000
Debt Service
Reserve Fund
(50%)
Capitalized
Interest
(through
07/01/2009)
Capitalized
Expenses
(through
07/01/2009)
150,000
150,000
150,000
150,000
150,000
150,000
150,000
150,000
150,000
150,000
150,000
150,000
150,000
150,000
150,000
150,000
150,000
150,000
150,000
150,000
150,000
150,000
150,000
150,000
150,000
150,000
6,150,000
13,950,000
Net
Debt Service
7,785,717.80
3,554,441.10
8,125,926.70
3,410,253.90
8,491,234.60
3,249,940.50
8,870,386.60
3,072,552.30
9,277,419.25
2,876,666.40
9,705,914.60
2,661,018.00
10,154,607.85
2,424,342.30
10,632,224.30
2,165,058.30
11,137,182.95
1,881,585.00
11,672,897.85
1,572,183.30
12,237,629.90
1,235,114.10
12,834,635.05
868,480.20
13,467,011.15
470,226.30
14,075,807.45
26,721,719.21
926,318.10
313,047,610.15
FiscalYear
2006
2007
BegBalDS
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
22,440,673
29,068,426
33,675,398
38,278,433
42,898,132
48,174,201
53,452,161
58,655,098
64,244,536
65,577,973
66,950,561
68,329,598
69,551,848
70,651,598
71,864,348
73,120,348
74,155,848
75,214,098
76,338,348
89,192,348
112,997,848
136,803,348
145,728,848
154,658,348
163,583,848
Revenues
24,225,351
24,894,730
25,698,720
25,856,662
27,034,404
27,012,000
27,012,000
27,012,000
27,012,000
27,012,000
27,012,000
27,012,000
27,012,000
27,012,000
27,012,000
27,012,000
27,012,000
27,012,000
27,012,000
27,012,000
27,012,000
27,012,000
27,012,000
27,012,000
27,012,000
27,012,000
27,012,000
27,012,000
27,012,000
StadiumDebtService
EndBalDS
ReserveBalance
20,406,652
22,405,028
22,408,965
22,392,302
21,735,931
21,734,041
21,809,063
21,422,563
25,678,563
25,639,413
25,632,963
25,789,750
25,912,250
25,799,250
25,756,000
25,976,500
25,953,750
25,887,750
14,158,000
3,206,500
3,206,500
18,086,500
18,082,500
18,086,500
18,086,250
$ 525,253,479
29,068,426
33,675,398
38,278,433
42,898,132
48,174,201
53,452,161
58,655,098
64,244,536
65,577,973
66,950,561
68,329,598
69,551,848
70,651,598
71,864,348
73,120,348
74,155,848
75,214,098
76,338,348
89,192,348
112,997,848
136,803,348
145,728,848
154,658,348
163,583,848
172,509,598
20,494,574