Tuesday, June 17: City council revues timeline for Bull Street Development
June 23, 2014
By Temple Ligon
Venue license agreement:
First reading was March 4; second reading, April 8.
Management and operation of venue projected for 30-year period fully executed.
Venue development agreement (VDA):
First reading set for June 24; second reading, July 15. Covers funding of city commitment of up to $29 million for the venue.
Secure architectural services:
Contract approval targeted for July 15; provides for design of venue.
Parking partners:
Issue RFI in July to seek interest from private parties to help city meet Bull Street Development (BSD) parking commitment.
Hospitality bond schedule:
June 24, first reading of ordinance.
June 25, POS sent to RFQ short list for secondary response.
July 2, receipt of secondary responses.
July 15, second reading of ordinance.
July 15, underwriter designation.
July 23, credit packages sent to NYC.
July 30-31, calls with rating agencies; Moodys’ @___; S&P @___.
August 7, receive ratings.
August 12, final POS posted.
August 20-21, pricing.
September 3-4, pre-close/close.
Venue development agreement:
Within 45 days of execution of VDA, BSD delivers draft area and building site declarations to parties.
Within 10 business days of receiving draft declarations, city and club (team) provide comments.
July 15, club files application for relocation of team to Columbia.
August 1, council approves VDA. Club cannot file for relocation until council VDA approval is complete.
Bull Street Development agreement:
Amendment executed by BSD.
September 1, BSC delivers venue survey and title work to city.
Prior to October 1:
July 15 (targeted), city selects architect.
City selects contractor services.
MiLB approves relocation of baseball team to Columbia.
City completes financing and obtains proceeds.
Club provides adequate proof of financing.
BSD provides adequate proof of financing.
City obtains all necessary governmental approvals.
Also by October 1, or as soon s conditions to commencement are met, date determined for construction commencement.
March 1, 2016, or as extended by excusable delay, city meets substantial completion deadline.
June 1, 2016, final completion.
Deal points still under consideration:
Bull Street Development LLC and club provide parking that complies with MiLB requirements.
City garage, once built, may provide VIP parking commitment if in suitable location for venue.
Penalty for failure to meet substantial completion deadline.
Conditions for commencement of construction:
Team relocation approved by MiLB.
Project architect selected.
BSD acquires and conveys property to city.
BSD acquires area and building site declarations to parties for approval.
City hires construction contractor.
City, club and BSD secure financing.
Club and BSD provide satisfactory proof of financing to city.
All necessary governmental approvals are obtained.
VDA terminates upon final completion of venue.
