1. business and industrial
2. construction

Indoor WaterPark Resort of the Rockies
Site Plan
31
U.S Whitewater Adventure Park
Project Description Highlights
PROJECT:
U.S Whitewater Adventure Park
PROGRAM:
20-acre artificial whitewater river system
Zip lines & high ropes course
Obstacle courses
A canopy tour
Climbing wall
Children’s play area
Team building area
Restaurant
Retail shops
Amphitheater
Multi-purpose event space
Outdoor structures
LOCATION:
Adjacent to Indoor Waterpark Resort of the
Rockies north of the Budweiser Events Center in
the city of Loveland, Larimer County
COST:
$60,976,000
TOTAL OUT-OF-TOWN VISITOR DAYS:
378,020
STATE SALES TAX INCREMENT REVENUE
GENERATED OVER 30 YEARS:
$37,792,295
32
Brief Description
As one of four whitewater parks in the U.S. and designed to Olympic standards, the U.S Whitewater
Adventure Park will bring the complete Rocky Mountain whitewater experience to Loveland and the Front
Range with numerous outdoor challenges, world-class whitewater, climbing and other adventure experiences
that promote healthy, active, outdoor lifestyles. Located – and highly visible – along Interstate 25 and north
of the Budweiser Event Center, the Whitewater Park will center around a 20-acre artificial whitewater river
system that offers varying levels of difficulty, and other wet and dry recreational attractions including zip lines,
high ropes course, obstacle courses, a canopy tour, climbing wall, canyoneering, children’s play area and team
building area. The Whitewater Adventure Park will also contain a restaurant, retail shops, an amphitheater,
multi-purpose event space, and a variety of outdoor structures, including bungalows and outdoor patios.
Detailed Description
Whitewater sports are some of the fastest growing sports in America. The recent trend among many towns
and cities to create Whitewater Parks has moved the sport from its traditional remote location to the heart of
some urban communities.
As one of four whitewater parks in the U.S. and designed to Olympic standards, the Whitewater Adventure
Park will bring the complete Rocky Mountain whitewater experience to Loveland and the Front Range with
numerous outdoor challenges, world-class whitewater, climbing and other adventure experiences that
promote healthy, active, outdoor lifestyles.
As part of it’s offering, the Whitewater Adventure Park could have the following options for visitors:
•Whitewater Passes: Allow attendees to participate in various whitewater activities on the recreational
and competition whitewater channels and the tubing channel.
•Dry Sport Passes: Dry Sport passes allow attendees to participate in land activities, including rock
climbing, zip lines, and canyoneering.
•Races and Events: This includes various registered competitions, which may consist of running, biking,
triathlon and paddling.
•Private Events: Including any corporate meetings, social gatherings, or civic events held at the
Whitewater Adventure Park’s indoor or outdoor group spaces.
•Concerts and Festivals: The Whitewater Adventure Park has the ability to host several music concerts
and festivals throughout the year, many of which would run in conjunction with races and whitewater
competitions.
•Private/Group Instruction: Whitewater classes and other instruction would be available to adults and
children. Instruction would include fee-based private and group lessons, certification programs and
clinics.
•Youth Paddling Team and Youth Paddling Camps: Youth based programs would consists of fee-based
after school and summer programs.
List of entities involved with development of project and organization charts of entities
Development and Management: S2ops
The goal of the Whitewater Adventure Park is to gain the designation as an Olympic Training Center. Along
with this title, the park will also be capable of hosting events such as the U.S. Olympic Team Trials and other
national and international events. It will also be the country’s premier swiftwater rescue training center, which
will allow rescuers worldwide to train in a controlled environment.
Located – and highly visible – along Interstate 25 and north of the Budweiser Event Center, the Whitewater
Park will be part of a multi-use development.
The centerpiece of the Whitewater Adventure Park will be a 20-acre artificial whitewater river system that
offers varying levels of difficulty, including an Olympic standard whitewater channel, an intermediate level
recreational channel and a beginner tubing channel. Other wet and dry recreational attractions will provide
a variety of activities, including zip lines, high ropes course, obstacle courses, a canopy tour, climbing wall,
canyoneering, children’s play area and team building area. The Whitewater Adventure Park will also contain
a restaurant, retail shops, an amphitheater, multi-purpose event space, and a variety of outdoor structures,
including bungalows and outdoor patios.
33
Background of entities, and specified contributions by the entities to the project
S2ops
S2ops was created to bring adventure whitewater parks to communities throughout the world.
Our goal is to provide healthy, active, outdoor recreation to people who would not otherwise have the chance
to experience these adventures. Our facilities are designed to bring whitewater rafting, climbing, challenge
courses, team-building, and a host of other activities right into the towns and cities where people live. Our
parks provide people a place to try something new and then make it a part of their routine so that they can
come back again and again as they pursue these lifestyle sports. People who could never find the time can
now go kayaking at lunch, or rafting after work. They can bring their school or church groups to the river for a
“day away” only minutes from their homes.
We design these parks to be regional attractions that market themselves. We operate these parks as event
centers that host paddling, climbing, running and other events in addition to music and festivals. These
national and international-level events, such as the U.S Olympic Team Trials can bring crowds of tens-ofthousands of people to the venue while also marketing the site, the City, and the State in the national and
international media.
Our motto at S2ops is simple: Design-Build-Operate. We are believers that efficiency and haste are the recipes
of successful venues. Once a project is given the green-light, S2ops begins an efficient design and approvals
process that is designed to be inclusive of the local City, adjacent properties and regional objectives, while
streamlined for timely implementation.
Our operations department works hand-in-hand with the designers to ensure that the venue is designed for
its guests, while being mindful of creating a profitable and seamless operations and maintenance design and
plan. Our facilities are designed to expand into the future contemplating future amenities and complementary
activities in the surrounding area.
Lastly, we believe in the communities in which we invest; it is our goal to partner with the City of Loveland to
create a venue that is not only profitable, but that provides a mutual benefit with the City.
34
Team
Estimated overall cost and status of financing commitments and estimated eligible costs and identification
of eligible costs that will be covered
Sources and Uses of Funds - U.S. Whitewater Adventure Park
Sources of Funds
Private Debt
$39,231,200
Portion paid by State Sales Tax Increment
$0
Portion paid by Public Improvement Fees (PIF)
$0
Private Equity
$9,807,800
Net Proceeds from Tax Exempt / Taxable Bonds
$11,937,000
Portion paid by State Sales Tax Increment
$1,012,329
Portion paid by Local Govt Tax Increment Tax Increment
$816,729
Portion paid by Public Improvement Fees (PIF)
$10,022,275
Portion paid by Participant Facility Fees
$0
Portion paid by Developer Contribution / Guarantee
$85,667
Total Sources of Funds
$60,976,000
Uses of Funds
Land
$10,454,000
Building Construction
$36,686,000
FF&E
$0
Soft Costs and Contingency
$13,836,000
Total Uses OF Funds
$60,976,000
Source: Anderson Analytics
HVS has independently projected operating statements for the project and subsequently applied conventional financing
and valuation assumptions to the same. The banking industry is considerably more healthy and aggressive; additionally
private equity is again seeking attractive returns compared to the financing environment seen just a few years ago. Based
upon this, the HVS assumptions are relied upon to be achievable.
35
Phasing of eligible improvements (this should only be a summary but more detail should be provided to the
phasing description required by the third party analyst and in item 10, Below).
This project does not require phasing. With anticipated approval of the project slated for January 2016,
we expect 18-24 months of construction and an anticipated opening date of January 2018. These dates are
subject to change with the timing of the RTA application.
Project Start Date
January 2016
Project Completion Date
December 2017
Project Opening Date
January 2018
Infrastructure existing or needed in connection with Project
Upcoming, pre-approved infrastructure update to Crossroads Boulevard and I-25 Interchange
The Colorado Department of Transportation (CDOT) approved Crossroads Boulevard and I-25 interchange
improvements on Dec. 18, 2014. CDOT will use $30 million to reconstruct the I-25 bridges over Crossroads
Boulevard in Loveland. The project will widen the roadway in preparation for CDOT’s plan to expand I-25 to
six lanes — three in each direction — from Longmont to Fort Collins. Construction will likely begin in spring
2016 and last until fall 2017. Funding for this project is coming from CDOT and the North Front Range Planning
Organization, an MPO.
Utility Analysis: North Ranch Park – White Water Park
Project Location: Loveland, CO
Project County: Larimer County
Utility Summary:
Water: Potable in Fairground Ave. will be distributed with Project Master Plan – 1000’ East
Provider: Fort Collins / Loveland Water District
Irrigation: Provider: None – Irrigate with Potable water
N/A
Sewer: Provider: Sewer in Fairground Ave. will be distributed with Project Master Plan – 1000’ East
South Fort Collins Sanitation District
Roadway: Main Roadway on East side of Master Plan (Fairgrounds Ave.) Roads distributed onsite with
Master Plan
Provider: City of Loveland
Electric: Provider: Electric in Fairground Ave. will be distributed with Project Master Plan – 1000’ East
Loveland Water and Power
Gas: Provider: Gas in Fairground Ave. will be distributed with Project Master Plan – 1000’ East
Xcel Energy
Communication:
Communication facilities in Fairground Ave. will be distributed with Project Master Plan –
1000’ East
Provider Fiber: Century Link / Comcast
Cable: Comcast
36
U.S Whitewater Adventure Park
Site Plan
37
National Sports & Tournament Center
Project Description Highlights
PROJECT:
National Sports & Tournament Center
PROGRAM:
Bo Jackson Elite Sports Training Facility:
105,800 SF multipurpose sports dome
•
Multi-purpose turf fields
•
Baseball and softball diamonds
•
Batting cages
•
Strength and agility training areas
•
Administrative offices
8,186 SF building
•
Retail area
•
Nike showroom
•
Concession stand
•
Meeting rooms
•
Office Space
OUTDOOR SPORTS COMPLEX:
9 world-class fields
7 multi-purpose, all-weather lighted turf fields
one championship baseball/softball lighted field
one championship rectangular field for soccer,
lacrosse, football, etc.
4,000 SF clubhouse
Playground
Bullpens
Hitting instruction cages
1,200 parking spaces
SPORTS SCIENCE PAVILION & EARTH TREKS
INTERNATIONAL CLIMBING FACILITY:
28,500 SF indoor climbing facility
25,500 SF Sports Science Pavilion
LOCATION:
South of the Larimer County Fairgrounds in
Loveland, Larimer County
COST:
$37,950,000
TOTAL OUT-OF-TOWN VISITOR DAYS:
361,115
STATE SALES TAX INCREMENT REVENUE
GENERATED OVER 30 YEARS:
$38,194,455
38
Brief Description
The National Sports & Tournament Center is a destination sports and wellness campus, housing three
independently operated, but cohesive elements for athletes at every level of competition. The National
Sports & Tournament Center includes a Bo Jackson Elite Sports Training Facility with a 105,800 square foot
multipurpose sports dome containing multi-purpose turf fields, baseball and softball diamonds, batting cages,
strength and agility training areas; an Outdoor Youth Sports Complex, a super-regional tournament venue
hosting baseball, softball, soccer, and lacrosse tournaments; the Sports Science Pavilion, the first Colorado
facility to focus on prehab/rehab, baseline testing and technology in sports and science, and the Earth Treks
International Climbing Facility, offering a 28,500 square foot indoor climbing facility. This is a project by
McWhinney.
Detailed Description
The National Sports & Tournament Center is a destination sports and wellness campus, housing three
independently operated, but cohesive elements for athletes at every level of competition. National Sports
& Tournament Center is designed to be a globally recognized destination creating access to the latest
technologies in sports science, performance analytics and team development. Key to the mission of the center
is to provide access for youth and amateur (including senior athletes) that would otherwise not be available
and allow athletes access to technologies and equipment that have historically been available only the most
elite athletes. The National Sports & Tournament Center includes:
•Bo Jackson Elite Sports Training Facility: This facility will be one of only three Bo Jackson Elite Sports
domes in the country and is the only facility of its kind west of the Mississippi River. In addition, this will
be the only Bo Jackson facility offering athletes access to full-size, world-class fields directly adjacent
to the dome, with the outdoor fields portion of the campus. Owned and operated by Bo Jackson’s Elite
Sports, one of the most renowned leaders of indoor sports training centers in the country, the facility
will allow athletes the unique ability to train indoors with access to full size outdoor fields at the same
complex.
Occupying approximately 114,000 square feet on the northwest portion of the site, the Bo Jackson facility will
consist of a 105,800 square foot multipurpose sports dome and an attached 8,186 square foot building. The
dome structure will contain multi-purpose turf fields, baseball and softball diamonds, batting cages, strength
and agility training areas that provide opportunities to train in baseball/softball, football, lacrosse and soccer
all under the dome. Administrative offices will also be housed in the dome. The building structure will contain
a retail area, a Nike showroom, concession stand, lobby, meeting rooms, and office areas.
•
105,800 square feet of domed athletic facility for training
•
8,186 square feet of hard structure for concession, meeting rooms, offices and restrooms
The outdoor sports complex will have the ability to host world-class sport tournaments and will also contain
action sports or X-Games type motocross/mountain bike track. The facility will be able to host action sport
events in motocross and mountain biking such as the Red Bull Motocross Events.
It will include 9 world-class fields; 7 multi-purpose, all-weather lighted turf fields; one championship baseball/
softball lighted field and one championship rectangular field for soccer, lacrosse, football, etc. The complex’s
artificial turf fields would be lighted and will accommodate a variety of field configurations depending on the
sport and age of the participants. For any given tournament, fields can be configured to accommodate the
following sports:
•Baseball: 8 full-size fields and 8 youth fields or 12 youth fields
•Softball: 12 fields
•Soccer: 8 full-size fields and up to 20 youth fields, depending on age group
•Lacrosse: 8 full-size fields and up to 20 youth fields, depending on age group
Other outdoor sports complex amenities will include a 4,000 square foot clubhouse, concession stands,
restrooms, a playground, bullpens, hitting instruction cages, and approximately 1,200 parking spaces.
•Sports Science Pavilion & Earth Treks International Climbing facility: This unique facility is a joint use
development designed to host elite national competitions, world championships while also having a
regional daily visitor draw for athletes at all skill levels. This will be the first Colorado facility to focus
on prehab/rehab, baseline testing and technology in sports and science. Earth Treks will operate the
28,500 square foot world-class indoor climbing facility. Climbing walls will be built so that they can be
adjusted for any competition/skill level and the facility will offer an ample amount of bouldering and
roped climbing for all ages and abilities. The rock climbing facility will be built to attract and host large
world-class climbing championships, International Federation of Sports Climbing events and more. The
25,500 square foot Sports Science Pavilion will be leased by University of Colorado Health and will
include sports rehab and ‘prehab’ centers for all athletes, the latest technologies in sports medicine in
addition to medical office space for onsite medical support. The Sports Science Pavilion will extend
a strong focus on baseline testing in many state of the art technology categories such as concussion
analysis and testing, just to name one.
•Outdoor Youth Sports Complex: The outdoor sports complex will be a super-regional tournament
venue hosting baseball, softball, soccer, and lacrosse tournaments. The outdoor sports complex will be
the first facility to give every athlete access to world-class Olympic level training/testing and sports
performance technologies that most amateur athletes wouldn’t have access to anywhere else in the U.S.
It will be owned and operated by The Sports Force, who recently bought the Cal Ripken group. They are
known for creating sports parks of distinction and bring years of experience in sports park design and
operation.
39
List of entities involved with development of project and organization charts of entities
Master Developer: McWhinney
Owner/Operator of Outdoor Fields: The Sports Force
Owner/Operator of the Bo Jackson Facility: Bo Jackson Development
Partners/Tenants of the Indoor Facility:
• Earth Treks
• University of Colorado Health
Background of entities, and specified contributions by the entities to the project
McWhinney
McWhinney is one of the largest full-service real estate development, investment and management companies
operating in Colorado. McWhinney’s team is passionate about creating great places for people and providing
fabled experiences for our customers.
McWhinney’s community development group is primarily recognized for their work at Centerra, a 3,000 acre
master planned community in Loveland. Additional McWhinney Communities are Van de Water in Loveland,
Iron Horse in Johnstown, and North Park in Broomfield.
McWhinney’s products include office, medical, and industrial buildings, power centers, lifestyle shopping
centers, restaurants, hotels and multifamily properties. With each project, the McWhinney team develops a
vision for the project based on the needs and wants of their clients, and then they assemble the best team to
deliver that vision in a collaborative and coordinated effort.
McWhinney is a company that prides itself on being customer centric, competent, and solution driven in their
endeavors to bring their client’s dreams to reality. Internally and externally, the McWhinney staff strives daily
to provide the highest level of service. Our relationships are based on trust and open communication and we
deliver on our promises, constantly exceeding our client’s expectations.
Trusted Experience
Since 1991, McWhinney has planned and developed more than 6,000 acres in several masterplanned
communities throughout Northern Colorado. Our team has built a solid reputation and has an unblemished
track record of successfully delivering to clients solutions for quality office, corporate headquarters,
industrial, medical and R&D space. This strong history is evidenced through the development of over 4 million
square feet of commercial space. As with any successful endeavor, it is the people that make it successful.
McWhinney was awarded “Developer of the Year” by the National Association of Industrial and Office
Properties (NAIOP) being recognized as the real estate and development firm that made the most significant
contributions to the Colorado market in 2009.
Project Integration and Collaboration
In any successful project, the end result is directly related to the amount of collaboration and teamwork
involved in putting the project together. At McWhinney, we create a collaborative and team based approach
to all of our projects, and we genuinely appreciate the contribution of all members on the team. We create a
project environment driven by strong and experienced management, clear roles and responsibilities, personal
accountability, and clear directives and project goals. With these as the foundation, we have continually
delivered projects that are on time, on budget, exceed the expectations of the clients, and everyone involved
felt they added value and had a great experience. This is a true win-win for all involved.
Financial Stability
McWhinney has always been conservative in our approach to real estate development while being
entrepreneurial in spirit. McWhinney anticipated a significant downturn in the market in 2007, and the major
restructuring of the credit market, and was able to work through the very difficult economic climate and
today is well situated for the present, and the future. This, more than ever, is a critical characteristic of any
development partner in today’s volatile economic environment.
40
Unique and Value Added Products
The customer drives the vision for the project. With every client, the project is unique and customized around
the client’s needs and desires. McWhinney takes great pride in being able to understand our client’s vision,
their business, and the new opportunities available in the market, to create a unique and value added real
estate solution. Value is also defined by the client. McWhinney takes the time to understand the core values of
our clients, their priorities, and develops quality products around those core values and priorities.
The Sports Force
The Sports Force is a multi-disciplinary company formed to leverage the talents of a diverse group
of experienced individuals including professionals in landscape architecture, sports field and stadium
architecture, urban planning, real estate development, financial expertise including equity financing, land use
management and reclamation/remediation, sports field and complex construction, and sports authorities and
financing.
One of the Sports Fields, Inc. companies, The Sports Force joins a portfolio of successful businesses that
comprise the best in the sports field design, development, construction, operational placement, and
maintenance industries.
The Sports Force’s mission is to Design Sports Parks of Distinction. We are driven by creating relationships
with our clients and by exceeding their expectations. We attempt to provide our clients with the best
resources in the business for examining their needs and creating solutions that will meet those needs in a
cost-effective manner.
Bo Jackson’s Elite Sports Development
Bo Jackson’s Elite Sports (BJES) is renowned as one of the leading indoor sports training centers in the
country. As an air-supported structure we offer 88,000 square feet of unique training space for athletes,
with clear spans and 65’ high ceilings. BJES allows training opportunities for turf sport teams (baseball/
softball, football, soccer, and lacrosse) as well as to individual athletes, of any sport, who desire to improve
athleticism and personal leadership skills. BJES is home to Cangelosi Baseball, Bo Jackson’s Football, and Bo
Jackson’s Sports Leadership Centers of America. Our team has developed an extraordinary model for player
development that is delivered to athletes by our professional staff of coaches. At BJES we are dedicated
to “Training Athletes Inside Out” which speaks to our training philosophy to not only provide skill training,
but also develop the whole athlete. From a training standpoint, we are rooted in the belief that developing
athletes to be Bigger.Stronger.Faster gives them a competitive edge. We believe “there is an elite performer
in all of us” and we are committed to helping each athlete realize his/her path to excellence.
Earth Treks
In 1989 Chris Warner, a climber and instructor with 20+ years of experience, founded Earth Treks, Inc. and
established it in the Washington DC area in 1990. Earth Treks was built and continues to grow because we
want “to share our passion for climbing.” It is the core values of a high performing team that allows us to
reach that mission (and scary, difficult summits): Passion, Vision, Partnership and Perseverance.
Earth Treks has grown dramatically, tracking the growth of climbing. The climbing school teaches over
20,000 people to climb each year. Earth Treks’ mountaineering and climbing guide service has led over 190
skill development expeditions since 1992. Over 100 of these trips have been to the Andes of Ecuador, Peru
and Argentina. Earth Treks is closely partnered with the Wharton Leadership Ventures Program, guiding
leadership development expeditions for MBA students on peaks in Africa and Ecuador. We also work with
several charities, leading fund raising (and life enriching) expeditions to places like Iceland, Kilimanjaro and
Cotopaxi.
In 1997 Earth Treks opened its first of three indoor climbing centers. Located in Columbia, Timonium and
Rockville Maryland, the gyms serve over 600,000 visitors each year. In 2013, Earth Treks opened its fourth
climbing center in Golden, CO.
Nearly 300 people work for Earth Treks. And in 2014, over 750,000 people will climb with us. One of the
greatest lessons learned on the big peaks is that who you climb with is much more important that what you
climb. Earth Treks has big dreams, and the most important of those is to build a community in which we all
can reach our potentials (as people and quite possibly as climbers).
University of Colorado Health
University of Colorado Health aims to deliver the highest quality patient care with the highest quality patient
experience. Our partnership combines Memorial Health System, based in Colorado Springs, Poudre Valley
Health System, based in Fort Collins, and Denver metro-based University of Colorado Hospital.
Separately, our institutions provide superior care to patients and committed service to the communities we
serve. Together, we’ll push the boundaries of medicine, attracting more research funding, hosting more clinical
trials, and improving health through innovation.
UCHealth exists to make communities healthier and improve modern medicine. We’re doing so by attracting
the best nurses, doctors, and staff dedicated to our patient-centric approach.
The Sports Facilities Advisory
Founded in 2003, The Sports Facilities Advisory initially served clients seeking to open new facilities. We
were committed to producing the industry’s most accurate and detailed financial forecasts. We studied
existing facilities and knew that there were big opportunities to improve revenue and to broaden the way
these major real estate developments were being utilized. From graduation nights and teambuilding events to
senior programming and tournaments, we refined our models and advised clients to think beyond sport in the
early planning process. Since our opening, we have been privileged to serve a portfolio of billions in planned
and operational sport, entertainment, and recreation facilities around the world. In 2005, we signed our first
management contract for a turn-around project. What followed was the successful turnaround of a number of
facilities leading to the opening and managing of new facilities as a result.
After years of providing management services, we formed the Sports Facilities Management and built a worldclass leadership team and now we are overseeing the opening and management of many of the most notable
facilities today.
Our mission is to dramatically improve the health and economic vitality of the communities we serve. Our
vision is to make life better for the hundreds of millions of people around the world. We are and will continue
to be, the preeminent resource for those seeking to plan, fund, open, and manage youth and amateur sports
complexes.
41
David Cushman, Cushman Properties
David Cushman is best known for putting people together. A highly respected full-service developer on his
own, David brings many areas of expertise to the table; but, as a seasoned networker and team builder, he
taps into his resources network of masters of all development and operational disciplines. For more than
30 years David has been a developer, builder and operator of destination experiences. His projects include
mixed-use, retail, Class A office, multi-family, and hospitality, but he has a special affinity for attractions. As
an entertainment and attractions driven developer the tourism city of Branson, Missouri has been “home” to
David his entire life and is a source of inspiration and support for his visioning.
Steve Graham, Stellar Development
Steve Graham brings together a rare combination of expertise in architecture, construction, development
and leasing. His career has embraced all of these talents and interests resulting in development experience
focused on the largest and most-complicated commercial development challenges. Before launching Stellar
Development Steve spent the previous 10 years as the Vice President for Destination Development for RED
Development. Steve contributed greatly to the leasing, development and strategy behind some of RED’s
biggest shopping centers, including The Legends Outlets of Kansas City, The Promenade at Chenal and The
Legends at Sparks Marina.
Estimated overall cost and status of financing commitments, estimated eligible costs and identification of
eligible costs that will be covered
Sources and Uses of Funds - National Sports & Tournament Center
Sources of Funds
Private Debt
$15,666,320
Portion paid by State Sales Tax Increment
$0
Portion paid by Public Improvement Fees (PIF)
$0
Private Equity
$3,916,580
Net Proceeds from Tax Exempt / Taxable Bonds
$17,713,000
Portion paid by State Sales Tax Increment
$1,752,358
Portion paid by Local Govt Tax Increment Tax Increment
$4,203,266
Portion paid by Public Improvement Fees (PIF)
$3,088,467
Portion paid by Participant Facility Fees
$8,620,539
Portion paid by Developer Contribution / Guarantee
$48,370
Total Sources of Funds
$37,295,900
Uses of Funds
Land
$784,080
Building Construction
$30,995,494
FF&E
$150,000
Soft Costs and Contingency
$5,366,326
Total Uses OF Funds
$37,295,900
Source: Anderson Analytics
HVS has independently projected operating statements for the project and subsequently applied conventional financing
and valuation assumptions to the same. The banking industry is considerably more healthy and aggressive; additionally
private equity is again seeking attractive returns compared to the financing environment seen just a few years ago. Based
upon this, the HVS assumptions are relied upon to be achievable.
42
Infrastructure existing or needed in connection with Project
According to the developer, the necessary off-site infrastructure is currently in place to satisfy the uses
described in the National Sports and Tournament Center. (See McWhinney letter page XXX of the Appendix.)
Phasing of eligible improvements (this should only be a summary but more detail should be provided to the
phasing description required by the third party analyst and in item 10, Below).
This project does not require phasing. With anticipated approval of the project slated for January 2016,
we expect 18-24 months of construction and an anticipated opening date of January 2018. These dates are
subject to change with the timing of the RTA application.
Project Opening Date
January 2018
4
Bo Jackson Elite Sports
105,000 sf/370 spaces
Indoor Athletic Facility
139,830 sf/419 spaces
1
Adventure Trail Meanders Along
Drainage Corridor
Iconic Centerra Crop Rows (grasses)
Zip Line Tower and Access Point
Key Map
2
Proposed Restaurants
with views to the west
6,000sf to 8,000sf
1
Right In/
Right Out
rkw
ay
2
3
Clyd
e
rra P
a
Project Completion Date
December 2017
sdal
e Pa
rkwa
y
3
Cen
te
Project Start Date
January 2016
Upcoming, pre-approved infrastructure update to Crossroads Boulevard and I-25 Interchange
The Colorado Department of Transportation (CDOT) approved Crossroads Boulevard and I-25 interchange
improvements on Dec. 18, 2014. CDOT will use $30 million to reconstruct the I-25 bridges over Crossroads
Boulevard in Loveland. The project will widen the roadway in preparation for CDOT’s plan to expand I-25 to
six lanes — three in each direction — from Longmont to Fort Collins. Construction will likely begin in spring
2016 and last until fall 2017. Funding for this project is coming from CDOT and the North Front Range Planning
Organization, an MPO.
4
4
5
Pedestrian Crossing with Textured Pavement
5
6
Multi-Use Turf Zone
6
5
2
Shade Pavilion with
Concessions/Restrooms/First Aid
Event Plaza with Shade Orchard
Maintenance
Area
Sculpture Interactive Play Elements & Splash Fountain
Iconic Centerra Landform Berm with Slide
8 Regulation Baseball/Softball Fields
plus 16 Youth Baseball/Softball, 8 Full Soccer and 16 Small Soccer Fields
with approximately 1,200 parking spaces
Restrooms/Concessions Support Buildings (2)
2003203.7001K
January 08, 2015
Secondary Access Location
CENTERRA: SPORTS PARK CONCEPT PLAN
Loveland, Colorado
0
150
300
450 FEET
43
Sylvan Dale Guest Ranch
Project Description Highlights
PROJECT:
Sylvan Dale Guest Ranch
PROGRAM:
Replace/expand existing Homestead and Jessup
House
Hitching Rail
Eight new hillside cabins
LOCATION:
Sylvan Dale Guest Ranch,
Unincorporated Larimer County
COST:
$2,947,000
TOTAL OUT-OF-TOWN VISITOR DAYS:
12,000
STATE SALES TAX INCREMENT REVENUE
GENERATED OVER 30 YEARS:
$2,633,004
From left to right:
Larimer County Commissioner Tom Donnelly
David Jessup, Sylvan Dale
U.S. Senator Michael Bennet
David Armstrong, Sylvan Dale
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Brief Description
Since the 1920’s, Sylvan Dale Guest Ranch has been a destination guest ranch, attracting out-of-state visitors
to its summer cabins along the Big Thompson River. Sylvan Dale, meaning “wooded valley,” is located in the
foothills of the Colorado Rockies approximately seven miles west of downtown Loveland. Its lower elevation
means that Sylvan Dale enjoys less snow and warmer temperatures than other higher elevation destinations in
the state. Sylvan Dale Guest Ranch is the closest Colorado guest ranch to Denver International Airport and has
a lower elevation than any other guest ranch in the state, making it an appealing option for visitors looking for
a western experience who do not fare well in Colorado’s higher elevations.
Two floods – one in 1976 and one in 2013 – devastated the ranch. Reconstruction and expansion followed
the 1976 flood and allowed Sylvan Dale to add lodging and other amenities, transforming Sylvan Dale from a
summer only guest ranch to a year round facility. However, the 2013 flood left Sylvan Dale with only half its
lodging capacity and its kitchen, dining room, and several outdoor event sites destroyed.
Sylvan Dale’s reconstruction plan focuses on its immediate need of restoring key components of the
operation, replacing lost lodging and bringing ranch capacity back to its pre-flood level. Specifically, Sylvan
Dale looks to restore the existing Homestead and J-House and expand the dining room. New lodging
construction would include the Hitching Rail and eight new cabins. Longer-term plans include a new lodge.
Detailed Description
Since the 1920’s, Sylvan Dale Guest Ranch has been a destination guest ranch, attracting out-of-state visitors
to its summer cabins along the Big Thompson River. Sylvan Dale (meaning “wooded valley”) is located in the
foothills of the Colorado Rockies approximately seven miles west of downtown Loveland. Its lower elevation
means that Sylvan Dale enjoys less snow and warmer temperatures than other higher elevation destinations in
the state. Sylvan Dale Guest Ranch is the closest Colorado guest ranch to Denver International Airport and has
a lower elevation than any other guest ranch in the state, making it an appealing option for visitors looking for
a western experience who also do not fare well in Colorado’s higher elevations.
Maurice Jessup and his wife Mayme purchased Sylvan Dale in 1946 and the Jessups have operated Sylvan Dale
ever since with their children, David and Susan, now at the helm.
In July of 1976, the Big Thompson River experienced a flash flood propelling a twenty-foot wall of water out
of the canyon and on Sylvan Dale. Many of Sylvan Dale’s facilities suffered heavy damage, including the lodge,
barn and outdoor areas along the river. Reconstruction and expansion followed this disaster allowing Sylvan
Dale to add lodging and other amenities, transforming Sylvan Dale from a summer only guest ranch to a year
round facility accommodating a variety of uses, including weddings, retreats, and bunk and breakfast guests.
On September 13, 2013, heavy rainfall again caused the Big Thompson River to rise, causing catastrophic
flooding along Colorado’s Front Range. Directly in its path was Sylvan Dale Guest Ranch. The flood caused
heavy damage to Sylvan Dale’s facility and grounds. With extensive damage to the Wagon Wheel Bunk
House, the Homestead and other cabins, Sylvan Dale lost approximately half of its lodging capacity as well as
its main dining facility. In addition, the damage to grounds along the Big Thompson River included the ranch’s
wedding ceremony sites, picnic areas, ponds and other popular gathering areas for visitors.
Reconstruction began immediately and Sylvan Dale continued operations, offering the full ten-week dude
ranch season in 2014. However, the complete loss of several facilities caused a dramatic decrease in the
number of guests and events that the facility could accommodate.
Sylvan Dale’s reconstruction plan focuses on its immediate need of restoring key components of the
operation, replacing lost lodging and bringing ranch capacity back to its pre-flood level. Specifically, Sylvan
Dale looks to replace and expand the existing Homestead and Jessup House. New lodging construction would
include the Hitching Rail and eight new hillside cabins. The hillside Cabins will provide additional lodging
capacity for families, couples, and individual out-of-state visitors. The unique décor will reflect the western
lifestyle of this historical ranch. Multipurpose rooms will increase capacity for gatherings from receptions to
conferences. The Hitching Rail will enhance the wedding site, “Heart Song,” providing restrooms and changing
rooms for brides and attendants in addition to a large covered porch. A back deck enclosed in shade trees
welcomes a moment of intimacy. Longer-term plans include a new lodge.
One of Sylvan Dale’s most popular destination experiences is its week-long dude ranch package, which
includes a five to seven night stay, meals, riding instruction and other amenities. Sylvan Dale’s current, postflood capacity of 30 places it well below the average dude ranch capacity in the state. The full expansion
program would make Sylvan Dale one of the largest dude ranches in the state. Sylvan Dale currently operates
year round with its primary dude ranch season taking place during a 10-week period from June through
August. Off-season packages are available year round as well as bunk and breakfast packages, group retreats,
and other functions.
An additional source of demand, especially during the off-season, is the Heart-J Center (HJC) for experiential
learning at Sylvan Dale Ranch, a new non-profit organization dedicated to providing customized hands-on
learning to people of all ages within this working guest ranch, set in an ecologically complex river valley.
Governed by an independent board of directors of local and national repute, the (HJC) will be an educational
resource drawing visitors from across the country and internationally. The HJC envisions three types of
programs at Sylvan Dale:
•Overnight Retreats: Overnight retreats are destination-type programs in which young adults, graduate
students, researchers and professionals will attend in-depth, typically two to three night, educational
events. Topics may include science, nature, creative arts, agriculture, history, wellness, team building,
and outdoor skills training.
•Day Workshops: Day workshops will have similar topics as overnight retreats, but in a single day
setting.
•Outdoor Education: Initially utilized by local middle school students, HJC organizes and delivers
outdoor education program opportunities in the Sylvan Dale setting.
List of entities involved with development of project and organization charts of entities
Leadership: Sylvan Dale Guest Ranch
Development:
• Thorpe and Associates: Design and Planning
• BHA Design: Master Planning and Landscape Architecture
45
Sylvan Dale Ranch, LLLP
A Colorado Limited Liability Limited Partnership
• General Partners: David M. Jessup and Susan L. Jessup
• Limited Partners: Fifteen
Under the partnership agreement, General Partners make all decisions. Limited partners have no decisionmaking authority except in case of termination of both general partners. All partners share in any
distributions, and pay a share of income taxes, in proportion to their percent ownership of partnership shares.
Both General Partners are active in managing the business. Susan Jessup manages guest operations, horse
program, office, marketing, grounds and main ranch maintenance. David Jessup manages the cattle and hay
operation, hunting, fishing, land sales, and the ranch preservation community membership program.
For the RTA rebuilding project, the Sylvan Dale partnership will manage the rebuilding process and contribute
in-kind labor, land and money. Funds will be raised both from the sale of land and from loans to be paid back
out of profits. Other sources of capital are being considered.
The Heart-J Center for Experiential Learning
A non-profit educational organization that has applied to the IRS for tax-exempt status, currently operating
under the fiscal sponsorship of the National Center for Craftsmanship, a 501(c)3 organization base in Fort
Collins, Colorado
The HJC has a nine-member board of directors made up of four members of the Jessup family and five nonfamily individuals. Decisions are made according to bylaws adopted by the board and on file with the IRS.
The Executive Director is Laura Armstrong. Programs run by HJC are for people of all ages, and range from
outdoor education experiences for local middle school students to national and international conferences
on topics such as river restoration, sustainable agriculture, photography, in-service training for education
professionals, and artisan craftsmanship. For the RTA rebuilding project, the HJC Board will consider a capital
campaign to raise funds for building lodging and classroom space on land leased from Sylvan Dale Ranch.
Any such structures would be owned by the HJC and used to further its educational purposes.
From left to right:
Larimer County Commissioner Lew Gaiter III
Loveland Mayor Cecil Gutierrez
Loveland Chamber of Commerce President Mindy McCloughan
Colorado Govenor John Hickenlooper
46
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Background of entities, and specified contributions by the entities to the project
Thorpe and Associates
Thorp Associates P.C., Architects and Planners, founded in Estes Park, Colorado in 1976, is a well-established
and dynamic firm with a diverse portfolio of work ranging from custom residential, commercial, banking,
municipal, movie theatre, performance venue, resort, libraries and light industrial. The award-winning firm is
licensed in 17 states and two Canadian provinces, and has done work in Europe and Central America. The firm
is a member of the U.S. Green Building Council (USGBC).
With over three decades of professional experience, Thorp Associates maintains a flexible approach to
design in order to best serve the needs and desires of each client. In most cases, the firm’s design philosophy
may be described as ‘’gentle architecture’’, designing buildings to uphold a more timeless character and in a
way which best addresses and accommodates a building’s location, context, and environmental conditions.
Utilizing light, texture, color, form and pattern, our designs become sensitive and harmonious within their
setting.
As important as the elements of good design are to an architectural project, Thorp Associates would uphold
that the element of professional service is every bit as important to the successful completion of a project.
With a portfolio of work ranging from the most luxurious private custom homes, to public and private projects
implementing the most economical and efficient means of design and construction, Thorp Associates lends to
each project a specific and personalized strategy to best accomplish the goals and specifications of the client.
The kinds of successful work described on this website were accomplished by the quality of service and
communication provided by Thorp Associates to its various clients. The firm takes a team approach to the
design of its projects, analyzing good general design practices against the specific needs of its clients. We
will listen to your goals and help them be implemented through the kind of quality design services you should
expect from a superior architectural firm.
The extensive range and scope of services referred to in the content of this website only offers a brief
introduction. Please feel free to use the links below to learn more about how Thorp Associates can best serve
your architectural planning and designing needs.
BHA Design
BHA Design Incorporated is a landscape architecture and planning firm established January of 1993. The
firm size is currently six full-time designers, three principals and one administrative assistant. BHA provides
sign design, image development, landscape architecture, master planning, urban design, public process,
entitlements and architectural illustration services to both public and private clients in a variety of settings.
We have three core values. We feel our core values are essential ingredients for creating a better world. We
try to incorporate into each of our designs:
• Sustainability
• Therapy
• Fun
Sustainable Design - Our world needs to reduce energy use. Since the 1950’s America has steadily increased
its use of energy. Today our energy dependence has created not only an environmental threat, but also an
economic and terrorist threat. At BHA we want to play a role in helping our country reduce this dependence
and in restoring a better environment. Through careful, well thought out design and planning, we believe that
48
Americans can reduce their dependence and achieve a greater balance with our natural and built environment.
Therapeutic Design - One of the best ways to reach our spiritual selves is through the landscape. A hike in the
alpine, sailing on a lake, or running on a back country trail are all ways to feel more closely attuned to both our
environment and our spirits. Through the sense of peace that comes from these activities, we enjoy a better
world. BHA strives to provide this experience in the built landscape. If we do our work properly, we think that
users of the landscape at our sites will have this experience in their everyday work and living environments.
Fun Design - What’s better than laughter? Laughter fills our souls with happiness and makes us glad for our
existence. We feel that “fun” is an integral part of life and should be experienced by all people. In each of our
designs, we try to bring a smile to everyone. Through implementing whimsical ideas, we bring a sense of wellbeing to people, and try to lighten each person’s day.
Operating philosophies - From an operational perspective, we focus on two basic tenets: Innovation and
Customer Service.
Our first philosophy, Innovation, to us means striving to provide our clients with environmentally responsible
designs that are unique, attractive, and contextually sensitive. We find each project setting provides its own
unique attributes with clues to new and interesting design solutions. By understanding the site parameters,
combined with the program elements of the client, we are able to develop solutions that are site-sensitive,
responsive, and have a unique sense of place.
Our second major philosophy, Customer Service, means more than just meeting deadlines and
budgets, although those certainly are significant. It also means providing our clients with constructive
recommendations and constantly searching for ways in which to provide better solutions. Friendliness and
courtesy are essential ingredients of our means of communication.
Estimated overall cost and status of financing commitments, estimated eligible costs and identification of
eligible costs that will be covered
Sources and Uses of Funds - Sylvan Dale Guest Ranch
Sources of Funds
Private Debt
$2,277,000
Portion paid by State Sales Tax Increment
$69,222
Portion paid by Public Improvement Fees (PIF)
$1,691,778
Private Equity
$670,000
Net Proceeds from Tax Exempt / Taxable Bonds
$0
Portion paid by State Sales Tax Increment
$0
Portion paid by Local Govt Tax Increment Tax Increment
$0
Portion paid by Public Improvement Fees (PIF)
$0
Portion paid by Participant Facility Fees
$0
Portion paid by Developer Contribution / Guarantee
$0
Total Sources of Funds
$2,947,000
Uses of Funds
Land
$0
Building Construction
$2,250,000
FF&E
$0
Soft Costs and Contingency
$697,000
Total Uses OF Funds
$2,947,000
49
Phasing of eligible improvements
This project does not require phasing. With anticipated approval of the project slated for January 2016,
we expect 18-24 months of construction and an anticipated opening date of January 2018. These dates are
subject to change with the timing of the RTA application.
Project Start Date
January 2016
Project Completion Date
December 2017
Project Opening Date
January 1, 2018
Infrastructure existing or needed in connection with Project
This project will require upgrades in septic and leach fields, and likely in water and energy infrastructure.
Details are below.
•
Energy: Sylvan Dale’s design team will work to minimize fossil fuel use and maximize renewable energy
use by such technologies as solar arrays, solar thermal water heating, geo-thermal HVAC, hydroelectric
generation, and wind power. It’s building designs, both for the new lodge and for existing building
retrofits, will emphasize local reused materials, healthy paint and surfacing, insulation and efficient
heating and cooling systems.
•
Fuel: Sylvan Dale’s current fleet of vehicles and equipment will be replaced over time with more fuelefficient models, including electric vehicles.
•
Water: Sylvan Dale is grandfathered in for two domestic wells for accommodations zoning, without
need for an augmentation plan. The flood destroyed the connecting pipes between its two wells, one
by the horse barn and the other in the hilltop above the parking lot. The well on the hilltop produces 10
gpm, not enough for a new lodge. Also, the water is clouded with fine reddish particles and has to be
filtered. A new well may need to be drilled, perhaps replacing and substituting for one of our current
wells. Alternatively, they could build more storage capacity, which would be cheaper, faster and perhaps
adequate. They would probably need two, 2,000 tanks to support this building’s needs at $5,000 per
tank ($10,000 total) including install. The system needs to be state approved. They are working on
one of these tanks to be approved to support our current needs. They would like the water system to
be a model of efficiency, conservation and reuse. Water-saving appliances will be installed in lodging,
restrooms, kitchen, dining and meeting facilities. The current water treatment shed will be integrated
into the overall design of the new lodge.
•
Waste: Sylvan Dale’s food service will maximize products grown or raised on ranch or locally, and
will aim for no-waste recycling and composting systems. Plumbing will be designed to separate gray
water from brown water, which should reduce space needed for leach fields. If laws permit, gray water
and rainwater will be captured for landscape watering systems. Existing leach fields may need to be
expanded, but they will also investigate innovative ways of processing human waste, such as Living
Machine Technology. (Living Machine® Technology blends cutting-edge science and engineering with
plants and beneficial bacteria to treat and reuse wastewater efficiently, providing lasting water solutions
for communities everywhere. Based on the principles of wetland ecology, the patented tidal process
cleans water, making the Living Machine® the most energy-efficient system to meet high quality reuse
standards. The hydroponic Living Machine® has withstood the test of time, with systems remaining in
operation for close to two decades.) On the other hand, alternative waste processing systems may be
cost prohibitive if there is not enough volume to justify the investment.
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This area is reflected on the RTZ maps which follow.
A complete land survey will be completed by the NCRTA
should the state issue an RTA award to Go NoCO.
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3
,563 acres in the city limits of Loveland,
3
,370 acres in unincorporated Larimer County
(the property is owned entirely by the Jessup family,)
7
,300 acres in the town limits of Windsor.
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The boundaries of the NCRTA
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Windsor City Limits
Loveland City Limits
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Loveland Regional Tourism Zone
Loveland RTZ Area ~ 3563.4 acres
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Updated: 2/12/2015
Updated by: stometich
Created: 10/6/2014
Created by: stometich
File: RTZ
REGIONAL TOURISM ZONE
Windsor RTZ
Town Limits
1 inch equals 1 miles
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TY
CH
UN
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ON
TOP
EP
A
ES
STAG
AM
OK
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Y TR
RIV
CO
R
IA
RT
R
TRAC
GOODWIN
BR
RAN
ELLIS
D
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W
BA
KE
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TJ
RR
AR
HE
O
CEDAR VALLEY
FOX TAIL
COLT
MUSTANG
BIG VALLEY
Sylvan Dale RTZ
Sylvan Dale Regional Tourism Zone (Unincorporated Larimer County)
Sylvan Dale RTZ Area ~ 3370.1 acres
¯
0
0.25
0.5
1
Windsor
Loveland
1.5
2
Miles
Johnstown
54
COUNTY ROAD 23E
CE
MO
O
DEVILS BACKBONE
E
Intentionally left blank
55
4.0 List of Businesses/Properties in Proposed RTZ
A list of businesses/properties, owners, address and sales tax numbers in an excel spreadsheet were submitted with Go NoCO's pre-application in October 2014.
5.0 Go NoCO Snapshot / Meeting the RTA Criteria
Significant portion of the sales tax revenue generated by the project is reasonably anticipated to be
attributable to transactions with nonresidents of the state.
Extraordinary and Unique Nature
Go NoCO consists of five “extraordinary and unique” family-friendly water and wellness attractions that will
bring new visitors to Colorado.
•The Indoor Waterpark Resort of the Rockies is the first next generation family-friendly indoor water
park entertainment experience. Designed by the creators of the Great Wolf Lodge brand.
•The National Sports and Tournament Center will house Colorado’s first facility to focus on prehab/
rehab, baseline testing and technology in sports and science and will be home to one of only three
Bo Jackson Elite Sports domes in the country.
•The US Whitewater Adventure Park is one of only four whitewater parks in the U.S.
•The PeliGrande Resort and Windsor Conference Center is the only 4-star golf resort in the
northern Colorado.
• Sylvan Dale Guest Ranch is the closest Colorado guest ranch to Denver International Airport.
$150.6 million
state sales tax revenue generated by
all visitors over 30-year period
Combined, these attractions will bring substantial tourism and economic benefits to northern Colorado
and the state of Colorado.
Substantial Increase in out-of-state tourism
■
Indoor Waterpark
Resort of the
Rockies
151,198
■
U.S. Whitewater
Adventure Park
31,230
■
National Sports
& Tournament
Center
76,437
■
PeliGrande
Resort & Windsor
Conference Center
46,080
Sylvan Dale
Guest Ranch
1,180
■
$69.4 million
state sales tax revenue generated by
out-of-state visitors over 30-year period
TOTAL: 306,125
net new overnight
visitors annually
In the absence of state sales tax increment revenue, the project is not reasonably anticipated to be
developed within the foreseeable future.
Without RTA funding, Go NoCO is left with a capital shortfall of more than $47.5 million .
If this gap is filled through the Regional Tourism Act, all of Go NoCO’s projects are financially viable, thereby
meeting the ‘but for’ test and demonstrating that in the absence of state sales tax increment, the project is not
reasonably anticipated to be developed within the foreseeable future.
(SOURCE: Sources and uses of funds table (pg. 61)
56
5.1 Project is of extraordinary and unique nature and is reasonably anticipated to contribute significantly to
economic development and tourism in the state and communities where project is located.
Go NoCO’s proposed projects will have a substantial and significant impact on economic development and
tourism in Colorado and will greatly enhance northern Colorado’s ability to attract net new out-of-state
(NNOSV) and international visitors. Go NoCO projects will result in a combined total investment of $350
million in northern Colorado. Total one-time economic impact (in 2014 dollars) will exceed $532 million during
construction, with the annually recurring impact being almost $200 million.
A total of over 4,400 new jobs will be created in Colorado during the construction of Go NoCO’s projects. A
total of 2,319 annually recurring jobs will be created and sustained as a result of the new visitor spending and
operations of the five projects.
Go NoCO will also serve as a catalyst to establish the Loveland/Windsor area as a destination tourism
location. With the theme of family-friendly water and wellness, the specific mix of attractions is designed to
maximize the number of new visitors to Colorado and to maximize their length of stay. The synergy of the
Go NoCO projects converts the area from a pass-through or one-day location into a longer-term tourism
destination with many options.
Summary of Economic Impacts
Go NoCo RTA Projects
Go NoCO’s projects will spur a significant increase in tourism in northern Colorado as measured by annual
visitors days and room nights. HVS Convention, Sports & Entertainment Facilities Consulting (HVS) projects
total out-of town-visitor days at the five projects to exceed 1.24 million. Of that total, 320,000 are estimated
to result from net new out-of-state visitors.
Estimated Annual Visitor Days (in stabilized year)
Go NoCo RTA Projects
Indoor
U.S.
National
PeliGrande
Waterpark Whitewater
Sports &
Resort &
Resort of the Adventure Tournament Windsor Conf Sylvan Dale
Rockies
Park
Center
Guest Ranch
Center
Total Visitor Days
307,750
397,920
492,537
145,854
14,650
Out of State Visitor Days
173,499
41,640
95,546
99,032
2,360
Net New Overnight Visitor Days (NNOSV)
151,198
31,230
76,437
46,080
1,180
Existing Overnight Visitor Days
22,301
10,410
19,109
52,952
1,180
In State Visitor Days
134,251
336,380
265,569
46,822
9,640
Net New Overnight Visitor Days (NNCV)
100,800
24,210
151,914
11,520
3,640
Existing Overnight Visitor Days
33,452
0
0
35,302
0
Non-Local Daytrips
0
312,170
113,656
0
6,000
TOTAL OUT OF TOWN VISITOR DAYS
Indoor
Waterpark
Resort of the
Rockies
U.S.
Whitewater
Adventure
Park
National
Sports &
Tournament
Center
PeliGrande
Resort &
Windsor
Conference
Center
Local Day Trips
TOTAL VISITOR DAYS
Sylvan Dale
Guest
Ranch
Total RTA
Project
Total Project Investment in Colorado
$138,330,000
$60,976,000
$37,295,900 $109,989,000
$2,947,000
$349,537,900
Ongoing Impacts (at stabilization)
Total Ongoing Jobs
Direct Jobs
Indirect Jobs
Induced Jobs
Total Labor Income
Total Value Added (GDP)
Total Output
595
442
79
74
$17,546,158
$33,521,642
$56,557,301
695
544
62
89
$20,083,853
$29,524,719
$49,512,986
545
431
48
66
$15,019,436
$22,102,777
$38,485,860
465
328
77
60
$13,676,148
$29,779,458
$50,067,924
19
13
3
3
$598,310
$978,082
$1,732,840
2,319
1,758
269
292
$66,923,904
$115,906,678
$196,356,910
One - Time Construction Impacts
Total Jobs
Direct Jobs
Indirect Jobs
Induced Jobs
Total Labor Income
Total Value Added (GDP)
Total Output
1,748
1,036
333
379
$85,929,431
$105,481,228
$211,118,044
699
414
133
151
$34,364,970
$42,184,141
$84,430,506
526
1,394
312
826
100
266
114
302
$25,856,088 $68,499,955
$31,739,206 $84,085,967
$63,525,229 $168,295,965
41
24
8
9
$2,004,438
$2,460,515
$4,924,659
$4,408
$2,613
$841
$954
$216,654,882
$265,951,057
$532,294,403
Source: Anderson Analytics
5.2 Project is reasonably anticipated to result in a substantial increase in out-of-state tourism.
Total RTA
Projects
1,358,710
412,077
306,125
105,952
792,662
292,084
68,754
431,826
307,750
378,020
361,115
145,854
12,000
1,204,739
0
307,750
19,900
397,920
131,422
492,537
0
145,854
2,650
14,650
153,972
1,358,711
Source: HVS, and Anderson Analytics
Go NoCO projects are expected to generate a total of 262,000 room nights at stabilization in 2021.
Nearly 43% of that total will be NNOVS induced room nights.
Estimated Annual Room Nights (in stabilized year)
Go NoCo RTA Projects
Indoor Waterpark Resort of the Rockies
U.S. Whitewater Adventure Park
1/
National Sports & Tournament Center
2/
Peli Grande Resort & Windsor Conf Center
Sylvan Dale Guest Ranch
TOTAL ROOM NIGHTS
Total New Room
Nights
87,929
32,925
57,582
81,030
2,420
261,886
Net New Out of
State Visitor
Induced Room
Nights
43,199
20,820
22,233
25,600
476
112,328
1/ Amounts reduced by 25% to adjust for room nights included at the Waterpark Resort and Peli
Grande Resort totals.
2/ Amounts reduced by 20% to adjust for room nights already included at the Waterpark Resort and
Peli Grande Resort totals.
Source: HVS and Anderson Analytics
57
5.3 Significant portion of the sales tax revenue generated by the Project is reasonably anticipated to be
attributable to transactions with nonresidents of the state.
The key assumptions used in the preparation of the projection of sales tax increment revenue generated
by each of the Go NoCO projects are presented in the table below. As described in the notes to the table,
most of the assumptions were obtained from HVS’s market and feasibility analyses of the projects and from
Longwoods International’s “2013 Colorado Visitor Travel Research”.
Annual Sales tax revenue to the state of Colorado is conservatively estimated to exceed $4.0 million at
stabilization in 2021. Of that total, $1.27 million is attributable to spending by NNOSV.
Over the 30 -year period of the proposed financing term, total state sales tax revenue is projected to reach
$150.6 million with about $48 million of that total attributable to NNOSV, including 2.5% annual inflation.
Key Assumptions Used in Preparation of Projected State Sales Tax Increment Revenue
(in stabilized year 2021)
Go NoCo RTA Projects
Indoor
U.S.
Waterpark Whitewater
Resort of the Adventure
Rockies
Park
2.5%
2.5%
Projected Sales Tax Revenue to State of Colorado from Visitor Spending
Go NoCo RTA Projects
Indoor
Waterpark
Resort of the
Rockies
% of
Total
$1,216,429
100.0%
$685,780
$597,633
U.S.
Whitewater
Adventure
Park
% of
Total
National
Sports &
Tournament
Center
$830,654
100.0%
$814,787
100.0%
56.4%
$171,071
20.6%
$235,856
28.9%
$753,802
49.1%
$128,303
15.4%
$188,685
23.2%
$350,746
$88,147
7.2%
$42,768
5.1%
$47,171
5.8%
$530,647
43.6%
$659,584
79.4%
$578,931
Net New Overnight Visitors (NNCV)
$398,428
32.8%
$99,462
12.0%
Existing Overnight Visitors
$132,224
10.9%
$0
$0
0.0%
% of
Total
PeliGrande
Resort &
Windsor
Conf Center
% of
Total
Sylvan Dale
Guest Ranch
% of
Total
TOTAL RTA
PROJECTS
% of
Total
$39,031 100.0%
$4,011,093
100.0%
67.9%
$12,624
32.3%
$1,859,132
46.3%
31.6%
$6,312
16.2%
$1,271,678
31.7%
$403,056
36.3%
$6,312
16.2%
$587,453
14.6%
71.1%
$356,390
32.1%
$26,407
67.7%
$2,151,959
53.7%
$375,001
46.0%
$87,686
7.9%
$18,125
46.4%
$978,702
24.4%
0.0%
$0
0.0%
$268,704
24.2%
$0
0.0%
$400,928
10.0%
$560,121
67.4%
$203,930
25.0%
$0
0.0%
$8,282
21.2%
$772,333
19.3%
100.0% $30,468,329
$41,119,569 100.0%
$1,481,240 100.0%
Revenue in Stabilized Year of Operations
Total Sales Tax Revenue
Out of State Visitors
Net New Overnight Visitors (NNOSV)
Existing Overnight Visitors
In State Visitors
Non-Local Daytrips
$1,110,192 100.0%
Revenue - 30 year Total
Total Sales Tax Revenue
$44,781,047
100.0%
$32,734,553
100.0%
$150,584,738
100.0%
Out of State Visitors
$25,245,981
56.4%
$6,274,854
20.6%
$9,475,652
28.9%
$27,919,492
67.9%
$484,007
32.7%
$69,399,986
46.3%
$22,000,993
49.1%
$4,706,140
15.4%
$7,580,522
23.2%
$12,991,003
31.6%
$242,003
16.3%
$47,520,662
31.7%
7.2%
Net New Overnight Visitors (NNOSV)
Existing Overnight Visitors
In State Visitors
Net New Overnight Visitors (NNCV)
Existing Overnight Visitors
Non-Local Daytrips
Source: Anderson Analytics
$1,568,713
5.1%
$1,895,130
5.8%
$14,928,489
36.3%
$242,003
16.3%
$21,879,324
14.6%
$19,535,065
$3,244,988
43.6% $24,193,476
79.4%
$23,258,901
71.1%
$13,200,077
32.1%
$997,233
67.3%
$81,184,752
53.7%
$14,667,533
32.8%
$3,648,276
12.0%
$15,065,878
46.0%
$3,247,751
7.9%
$678,209
45.8%
$37,307,646
24.4%
$4,867,533
10.9%
$0
0.0%
$0
0.0%
$9,952,326
24.2%
$0
0.0%
$14,819,859
10.0%
0.0% $20,545,200
67.4%
$8,193,023
25.0%
$0
0.0%
$319,025
21.5%
$29,057,247
19.3%
$0
Inflation Rate
Lodging Assumptions
Total Room Nights
NNOSV Room Nights
Lodging Room Rate (per night)
Persons per Room
National
PeliGrande
Sports &
Resort &
Tournament Windsor Conf Sylvan Dale
Center
Center
Guest Ranch
2.5%
2.5%
2.5%
1/
1/
2/
3/
87,929
43,199
$288.35
3.5
32,925
20,820
$141.45
1.5
57,582
22,233
$141.45
3.8
81,030
25,600
$286.92
1.8
2,420
476
n/a
n/a
4/
4/
5/
5/
5/
$21.29
$11.07
$0.00
$13.87
$0.00
$5.28
$3.54
$19.82
$13.87
$0.00
$2.16
$2.16
$19.82
$13.87
$0.00
$76.51
$23.29
$0.00
$13.87
$0.00
$53.05
$5.75
$19.82
$13.87
$0.00
4/
4/
6/
6/
6/
$0.00
$0.00
$0.00
$0.00
$0.00
$5.28
$3.54
$24.44
$22.92
$14.51
$2.16
$2.16
$24.44
$22.92
$14.51
$0.00
$0.00
$0.00
$0.00
$0.00
$41.84
$5.75
$24.44
$22.92
$14.51
Overnight Visitor Spending Assumptions
On-site Food & Beverage Spending (per visitor day)
On-site Retail/Other spending (per visitor day)
Off-Site Food & Beverage Spending (per visitor day)
Off-site Retail Spending (per visitor day)
Off-Site Recreation Spending (per visitor day)
Day Visitor Spending Assumptions
On-site Food & Beverage Spending (per visitor day)
On-site Retail/Other spending (per visitor day)
Off-Site Food & Beverage Spending (per visitor day)
Off-site Retail Spending (per visitor day)
Off-Site Recreation Spending (per visitor day)
1/ Room night estimates provided by HVS; totals for the Whitewater Adventure Park and National Sports Center were then adjusted for
nights included in Waterpark Resort and Peli Grande totals.
2/ Rates for Waterpark Resort and Peli Grande provided by HVS. All others based on average 2014 rate of $119 for Loveland per " Rocky
Mountain Lodging Report - 2014" .
3/ Ratios for Whitewater Adventure Park and National Sports Center provided by HVS. Ratios for Waterpark Resort and Peli Grande
based on industry norms.
4/ Amounts for Waterpark Resort and Peli Grande calculated by dividing RevPOR (provided by HVS) by persons per room. Amounts for all
other projects calculated by dividing total on-site sales (provided by HVS) by projected annual attendance.
5/ Based on ratios from Longwoods International's " 2013 Colorado Visitor Travel Research" for overnight visitors, increased by 2%
inflation for 2014 and 2.5%/year thereafter.
6/ Based on ratios from Longwoods International's " 2013 Colorado Visitor Travel Research" for day visitors, increased by 2% inflation for
2014 and 2.5%/year thereafter.
Source: HVS, and Anderson Analytics
58
Detail of the calculation of states sales tax revenues attributable to NNOVS over the 30-year financing period
are presented in Section 7.3 of this application. The following, tables, however, provide a summary of the
results of those detailed calculations.
A projection of base state sales tax revenue within the proposed RTZ is presented below. That projection
includes assumed natural growth in base revenue absent the impact of the proposed Go NoCO project. In
accordance with the RTA application instructions issued by OEDIT, the growth rate used to project natural
growth is the one calculated and assigned to the Project by the State Office of Planning and Budgeting.
RTZ State Sales Tax - Base Revenue
Description
Sales Tax Base
Natural Growth of Base
Ann.
Growth
Rate
4.50%
2016
2017
$6,625,258
$0
2018
$6,923,394
$298,137
$7,234,947
$609,689
2019
$7,560,520
$935,262
2020
$7,900,743
$1,275,485
2021
$8,256,277
$1,631,019
2022
$8,627,809
$2,002,551
2025
2030
2040
$9,845,763 $12,269,612 $19,054,333
$3,220,506 $5,644,355 $12,429,075
2045
$23,745,166
$17,119,908
Total
The appropriate spending assumptions and ratios were applied to projected visitor days to yield a projection
of the state sales tax increment directly attributable to NNOVS spending. The table below summarizes the
results of those calculations. As presented in that table, a total of $47,520,662 of states sales tax increment
revenue within the proposed RTZ is attributable to NNOSV over the 30-year financing period. That amount
comprises 13.35% of the total state sales tax increment within the proposed RTZ during the financing period.
In accordance with the RTA application instructions, the 13.35% is then applied to each of the annual eligible
state sales tax revenue amounts to yield annual estimates of actual tax increment awards amounts. It should
be noted that this procedure serves to substantially back-end load the annual amounts of states sales tax
increment revenues the project is eligible to receive and serves to substantially reduce the present value
of the proposed RTA tax increment award. For example, in the year 2020 total tax increment revenue
attributable to NNOSV is $1.25 million and comprises almost 24% of the total states sales tax increment in
the RTZ for that year. Yet, the actual RTA tax increment award amount is much lower ($694,000) since it is
calculated on the 30 year average of 13.35% of total tax increment revenue in that year.
$205,429,829
Source: City of Loveland, Town of Windsor, and Anderson Analytics
Eligible State Sales Tax Increment
Go NoCo RTA Projects
A projection of total visitor days and the portion that are NNOSV was prepared utilizing the visitation and
room night projections provided by HVS. A total of 1.36 million visitor days will be generated by the Go NoCO
projects at stabilization in 2021. Almost a quarter of those visitors are projected to be NNOSV.
Projected Visitor Days
Go NoCo RTA Projects
Description
2016
2017
2018
2019
2020
2021
2022
2025
2030
2040
2045
30 Year Total
Total Visitor Days
Indoor Waterpark Resort of the Rockies
U.S. Whitewater Adventure Park
National Sports & Tournament Center
PeliGrande Resort & Windsor Conf Center
Sylvan Dale Guest Ranch
12,140
13,640
257,163
303,920
328,358
126,144
14,650
286,671
350,050
410,447
137,970
14,650
303,534
397,920
465,174
143,883
14,650
307,750
397,920
492,537
145,854
14,650
307,750
397,920
547,263
145,854
14,650
307,750
397,920
547,263
145,854
14,650
307,750
397,920
547,263
145,854
14,650
307,750
397,920
547,263
145,854
14,650
307,750
397,920
547,263
145,854
14,650
8,541,111
10,999,890
14,830,827
4,054,347
435,980
12,140
13,640
1,030,234
1,199,788
1,325,161
1,358,710
1,413,437
1,413,437
1,413,437
1,413,437
1,413,437
38,862,156
730
995
126,344
23,853
50,958
39,853
1,180
140,842
27,473
63,697
43,589
1,180
149,127
31,230
72,190
45,457
1,180
151,198
31,230
76,437
46,080
1,180
151,198
31,230
84,930
46,080
1,180
151,198
31,230
84,930
46,080
1,180
151,198
31,230
84,930
46,080
1,180
151,198
31,230
84,930
46,080
1,180
151,198
31,230
84,930
46,080
1,180
4,196,260
863,306
2,301,592
1,280,899
34,765
Total
730
995
242,188
276,781
299,184
306,125
314,618
314,618
314,618
314,618
314,618
8,676,823
Indoor Waterpark Resort of the Rockies
U.S. Whitewater Adventure Park
National Sports & Tournament Center
PeliGrande Resort & Windsor Conf Center
Sylvan Dale Guest Ranch
Total
0.0%
0.0%
0.0%
0.0%
6.0%
6.0%
0.0%
0.0%
0.0%
0.0%
7.3%
7.3%
49.1%
7.8%
15.5%
31.6%
8.1%
23.5%
49.1%
7.8%
15.5%
31.6%
8.1%
23.1%
49.1%
7.8%
15.5%
31.6%
8.1%
22.6%
49.1%
7.8%
15.5%
31.6%
8.1%
22.5%
49.1%
7.8%
15.5%
31.6%
8.1%
22.3%
49.1%
7.8%
15.5%
31.6%
8.1%
22.3%
49.1%
7.8%
15.5%
31.6%
8.1%
22.3%
49.1%
7.8%
15.5%
31.6%
8.1%
22.3%
Total
Net New Out of State Visitor Days (NNOSV)
Indoor Waterpark Resort of the Rockies
U.S. Whitewater Adventure Park
National Sports & Tournament Center
PeliGrande Resort & Windsor Conf Center
Sylvan Dale Guest Ranch
Description
2016
2017
2018
2019
2020
2021
2022
2025
2030
2040
2045
30 Year Total
RTZ Tax Increment with All Projects
Natural Sales Tax Increment
Indoor Waterpark Resort of the Rockies
U.S. Whitewater Adventure Park
National Sports & Tournament Center
PeliGrande Resort & Windsor Conf Center
Sylvan Dale Guest Ranch
Total Sales Tax Increment
$0
$0
$0
$0
$0
$27,795
$27,795
$298,137
$0
$0
$0
$0
$32,402
$330,539
$609,689
$974,611
$589,131
$504,407
$973,037
$32,115
$3,682,990
$935,262
$1,081,061
$695,516
$646,271
$1,070,613
$37,169
$4,465,892
$1,275,485
$1,174,894
$810,394
$750,752
$1,154,238
$38,087
$5,203,850
$1,631,019
$1,216,429
$830,654
$814,787
$1,110,192
$39,031
$5,642,111
$2,002,551
$1,246,839
$851,421
$927,951
$1,137,947
$39,953
$6,206,663
$3,220,506
$1,342,710
$916,887
$999,302
$1,225,444
$42,861
$7,747,710
$5,644,355
$1,519,153
$1,037,373
$1,130,619
$1,386,478
$48,213
$10,766,191
$12,429,075
$1,944,644
$1,327,925
$1,447,288
$1,774,809
$61,120
$18,984,860
$17,119,908
$2,200,186
$1,502,426
$1,637,473
$2,008,033
$68,871
$24,536,897
$205,429,829
$44,781,047
$30,468,329
$32,734,553
$41,119,569
$1,481,240
$356,014,567
Eligible (Net New) Tax Increment
Indoor Waterpark Resort of the Rockies
U.S. Whitewater Adventure Park
National Sports & Tournament Center
PeliGrande Resort & Windsor Conf Center
Sylvan Dale Guest Ranch
Total Sales Tax Increment
$0
$0
$0
$0
$3,903
$3,903
$0
$0
$0
$0
$4,959
$4,959
$478,828
$90,997
$116,808
$307,414
$5,371
$999,418
$531,127
$107,429
$149,661
$338,241
$6,000
$1,132,458
$577,227
$125,174
$173,856
$364,661
$6,154
$1,247,071
$597,633
$128,303
$188,685
$350,746
$6,312
$1,271,679
$612,574
$131,510
$214,891
$359,514
$6,470
$1,324,960
$659,675
$141,622
$231,414
$387,158
$6,968
$1,426,837
$746,362
$160,233
$261,824
$438,033
$7,883
$1,614,335
$955,406
$205,111
$335,156
$560,720
$10,091
$2,066,485
$1,080,955
$232,065
$379,199
$634,403
$11,417
$2,338,038
$22,000,993
$4,706,140
$7,580,522
$12,991,003
$242,003
$47,520,662
Percentage Eligible for Combined Projects
14.04%
1.50%
27.14%
25.36%
23.96%
22.54%
21.35%
18.42%
14.99%
10.88%
9.53%
13.35%
30-year average % of RTZ Revenue
Tax Increment Award
13.35%
13.35%
13.35%
13.35%
13.35%
13.35%
13.35%
13.35%
13.35%
13.35%
13.35%
$3,710
$44,120
$491,604
$596,105
$694,608
$753,106
$828,463
$1,034,161
$1,437,066
$2,534,091
$3,275,174
$47,520,662
Source: Anderson Analytics
NNOSV Percent of Total Visitor Days
49.1%
7.8%
15.5%
31.6%
8.1%
22.3%
49.1%
7.8%
15.5%
31.6%
8.0%
22.3%
Source: Anderson Analytics
59
5.4 Local government has provided reliable economic data demonstrating that in the absence of state sales
tax increment revenue, the project is not reasonably anticipated to be developed within the foreseeable
future.
A key element of the analyses prepared by HVS for each Go NoCO project was a determination of financial
feasibility. To determine whether the projects are feasible in the absence of RTA funding, HVS performed a
discounted cash flow analysis for each project. HVS calculated the present value of project cash flows using
discount rates that reflect market risk and the anticipated rate on return on private investment. These project
values were compared to the estimated capital costs as shown in the figure below.
As estimated by HVS, the Go NoCO projects have a combined funding gap of $85.3 million that must be filled
to make the projects feasible. That gap comprises 25% of the total combined cost.
Estimated Funding Gap for RTA Projects
Go NoCo RTA Projects
Total Project
Costs
$138,330,000
$60,976,000
$32,950,000
$109,990,000
3/ $2,277,000
TOTAL RTA PROJECTS $344,523,000
Indoor Waterpark Resort of the Rockies
U.S. Whitewater Adventure Park
National Sports & Tournament Center 2/
PeliGrande Resort & Windsor Conf Center
Sylvan Dale Guest Ranch
-
Estimated
Project Value 1/
$111,400,000
$49,039,000
$15,237,000
$83,000,000
$516,000
=
=
=
=
=
-
$259,192,000
=
1/ Based on discounted cash flow analysis for each project.
2/ Does not include the full cost of the Bo Jackson facility. Total project cost is $37,295,900 when the full
cost of that component is added.
3/ Capital costs are net of $670,000 of currently available funding.
Source: HVS
60
Funding Gap
$26,930,000
$11,937,000
$17,713,000
$26,990,000
$1,761,000
$85,331,000