Best Value comparison chart for the City of Ottawa at Lansdowne Park. Lansdowne Park Conservancy compared to OSEG Developers, May 22, 2012.
City/Conservancy Stadium South Stands North Stands/Arena Building Code Changes Total
Landscaping/Green Space Area Green Space and Grounds 80ft Beacon, Paving, Curling Rink 400ft Digital Wall, cement porch Horticulture Bldg Move Horticulture Building Renovations Coliseum Building renovation Infrastructure Retail Space upgrades Improvements to Aberdeen Total
City/OSEG
48,000,000 29,000,000 N/A $77,000,000
39,000,000 44,000,000 23,200,000 $106,200,000
NBBJ, Pro Sports Divison
Cannon Design
16,040,000 N/A N/A N/A, building remains 6,400,000 3,000,000 495,000 500,000 500,000 $26,935,000
16,000,000 5,000,000 3,000,000 10,000,000 3,500,000 N/A 5,000,000 N/A N/A $42,500,000
NBBJ, Landscaping Design
Phillips Farevaag Smallenberg
Hidden Cost to City of OSEG Condos Social Housing Fund ( Condo Cost ) N/A, park remains public
$2,800,000
(City pays developer cost for no social housing)
Parking Number of public parking spots
Underground Parking Soil removal and excavation
Recreation and Entertainment Concert Shell Olympic Swimming Pool/Pavilion Soccer Dome Move Outdoor hockey rinks Outdoor recreational skating Tobogganing hill Total Capital Cost of Project
Total Financing Cost
1,250
660 (balance reserved for towers,condos)
1,200,000 5,000,000 zero, building remains included included included $6,200,000
none none 5,000,000 none included included $5,000,000
N/A, half of existing N/A, soil remains sealed $0
22,523,000 3,500,000 $26,023,000
$110,135,000
$182,523,000
(Professionally costed by NBBJ)
(Confirmed by City Manager)
$169,219,412
$402,549,692
3.67% for 25 years Infrastructure Ontario
4.63% for 40 Years Average rate locked in open market
Revenue - General Operations Pool Revenue Catering, Concessions, Other Aberdeen Pavilion Rentals Parking - Revenue Lease Soccer Bubble Solar Revenue South Stands Concert Shell/Festivals Farmer's Market Summer Farmer's Market Winter Stadium Rental Fee CFL Arena Rental Fee OHL Stadium/Arena Total Revenue - Operations
75,000 100,000 250,000 2,142,000 300,000 642,702 250,000 300,000 100,000 300,000 100,000 2,536,000 $7,095,702
0
(no pool or pavilion) (Developer collects) (Developer collects) (Developer collects)
N/A N/A N/A
0 0 0
(soccer bubble removed) (no solar roof) (no concert shell)
N/A N/A N/A N/A N/A
(Developer collects) (Developer collects) (Developer collects) (Developer collects) (Developer collects)
$0
(City receives lump sum from developers)
Revenue - Lease Operations Total Retail/Office lease space ft² Net Lease space cost/ft² Annual Net Lease Revenue
110,000 $23.47 $2,581,700
339,000 $28.72 $9,736,080
Total Tower lease space ft² Net Lease space cost/ft² Annual Net Lease Revenue Towers Total – Net Annual Lease Operations Total – Lease Revenue to Park
0 $0.00 $0 $2,581,700 $2,581,700
90,000 $22.00 $1,980,000 $11,716,080 $1 (Developers pay $1 a year lease)
Total Annual Revenues
$9,677,402
$1
Expenses Annual Debenture Repayment Stadium/Arena Costs Park and Maintenance Costs Operations Expense Parking Annual Avoided Costs Total Annual Cost
6,768,776 3,702,000 1,500,000 200,000 -3,800,000
10,063,742 0 (developer assumes costs) 1,980,000 0 (developer assumes costs) -3,800,000 $8,370,776 $8,243,742 (Conservancy cost obligations)
(City cost obligations)
Calculations after year 1 Total Annual Revenues Total Annual Costs PROFIT/LOSS after year 1
City with Conservancy $9,677,402 -$8,370,776
City with OSEG $1 -$8,243,742
$1,306,626
Calculations after 40 years
-$8,243,741
City with Conservancy
City with OSEG
Total Capital Cost
$110,135,000
$182,523,000
Avoided costs over 40 years
$152,000,000
$152,000,000
Total Annual Direct Expenses
$5,402,000
$1,980,000
Total Annual Lease Revenue Total Lease Revenue after 40 years
$2,581,700 $190,274,586
$1 $74
Total Annual Operations Revenue Total Operations Revenue; 40 years
$7,095,702 $522,962,297
$0 $0
Condo Air Rights (OSEG only bidder) Tower rights ( OSEG only bidder)
$0 $0 $0
$11,365,000 $3,490,000 $98,000,000
Total Cost of Borrowing
Total Expenses after 40 years
Lease Revenue to pay off debt
Operations Revenue to pay debt
OSEG Capital contributions (Waterfall)
PROFIT/LOSS After 40 years
-$169,219,412
-$402,549,692
-$398,134,297
-$145,928,528
$190,274,586
$74
$522,962,297
($864M to OSEG developers)
$0
$297,883,174
-$283,623,146
Conclusions Net park and social benefits
City with Conservancy
City with OSEG
1. A public spacious heritage development 2. Sylvia Holden Park protected, maintained 3. Less density means less traffic 4. All Heritage protected 5. A reserve fund ensuring no taxpayer cost. 6. Greater tourism potential 7. Promoting local business, profits local 8. Swimming pool and pavilion 9. Concert Shell and promotion of arts 10. Outdoor winter skating, hockey, rinks 11. Works within original zoning 12. Competitive bid, ready for RFP 13. Stadium design, low maintenance steel 14. Use of Solar, follows City/Province plan 15. Large space for Farmers to expand 16. Profitable to City and Taxpayer 17. Less complicated, lower risk
1. A private highrise/shopping centre 2. Sylvia Holden park lost 3. Greater density means more traffic 4. Heritage ignored 5. No reserve fund, high taxpayer cost 6. Lower tourism potential 7. Promoting chains, profits removed. 8. No pool or public pavilion 9. No concert shell 10. Curling rinks 11. New zoning, contrary to good planning 12. Sole sourced bid, legal challenges 13. Stadium design, high maintenance wood 14. No use of solar 15. No room for Farmers to expand 16. Taxpayers must pay -$284M 17. Extremely complicated, higher risk
Conservancy generates $298M for the park
OSEG proposal costs taxpayers -$284M
No taxpayer costs, keeps park 100% public.
and Corporatizes the park.