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File #: 22-580    Version: 1 Name:
Type: Public Hearing/General Business Status: Agenda Ready
File created: 4/20/2022 In control: Council and Authorities Concurrent Meeting
On agenda: 6/21/2022 Final action:
Title: Request from the Stadium Manager and StadCo to Add Stadium Builder's Licenses to Field Seats in the North and South End Zones of Levi's Stadium
Attachments: 1. April 19, 2022 $10,000 SBL Proposal, 2. June 16, 2022 $17,500 SBL Proposal, 3. 2022 NFL Approval Letter, 4. POST MEETING MATERIAL
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REPORT TO STADIUM AUTHORITY BOARD

SUBJECT

Title

Request from the Stadium Manager and StadCo to Add Stadium Builder’s Licenses to Field Seats in the North and South End Zones of Levi’s Stadium

 

Report

BOARD PILLAR

Ensure Compliance with Measure J and Manage Levi’s Stadium

 

DISCUSSION

On April 19, 2022, the Stadium Manager submitted a proposal to add SBLs priced at $10,000 per seat to field seats in the North and South end zones of Levi’s Stadium (Attachment 1). Stadium Authority and Stadium Manager/StadCo staff met on May 4, May 25, and June 9 to discuss the proposal.

 

On June 16, Stadium Manager/StadCo submitted an alternative proposal to add SBLs priced at $17,500 for the field seats (Attachment 2). The Stadium Authority’s projected revenue totals $1,651,953 over the life of the SBLs.

 

Stadium Manager/StadCo also updated their projections for the $10,000 proposal in their June 16 submittal. Per the June 16 proposal, the Stadium Authority’s projected revenue totals $1,154,031 over the life of the SBLs if $10,000 SBLs were approved.

 

The field seats are subject to annual NFL review and approval. Stadium Manager/StadCo submitted a May 20, 2022 letter from the NFL that provides conditional approval for 44 seats in the North end zone and 26 seats in the South end zone for the 2022 NFL Season (Attachment 3). Included in the 70-seat count are three (3) ADA wheelchair positions and 3 ADA companion seats. The financial projections do not forecast any SBL revenues from the six (6) ADA positions but do include the 10% ticket surcharge revenue from tickets for those 6 positions that will be sold to ADA patrons.

 

ATTACHMENTS 

1.                     April 19, 2022 $10,000 SBL Proposal

2.                     June 16, 2022 $17,500 SBL Proposal

3.                     2022 NFL Approval Letter