REPORT TO STADIUM AUTHORITY BOARD
SUBJECT
Title
Adopt the Santa Clara Stadium Authority Fiscal Year 2018-19 Recommended Budget, Approve the Stadium Operation and Maintenance Plan, and Approve a Budget Amendment to the FY 2017-18 Santa Clara Stadium Authority Adopted Budget to Reduce the Total Outstanding Debt by $13.5 Million.
Report
BACKGROUND
Per the terms of the Amended and Restated Stadium Lease Agreement (Lease) by and Between the Santa Clara Stadium Authority (SCSA, Stadium Authority) and Forty Niners SC Stadium Company LLC (StadCo, Tenant), the Stadium Manager (ManCo) is responsible for preparing the Stadium Operation and Maintenance Plan (SOMP), including the Annual Shared Stadium Expense Budget, Annual Public Safety Budget and the Capital Expenditure Plan, which must be presented annually to the Stadium Authority and Tenant for their consideration and approval (7.2 Stadium Management Company). Additionally, per the terms of the Stadium Management Agreement (Management Agreement), the SOMP is required to include a marketing plan prepared by ManCo which shall be mutually agreed upon by StadCo and SCSA (4.10 Marketing Plan).
At its March 13, 2018 meeting, the SCSA Board held a Study Session to discuss the SOMP for the period of April 1, 2018 through March 31, 2019 (FY 2018-19). The discussion included the proposed SCSA Operating, Debt Service, and Capital Budget (Budget; Attachment 3) in accordance with Article 4 "Records, Accounts, Budgets, and Reports" of the Management Agreement, as well as ManCo's 2018 Marketing and Business Plan for Non-NFL Events (Attachment 2).
During the Study Session, both the Board and the public provided valuable feedback and asked pertinent questions. At the direction of the Board, SCSA staff has included responses as part of this report (Attachment 1).
At the same meeting, the SCSA Board adopted a Budget Policy that states SCSA staff will bring forward budget amendments for Board consideration during the year in order to ...
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