1. CITY OF HARTFORD PUBLIC & PRIVATE PARTNERSHIP
$56,000,000 HARTFORD STADIUM AUTHORITY
LEASE REVENUE BONDS, SERIES 2015
Presenter: Treasurer Adam M. Cloud
January 23, 2015

2. Table of Contents
Overview
Participants
Stadium Authority
Plan of Finance
Financing Structure Chart
Questions/Answers

3. Overview
In the spring of 2014, the City of Hartford (“City”) reached an agreement with a minor league baseball team, New Britain, CT Rock Cats (‘AA’ affiliate of the Colorado Rockies), to relocate to the City for the 2016 season
To accomplish the relocation, the City must construct approximately a 4,500 seat stadium.
The stadium will be the anchor project for a $350 million development project called Downtown North or “DONO” that will consist of: the stadium, residential, commercial and entertainment venues
The construction cost of the stadium is $56 million which the City has decided to finance through a special purpose entity, The Hartford Stadium Authority

4. Chief Operating Officer Private Development Team
Participants/Partnerships
Mayor
City Treasurer
City Council
Chief Operating Officer
New Britain Rock Cats
Private Development Team
CT Building Trades

5. The Stadium Authority
The City is creating a public recreational facilities authority (the “Authority”) pursuant to Sections 7-130a through 7-130w of the Connecticut General Statutes (the “Act”)
The Authority will be a public body politic and corporate of the State of Connecticut, and have the power, among other things:
to acquire, purchase, lease as lessee, construct, reconstruct, improve, extend, operate and maintain projects;
to sell, lease as lessor, transfer or dispose of any property or interest therein acquired by it;
to fix and revise from time to time and to charge and collect fees, rents and other charges for the use of any project or facilities thereof; and
to issue bonds of the Authority

6. The Stadium Authority
The Authority will have five (5) members. The City Treasurer and the City’s Chief Operating Officer will be members and the City Council will appoint the other three members, who are named in the ordinance creating the Authority

7. Plan of Finance
Pursuant to the Act, the Authority’s bonds will be payable from the revenues of the stadium
The Authority plans to issue bonds backed by lease payments to be made by the City to the Authority pursuant to a lease agreement for the use of the Ballpark. The City currently owns the land where the Ballpark will be built
That land will be ground leased to the Authority for the construction of the Ballpark
The land and Ballpark will then be leased back to the City for annual rent payments equal the debt service payments on the Authority’s bonds
The Authority will assign all of its right, title and interest in the lease, including the lease payments, to a trustee for the benefit of Bondholders
The Authority’s bonds will be sold based on the strength of the City’s commitment to appropriate the annual lease payments. A chart of the financing structure follows

8. Financing Structure Chart

9. Plan of Finance
Once the Authority is created, it will meet as soon as possible to choose officers, adopt bylaws and adopt a bond resolution authorizing the issuance of the bonds and the execution of all necessary documents
The City has assembled an underwriting team to sell the Authority bonds to the public. Bond documents, including an offering document, are in the process of being drafted. Upon closing of the bond transaction, the proceeds of the bonds will be deposited into funds and accounts maintained by the trustee under a Trust Agreement, including a Project Fund and a Capitalized Interest Account
$56 million for the construction of the Ballpark will be deposited to the Project Fund ix

10. BENEFITS OF THE FINANCING Created $20 million of savings by using tax-exempt bonds Created project labor agreement and community benefits agreement ( provides local hiring and local sourcing of goods and services) Partnered with unions to create financial savings and sustainable jobs