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Overview of Proposals Evaluation and Host Community Agreement Negotiations Preferred Developer Next Steps
Overview of Proposals
Two Exceptional Proposals North End - Penn National Highlights South End - MGM Highlights
Evaluation and Host Community Agreement Negotiations Preferred Developer Next Steps
OVERVIEW OF PROPOSALS
Citys RFQ/RFP process produced: Two exceptional proposals representing unique but different urban redevelopment opportunities for downtown Springfield, the Pioneer Valley and Massachusetts Both create signature destination developments that could serve as a key addition to downtown Both strive for additional broader economic impact & development Both represent quality proposals that could compete with other casino proposals in the region
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Overview of Proposals Evaluation and Host Community Agreement (HCA) Negotiations Preferred Developer
Selection Direct Economic Benefits for Springfield Urban Development Investments and Commitments City Building and Civic Opportunities Competitive Position with MGC
Next Steps
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PREFERRED DEVELOPER
Selection
From extensive review, due diligence and detailed negotiations, Mayor Sarno, with input from the Mayors Ad Hoc Advisory Committee, his City team and outside consultants, and the Citys Chief Development Officer, has selected the Developer team of MGM Resorts International / Blue Tarp reDevelopment, LLC to pursue a gaming license together with the City of Springfield
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PREFERRED DEVELOPER
MGM Springfield Program and Concept Highlights Site
14.5 acres in the South End encompassing prime area ravaged by 2011 tornado Requires some relocation/demolition and restoration/renovation Total Development: 850,000SF (excl. parking) Gaming: 125,000 SF; minimum of 3,000 slots, 75 table games Hotel: 250 Rooms with four-star amenities Retail: 28,000 SF incl. 20 shops and 10 restaurants by local and national brands Entertainment: Cinema Multiplex; Bowling Alley; outdoor entertainment plaza for events and concerts Office: 85,000 SF in renovated 101 State Street; 44,000 SF in Union Station for MGM corporate/training Residential: 54 market rate apartment units in mid-rise along Main Street Parking: 3,600 space garage with valet, self park and bus drop-off
Program:
Urban Design/Architecture
Strong urban integration/linkages & immersion Contextual massing and materials
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PREFERRED DEVELOPER
MGM Springfield
Site Plan
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PREFERRED DEVELOPER
MGM Springfield
State
Street
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PREFERRED DEVELOPER
MGM Springfield
Main Street
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PREFERRED DEVELOPER
Direct Benefits for Springfield Financial
Total Investment: Nearly $800M Projected Annual Gaming Revenues: $479M Impact Fees/Taxes: Nearly $15M upfront; anticipated $25M annually Other Revenue Commitments: pay all City expenses
Jobs/Business Opportunities
Gaming related: 3,000 permanent jobs Construction: 2,000 Construction Jobs Local Hire: at least 35% City residents; no more than 10% outside of City and surrounding area MBE/WBE/VBE
- - - - for construction & design professional services: at least 5% MBE; 10% WBE, 2% VBE for project construction: at least 15.3% MBE, 6.9% WBE & 8% VBE for operations: at least 50% MBE, 50% WBE & 2% VBE for providing goods & services following opening: at least 10% MBE, 15% WBE, & 2% VBE
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PREFERRED DEVELOPER
Urban Development Investments and Commitments Economic Development
Additional Commitments - essential and powerful aspects that may well eclipse the direct revenues Mass Mutual/Symphony Hall/City Stage - four Class-A entertainment events at Mass Mutual and upper end events at the other venues for a total of twelve annually Union Station - 44,000sf / alternative $500K/yr Trolley funding for two downtown trolleys operated by PVTA Downtown Residential - a unique and powerful catalyst to stimulate new housing investment in downtown and the South End
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PREFERRED DEVELOPER
City Building and Civic Opportunities
The opportunity that gaming presents to urban areas is the ability to leverage a significant capital investment to revitalize and accomplish what otherwise might be unachievable. MGM Springfield provides the potential to engage the civic leadership of Springfield to put in motion a set of urban initiatives which strengthen and enhance the downtown and surrounding neighborhoods. The MGM Springfield Host Community Agreement provides for a collaborative and proactive planning process to craft a strategic initiatives workbook to redevelop the South End and surrounding areas, making Springfields investment in a casino far more than anticipated.
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PREFERRED DEVELOPER
Competitive Position with MGC
MGM/Springfields vision meets, exceeds and exemplifies the high bar established by the MGCs urban development criteria. In turn, Springfield will stand out amount all regional and Commonwealth competitive venues as the signature, marquee, urban gaming resort investment.
MGM Springfield
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Overview of Proposals Evaluation and Host Community Agreement (HCA) Negotiations Preferred Developer Next Steps
Joint Team Efforts with Developer/City Ongoing Interactive Development Process Timetable and Schedule
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NEXT STEPS
Massachusetts Gaming Commission sharing our vision of MGM Springfield Ongoing Interactive Development Process Timetable and Schedule
Sign HCA Present HCA to City Council Referendum (July 2013) MGC decision (February 2014 March 2014) Construction (+33 months) Opening (July 2016)
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An Investment in Springfield, the Pioneer Valley, the Commonwealth and New England
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