 Hi, I'm Susan Ollinies, Assistant City Manager for the City of Fort Worth, and we'd like to share some information about the election that will be happening in November as it relates to our Will Rogers Memorial Coliseum Complex. Just to give you a little bit of background, this site map shows a new and exciting arena project that's anticipated for the complex, and you'll note that the top of the diagram shows Montgomery Street bounded by Lancaster on the right and University at the bottom. The city's already constructed trail drive to run through the complex, and you see a diagram that shows the new arena that's anticipated for the complex. This is an artist's rendering of what the new facility might look like, and it includes an arena, in addition a 2000 space parking garage, as well as a plaza there on the eastern side of the campus, and as you can see there will be a grand entry on all four sides. In addition, because of the grade change between Montgomery Street and the inside of the campus, they'll actually have subsurface facilities that'll be exercise and warm-up facilities, as well as stalls for equestrian events and that kind of thing. You see a smaller building off to the side, and that's actually a place where visitors can watch the exercise and warm-ups that are happening in those subsurface facilities. In addition, the loading areas and so on, you can see in the bottom left-hand corner of the slide of where the loading will be able to take place on the campus as well. So why the new facility? The current coliseum, which will continue to exist, has just over 5,000 seats, and so you can see that the seating capacity in this new facility will vary depending on the type of event that can be held there. But it can be up to 14,000 seats for concerts and special events. In addition, we anticipate that there will be basketball, graduations, hockey and family shows, as well as additional equestrian and rodeo events. So to give you a sense of the flexibility of the seating at the facilities, here's an exhibit that shows what it would look like for a basketball configuration. They've got retractable seating that'll go out court side and allow that particular use. I'll note that the facility is actually configured much like American Airlines Center in Dallas, and it basically doesn't have the cheap seats at the top, and so it's just a smaller capacity than that particular facility. In addition, this is a configuration that would occur with a rodeo, and of course there would be fewer seats. You can see that there's three rows of box seating, much like you see at the rodeo today. In addition, there will be a suite level that will serve customers as well, and as well as the wall where a lot of people gather at the current rodeo, where you can see in the cross aisle there that it'll continue to exist. So in terms of the project scope, again, you've probably heard in the community the figure of $450 million that actually includes a number of things. Little less than half of that is related to the arena itself. In addition, there will be the parking structure, the livestock building, the plaza that I mentioned, and a lot of infrastructure associated with it as well, including the street relocation, storm drainage, and so on. So the preliminary cost estimates are, again, $450 million. Half of that will be a private commitment that I'll elaborate on here in a moment. In addition, there will be a public and user fee portion of about $225 million as well. So in terms of the private funding sources, there's a commitment of 50% from the private sector. It's basically a gift with event facilities leading that fundraising effort. The facility will be publicly owned by the city of Fort Worth, and so it's a wonderful partnership that other cities would be certainly envious of. In addition, they've committed to raise additional funds if the budget grows. And finally, I'll point out that this is different than a lot of other arena projects around the country, because there's no developer or team franchise requiring a profit. This is truly a nonprofit organization that's partnering with the city to make this happen. So in terms of the public funding sources, as I mentioned, there's been some construction that's already occurred, and so we have expenditures to date related to storm drain and the trail drive improvements that have happened. That was a $10 million commitment that was partnered, a partnership with the county. In addition, there's hotel occupancy tax and other taxes associated with hotel facilities in the project financing zone that we anticipate will raise more than $125 million, and I'll share more about that concept here in a moment. And then finally, the user taxes at the bottom are the subject of the ballot that you'll see in November. So just to share with you about the project financing zone, last fall the city council adopted project financing zone number one. This actually is legislation that is unique to Fort Worth. It was passed by the state of Texas last session, and it basically allows us to draw a three-mile perimeter around both the convention center and Will Rogers to capture hotel increment within that zone that the state would otherwise collect. So just to elaborate a little bit, when you have a hotel bill, the state charges a 6% tax that they normally retain. However, in this area, they've set calendar year 2013 as the base year, and beginning in 2014, any additional hotel taxes that are collected in that zone, whether it's through increased occupancy, new hotels, higher rates, whatever the case may be, they are actually setting that aside for this project for the city of Fort Worth. And so it's already being escrowed for our benefit, and the projections for this year alone are $1.3 million, and they will continue to make that commitment for the next 30 years. So it's a huge vote of confidence for the economic development impact of this particular facility and funds that we otherwise would not have had access to. In addition, later this year, when we firm up the financial analysis following the election, we will also make a recommendation to the city council about the local increment, the 7% that the city currently collects within that zone of hotel occupancy tax, mixed beverage tax and sales tax at the hotels. We will make a recommendation to the city council about what portion of that would be appropriate to contribute to this fund as well. So in terms of the question to the voters, this is a fairly busy slide, but we will just say that it's not an up or down vote on the venue itself. It is an up or down vote on three separate propositions for the taxes or user fees that could be used for the planning, acquisition, establishment, development, construction and renovation of a multipurpose arena and related facilities. So proposition number one will be for an admissions tax that will be on each ticket sold to events held at this project not to exceed 10%. Proposition number two is a livestock facility use tax or also known as a stall tax that basically each animal that is penned there for activities that are happening at these facilities will be charged a stall tax. We anticipate that it will be a dollar to two dollars a day, not to exceed $20 for an event that may span weeks at a time based on some of our current events. And then finally, we have the parking tax or user fee and this will be not incurred until the arena itself opens and it will not exceed $5 per vehicle. And certainly we are sensitive to the market pressure on parking costs out at the campus and our objective is to be able to maintain the current rate structure that's out there today and absorb this within that rate structure and make up the difference in volume. So we anticipate that there will be more users of the facility that will actually allow us to not have to increase the impact to the users who are there. So to give you a relative sense of the value of each of these, as I mentioned, the yellow box shows the 50% from the private sector. The blue box shows the state project financing zone funds that hotel occupancy tax increment that we talked about will provide an anticipated 18% of the project cost, 15%. As noted in the green boxes below are the user fees that will again be the subject of the ballot in November. 14% is the estimate of what the local hotel occupancy tax increment will provide. And then finally, the other public sources that include the infrastructure improvements that have already occurred. So the important thing here is to note that it's not going to be an effect on your property tax or the general operating budget of the city. It truly is intended to be funded by the sources and the people that will enjoy the facilities out there. So in terms of management and operations, we anticipate that the long-term management will be a private sector not-for-profit partner. Certainly we want to get somebody with the expertise of promoting and producing events and running that facility for us. We are working on data analysis that shows us that it will be a break-even basis, so it'll pay for itself in terms of operation plus provide sufficient reserves for the replacement maintenance and upgrade of the facilities over the years as it becomes necessary. So just to give you a sense of the relative scale of this particular facility, you see the white drawing is actually the rendering of what the new arena would look like. Overlaid on top of that, the shadow shows the current Will Rogers Coliseum. And so you can see that not only are they architecturally complementary, but the sheer scale of the new facility is certainly much larger. I want to emphasize again that the current Coliseum is not going anywhere. It's still a valuable part of that campus and will continue to be used for all kinds of equestrian events. And our long-term goal is to be able to invest dollars in there as well for renovation to that particular facility. And just to give you a sense of how this fits into the context of the convention center, you may know that back in 2002 we completed what we call phases one and two of the convention center improvements and left the arena at that particular facility in place. The goal since that time has been to eventually expand to phase three, which includes additional ballroom space, meeting room space and that kind of thing in place of the arena. The thought has been that providing an arena facility to replace the existing need at Will Rogers would allow us to open up that market, not take away anything from the users of an arena space that currently use a facility like that today. So this is the long-term goal. The funds from the project financing zone, this hotel occupancy tax can certainly help us realize this goal at a later date after we complete the arena. And I'm going to show you a very quick video that is a rendering of what it would look like in our existing campus with the new facility. And so it's pretty exciting to see a flyover of the improvements that will happen there. I'll also mention that Montgomery Street is included in the bond program and the intent is to redevelop it. So it really is a gateway to the cultural district, much like the other streets in that general area. We thank you for your interest in this project and we encourage you to go out and vote. The election is on November the 4th and currently early voting is underway.