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HomeMy WebLinkAboutCity Council Committees - Public Facilities District Board - 10/28/2010 Z�K4T Public Facilities District October 28, 2010 Boardmembers Present: Mike Miller, Greg Haffner, Lew Sellers, Cass Prindle, Randall Smith Others Present: Colin Campbell, Bob Nachlinger, Tim Higgins, Patrick McClusky, Steve Hunter, Beth Sylves and Tom Brubaker. Ben Wolters and Julie Pulliam arrived at 3:45. I. Call to Order The meeting was called to order by the Chair at 3:30 p.m. a. Introductions. Introductions were not necessary. b. Approval of Minutes. Haffner moved to approve the minutes of April 29, 2010. Smith seconded and the motion carried. II. Finance Report a. Sales Tax Revenues. Nachlinger distributed copies of and explained the Revenue and Debt Service Fund. He noted that sales tax was up in August and September which is due to the recent annexation. He said intergovernmental revenues of $3,000,000 should cover the debt service, and projected a breakeven for operations of the Center next year. b. ShoWare Center Income Statement. McClusky distributed copies of the Income Statement as of September 30, 2010, which shows a September Actual net income loss of $95,000 and increases in Quarters 2 and 3, resulting in a Year-to- Date Actual to Budget Variance of $ (208,000). Higgins said he expects an increase in income as a result of controlling expenses and an increase in banquet activity. III. Operator Update. a. Event Booking/Attendance. Higgins said there has been an increase in the number of banquets held in the facility, including two Valley Medical Center events and an REI corporate headquarters dinner. He added that Savor Catering Public Facilities District October 28, 2010 Page Two is doing a very good job. He said construction of the marquee will begin soon and that it is being done by a local company at a cost of approximately $185,000. He explained improvements recently made to the steel rigging which improves the quality of concerts, and noted that the recent professional bull riding event was very successful. b. Marketing. Sylves reported that total attendance since opening is over 566,000 and that web site usage is over 579,000. She added that website usage increases after events are announced. She noted that recent surveys show a 92% approval rate on the building. She then outlined upcoming events, noted that television coverage of events in the building has increased, and announced an award from Seattle Business Magazine. IV. Seattle Thunderbirds Update a. Sales and Marketing. Campbell gave an update of recent and upcoming events, and explained that four interns were hired to sell a new 24-Flex-Pack ticket package, which was very successful. He noted that Beacon Plumbing is a new partner and their signs are now going up, and that other corporate clients are using the building more. b. Advertising and Suite Sales. Campbell announced the new tagline can't make you love hockey, experiencing it might." He distributed the new brochures and outlined other advertising efforts. Campbell said they are continuing to analyze the best way to market suites and are working on more creative pricing, including Two-For-Tuesdays. He said he expects premium seating to be ahead of last year by Christmas, due to the ticket package. He noted that they advertise in the News Tribune and in all of the Reporter newspapers, but not in the Seattle Times, since they rarely mention events in the south end. Higgins added that the Predators will return for seven games at the Center between approximately February and June. V. Meetincy Dates. Brubaker stated that regular meeting dates are the last Thursday of each January, April, July and October at 3:30 p.m., and noted that the next meeting will be on January 27, 2011. Public Facility District October 28, 2010 Page Three ADDED ITEMS a. Boardmember Term. Brubaker pointed out that Randall Smith's term on the Board has expired and that action should be scheduled for the next meeting. b. Website. Campbell responded to questions and comments from several Boardmembers about recent changes to the website. VI. Adjournment At 4:30 p.m. Sellers moved to adjourn. Prindle seconded and the motion carried. Brenda Jacober, CM City Clerk