DECISIONPOINT#2

Section23|SpecialProvisionsontheFunding,FinancingandAllocationofAvailable
FundsSourcedtotheStadiumProject

ALTERNATIVEA

Note:Limitstotalinvestmenttothelesserof$750,000,000ortheamountthatcanbebondedfromthe
incrementaltransientlodgingtaxauthorizedbytheact.Limitsthepublicinvestmentto39percentof
thetotalNFLstadiumprojectcost.Setsdeveloperspreferredreturnat10percentonupto
$650,000,000millionofprivatecapitalinvestment.Requiresa50/50splitoffreecashflowafterthe
preferredreturnbetweenthedeveloperandacapitalimprovementfundforNFLstadiumproject.Does
notallowoperatingshortfallsorconstructioncostoverrunstobeaddedtothedevelopersbasisforthe
preferredreturncalculation.Requiresthatdistributionsinexcessofthe10percentpreferredreturnbe
considerareturnofcapital,therebyreducingthedevelopersinvestmentbasisforsubsequentpreferred
returncalculations.

SECTION23.1.Anydevelopmentagreemententeredintopursuanttosubsection2ofsection16ofthis
act,anyleaseagreement(s)enteredintopursuanttosubsection3ofsection16ofthisactandanyand
allotheragreementsofanykindenteredintobetweenthestadiumauthorityandoneormore
developerpartners,NFLteam,oranyaffiliate,subsidiaryorrelatedentityofadeveloperpartneror
NFLteam,shallincludethefollowing:
(a)ThestadiumauthorityscontributiontotheconstructioncostoftheNFLstadiumprojectshallnot:
(1)Exceed$750,000,000exclusiveoftheproceedsrealizedfromthesaleofpersonalseatlicensesor
similarinstrumentsandfromotherNFLstadiumprojectassetssoldbyoronbehalfofthestadium
authority,whichproceedsshallbeusedtopaycostsofconstructionoftheNFLstadiumprojectand
anycapitalimprovementsthereto;or
(2)Themaximumamountthatcanberaisedfromtheissuanceofbondspursuanttosection24ofthis
act,securedbyrevenuesgeneratedbythetaximposedinsubsection2ofsection16ofthisact,
Whicheverisless.
(b)Thetotaldebtundertakenbythecountyonbehalfofthestadiumauthorityshallnot,atanygiven
pointintime,exceedthestadiumauthorityscontributionlimitssetforthinparagraph(a)of
subsection1.
(c)ThestadiumauthorityscontributiontotheconstructionanddevelopmentcostoftheNFLstadium
projectshallnotexceed39percentofthetotalcostofthestadiumproject.
(1)ThefollowingshallbeincludedindeterminingthetotalcostoftheNFLstadiumproject:
(I)Alldesign,development,andconstructioncostsrelatedtotheNFLstadiumproject;
(II)Landcosts;
(III)AllinfrastructurecostsonandaroundtheNFLstadiumprojectsitepaidfundedthroughthecapital
contributionsmadebythedeveloperpartnersand/orthestadiumauthority;
(IV)NFLpracticefacilitycosts,regardlessofwhethersuchfacilityisconstructedinthesamesiteasthe
stadiumprojectsolongasitisconstructedwithinthestadiumdistrict,upto$100,000,000;and
(V)Othersoftcostsrelatedtothestadiumproject.
(2)ThestadiumauthorityscontributiontotheconstructionanddevelopmentcostoftheNFLstadium
projectshallbeexclusiveoftheproceedsrealizedfromthesaleofpersonalseatlicensesorsimilar
instrumentsandfromotherNFLstadiumprojectassetssoldbyoronbehalfofthestadiumauthority,
whichproceedsshallbeusedtopaycostsofconstructionoftheNFLstadiumprojectandanycapital
improvementsthereto.
(3)Allland,improvementsandotherpropertyofanykindincludedinthetotalcostoftheNFLstadium
projectpursuanttosubparagraph(c)(1)shallbethesoleandexclusivepropertyofthestadium

DECISIONPOINT#2
Section23|SpecialProvisionsontheFunding,FinancingandAllocationofAvailable
FundsSourcedtotheStadiumProject

authorityandshallbeexemptfromadvalorempropertytaxesinthisState.Thedeveloperpartners
andNFLteamshallberesponsibleforensuringthatanyrequiredtransferofpropertyinterestoccurs
withinareasonableperiodoftime.Thesoleexceptiontothisprovisionshallbeanycapital
expendituresthatthestadiumauthorityandtheStadiumEventsCompanyagreearemadesolelyby
theStadiumEventsCompany.Inthecaseofthisexception,suchpropertyshallbetransferredtothe
stadiumauthorityattheendofleaseagreement,atwhichtimeitwillbecomethesoleandexclusive
propertyofthestadiumauthority,unlessthestadiumauthorityandtheStadiumEventsCompany
agreeotherwise.
(d)Unlessotherwiseprovidedforinthisact,thestadiumauthorityscontributiontotheconstruction
anddevelopmentcostoftheNFLstadiumprojectshallbeproportionalintermsofamount,
contemporaneousintermsoftimingandsimilarintermsofriskprofiletothedeveloperpartners
contributiontotheconstructionanddevelopmentcostsoftheNFLstadiumproject.
(e)Thedeveloperpartnersshallbeentitledtoreceiveapreferredreturnofnormore10%annuallyon
theamountoftheircapitalcontributiontotheNFLstadiumproject.
(f)Theamountuponwhichthepreferredreturnshallbecalculatedshallnotexceed$650,000,000.
(g)Operatinglosses,constructioncostoverrunsoranyotherlossesincurredbythedeveloperpartners
ortheNFLteamshallnotbeaddedtoorotherwiseadjustthebasisuponwhichthepreferredreturns
describedinparagraph(e)ofsubsection1,oranyotherpaymentstothedeveloperpartnersortheNFL
team,arecalculated.
(h)Thepreferredreturnassetforthinparagraph(e)ofsubsection1shallbepaidannuallyoutofthe
netoperatingincomeoftheStadiumEventsCompany.Thenetoperatingincomeshallbethe
differencebetweennormaloperatingrevenuesandnormaloperatingexpendituresoftheStadium
EventsCompany.Netoperatingincomeshallnotincludedepreciationoranyothernoncashitems.
Notwithstandinganyotherprovisionofthissection,therevenuesofStadiumEventsCompanyshall
includeonlythoseNFLeventrevenuesthattheNFLteamasagreedwillbepaidtotheStadiumEvents
CompanyandinnoeventshallanyotherdistributionofNFLteamorNFLeventrevenuesbeotherwise
includedinthiscalculation.
(i)ShouldanynetoperatingincomeoftheStadiumEventCompanyremainafterthepaymentofthe
preferredreturnmadetothedeveloperpartnerspursuanttoparagraph(e)ofsubsection1,the
residualamountshallbedistributedequallybetweenthedeveloperpartnersandastadiumcapital
constructionimprovementfund.
(j)Anyreturntothedeveloperpartnersinexcessofthepreferredreturnsetforthinparagraph(e)
shallbeconsideredreturnofcapitalandshalllowerthedeveloperpartnersbasisusedtocalculate
preferredreturnsinlateryears.
(k)NopaymentsofanykindshallbeduetothedeveloperpartnersortheNFLteamafterthetermof
themasterleaseagreement(s)setforthinsubsection3ofsection16ofthisactexpires.

DECISIONPOINT#2
Section23|SpecialProvisionsontheFunding,FinancingandAllocationofAvailable
FundsSourcedtotheStadiumProject

ALTERNATIVEB

Note:Requiresatotalpublicinvestmentof$750,000,000.Intheeventthatthebondproceedsare
insufficienttoproducea$750,000,000publicinvestment,thepublicsectorwouldneedtomakeupthe
shortfallviaprioritydistributionsfromthetransientlodgingtaxwaterfall,includingprincipaland
interestpaymentsduetothedeveloperpartnersforanysupplementalincrementalcapitalcontribution
theywererequiredtomake.Eliminatesthe39percentcontributioncap,replacingitwithapremier
NationalFootballLeaguefacilitystandard.Allprofitsfromthestadiumareallocatedtothedeveloper
duringtheleaseperiod.

SECTION23.1.Anydevelopmentagreemententeredintopursuanttosubsection2ofsection16ofthis
act,anyleaseagreement(s)enteredintopursuanttosubsection3ofsection16ofthisactandanyand
allotheragreementsofanykindenteredintobetweenthestadiumauthorityandoneormore
developerpartners,NFLteam,oranyaffiliate,subsidiaryorrelatedentityofadeveloperpartneror
NFLteam,shallincludethefollowing:
(a) ThestadiumauthorityscontributiontotheconstructioncostoftheNFLstadiumprojectshallnot:
(1) Exceed$750,000,000exclusiveoftheproceedsrealizedfromthesaleofpersonalseatlicensesor
similarinstrumentsandfromotherNFLstadiumprojectassetssoldbyoronbehalfofthestadium
authority,whichproceedsshallbeusedtopaycostsofconstructionoftheNFLstadiumprojectand
anycapitalimprovementsthereto;or
(2) Themaximumamountthatcanberaisedfromtheissuanceofbondsissuedpursuanttosection24
ofthisact,securedbyrevenuesgeneratedbythetaximposedinsubsection2ofsection16ofthisact,
whicheverisless.
(b) Thetotaldebtundertakenbythestadiumauthorityshallnot,atanygivenpointintime,exceed
thestadiumauthorityscontributionlimitssetforthinparagraph(a)ofsubsection1.
(c) TheconstructionanddevelopmentoftheNFLstadiumprojectshallbeconsistentwithfirstclass,
premierNationalFootballLeaguefacilitiescurrentlyinoperationorapprovedforconstructionby
NationalFootballLeague.
(d) Allland,improvementsandotherpropertyofanykindincludedinthetotalcostoftheNFLstadium
projectpursuanttosubparagraph(c)(1)shallbethesoleandexclusivepropertyofthestadium
authorityandshallbeexemptfromadvalorempropertytaxesinthisState.Thedeveloperpartners
andNFLteamshallberesponsibleforensuringthatanyrequiredtransferofpropertyinterestoccurs
withinareasonableperiodoftime.Thesoleexceptiontothisprovisionshallbeanycapital
expendituresthatthestadiumauthorityandtheStadiumEventsCompanyagreearemadesolelyby
theStadiumEventsCompany.Inthecaseofthisexception,suchpropertyshallbetransferredtothe
stadiumauthorityattheendofleaseagreement,atwhichtimeitwillbecomethesoleandexclusive
propertyofthestadiumauthority,unlessthestadiumauthorityandtheStadiumEventsCompany
agreeotherwise.
(e) Unlessotherwiseprovidedforinthisact,thestadiumauthorityscontributiontotheconstruction
anddevelopmentcostoftheNFLstadiumprojectshallbeproportionalintermsofamount,
contemporaneousintermsoftimingandsimilarintermsofriskprofiletothedeveloperpartners
contributiontotheconstructionanddevelopmentcostsoftheNFLstadiumproject.
TECHNICALNOTES:
IfAlternativeBisselected:

DECISIONPOINT#2
Section23|SpecialProvisionsontheFunding,FinancingandAllocationofAvailable
FundsSourcedtotheStadiumProject

1.Section22(FinancingWaterfall)willneedtobeadjustedtoreflecttheprioritypaymentforanypublic
fundingshortfall,includingbothprincipalandinterest.

(x)Intheeventthatproceedsgeneratedfromtaxrevenuesdefinedinsection23andbondsorother
securitiestowhichthereceiptsofthattaxarepledgedgeneratelessthan$750,000,000forthe
stadiumauthorityscontributiontotheconstructionofthestadiumprojectandStadiumEvents
Companyfundsthedifference,apaymenttoStadiumEventsCompanyforthedifferenceplusinterest
basedonapaymentscheduleagreedtobythestadiumauthorityinthedevelopmentagreementor
lease.