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MASTER PLAN OVERVIEW

Da Vinci Science City


Easton Waterfront
October 2018
Master Plan Process
■ Began in November, 2016
■ G
 uided by a Memorandum of Understanding between the
Da Vinci Science Center and the City of Easton
■ Major Elements Included:
• Facilities and Exhibits Master Plan – EHDD Architects
• M arket Research and Attendance Potential Forecast
– H2R Market Research
• Market Study and Benchmarking Report – AECOM
• Business Plan – EMS Consulting and Da Vinci Science Center
Why Da Vinci Science City?

■D
 a Vinci Science City will become a symbol for the economic
renaissance that has taken place in the Lehigh Valley over the past 20
years and the importance of STEM and the Arts to the region’s growth.

■T
 he three major exhibit areas will showcase the region’s key economic
and environmental attributes:
• Science and Me – focusing on the human body and healthcare
advances
•S
 cience and Technology – focusing on advanced manufacturing and
other high-tech businesses in the region.
•S
 cience and Nature – focusing on the story of the Delaware River
Watershed, highlighting the regeneration of its Lehigh River,
and showcasing environmental projects throughout the region
spearheaded by businesses, colleges and universities, and non-profit
organizations.
Why Da Vinci Science City?

■ D
 a Vinci Science City will be a regional hub for STEAM education
serving residents of all ages, but especially children.

■ It will help build a future workforce with the STEAM skills needed
for new and emerging roles in the innovation economy.
• Showcasing the wide range of STEM careers available in the
Lehigh Valley, and the skills needed to pursue these careers.
• Providing the Lehigh Valley with a Science Center on par with
Philadelphia’s Franklin Institute and Pittsburgh’s Carnegie
Science Center.
PROGRAM PLAN


 World Class
A
Facility

A Strategic Site

A Major Public Plaza

TEM-Focused
S
Exhibits and
Programs

ontemporary
C
Visitor Amenities
A World Class Facility

■ Iconic Destination that will become a landmark for the Lehigh Valley
■ C
 oncept Design developed by EHDD Architects
■ 130,000 Square Foot Building
■ 50,000 Square Feet of Exhibits
■ A Major Outdoor Public Plaza
A Strategic Site
■ A gateway to the City
■ A
 t the nexus between
Easton’s bustling
downtown and its scenic
waterfront
■ E
 asily reached via the
region’s major highways
■ A
 djacent to downtown
shops, restaurants and
attractions.
■ A
 ccessible to adjacent
greenways and blueways
for related outdoor
programs
A Major Public Plaza
■ A Sizable New Park-like Public Space
■ A
 n Urban Wetland with
Interactive Exhibits
■ D
 esigned for Resiliency and
Flood Mitigation
STEM-Focused Exhibits and Programs

■ Science and Me – The Human Body ■ Leonardo da Vinci Experience


■ S
 cience and Nature – The Lehigh ■ Blockbuster Special Exhibits
River Watershed ■ Rooftop Observatory
■ S
 cience and Technology - Home, ■ Science Theater
Work, Community ■ Flight Tunnel
Contemporary
Visitor Amenities
■ Gift Shop
■ F
 ood Service and
Catering Facilities
■ Event Center
■ A
 djacent Parking
Facilities
MARKET RESEARCH


Consumer Study

Concept Testing

ttendance
A
Potential

xternal
E
Assessment
Consumer Research Study

■ 1 ,000 people within a 100-mile


radius of Easton were interviewed
to gauge consumer interest in
the Science City concept and to
determine likelihood and frequency
of visiting.

■ Individual programmatic
components of the experience were
tested to determine the relative
interest of these topics among
consumers.

■ T
 he overall appeal of the Science
City concept was very strong, with
the 100-Foot-Tall Walk-Through
Human Body and the Forest at
Night being the most highly rated
experiences.

■ T
 here was no measurable price
resistance noted for a base ticket
price in the $20 - $25 range.
Concept Testing Results

Amount of Time You Would


Spend at Science City

Estimated 3.5 Hours on Average

More than 90% of Prospects like the Science City


concept and intent to visit is excellent at 81% -
both significantly higher then H2R’s Norms.

This Study was supported in part with funding


received through the County of Northampton’s
Hotel Tax Program
Attendance Potential

For Business Planning Purposes, a


stabilized-year annual attendance of
600,000 was used, with sensitivity
tested at 500,000 and 400,000
annual visitors.

This Study was supported in part with funding


received through the County of Northampton’s
Hotel Tax Program
External Assessment

• High quality, signature visitor experiences and exhibits, some of which are
Concept

unique and will allow for some differentiation from regional competition
• Live animals popular draw
• Iconic and appealing architecture
•T o attract wide variety of visitors, including families with children, millennials,
and adults.
• Temporary exhibitions gallery large enough for blockbusters
• Event spaces- benefit museum economics and appeal to various market
segments (i.e. millennials, adults)
• Sufficient capital budget
• Concept preliminary and execution of certain technologies may be challenging
and or are not yet well defined

• Large and suitable with good visibility in downtown Easton


Site

• Gateway for Easton


• Excellent regional highway access, good access to resident and tourist markets
• Downtown Easton well-developed
• Synergies with other downtown tenants and area has experienced strong
redevelopment in recent years
• River adjacent, with connectivity to green space, and trails
•
L
 ack of adequate parking downtown
BUSINESS PLAN


Capital Cost

Funding Plan

Financing Plan

ro-forma Income
P
Statement

Key Metrics
Capital Cost

CONSTRUCTION AMOUNT
CATEGORY ($MM)

Building Core and Shell $102.4


Exhibits and Program Spaces $24.6
Total Facility Cost $127.0
Site Aquisition $6.0
Site Development $10.6
Soft Costs & Other $6.4
Total Project $150.0
Funding Plan

Funding Goal Committed to To be Current


Category Date Secured Pipeline

Local Public $32 - $35 $30.3 $1.7 - $4.7


State/Federal $50 - $60 $20.1 $29.9 - $39.9 $20
Total Public $82 - $95 $50.4 $31.6- $44.6 $20
Corporate $20 - $30 $1.0 $19.0 - $29.0 $23
Foundation $6 - $15 $0.1 $5.9 - $14.9 $5
Individual $12 - $20 $1.0 $11.0 - $19.0 $1
Total Private $38 - $65 $2.1 $35.9 - $62.9 $29
Total Project $120 - $160 $52.5 $67.5–$107.5 $49
All dollars in millions
Financing Plan

■ W
 e have retained PFM as financial counsel
to develop a financing plan for the project.

■ T
 he financing plan will not include any
long-term debt that is not covered by
firm capital commitments to the project.

■ P
 FM will present a preliminary financing
plan in February 2019.
Pro-forma Income Statement
Stabilized Year of Operations
600,000 ANNUAL ATTENDANCE
Attendance-Drive Earned Revenue (Net) $11,698,972
Other Earned Revenue (Net) $1,320,688
Subtotal - Earned Revenue $13,019,660
Contributed Revenue (Net) $778,220
Total Revenue $13,797,880
Salary and Benefits Expenses $5,185,000
All Other Expenses $4,977,000
Total Expenses $10,162,000
EBITDA $3,635,880
Operating Debt Service $0
Capital Reserve $1,000,000
Operating Reserve $500,000
Net Income - Unrestricted $2,135,880
Pro-forma Income Statements
SENSITIVITY ANALYSIS
400,000 500,000 600,000
Visitors Visitors Visitors

Total Revenue $9,419,230 $11,589,992 $13,797,879


Total Expenses $8,966,350 $9,662,550 $10,162,000
EBITDA $452,880 $1,927,442 $3,635,879
Stabilized Year of Operations

Stabilized Year of Operations - Key Financial Statistics


600,000 Annual Attendance

Total Forecast Admission Revenue $12.97 MM


Total Forecast Payroll $4.05 MM
Total Forecast Employment-Science Center 112 FTE
Total Parked Vehicles 204,000
Projected Economic Impact

Annual Operations and Visitor Spending Impacts

Annual Direct Economic Impact: $39.8 MM


Total Annual Employment Impact: 541 Jobs

One-Time Impact from Construction

Direct Economic Impact: $213.3 MM


Total Employment Impact: 1,573 Jobs
SUMMARY


Next Steps

roject
P
Schedule

ey
K
Milestones
Next Steps
October 2018 – September 2019

■ S
 cience Center and City
of Easton enter into a
Development Agreement
(12/18)

■ A
 rchitect Selected
(12/18)

■ P
 reliminary Financing
Plan Developed (2/19)

■ S
 ite Analysis and
Schematic Design
Completed (8/19)

■ F
 inal Project Scope, Cost
and Phasing Determined
(9/19)
Project Schedule

project timeline to come


Key Milestones
■ D
 evelopment
Agreement Executed
(December 2018)

■ F
 inancing Plan Finalized
(September 2019)

■ F
 inal Project Scope,
Cost and Phasing
(September 2019)

■ D
 esign Development
Completed
(June 2020)

■ F
 inancing Closed
(July 2020)

■ G
 roundbreaking
(September 2020)

■ P
 ublic Opening
(December 2022)