Proposed New Atlanta Falcons Stadium Project

Comparison of Tax Revenues to Debt Service and to O-M Accounts

Project Inception to Hotel/Motel Tax Expiration Anticipating 35 Year Bond Financing
3/12/2013
1

Debt
Year

0
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25

FY
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039

Projected Tax
Revenues *
$19,980,880.00
$20,716,023.00
$21,499,089.00
$22,333,635.00
$22,971,146.00
$23,587,866.00
$24,241,153.00
$24,895,664.13
$25,567,847.06
$26,258,178.93
$26,967,149.76
$27,695,262.81
$28,443,034.90
$29,210,996.85
$29,999,693.76
$30,809,685.49
$31,641,547.00
$32,495,868.77
$33,373,257.23
$34,274,335.17
$35,199,742.22
$36,150,135.26
$37,126,188.91
$38,128,596.01
$39,158,068.11
$40,215,335.95

agraynation.com 3/12/2013
1:12 AM

Total Net Debt

Service

Tax Revenues
Less Debt
Service (Col. 3 -

(Sum of Col. 4-7)

Total Net Debt

Service Assuming
$200 million capped
debt

$16,648,840.00
$16,817,241.00
$16,983,172.00
$18,706,878.00
$18,874,608.00
$19,055,600.00
$19,227,663.00
$19,407,263.00
$19,578,974.00
$19,715,967.00
$19,882,889.00
$20,132,122.00
$20,281,988.00
$20,281,972.00
$20,281,972.00
$20,281,972.00
$20,281,972.00
$20,281,971.00
$20,281,973.00
$20,281,973.00
$20,281,971.00
$20,281,971.00
$20,281,973.00
$20,281,956.00
$20,281,956.00

$9,249,355.56
$9,342,911.67
$9,435,095.56
$10,392,710.00
$10,485,893.33
$10,586,444.44
$10,682,035.00
$10,781,812.78
$10,877,207.78
$10,953,315.00
$11,046,049.44
$11,184,512.22
$11,267,771.11
$11,267,762.22
$11,267,762.22
$11,267,762.22
$11,267,762.22
$11,267,761.67
$11,267,762.78
$11,267,762.78
$11,267,761.67
$11,267,761.67
$11,267,762.78
$11,267,753.33
$11,267,753.33

$11,466,667.44
$12,156,177.33
$12,898,539.44
$12,578,436.00
$13,101,972.67
$13,654,708.56
$14,213,629.13
$14,786,034.28
$15,380,971.16
$16,013,834.76
$16,649,213.36
$17,258,522.68
$17,943,225.74
$18,731,931.54
$19,541,923.27
$20,373,784.78
$21,228,106.55
$22,105,495.56
$23,006,572.39
$23,931,979.44
$24,882,373.59
$25,858,427.25
$26,860,833.24
$27,890,314.77
$28,947,582.61

Col. 5)

1 of 3

Present Value
Discounted at
5.25%
$10,894,695.91
$10,973,693.30
$11,063,033.38
$10,250,338.95
$10,144,395.36
$10,044,996.92
$9,934,596.85
$9,819,172.12
$9,704,760.39
$9,600,067.75
$9,483,105.22
$9,339,816.93
$9,225,993.88
$9,151,095.73
$9,070,594.16
$8,984,999.18
$8,894,785.56
$8,800,399.23
$8,702,257.60
$8,600,754.10
$8,496,256.43
$8,389,108.43
$8,279,632.81
$8,168,135.01
$8,054,891.40

Less: O&M Accounts Available Funds

Per Atlanta
After $200 Million
Agreement at Present
Cap and O&M
Value (5.25%)
Accounts

$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

(4,750,593.82)
(4,603,900.90)
(4,461,737.69)
(4,323,964.32)
(4,190,445.23)
(4,061,049.06)
(3,935,648.50)
(3,814,120.16)
(3,696,344.48)
(3,582,205.57)
(3,471,591.15)
(3,364,392.37)
(3,260,503.77)
(3,159,823.13)
(3,062,251.40)
(2,967,692.56)
(6,228,132.33)
(2,787,244.35)
(2,701,177.42)
(2,617,768.14)
(2,536,934.44)
(2,458,596.80)
(2,382,678.13)
(2,309,103.75)
(2,237,801.26)

$6,144,102.08
$6,369,792.39
$6,601,295.68
$5,926,374.63
$5,953,950.12
$5,983,947.86
$5,998,948.35
$6,005,051.96
$6,008,415.91
$6,017,862.18
$6,011,514.07
$5,975,424.56
$5,965,490.11
$5,991,272.60
$6,008,342.77
$6,017,306.62
$2,666,653.22
$6,013,154.88
$6,001,080.18
$5,982,985.96
$5,959,321.99
$5,930,511.63
$5,896,954.68
$5,859,031.26
$5,817,090.14

Atlanta NSP Financing Through FY 2051

Debt service less O&M Accounts

Proposed New Atlanta Falcons Stadium Project

Comparison of Tax Revenues to Debt Service and to O-M Accounts
Project Inception to Hotel/Motel Tax Expiration Anticipating 35 Year Bond Financing
3/12/2013
1

Debt
Year

26
27
28
29
30
31
32
33
34
35
36
37

FY
2040
2041
2042
2043
2044
2045
2046
2047
2048
2049
2050
2051

Total Net Debt

Service

Tax Revenues
Less Debt
Service (Col. 3 Col. 5)

Present Value
Discounted at
5.25%

$30,033,396.68
$31,148,527.73
$32,293,767.32
$33,469,928.38
$34,677,845.23
$35,918,377.52
$37,192,402.48
$38,500,826.69
$39,844,577.79
$41,224,611.30
$42,641,905.15
$16,414,856.30
$884,822,286.13

$7,940,168.80
$7,824,213.68
$7,707,256.02
$7,589,510.26
$7,471,176.03
$7,352,439.69
$7,233,473.40
$7,114,438.11
$6,995,482.52
$6,876,744.86
$6,758,352.46
$2,471,833.53
$317,406,672.95

Projected Tax
Revenues *

(Sum of Col. 4-7)

Total Net Debt

Service Assuming
$200 million capped
debt

$41,301,150.02
$42,416,281.07
$43,561,520.66
$44,737,681.71
$45,945,599.12
$47,186,130.30
$48,460,155.81
$49,768,580.02
$51,112,331.68
$52,492,364.64
$53,909,658.48
$27,682,609.63
$1,291,533,563.46

$20,281,956.00
$20,281,956.00
$20,281,956.00
$20,281,956.00
$20,281,957.00
$20,281,955.00
$20,281,956.00
$20,281,956.00
$20,281,957.00
$20,281,956.00
$20,281,956.00
$20,281,956.00
$732,080,310.00

$11,267,753.33
$11,267,753.33
$11,267,753.33
$11,267,753.33
$11,267,753.89
$11,267,752.78
$11,267,753.33
$11,267,753.33
$11,267,753.89
$11,267,753.33
$11,267,753.33
$11,267,753.33
$406,711,283.33

Less: O&M Accounts Available Funds

Per Atlanta
After $200 Million
Agreement at Present
Cap and O&M
Value (5.25%)
Accounts

$
$
$
$
$
$
$
$
$
$
$
$

(2,168,700.51)
(2,101,733.51)
(2,036,834.37)
(1,973,939.25)
(1,912,986.26)
(1,853,915.42)
(1,796,668.63)
(1,741,189.55)
(1,687,423.60)
(767,941.83)
(1,584,821.13)
(767,941.83)

$5,771,468.29
$5,722,480.17
$5,670,421.65
$5,615,571.01
$5,558,189.77
$5,498,524.27
$5,436,804.77
$5,373,248.56
$5,308,058.92
$6,108,803.03
$5,173,531.33
$1,703,891.69

($107,359,788.64)

$210,046,878.30

Notes
White Based upon: Citi Presentation of June 2012 (cited in August 2012 GWCCA Report), page 6
HM Tax Revenues projected over the tax collection years authorized through 12/31/2050 at average growth rate,

Yellow which was also used by Citi for the first years.(2013 collections up 7.49%)
Tan
Calculations based upon Citi presentation. 5.25% discount to present value of a year-end lump sum, which is above the 4.15% cited
Debt service in original Citi presentation assumed no revenue growth. See original report footnote (2)

2010 BSG study high case scenario used 4% for H/M tax revenue growth and the 2013 increase in
H/M tax revenues over 2012 was 7.49% (Page 9)
Noted that Citi used 35 year bond financing, while other GWCCA reports used 30 years.

Noted that authority to collect the HM tax expires December 31, 2050, with six months in FY 2051.
(*) Base year HM Tax Revenues in 2014 used to show origin in Citi-provided data but are not included in total revenues through year 35

agraynation.com 3/12/2013
1:12 AM

2 of 3

Atlanta NSP Financing Through FY 2051

Debt service less O&M Accounts

Proposed New Atlanta Falcons Stadium Project

Comparison of Tax Revenues to Debt Service and to O-M Accounts
Project Inception to Hotel/Motel Tax Expiration Anticipating 35 Year Bond Financing
3/12/2013
1

Debt
Year

FY

Projected Tax
Revenues *

Total Net Debt

Service

Total Net Debt

Service Assuming
$200 million capped
debt

Tax Revenues
Less Debt
Service (Col. 3 -

(Sum of Col. 4-7)

Col. 5)

Present Value
Discounted at
5.25%

Less: O&M Accounts Available Funds

Per Atlanta
After $200 Million
Agreement at Present
Cap and O&M
Value (5.25%)
Accounts

Green Pro rata adjustment to Citi debt proceeds estimate of $360 million to the $200 million cap. 200/360 = .55556 of Citi estimated debt service used
Blue

O&M account funding per City of Atlanta Summary

Summary of the Accounts Established by March 2013 Atlanta Falcons - Kasim Reed Agreement
The nominal Tax revenues less Debt Service of $884,822 less the nominal O-M/licensing accounts of $273,071,554 produces
$611,750,732 in revenues over and above O-M requirements for 4 accounts in the revised Term Sheet of March 2013

Gross Tax Revenues less total debt service on $200 million in bonds (Column 6 Above) over 35 years

884,822,286.13

Less: Gross Deposits into O-M Accounts net of Falcons license payments

(273,071,554.00)

611,750,732.00

See here

Unexplained Balance of Gross Hotel Motel Taxes unused if debt is capped at $200 million

agraynation.com 3/12/2013
1:12 AM

3 of 3

Atlanta NSP Financing Through FY 2051

Debt service less O&M Accounts