Florida Panthers, SSE seeking county assistance in BankAtlantic Center refurb
by Donny Rivette on Jun 14, 2011 10:40 AM EDT
in Florida Panthers News & Analysis
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The Sun-Sentinel's Brittany Wallman reported Monday that Broward County commissioners have been approached by Florida Panthers principals - including managing partner Cliff Viner and SSE president Michael Yormark - in an attempt to gauge local enthusiasm for public financial assistance toward a massive renovation project potentially costing upwards of $15M.
A poll and more after the jump...
We've heard the recent rumors of lower-level bars and some signage upgrades, but the almost certain-to-be controversial proposal goes much further regarding refurbishments to the BAC:
"...new digital signs indoors and out, a new center-hung scoreboard where sponsorships could be sold, a 700-seat members-only club for patrons who pay for an annual pass to all events, with food, drinks and parking included, and where they could watch events; a "patio’’ bar amidst the lower level seats where fans could stand and drink a beer while watching the show or game; smaller suites or "opera boxes’’ that seat four or maybe six visitors instead of the 15 to 20 the larger suites accommodate now; and a new curtain system that would allow the top level to be blacked out so that smaller concerts could be booked without concern that the huge arena would look empty."
Difficult to remain on-topic when "a new center-hung scoreboard" is being discussed, but wipe the stars out of your eyes; this is indeed a large order during a tough economic atmosphere when municipalities struggle to keep even basic community needs afloat.
No doubt the building's attractions draw from a vast swath of the South Florida region - and beyond, making for a formidable revenue stream beaming directly into the city of Sunrise (in the form of jobs and local patronage) and the county as a whole.
The club is not asking for 100% assistance; exactly how much has been requested is as yet unspoken, but in the words of county commissioner Lois Wexler, "(the Panthers' pitch) involved public funds, and it was unacceptable to me, their proposal. And I very clearly and loudly said (that)."
Yes the BankAtlantic Center is a gorgeous facility; not flawless, but unquestionably one of the finest sports and entertainment venues in North America. It reportedly makes a lot of money, given the diverse events and marketing programs which have supported the building during ten seasons of generally lousy hockey from the anchor tenant.
Easy to take advantage of the situation by milking the barn for all it's worth until rebar begins splitting the concrete, and then cry to the county for desperately needed upgrades. As Yormark commented, "it's been maintained very, very well," but to remain competitive in the modern marketplace, the building must evolve.
The question is at cost to whom? Many more details - all of which deserve their moment in the spotlight - at the Sentinel link above.
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tiny rant
The place is ten years old and still looks fine. Leave it be.
13, but I get your point.
Litter Box Cats - Your tarp-free Florida Panthers Colossus
by Donny Rivette on Jun 14, 2011 11:01 AM EDT up reply actions
Also...
…the poll is very definitely not scientific, if only because it represents the views of fans living outside of Broward as well as those paying taxes within.
Litter Box Cats - Your tarp-free Florida Panthers Colossus
You make an excellent point. I live in Palm Beach County and as such, my support for any initiative including public funds in Broward County would certainly be skewed.
As do I. In fact there are quite a few of us.
OT: The West Palm Beach market really should be included with Dade/Broward’s TV numbers.
Litter Box Cats - Your tarp-free Florida Panthers Colossus
by Donny Rivette on Jun 14, 2011 11:15 AM EDT up reply actions
At least as far as the Panthers/NHL go.
Litter Box Cats - Your tarp-free Florida Panthers Colossus
by Donny Rivette on Jun 14, 2011 11:15 AM EDT up reply actions
I tend to agree with you.
Off topic, I do feel like the Panthers could really do a lot more for Palm Beach county fans though. I mean, would it kill them to expand the draft party to the Duffy’s in Boca, Deerfield, or Delray in addition to the West Palm and Fort Lauderdale ones?
CLG and I will be at Duffy’s/FTL
Litter Box Cats - Your tarp-free Florida Panthers Colossus
by Donny Rivette on Jun 14, 2011 6:14 PM EDT via mobile up reply actions
My personal feeling is this. SSE and their predecessors, have gotten two major handouts to build and operate the arena. The first was using the municipal bonds to build the arena, which was the right decision. The second was the desicion a couple of years ago to reduce SSE’s annual payments to allow for some restructuring in return for adding additional years to the payback term of the original lease deal.
The gravy train of publically funded stadiums has to stop. It’s one thing to assist a privately owned group construct a stadium that will bring tax revenue in. It’s quite another to help them maintain it. If they want maintenance help, then the profits should be going to Broward County. God knows there are schools literally falling apart in Hallandale. It’s not like there aren’t roads that could be repaved, or water lines that don’t need to be replaced, or criminals that don’t need to be jailed. When we’re so flush with cash that all these things are taken care of? Then let’s talk about throwing some money to SSE. Until then Mr. Yormark, I leave you with the words of wisdom I learned in elementary school – “He who smelt it, dealt it”.
by badger737 on Jun 14, 2011 3:43 PM EDT reply actions 1 recs
Let’s not forget the write up a few years back in CityLink, about how the arena somehow manages to ALWAYS profit just under the $14 million mark, where the percentage of payment to the county increases. Yormark and SS&E are robbin myself, my family, and people I have grown up knowing, for 40 yrs, as a native. County can pay for upgrades, when EVERY Broward county resident gets free season tickets to the Panthers and free passes to EVERY event that happens at the arena.
How does one of the most profitable arenas in the nation, go to the county and ask for a payout? Its takin every ounce of control I have, not to call the commission up and bitch at them for even contemplating this.
by MrOmnipotent on Jun 14, 2011 6:58 PM EDT up reply actions
Something interesting I found
Review of Broward County Civic Arena Operating Agreement – May 3, 2010
County Participation in Net Income
The Operating Agreement with the AOC provides profit sharing with the County in any fiscal year in which net income exceeds $14 million. All amounts in excess of $14 million are split 20%/80% between the County and Panthers, respectively. As shown in Table 1 on page 4, 1999 was the only year in which net income resulted in profit-sharing. The County was paid approximately $331,000.
Last page…
Section 5.3.1 Within thirty (30) days after the end of each operating quarter (starting with the second quarter after the commencement of the Term), and to the extent cash available in the Operating Fund exceeds the projected cash requirements reasonably anticipated by Operator for the following quarter, Operator shall cause any Net Operating Income and other funds remaining in the Operating Fund received during such operating quarter to be distributed as follows: (i) First, to the extent of the first $14,000,000 of Net Operating Income earned during such Fiscal Year (if any) or other funds remaining in the Operating Fund, Operator shall pay Team 100% of such Net Operating Income or other funds remaining in the Operating Fund; (ii) Second, to the extent that Net Operating Income or other funds remaining in the Operating Fund exceeds $14,000,000 during such Fiscal Year (if any), Operator shall pay Team eighty percent (80%) and County twenty percent (20%) of such Net Operating Income or other funds remaining in the Operating Fund."
by MrOmnipotent on Jun 14, 2011 7:28 PM EDT up reply actions
Which is why it’s perfectly convenient for those profit numbers to come in just under the exact number they need.
I’m all for the arena being upgraded, but it’s time for SSE to do it with private money. If they don’t want to use their profit, get a bank to underwrite it. God knows our federal government has given lots of interest free money to them.
I have zero problems with an upgrade to the arena, well. Well, very few, little objections if its the scoreboard and things of that nature. But at zero expense to the taxpayers. The last time they asked for money to upgrade the arena, they used it for upgrades to benefit mostly the wealthiest, even goin so far as having a special tie-in with Trump’s property in Ft Lauderdale, where if they bought a condo, they got a gold key to the arena. Sorry, I love the sport of hockey, but if there isn’t a winning team on the ice, and the arena is only being used to wine and dine the wealthiest 3% of the county’s residents, I’d prefer the team just leave. I’ll do what I do now a lot of times, and just watch the Russian league, due to my work hours.
by MrOmnipotent on Jun 15, 2011 1:35 AM EDT up reply actions
For the record, this went down last Thursday and Allen West was in on the meetings. Appalling for a man who is consistently talkin about less tax payer money to spend for things to be heralding this project.
I should have noted it took place last week; I believe that was mentioned in the Sentinel article.
Litter Box Cats - Your tarp-free Florida Panthers Colossus
by Donny Rivette on Jun 14, 2011 8:33 PM EDT up reply actions
I sent a message to west and Chad LeMarca as my reps and what they have said, with all the above information. West is goin to look like a major hypocrite in this.
by MrOmnipotent on Jun 14, 2011 9:11 PM EDT up reply actions
Just passing this along…
From West on April 20th, via Local10.com:
“The day began with a behind the scenes tour of the Bank Atlantic Center — the home of our Florida Panthers — and the venue for many amazing concerts and entertainment. Bank Atlantic (Center) provides an incredible economic impact to Broward County. There are plans to expand this entertainment venue and make this a centerpiece of excellence for West Broward County.”
Again, I’m not personally representing nor endorsing either side in this.
Litter Box Cats - Your tarp-free Florida Panthers Colossus
by Donny Rivette on Jun 14, 2011 10:05 PM EDT up reply actions
Sadly, West is doing what most freshman congressmen do – look for a sugar daddy to make sure he keeps his job. He might talk a big game, and I might have voted for him, but he’s no different than the rest. As my uncle in Wisconsin used to say, every two years we send new people to Washington and every two years they keep sending back millionaires.
Gotta vote no, even though I wouldnt be paying for it. I dislike the idea of public funding going to a very private enterprise(with all the food, ads, promos etc)
by Chris S Roberts on Jun 14, 2011 9:33 PM EDT reply actions
…but if you guys in Broward want to pay for it, go ahead! (If it was in my county I wouldnt vote for it, but that doesnt mean I wouldnt benefit if it was in a nearby county)
by Chris S Roberts on Jun 14, 2011 9:34 PM EDT up reply actions
There’s a medium sized baseball stadium that’s being built with my tax money, I’m not particularly fond of it. Likewise, I can feel for the people of Broward.
That baseball stadium wouldn’t be in Miami, would it?
Litter Box Cats - Your tarp-free Florida Panthers Colossus
by Donny Rivette on Jun 15, 2011 9:18 AM EDT up reply actions
Almost too easily.
Litter Box Cats - Your tarp-free Florida Panthers Colossus
by Donny Rivette on Jun 15, 2011 4:27 PM EDT up reply actions
I disagree with the upgrades, and think the Panthers are being silly. Let’s say the Panthers get a real team on the ice in two years. I have a feeling that they could sell out all of their luxury boxes and make a fortune. Opera boxes? Sounds like a waste of money. The patio bar just sounds like a waste of space, instead of ticket buyers for seats. And because of this, I would vote that the Panthers do this private held funds.
The only smart ideas there are the new scoreboard and the new electronic boards outside.
Bigger jumbotron screens = win. This way we can say more obscene things we the replay shows a blown call…
by siddious on Jun 15, 2011 6:40 PM EDT via mobile reply actions
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