4theloveofsoccer
BRONZE
I pay 10 at silver lake soccer complex and I grab 2 sodas an a bag of chips end up paying $8.50 thats ridiculous
Prices for tournament parking, souvenirs, food, etc
- Thread starter espola
- Start date
Then bring your own soda and chips or better yet forgo the junk food.
I believe the original agreement was already amended, maybe shortly before it opened?? Also, you include interest payments in your number, for what? Did they pay an amount upfront? Finally how does the clubs that use the fields for their practices factor into this? I don't plan to read the DDA but I remember discussing it a long time ago and there were some unique provisions that were very pro tenant.
JustAParent
BRONZE
espola's pet gripe surfaces again. I can just picture him, shuffling a quarter mile from the train stop, Birkenstocks lightly slapping the pavement, walking stick in hand. Combing the parking lot for a discarded parking pass to post on the forums with which he's obsessed. "Two dollars," he mutters to himself, shaking his head and picking the remnants of his tuna fish lunch off of his stained Poway HS T-Shirt.
As demonstrated in this thread, these fields are expensive to maintain. I have it on good authority that Silverlakes loses hundreds of thousands of dollars a year and would have closed if not for the billionaire propping it up. I doubt these other facilities are much better off. If my choices are playing on mostly dirt in 30 mph winds in Lancaster, or shuffling from middle school to middle school in a tournament, I'm paying the $12 for well-maintained fields all in one spot and I'm thankful for the opportunity.
As demonstrated in this thread, these fields are expensive to maintain. I have it on good authority that Silverlakes loses hundreds of thousands of dollars a year and would have closed if not for the billionaire propping it up. I doubt these other facilities are much better off. If my choices are playing on mostly dirt in 30 mph winds in Lancaster, or shuffling from middle school to middle school in a tournament, I'm paying the $12 for well-maintained fields all in one spot and I'm thankful for the opportunity.
El Clasico
GOLD
Your information regarding the P&L of Silverlakes and the owner are incorrect
But he has it "on good authority" so he must be right?
I did have a walking stick.
It's never stopped him before.
JustAParent
BRONZE
I'm shocked that your definitive denial was not immediately followed by any sort of evidence.
Balboa pays $80k+ per month to Norco for lease and debt repayments. That's before paying one dollar of actual expenses. I'm inclined to believe my source.
@JustAParent and @El Clasico,
Silverlakes is a another animal all together. Here is the PPM for the $5.9M bond.
https://emma.msrb.org/ER958862-ER749578-ER1151172.pdf and Cal South and SCDSL contracts.
Silverlakes did its deal through 3 investment rounds: (1) Insiders; (2) 2015 $20M Bond; and (3) 2016 $5.9M Bond. Before the $5.9 Bond it was in debt to the tune of $36M (see, page 73 of PDF). While I don't know RB, I can tell you the guy's net worth in 2016 was pegged at just north of $28M (see, page 66), which is a far, far, far cry from being a Billionaire.
What gets me is these guys seriously overestimated some basic assumptions in their financial models. For example, page 62 Tournament Assumptions are nuts. 20 fields turned 8 times per day? Maybe if its just U9's. 18 cars per team? Ha, ha, ha. Not in this lifetime will any facility see that many cars (more like 12 to 13 per team) because there are always 2-3 players hitching rides and carpooling. Once you get to the Olders, then you get about 9 cars per team.
The restaurant/food assumptions are also way off the mark. The Per Forma on page 93 shows restaurant sales will be about $2M in 2017. We know that the restaurant didn't open this year until very late (Nov./Thanksgiving) so the $2M in revenue is off the books. The kicker is the "Backyard" and "Concert" Revenue. There is absolutely no way Silverlake's saw $5.1M for concert revenue in 2017. Its not a LiveNation or IHeartRadio or AEG.
Bottom line, it would not surprise me to see that its running seriously shy of its projections and in a negative cash flow situation.
Silverlakes is a another animal all together. Here is the PPM for the $5.9M bond.
https://emma.msrb.org/ER958862-ER749578-ER1151172.pdf and Cal South and SCDSL contracts.
Silverlakes did its deal through 3 investment rounds: (1) Insiders; (2) 2015 $20M Bond; and (3) 2016 $5.9M Bond. Before the $5.9 Bond it was in debt to the tune of $36M (see, page 73 of PDF). While I don't know RB, I can tell you the guy's net worth in 2016 was pegged at just north of $28M (see, page 66), which is a far, far, far cry from being a Billionaire.
What gets me is these guys seriously overestimated some basic assumptions in their financial models. For example, page 62 Tournament Assumptions are nuts. 20 fields turned 8 times per day? Maybe if its just U9's. 18 cars per team? Ha, ha, ha. Not in this lifetime will any facility see that many cars (more like 12 to 13 per team) because there are always 2-3 players hitching rides and carpooling. Once you get to the Olders, then you get about 9 cars per team.
The restaurant/food assumptions are also way off the mark. The Per Forma on page 93 shows restaurant sales will be about $2M in 2017. We know that the restaurant didn't open this year until very late (Nov./Thanksgiving) so the $2M in revenue is off the books. The kicker is the "Backyard" and "Concert" Revenue. There is absolutely no way Silverlake's saw $5.1M for concert revenue in 2017. Its not a LiveNation or IHeartRadio or AEG.
Bottom line, it would not surprise me to see that its running seriously shy of its projections and in a negative cash flow situation.
El Clasico
GOLD
Damn, did I forget to reference any evidence. My bad. My evidence is "good authority" Hell, if it's good enough for you, then it must be good enough for me....idiot.
The city of Norco does not receive $80k a month from BMG and that number is way off the mark. Revenues and profits have exceeded all expectations since opening day. BMG's own proformas project a net positive cash flow of 3.5 million in 2018. Expect them to continue to reinvest and adding more amenities which will further increase revenues.
Source or no source, you have no f'ing idea what you are talking about. These large venues are ALL cash flow positive and extremely lucrative businesses.
By the way, RB is long f'ing way from being a billionaire and the fact that you made that silly a** statement tells me that you don't know who he is and that you have no idea of any of the partners networths.
El Clasico
GOLD
I might add that if it were my business, you can bet that I would be losing money on paper every year. Who in their right mind thinks that these investors are in this to lose money?
Multi Sport
DA
If we are done early I will drive out holding my parking pass outside my window. Usually someone driving in will see me doing this and slow down to grab my ticket.
I did not read the DDA for Oceanside but who paid for the original development? For some reason I thought there was going to be minimal debt service. I know in some DDAs the City shells out the bulk of the development $ in exchange for lease payments and the generation of tax revenue and other developments coming in. For example big box tenants in malls use to get the build out for free in exchange for attracting other tenants.
If it were $2 a day I would park there without thinking, but at $20/day, people will start getting creative about transportation and parking revenues might actually start falling - classic Laffer curve.
JustAParent
BRONZE
So, you have seen BMG's internal budget and 2018 projections? I don't believe you.
As for the $80k a month: https://www.pe.com/2016/02/04/norco-city-settles-for-500000-with-irs-over-silverlakes-loan/
"Balboa still has to repay the money used for infrastructure improvements, and recently agreed to a series of repayments beginning in July. The $45,515 per month utilities repayment plan is separate from a $36,000 per month lease Balboa is currently paying. All payments and interest will be deposited back into the city’s water and sewer funds."
El Clasico
GOLD
So your "source" is an old newspaper article? I shouldn't be surprised. A lot has changed in the last couple of years. A lot. And there is more to come but I am sure your "source" has already filled you in on what the "Billionaire" has planned for the facility next.
jrcaesar
SILVER ELITE
From Dec. 1, 2017 story at http://www.sandiegouniontribune.com...no-elcorazon-construction-20171201-story.html:
The Oceanside Planning Commission approved basic design plans last year for an Olympic-sized competition pool, an instructional pool, a children’s water-play area and other facilities.
The city has about half of the $14 million to $16 million it needs to build the aquatics center, which would have the city’s first new swimming pools in more than 50 years. However, earlier this year the City Council voted against issuing bonds for the remainder of the construction money, along with funding for other projects, because of questions about how to cover the annual $1 million in maintenance costs.
A new proposal for funding the aquatics center will be presented as part of next year’s capital improvement budget, Weiss said.
The city has about half of the $14 million to $16 million it needs to build the aquatics center, which would have the city’s first new swimming pools in more than 50 years. However, earlier this year the City Council voted against issuing bonds for the remainder of the construction money, along with funding for other projects, because of questions about how to cover the annual $1 million in maintenance costs.
A new proposal for funding the aquatics center will be presented as part of next year’s capital improvement budget, Weiss said.
There is a construction fence around that area and some survey stakes, but no ground broken yet.