browns stadium lease analysis_sec. 14 capital repairs

8/13/2019 Browns Stadium Lease Analysis_Sec. 14 Capital Repairs

http://slidepdf.com/reader/full/browns-stadium-lease-analysissec-14-capital-repairs 1/10

!"#$% '())#%*+ ',-.-,$%/ '#01 '2(%3#,+ 4$"/ 56+ 73())#%*83,-.-,$%/3#0132(%3#,92":+ 55;<6;5= >$:- 5 2? 5@

!"#$%& ()*+,-. /0*&0 1234254 6 7823925: AB23()-%0 3$% 7- .#-C-/ D-"-9E

;<=0">)& 6 (-..*"? @%*A?&,& B"#. (0=),#% 71C D*>,)*A E.>"#F0.0%)&G

FB-?#%-* "-G$#"* $* '$G#0$, 2" H)-":-%319 I("0D-" ,$%:($:- C#,, *D2C D2C 0D- '#01 $%/ !"2C%* $"-#%0-"G"-0#%: 2" 3$0-:2"#J#%: "-G$#"* $%/ )$#%0-%$%3- -KG-%*-* $*L

7H ;.0"I0%=?M3H J*)0",*A D*>,)*A K0>*,"&M9H D*>,)*A E.>"#F0.0%)& 02 )$N- 0D- ?$3#,#01 7-00-" $%/ 02 7- )$/- 71 0D- '#01 2%,1 #? 0D-"- #*

?(%/#%: $.$#,$7,-M $%/+1H L"0? *"0* 0D$0 "-G"-*-%0* *0(?? 0D$0 #* %20 3"#0#3$, 7(0 C#,, N--G 0D- *0$/#() 32)G-0#0#.- AC#0D#%

0D- 02G D$,? 2? OIP *0$/#()* $%/ C#,, 7- )$/- CD-% )2%-1 #* $.$#,$7,-+ D-%3- 0D- G"2G2*-/ Q<)#,,#2% ?2" 5RS1-$" 32%0"#7(0#2% ?"2) 0D- '#019T

(MJJ@KN @O@/N(E(G

59 71C*C,,, UD- ,-$*- :#.-* 0D- !KPQO( R"0*&#%*SA0 T-+I.0%) VF02 /-0-")#%- )-$*("-*

%--/-/ 02T >"0&0"F0 ,)& F*0$/#()T -&0B-A%0&& B#" )U0 >-">#&0& B#" $U,=U ,) ,& S0,%I A0*&0+VWC <9 71C*C,FC UD- $:"--)-%0 3$,,* ?2" .*,%)*,%,%I 0=#%#.,= =#.>0),),F0%0&& *%+

"0F0%-0 >#)0%),*A )# .*)=U )#> #%02U*AB #B OX/YD,)? &)*+,-.& $%/ 3"-$0#%:

-%D$%3-/ "-.-%(- 2GG2"0(%#0#-*+ #9-9+ 0C2 %-C W()72UXYOZ+ $(/#2 *1*0-) $%/ 32%0"2, "22) $0 $G"2G2*-/ 32*0 2? Q=@ )#,,#2%9

=9 71CFC [%3,(/-* ,$%:($:- "-:$"/#%: )2/#?#3$0#2% $%/ $//#0#2%* "-\(#"-/ 71 '#01+ Z0$0- 2" I-/-"$,32/-* $* C-,, $* @.0",=*%& $,)U Z,&,S,A,),0& @=) #B 7558[ ,C0C[ @Z@ "*.>& 7-#%:

G"2G2*-/V$U? $0"0 )U0&0 %#) ,%=A-+0+ ,% )U0 #",I,%*A =#%&)"-=),#%+ $"- 0D-1"-\(#"-/ 71 ,$C 2" ?2" 32)G-0#0#.-%-** G-" 3,$(*- 569#.9

69 71CFC@ 6 DC V\*,%),%I 2" $GG,#3$0#2% 2? G"20-30#.- 32$0* %2 )2"- 2?0-% 0D$% -.-"1 ?#.- ARE

1-$"*9M "0>A*=0.0%) #B =*">0),%I %# .#"0 )U*% #%=0 0F0"? B,F0 ?0*"&C R9 71CFC;C M>I"*+0& #B =#.>#%0%)& )# B,0A+ A,IU),%I *%+ )U0 &=#"0S#*"+ A#%3,(/#%:

)-**$:- 72$"/+ 7(,7*+ $%/ 3"#0#3$, 7"-$N-" G$%-,*E %# .#"0 )U*% #%=0 0F0"? )0% ]78H ?0*"&9

]9 71C]BC,C369H [)G2"0$%0 "-:$"/#%: 0D- $:"--/ /-?#%#0#2%* 2? $ G"2G2*-/ "-G$#" 2" #)G"2.-)-%09UD- \(-*0#2% $GG-$"* 02 7- CD$0 32%*0#0(0-* $ "-G$#"+ #)G"2.-)-%0 $%/ D2C 02 )-$*("- 0D-"-\(#"-)-%0* 2? N--G#%: 0D- *0$/#() 32)G-0#0#.- $* 32)G$"-/ 02 0D- 02G 2%-SD$,? 2? *0$/#()* #%0D- OIP ,-$:(- $* "-\(#"-/ #% 0D#* G2"0#2%* A56 '$G#0$, X-G$#"*E 2? 0D- ,-$*-9T

^9 71CBC1C UD#* #* 0D- *-30#2% 0D$0 0D- '#01_* `/)#%#*0"$0#2% D$* *0$0-/ 0D-1 $%/ 0D- !"2C%* $:"--2% 0D- /-?#%#0#2% 2? 0D- Q=@ )#,,#2% #% ?(%/* 0D- !"2C%* $"- "-\(-*0#%: 0D- '#01 02 32%0"#7(0-9 #9-9

D*>,)*A K0>*," )U*) ,& %#) * D*>,)*A E.>"#F0.0%) #" * J*)0",*A D*>,)*A K0>*,"

A0D$0 C2(,/ 7- 32.-"-/ (%/-" Z3D-/(,- 56A?E9 O20- 0D- "-?-"-%3- 02 0D- RB,&=*A =#%&)"*,%)& #B)U0 D,)?WC `,*2+ 0D- G"2G2*-/ 2??-"#%: 2? )2"- 32%0"2, 02 0D- !"2C%* ?2" Q5< )#,,#2% $%/ 0D-

#BB2&0)& +#AA*" B#" +#AA*" #B >*?.0%)& #% 0D- ?(0("- #* $,*2 /-?#%-/ #% 0D#* *-30#2%9



!"#$% '())#%*+ ',-.-,$%/ '#01 '2(%3#,+ 4$"/ 56+ 73())#%*83,-.-,$%/3#0132(%3#,92":+ 55;<6;5= >$:- < 2? 5@

FG$:- =]T

FG$:- =^T

^O#)0 ,,,C _ R/0&&00`& ]!KPQO(H "0*&#%*SA0 T-+I.0%)V>"0&0"F0 ,)& -&0B-A%0&& B#" )U0 >-">#&0& B#"$U,=U ,) ,& S0,%I A0*&0+Va



!"#$% '())#%*+ ',-.-,$%/ '#01 '2(%3#,+ 4$"/ 56+ 73())#%*83,-.-,$%/3#0132(%3#,92":+ 55;<6;5= >$:- = 2? 5@

FOYUH+ "-?-"-%3- 02 )$#%0$#%#%: -32%2)#3 32)G-0#0#.-%-** $%/ "-.-%(- G20-%0#$, 02 )$03D 02G R@a 2?OIP;'#01 *0$/#()* $%/ 3"-$0#%: -%D$%3-/ "-.-%(- 2GG2"0(%#0#-*+ #9-9+ 0C2 %-C W()72UXYOZ9T

FA.E #%3,(/-* ,$%:($:- "-:$"/#%: )2/#?#3$0#2% $%/ $//#0#2%* "-\(#"-/ 71 '#01+ Z0$0- 2" I-/-"$, 32/-* $*C-,, $* `)-"#3$%* C#0D B#*#7#,#0#-* `30 2? 5bb@+ #9-9+ `B` "$)G* 7-#%: G"2G2*-/VC- %--/ 02 (%/-"*0$%/CD1 0D-*- CD-"- %20 #%3,(/-/ #% 0D- 2"#:#%$, 32%*0"(30#2% $%/ #? 0D-1 $"- #% ?$3- "-\(#"-/ 71 ,$C 2" ?2"32)G-0#0#.-%-** G-" 3,$(*- .#9T

FG$:- =cT

'$G#0$, X-G$#"* *D$,, $,*2 #%3,(/-L

71CFC@C >*,%),%I #" *>>A,=*),#% #B >"#)0=),F0 =#*)& %# .#"0 #B)0% )U*% 0F0"? B,F0 ]bH ?0*"&Cc

569.9!9 V#0-)* 32.-"-/ (%/-" C$""$%01VM

71CFCDC "0>A*=0.0%) #B =*">0),%I %# .#"0 )U*% #%=0 0F0"? B,F0 ?0*"&c

569.9B9 "-G$#"* 2" "-G,$3-)-%0 2? 0D- G,$1#%: *("?$3-V2%,1 #? "-G$#"* 2" "-G,$3-)-%0V"-\(#"-/ $* $ "-*(,02? '#01_* 32%*0"(30#2% 2? 20D-" '$G#0$, X-G$#"*M

71CFC;C ->I"*+0& #B =#.>#%0%)& )# B,0A+ A,IU),%I *%+ )U0 &=#"0S#*"+ ],%=A-+,%I .0&&*I0 S#*"+[S-AS&[ *%+ =",),=*A S"0*d0" >*%0A&H %# .#"0 )U*% #%=0 0F0"? )0% ]78H ?0*"&C

569.9I9 3,-$%#%: 2? 0D- -K0-"#2" ?$d$/-V%2 )2"- 2?0-% 0D$% 2%3- -.-"1 0-% A5@E 1-$"*9



!"#$% '())#%*+ ',-.-,$%/ '#01 '2(%3#,+ 4$"/ 56+ 73())#%*83,-.-,$%/3#0132(%3#,92":+ 55;<6;5= >$:- 6 2? 5@

FG$:- =bT

'$G#0$, X-G$#"* *D$,, %20 #%3,(/-L

569.9e9 #0-)* 0D$0 C2(,/ 20D-"C#*- 7- '$G#0$, X-G$#"* 7(0 0D$0 $"- %-3-**#0$0-/ 71 0D- $30#2%* 2? 0D-P-**-- $%/ $"- %20 $00"#7(0$7,- 02 2"/#%$"1 C-$" $%/ 0-$"9

569.9[ f Y9L VG$#%0#%:V32$0#%:*V 3$"G-0#%: )2"- ?"-\(-%0,1 0D$%V?#.- ARE 1-$"*VG,$1#%: *("?$3- F(%,-**/(- 02 32%*0"(30#2%TVAPE (G:"$/-* 02 32)G2%-%0* 2? 0D- *32"-72$"/ )2"- ?"-\(-%0,1 0D$% 2%3- -.-"1 0-%A5@E 1-$"*M AOE "2(0#%- )$#%0-%$%3- 2? G,()7#%:V-,-30"#3$, Feg`' -03V T_ 2" AYE 0-%$%0 ?#K0("-*+?#%#*D-*V#% $%1 G(7,#3 "-*0$("$%0V

F#%0-%0#2%$,,1 ,-?0 7,$%NT



!"#$% '())#%*+ ',-.-,$%/ '#01 '2(%3#,+ 4$"/ 56+ 73())#%*83,-.-,$%/3#0132(%3#,92":+ 55;<6;5= >$:- R 2? 5@

FG$:- 6@T (0=),#% 71C]SHC



!"#$% '())#%*+ ',-.-,$%/ '#01 '2(%3#,+ 4$"/ 56+ 73())#%*83,-.-,$%/3#0132(%3#,92":+ 55;<6;5= >$:- ] 2? 5@

FG$:- 65T (0=),#% 71C]SHC !"#$%#&'()

(0=),#% 71C]=HC \"0>0"*),#% #B D*>,)*A K0>*," \A*%&C

FG$:- 6<T (0=),#% 71C]+HC D#%&)"-=),#% #B D*>,)*A K0>*,"&C

(0=),#% 71C]0HC K0&#A-),#% #B Z,&>-)0&C

FG$:- 66T (0=),#% 71C]BHC D*>),*A K0>*," X-%+



!"#$% '())#%*+ ',-.-,$%/ '#01 '2(%3#,+ 4$"/ 56+ 73())#%*83,-.-,$%/3#0132(%3#,92":+ 55;<6;5= >$:- ^ 2? 5@

FG$:- 6RT (0=),#% 71C]BC,C7CHC D*>),*A K0>*," X-%+ !"#$%#&'()



!"#$% '())#%*+ ',-.-,$%/ '#01 '2(%3#,+ 4$"/ 56+ 73())#%*83,-.-,$%/3#0132(%3#,92":+ 55;<6;5= >$:- c 2? 5@

FG$:- 6RT (0=),#% 71C]BC,C369HC D*>),*A K0>*," X-%+ !"#$%#&'()

FZ-30#2% 569?9=9 #* #)G2"0$%0 "-:$"/#%: 0D- $:"--/ /-?#%#0#2%* 2? $ G"2G2*-/ "-G$#" 2" #)G"2.-)-%09 UD-\(-*0#2% $GG-$"* 02 7- CD$0 32%*0#0(0-* $ "-G$#"+ #)G"2.-)-%0 $%/ D2C 02 )-$*("- 0D- "-\(#"-)-%0* 2?N--G#%: 0D- *0$/#() 32)G-0#0#.- $* 32)G$"-/ 02 0D- 02G 2%-SD$,? 2? *0$/#()* #% 0D- OIP ,-$:(- $*"-\(#"-/ #% 0D#* G2"0#2%* A56 '$G#0$, X-G$#"*E 2? 0D- ,-$*-9T

FG$:- 6]T



!"#$% '())#%*+ ',-.-,$%/ '#01 '2(%3#,+ 4$"/ 56+ 73())#%*83,-.-,$%/3#0132(%3#,92":+ 55;<6;5= >$:- b 2? 5@

FG$:- 6]T

Z-30#2% 569?969 f 0D#* #* 0D- *-30#2% 0D$0 0D- h$12" i$3N*2% `/)#%#*0"$0#2% D$* *0$0-/ 0D-1$%/ 0D- !"2C%* $:"-- 2? 0D- /-?#%#0#2% 2? 0D- Q=@ )#,,#2% #% ?(%/* 0D- !"2C%* $"-"-\(-*0#%: 0D- '#01 02 32%0"#7(0-9 #9-9

D*>,)*A K0>*," )U*) ,& %#) * D*>,)*A E.>"#F0.0%) #" * J*)0",*A D*>,)*A K0>*," ])U*)

$#-A+ S0 =#F0"0+ -%+0" (=U0+-A0 71]BHC

O20- 0D- "-?-"-%3- 02 0D- RB,&=*A =#%&)"*,%)& #B )U0 D,)?WC `,*2+ 0D- G"2G2*-/ 2??-"#%: 2?)2"- 32%0"2, 02 0D- !"2C%* ?2" Q5< )#,,#2% $%/ 0D- #BB2&0)& +#AA*" B#" +#AA*" #B

>*?.0%)& #% 0D- ?(0("- #* $,*2 /-?#%-/ #% 0D#* *-30#2%9



!"#$% '())#%*+ ',-.-,$%/ '#01 '2(%3#,+ 4$"/ 56+ 73())#%*83,-.-,$%/3#0132(%3#,92":+ 55;<6;5= >$:- 5@ 2? 5@

FG$:- 6^T (0=),#% 71CIC D*>,)*A K0>*," @-+,)

FG$:- 6cT

FG$:- 6cT (0=),#% 71CUC ;.0"I0%=? K0>*,"&C

FG$:- 6bT (0=),#% 71C,C

2 ee 2

browns stadium lease analysis_sec. 14 capital repairs

Documents