Proposed New GWCCA/Atlanta Falcons Stadium Project

Comparison of Tax Revenues to Debt Service

Project Inception to Hotel/Motel Tax Expiration Anticipating 35 Year Bond Financing
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 (7) (8)

Series 2014 Tax

Exempt NM
Senior (4)

Series 2017 Tax

Exempt NM
Senior (4)

Series 2014 Tax

Exempt NM
Subordinated (5)

$1,552,440.00
$1,551,142.00
$1,555,844.00
$1,554,746.00
$1,558,048.00
$1,551,300.00
$1,553,623.00
$1,554,721.00
$1,549,569.00
$1,558,417.00
$1,555,515.00
$1,556,135.00
$1,555,255.00
$1,557,843.00
$1,553,680.00
$1,555,915.00
$1,557,760.00
$1,558,867.00
$1,556,732.00
$1,557,580.00
$1,557,245.00
$1,556,770.00

$3,331,103.00
$3,501,010.00
$3,666,103.00
$3,834,353.00
$4,003,353.00
$4,182,603.00
$4,356,103.00
$4,533,603.00
$4,709,353.00
$4,842,853.00
$4,845,540.00
$4,840,603.00
$4,849,016.00
$4,841,653.00
$4,844,041.00
$4,845,391.00
$4,845,441.00
$4,843,928.00
$4,840,591.00
$4,845,166.00
$4,848,705.00
$4,846,570.00
$4,847,418.00
$4,847,083.00
$4,846,608.00

$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 2/26/2013
7:31 PM

$13,317,737.00
$13,316,231.00
$13,317,069.00
$13,320,085.00
$13,320,113.00
$13,317,153.00
$13,316,814.00
$13,315,612.00
$13,318,321.00
$13,319,491.00
$13,318,896.00
$13,320,214.00
$13,314,949.00
$13,317,819.00
$13,317,694.00
$13,319,009.00
$13,315,916.00
$13,317,851.00
$13,318,684.00
$13,316,839.00
$13,315,731.00
$13,317,866.00
$13,317,019.00
$13,317,354.00
$13,317,829.00

1 of 2

Series 2017
Tax Exempt
Subordinated

Total Net Debt

Service

Tax Revenues
Less Debt
Service (Col. 3 -

(5)

(Sum of Col. 4-7)

Col. 8)

$163,732.00
$421,736.00
$559,606.00
$566,985.00
$564,102.00
$562,317.00
$562,772.00
$566,512.00
$566,783.00
$562,208.00
$558,668.00
$560,803.00
$559,956.00
$560,274.00
$560,749.00

$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

$4,067,183.00
$4,681,848.00
$5,350,463.00
$4,264,268.00
$4,713,258.00
$5,185,553.00
$5,668,001.13
$6,160,584.06
$6,679,204.93
$7,251,182.76
$7,812,373.81
$8,310,912.90
$8,929,008.85
$9,717,721.76
$10,527,713.49
$11,359,575.00
$12,213,896.77
$13,091,286.23
$13,992,362.17
$14,917,769.22
$15,868,164.26
$16,844,217.91
$17,846,623.01
$18,876,112.11
$19,933,379.95

10
Present Value
Discounted at
5.25%
$3,864,306.89
$4,226,424.36
$4,589,073.90
$3,475,010.12
$3,649,309.44
$3,814,718.10
$3,961,641.72
$4,091,146.69
$4,214,303.69
$4,346,981.65
$4,449,793.59
$4,497,627.43
$4,591,090.93
$4,747,390.94
$4,886,551.61
$5,009,661.84
$5,117,742.95
$5,211,760.35
$5,292,624.12
$5,361,197.35
$5,418,293.08
$5,464,677.69
$5,501,076.02
$5,528,178.27
$5,546,618.96

GWCCA NSP Financing Through FY 2050

debt service spreadsheet

Proposed New GWCCA/Atlanta Falcons Stadium Project

Comparison of Tax Revenues to Debt Service
Project Inception to Hotel/Motel Tax Expiration Anticipating 35 Year Bond Financing

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

Projected Tax
Revenues (7) (8)
$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

Series 2014 Tax

Exempt NM
Senior (4)

Series 2017 Tax

Exempt NM
Senior (4)

Series 2014 Tax

Exempt NM
Subordinated (5)

$13,317,359.00
$13,319,901.00
$13,319,121.00
$13,318,891.00
$13,317,919.00
$13,319,826.00
$13,317,986.00
$13,316,106.00
$13,317,559.00
$13,315,466.00
($271,841.00)
($271,841.00)

$1,557,240.00
$1,554,697.00
$1,555,477.00
$1,555,707.00
$1,556,680.00
$1,554,772.00
$1,556,612.00
$1,558,492.00
$1,557,040.00
$1,559,132.00
$15,146,440.00
$15,146,440.00

$4,847,078.00
$4,842,816.00
$4,840,716.00
$4,843,991.00
$4,841,816.00
$4,844,610.00
$4,843,916.00
$4,844,466.00
$4,842,916.00
$4,843,716.00
($98,960.00)
($98,960.00)

$465,578,748.00

$80,077,876.00

$161,876,312.00

Series 2017
Tax Exempt
Subordinated

Total Net Debt

Service

Tax Revenues
Less Debt
Service (Col. 3 -

(5)

(Sum of Col. 4-7)

Col. 8)

Present Value
Discounted at
5.25%

$560,279.00
$564,542.00
$566,642.00
$563,367.00
$565,542.00
$562,747.00
$563,442.00
$562,892.00
$564,442.00
$563,642.00
$5,506,317.00
$5,506,317.00

$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

$21,019,194.02
$22,134,325.07
$23,279,564.66
$24,455,725.71
$25,663,642.12
$26,904,175.30
$28,178,199.81
$29,486,624.02
$30,830,374.68
$32,210,408.64
$33,627,702.48
$7,400,653.63

$5,557,012.09
$5,559,931.77
$5,555,919.29
$5,545,484.86
$5,529,109.04
$5,507,245.60
$5,480,319.77
$5,448,733.96
$5,412,865.67
$5,373,070.97
$5,329,683.68
$1,114,428.50

$24,547,374.00

$732,080,310.00

$559,453,262.46

$178,271,016.90

Based upon: Citi Presentation of June 2012 (cited in August 2012 GWCCA Report), page 6
(7) Change - Projected Tax Revenues based upon 2.7% annual growth in Citi data from 2014 through 2020. 2.7% is also the CAG rate of the H/M Tax 1998-2013

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 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.
(8) 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
Original Footnotes:

(1) Updated *** ******** projections as of May 23, 2012.

(2) Assumes no annual growth. Debt service does grow per footnotes 4&5 below.
(3) Net of DSRF earnings and liquidation
(4) Debt service constrained by debt service coverage ratio and applicable revenue constraint
(5) Debt service constrained by required debt service coverage ratio, applicable revenue constraint and historical tax revenues
(6) Assumes applicable Revenue Constraint
agraynation.com 2/26/2013
7:31 PM

2 of 2

GWCCA NSP Financing Through FY 2050

debt service spreadsheet