Joseph Leary

Q: What is the capacity of the stadium, what do you project to be your average attendance, and what is your break-even attendance to survive and pay the bills? 

Joseph Leary, Senior Vice President, Salem Five

“Capacity attendance: 6,372

Expected attendance: almost 4,600

Break even ticket sales: about 3,200”

A:  Alex Bok, President, MFOD

Q: Can you explain your anticipated debt and equity financing structure and level of commitments and what your financing sources will require to finalize commitments? 

A:  John Gillespie

John Gillespie, investment banker, ballpark financing expert

Served as lead banker for Camden Yards:

“Minor league ballparks can do an enormous with economic development in a city.”

Involved in the development of Rangers Ballpark, Arlington TX:

“I saw how important that facility was to the culture and sprit of the community providing affordable family entertainment.”

Involved in the development of the Staples Center, Los Angeles:

“I saw how important some of the creative new means of financing to enable private financing, some of which we will do here.”

Is this financing plan reasonable? And will it be successful

“Based on my experience of doing dozens of facilities is that there is a very strong financing plan here and will it work is a ‘very strong yes.’

The key criteria:

This is an excellent location. The demographics, the parking, the transportation are there. It’s also a great baseball market. There’s local community support and there’s also an unmet demand for baseball as an entertainment because Fenway is sold out and quite expensive.

There is also a very experienced team in design, engineering, development and management

There are very reasonable assumptions. Costs and revenues assumptions are extremely conservative.

I’m one of the investors myself and wouldn’t have done so if I didn’t think it was financial feasible and I think you are going to have a very successful project here.”

A: Alex Bok, President, MFOD

Q: This is a very complex project which will require the successful completion of many steps -- to mention a few:  a lease with the MRA/National Grid, acquisition of certain adjoining parcels, obtaining various approvals and permits, receipt of a franchise from the Atlantic League, finalizing project design, entering into construction contracts to build the project within a budget, raising of substantial amounts of debt and equity to fund the project, assembling an operating team to manage the venture, and other.  Although the project may not proceed if any of these steps are not successfully completed, which of these at this stage concern you the most?   

“it’s getting a deal done with National Grid and the City. That’s the gating process that allows us to go forward.”