Study Guide for Exam #1
A dynamic philosophy where an organization recognizes its social responsibility pertaining to environmental matters.
Types of Venues:
Indoor facility with fixed seats or portable seats – surrounding an open floor Permanent or portable stage
Theaters (Performing Arts Centers)
Permanent and Portable Seating
Exhibit and Meeting Space
Large Flat Spaces
Large Facility with seats and bleachers surrounding a field area
Open Air or Dome (Retractable)
Open air with stage
Lawn or Portable Seating
Seasonal Event Schedule
Goes on rain or shine
Performers are protected from elements
Combination of two or more venues Don't forget about the age old question of Why do companies engage in international business?
Don't forget about the age old question of What are some personality traits?
Managed by a single entity
Built for single purpose
Sponsors and Fans
Accounting, Legal, Debt Financing
The Feasibility Study
Remodel Current Facility or Build New One
Identifying and purchasing the probable building site for a facility
Hide identity of private developers and longterm intentions
Suppress potential prices
Adjacent parcels of land become more valuable once the first is bought
We also discuss several other topics like What is theory of reasoned action?
Ability to compel citizens to sell land
Government forcibly taking land from private citizens
Land used for public good
Kelo vs. New London
Nine homeowners refused to give up their land through eminent domain
Felt it violated the Constitution
10 years later, the land given up has still not been developed
A building can only be constructed in an area that conforms to its use
Creating physical characteristics necessary to build
Additional costrelated considerations
Weather trends (winds)
Availability of materials
Contractor’s Financial Solvency
Request for Qualifications (RFQs)
Request for architectural companies submit their qualifications
Request for Bids (RFBs) or Request for Proposal (RFPs)
Request for architects to explain their design
Tax Increment Financing (TIFs)
Involves areas that have recently experienced a loss in value
Government uses the money from tax increment bonds to purchase land in redevelopment areas Bonds are repaid with the increase in tax revenue created from parcels surrounding the redevelopment area Don't forget about the age old question of Governments can make buyers or sellers pay a specific amount on each unit, is what?
Certificates of Participation (COPs)
Formed when government creates a corporation to buy land and/or build a facility Corporations use COPs to raise money for facilities
Issued over an extended period of timeIf you want to learn more check out Customer Value refers to what?
Other options potentially available to spend money on if a sport and entertainment facility wasn’t being built We also discuss several other topics like what is fetishism?
A major professional sports team can bring significant pride to a community
Ex: Hornets had ‘Charlotte’ on the front of their jerseys instead of ‘Hornets’
Yearly government check
Approving zoning changes
Enhance infrastructure surrounding the facility
Reduction or exemption from taxes
Usually results in financial loss for the government
Sales tax on any purchase directly funds the facility
Usually on the upper and middle class
Critics consider this to be the best way to fund a sport facility
Master plan of events the facility will host over a certain period of time
Executing the scheduling plan by procuring contracts with events the facility wants to host Primary tenants
Groups who have first priority in the venue, typically due to them committing to a series of events over the course of a year or years
Performers (Main Attraction)
Promoters (Financial Underwriter of Event)
Is the date and time free?
Does the event fit the space?
Are there conflicts with tenants or other booked events?
Reservation of space placed on the facility calendar
An approved application for the facility
Hold typically for a touring show when the tour manager is locking in other facilities on the route
Secondary or challenge hold
Forces the event with the tentative hold or the facility to make a decision
The event has signed and returned the contract
Luxury Suites and Club Seating
User Fees and Memberships
Donations and Grants
Mortgage and Rent
Maintenance and Repairs
Marketing and sales
Cost of Goods Sold (COGS)