City of Bridgeport Economic Development Projects within the

City of Bridgeport

FY 2017-2018 ADOPTED GENERAL FUND BUDGET

CITY OF BRIDGEPORT, CONNECTICUT

CITY OF BRIDGEPORT FISCAL YEAR 2017 - 2018 BUDGET MESSAGE:

Mayor Joseph P. Ganim Mayor Joseph P. Ganim operating a tractor at worksite.

The City of Bridgeport fiscal year 2017 - 2018 City Council adopted budget is a sound but lean plan that is designed to best benefit the residents and tax payers of Bridgeport.

The FY2017-2018 Adopted Budget totals approximately $541 million versus last year’s adopted amount of $552 million. The adopted budget is based on three platforms:

1) Cost of Living Expenses The FY 2017-2018 Adopted budget is predicated on prudent management of allocated resources by maintaining the tax levy at the same level with last fiscal year.

2) Quality of Life & Safety The Adopted Budget provides funding for 297 sworn firefighters and 430 police officers which is intended to strengthen the departments for adequate safety and protection of Bridgeport residents and homeowners.

3) Economic Development Immediately after Mayor Joseph P. Ganim took office in December, 2016 he geared all his efforts and focus on the implementation of all pending economic developments projects, as well as the establishment of an economic development committee for future projects.

Based on the economic development committee and the strategic committee recommendations, the below listed projects are given priority in moving the City of Bridgeport forward. Below is a

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FY 2017-2018 ADOPTED GENERAL FUND BUDGET

CITY OF BRIDGEPORT, CONNECTICUT

summary of all major developments that Mayor Joseph P. Ganim’s administration is working on:

1) Waterfront Park -- Conceptual Cost -- $13,000,000

A 700-foot long by 15-foot wide boardwalk located along the west of the Pequonnock River providing a water -side pedestrian connection between Water front Park at Stratford Avenue to Bridgeport Landing and the entertainment area of Harbor Yard Arena and Harbor Yard Amphitheater. The boardwalk connects the Downtown, Steelpointe Harbor and planned waterfront development at the Sliver by the River to the South End.

Investment:Projects: (In Millions)

(1) Waterfront Park 13(2) Bridgeport Landing 14(3) Harbor Yard Sports & Entertainment Center 15(4) Webster Bank Arena 15(5) Broad Street Streetscapes Improvements 11(6) Parking Garage 35(7) Steelpointe Harbor Waterfront Development ( Upland & Waterfront Phases) 480(8) MGM Casino 675(9) PSEG Power Plant 550(10) Majestic Theatre Restoration & Improvements 400(11) Forstone Apartments (Beer Hall) Comedy Club 18(12) BMW of Bridgeport 15

Total Investments in Projects 2,241

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FY 2017-2018 ADOPTED GENERAL FUND BUDGET

CITY OF BRIDGEPORT, CONNECTICUT

2) Bridgeport Landing -- Conceptual Cost -- $14,000,000 Bridgeport Landing is currently used as the ferry terminal for Bridgeport and Port Jefferson Ferry Line. With the relocation of the ferry terminal to the east side of Bridgeport Harbor, the existing facility will be converted into a transient marine facility with boatslips that provide direct access to the Downtown, intermodal center and entertainment areas. The existing boathouse is in need of structural repairs, which will allow it to serve as waterfront dining serving the Downtown and entertainment district.

3) Harbor Yard Sports & Entertainment Center -- Conceptual Cost -- $15,000,000

Currently, the Ballpark at Harbor Yard is an existing 5,300 - seat minor league Baseball Park. The proposed development is to renovate the ballpark in order to create a multi-functional sports and entertainment center. Upgrades to the stadium will allow for an outdoor sports and entertainment center that can attract regional and national performances to Bridgeport during the warmer months. The City of Bridgeport has chosen "Live Nation", the world's largest and complete live entertainment company, along with local Sports Center of Connecticut who have partnered to create "Harbor Yard Amphitheater LLC". The two selected developers and operators will bring entertainment to Bridgeport's Harbor Yard with the development of a state-of-the art Amphitheater.

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FY 2017-2018 ADOPTED GENERAL FUND BUDGET

CITY OF BRIDGEPORT, CONNECTICUT

In 2016, "Live Nation" promoted almost 26,300 music concerts that were attended by nearly 71 million fans. According to Mayor Joseph P. Ganim, "the new venue operators will bring in concerts and shows that will certainly put Bridgeport in the forefront as a destination place for families and friends."

4) Webster Bank Arena -- Conceptual Cost -- $15,000,000 Webster Bank Arena is a 10,000 - seat multi-purpose arena that opened in October 2001. The Arena attracts half a million visitors each year for a wide variety of events including concerts by world famous musicians, entertainment spectaculars, collegiate and professional sports, professional wrestling, special events, trade shows and conventions. The building requires building system and life safety upgrades and improvements, as well as amenities upgrade for national performers’ standards.

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FY 2017-2018 ADOPTED GENERAL FUND BUDGET

CITY OF BRIDGEPORT, CONNECTICUT

5) Broad Street Streetscapes Improvements -- Conceptual Cost -- $11,000,000

Broad Street Streetscapes Improvements focus on creating a united vehicular, pedestrian and bicycle link between Housatonic Community College and Bridgeport Public Library to the north and the Broad Street entrance to the University of Bridgeport to the south. Streetscape elements will include a full complement of street furniture, decorative lighting, street trees and other plantings, brick pavers and other decorative pavement finishes, as well as special crosswalk treatments. Other issues being addressed throughout the corridor are on-street and off-street parking, bicycle lanes, and transit operations.

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FY 2017-2018 ADOPTED GENERAL FUND BUDGET

CITY OF BRIDGEPORT, CONNECTICUT

6) Parking Garage -- Conceptual Cost -- $35,000,000

The new Parking Garage would be a Brownfield redevelopment of two existing sites that are currently used as on-grade event parking for the Harbor Yard Arena and Harbor Yard Ball Park (new Amphitheater). The proposed development is a 1,000 vehicles multi-level parking structure with structural platform on top to accommodate a future air-rights development.

7a) Steelpointe Harbor Waterfront Development – Upland Phase Conceptual Cost -- $48,000,000 The Steelpointe Harbor Waterfront is being developed and managed by "Bridgeport Landing Development, LLC (BLD).The Steelpointe Harbor Waterfront development will be done in phases with the Upland phase being the completion of the Bass Pro Shops, Starbucks, Chipotle and T-Mobile store in November 2015.

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FY 2017-2018 ADOPTED GENERAL FUND BUDGET

CITY OF BRIDGEPORT, CONNECTICUT

7b) Steelpointe Harbor Waterfront Development -- Waterfront Phase Conceptual Cost -- $400,000,000

The second phase of the project is the construction of a 35,000 sq. ft. Dockmaster Building which will house a restaurant with outdoor seating on the first floor, offices on the second floor, and residential units on the third floor. This phase of construction is scheduled to be completed in the summer of 2018 and will also include a water front park and a new marina. The DockMaster Building, with the pedestrian friendly streets and walkways along the water will serve as the centerpiece of a series of buildings planned for a peninsula that will include residential, retail and entertainment. Steelpointe Harbor will serve as an urban mixed-use environment "designed to embody the most desirable characteristics of a harbor-side neighborhood", according to the developer Robert Christoph.

The Steelpointe Harbor project is a part of the rebirth of Bridgeport Harbor and the creation of a new Long Island Sound destination. With its transportation infrastructure Bridgeport is ideally positioned between New York and Boston, with a year-round ferry service to Port Jefferson Long Island. The redevelopment of this 50+ acres site will support the modernization of the Downtown Central Business District with an urban/waterfront complex, a destination and a new Bridgeport neighborhood.

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FY 2017-2018 ADOPTED GENERAL FUND BUDGET

CITY OF BRIDGEPORT, CONNECTICUT

8) MGM Bridgeport Casino – Conceptual Cost---$675,000,000

MGM Resorts International and RCI have joined together to create MGM Bridgeport, to be located in Bridgeport, Connecticut. Once approved by the Connecticut Legislature, it will constitute more than a half billion dollar investment in Connecticut's tourism infrastructure.

Of the Connecticut Casinos, MGM Bridgeport would be the closest to the lucrative New York City market. MGM Bridgeport would only be 62 miles from New York City; while, Mohegan Sun and Foxwoods are 133 miles and 140 miles from New York City, respectively.

MGM Resorts International, per company Profile: MGM Resorts International (NYSE : MGM) is an S&P 500 global entertainment company with national and international locations featuring best-in-class hotels and casinos, state-of-the-art meetings and conference spaces, incredible live and theatrical entertainment experiences, and an extensive array of restaurant, nightlife and retail offerings. MGM Resorts creates immersive, iconic experience through its suite of Las Vegas-inspired brands. The 77,000 global employees of MGM Resorts are proud of their company for being recognized as one of the FORTUNE-Magazine's World's Most Admired Companies.

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FY 2017-2018 ADOPTED GENERAL FUND BUDGET

CITY OF BRIDGEPORT, CONNECTICUT

RCI Group, per company profile: Steelpointe Harbor and Seaview Bridgeport are owned and operated by RCI Group which was founded in 1969 and is a leading developer of marina properties across the United States including Michigan, Indiana, Florida, Massachusetts and Connecticut. In all RCI Group has developed and/or operates 9 marinas with over 1,285 marine slips. RCI Group has developed 9,760 apartment units and over 1.9 million sq ft of retail, office and commercial buildings.

MGM Bridgeport Economic Benefits to Connecticut, per company proposal:

$50 million License Fees Paid to the State of Connecticut in FY2018 upon State Approval and before MGM

Bridgeport construction.

7,000 Jobs In Bridgeport Area

$8 million In Bridgeport Community payments

$4.5 million

In surrounding Community payments

$267 million In Tribal payments pending opening of MGM Bridgeport

$1.2 Billion Total Income for Workers in 2019

$2.9 Billion Total Economic Output in 2019

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FY 2017-2018 ADOPTED GENERAL FUND BUDGET

CITY OF BRIDGEPORT, CONNECTICUT

MGM Bridgeport proposed projects:

Multiple Dining Options

60,860 sq ft Restaurant and Lounge Offerings 5 Fine Dining/casual Restaurants ( 1,200 indoor and outdoor Seats) 6 Bar/Lounge Outlets (412 Seats)

Live Entertainment Offerings

20,000 sq ft Entertainment Venue Flex Meeting Space 700 Seat Theater

Unique Retail Offerings

30,000 sq ft Pedestrian Designed Retail Space Popular Brand Offerings Boardwalk Retail

Hotel Accommodations

300 Guest Rooms MGM Brand Standards Pool/Spa/Fitness

World Class Casino Floor

100,000 sq ft Casino Area 2,000 Slot Machines 160 Table Games

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FY 2017-2018 ADOPTED GENERAL FUND BUDGET

CITY OF BRIDGEPORT, CONNECTICUT

Scenic Boardwalk

900 Linear Foot Duck Located on the Yellow Mill River Outdoor Entertainment Facility

9) PSEG Power Plant -- Conceptual Cost -- $550,000,000 The PSEG Power CT, LLC will demolish their current coal and oil burning power plant to construct a new, clean, state-of-the-art combined cycle plant (gas turbine and steam turbine). The new power plant has the capacity to generate 485 megawatts (MW) and will be fueled by natural gas; alternate fuel: Ultra-low Sulfur distilled (ULSD) fuel oil (30 -day oil supply). The new power plant will be located at the existing Bridgeport Harbor Station site with total construction cost of $550+ million investment. Construction of the new power plant will take about two years with a targeted commercial operation date of June 1, 2019. This project will create up to 350 jobs during construction, reasonable permanent jobs after construction and significant new tax revenue to the City of Bridgeport.

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FY 2017-2018 ADOPTED GENERAL FUND BUDGET

CITY OF BRIDGEPORT, CONNECTICUT

10) Majestic Theatre Restoration & Improvements -- Conceptual Cost -- $400,000,000

The City of Bridgeport Planning and Economic Development Office advertised Request for Expressions of Renovations/Development Interest for the historic "Poli Palace Theater and Majestic Theater, as well as the former Savoy Hotel" within Downtown of Bridgeport. After review of the prospective developers, on June 2017, Mayor Joseph P. Ganim announced that "Exact Capital Group, LLC" from New York was selected by the committee to renovate and restore the historic Majestic Theater, Poli Palace and Savoy Hotel. Exact Capital Group, LLC proposal is committing over $400 million of private, public equity funds to create an iconic development that will revitalize and add mass to the downtown north development corridor that will complement and enhance other developments in the area. Exact Capital Group, LLC will preserve and incorporate into the project the beautiful, historic Poli Palace Theater and the Majestic Theater as well as the former Savoy Hotel while at the same time adding new market rate mixed income affordable housing units, desired retail complementing residential occupancy, parking features, a community facility and visual and physical connection between the landmark Theaters and Waterfront along the Pequonnock River.

11) Forstone Apartments | Beer Hall | Comedy Club – Conceptual Cost -- $18,000,000

The historic building at 177-189 State Street collectively features 32 one- and two-bedroom units, many of which overlook the city’s McLevy Green. In addition to providing beautiful views of the park and the city throughout the year, every unit features oversized windows that let in plenty of natural sunlight throughout the interior of each space. Each unit includes a washer and dryer, air conditioner, dishwasher, stainless steel appliances and granite countertops. Harlan Has German-style beer hall is being built at the historic site of People’s Bank at 155 State St. The 7,000-square-

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FY 2017-2018 ADOPTED GENERAL FUND BUDGET

CITY OF BRIDGEPORT, CONNECTICUT

foot space incorporates many historical elements, including a curved teller bank wall. The menu features traditional Bavarian dishes such as sausages, sauerkraut, schnitzel, soft pretzels and linzer torte as well as American favorites including burgers, fries, salads and sandwiches. Designed as a social environment where people can gather, the restaurant features communal, long picnic and high-top tables. Owned by Stephen Lewandowski who owns Harlan Social in Stamford and Harlan Publick in Norwalk. Stress Factory Comedy Club is being constructed at the former Playhouse on the Green, located at 167 State St. Owned by Vinnie Brand, the Stress Factory has been entertaining in New Jersey for more than 20 years; this will be The Stress Factory’s second location and only in Connecticut. The club attracts some of the top comedians from around the country.

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FY 2017-2018 ADOPTED GENERAL FUND BUDGET

CITY OF BRIDGEPORT, CONNECTICUT

12) BMW of Bridgeport Expansion-- Conceptual Cost -- $15,000,000

BMW of Bridgeport continues to be a leader in selling and servicing BMWs in Fairfield County. They are in need of additional space facilities requirements driving site development at 10 Boston Avenue.

• Proposed facilities expansion in the amount of 15MM structural improvement. • Increased revenue from $30MM in 2002 to over $85MM in 2016. • Increased employee count from 35 in 2002 to over 100 in 2016, with $75MM annual

payroll. • Planning on moving entire sales operation into new facility at 10 Boston Avenue. • Existing facility at 43 North Avenue to be used exclusively for service and parts business. • Cutting edge storage technology to establish BMW of Bridgeport as a destination.

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