2014 LOAN 'Presentation' to NMFA
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Transcript of 2014 LOAN 'Presentation' to NMFA
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SPACEPORT AMERICA OVERVIEW
August 1, 2014
CHRISTINE ANDERSON Executive Director New Mexico Spaceport Authority
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SPACEPORT AMERICA IS THE WORLDS FIRST PURPOSE-BUILT COMMERCIAL SPACEPORT
OWNED AND OPERATED BY A STATE OF NM AGENCY (NMSA)
$218.5M STATE INVESTMENT FOR DEVELOPMENT
1300+ JOBS GENERATED TO DATE
TWO LAUNCH TENANTS: VIRGIN GALACTIC AND SPACEX PLUS OTHER CUSTOMERS
20 LAUNCHES TO DATE
OVER 50% OF OPERATIONS BUDGET HAS BEEN COVERED BY REVENUE FOR PAST 3 YEARS
Goal: to be self-sustaining and a NM economic engine while inspiring visitors, particularly students
QUICK FACTS
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58-31-1 ET SEQ. NMSA 1978 ESTABLISHED NEW MEXICO SPACEPORT AUTHORITY (NMSA) ON JULY 1, 2006 TO PLAN, DESIGN, DEVELOP,
FINANCE, CONSTRUCT, EQUIP AND OPERATE A SPACEPORT IN NM
BROAD POWERS INCLUDING: Make and execute all contracts as necessary Charge for services Issue bonds Borrow money and secure debt via mortgage of state buildings
MONEY IN SPACEPORT AUTHORITY FUND IS APPROPRIATED AND NON-
REVERTING, PER 58-31-17 (A)
SPACEPORT DEVELOPMENT ACT
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NMSA BOARD OF DIRECTORS
Rick Holdridge - Chair
Irvin Diamond
Paul Deason Christine Anderson
David Buchholtz
Sid Gutierrez Jerry Stagner
Laura Conniff
Lt. Gov. John Sanchez
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BOD AUDIT COMMITTEE Irvin Diamond, CPA
Jerry Stagner
David Buchholtz, Esq.
NMSA STAFF Doreen Sieburg, CFO
Belinda Lucero, ASD
Aaron Prescott
ANNUAL INDEPENDENT AUDIT
NMSA FINANCIAL OVERSIGHT & SUPPORT
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TOURISM
2 major lines of business both are needed for long-term success
BUSINESS MODEL
VERTICAL AND HORIZONTAL SPACE LAUNCH
TOURISM
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CHALLENGE: BUILD A SPACEPORT HERE
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SUCCESS!
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GATEWAY AT SUNRISE
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GATEWAY TO SPACE
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GATEWAY AT SUNSET
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SPACEPORT AMERICA IS A SELF-CONTAINED CITY
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WASTEWATER TREATMENT PLANT
1.3M GAL WATER STORAGE & BOOSTER STATION
COMMUNICATIONS SYSTEM AWOS III WEATHER STATION
FUEL STORAGE DEPOT 12,000 FT SPACEWAY 16-34
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EMERGENCY RESPONSE VEHICLES
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SPACEPORT AMERICA ATTRIBUTES
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FAA Licensed Spaceport 18,000 acresroom for many tenants Great weather with low humidity High elevation Suborbital trajectories proven Orbital trajectories possible Horizontal and Vertical Launches supported Affordable launch costs Customized service based on customer needs
20 Vertical launches to date from Spaceport America
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Preparing for SpaceX F9R Preparing for Virgin Galactic first flight UP Aerospace scheduled for October 2014 Others in discussion Gateway Gallery to open January 2015 New Security/Front Gate to be completed in February 2015 Visitor Center Departure Point to open in December 2015
STATUS
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VISITOR EXPERIENCE (VE) OVERVIEW
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FUN, IMMERSIVE, INTERACTIVE
SCIENCE, TECHNOLOGY, ENGINEERING & MATH EDUCATIONAL FAMILY EXPERIENCES
HIGHLY PERSONALIZED
BROAD INDUSTRY PARTICIPATION
UNIQUE GLIMPSE INTO THE FUTURE OF TRANSPORTATION
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VISITOR EXPERIENCE COMPONENTS
To be completed in FY16
SHUTTLE TRANSPORTATION Mobile theater
1-hour inbound / outbound journey to & from Spaceport
FLIGHTLINE TOUR/GATEWAY GALLERY 1-hour escorted Spaceport property tour, including Virgin Galactic Gateway To Space (4,000 sq.ft.)
SPACEPORT VISITOR CENTER Starting point for Visitor Experience in T or C
6,000 sq.ft. transportation & story hub near highway
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VISITOR CENTER DESIGN
VISITOR CENTER SHOW CONTENT
VISITOR CENTER CONSTRUCTION
GATEWAY GALLERY DESIGN
GATEWAY GALLERY SHOW CONTENT
GATEWAY GALLERY FIT-OUT
HOSPITALITY MANAGER RFP
VISITOR EXPERIENCE STATUS
FUNDED NOT FUNDED
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$20M* NMFA LOAN SOUGHT 2012
RFP FOR THIRD PARTY DEVELOPER WITH NMSA LEASE BACK 2013
$20M* PRIVATE LOAN SOUGHT 2013 $6.5M NMFA LOAN NOW BEING SOUGHT 2014
T OR C VISITOR CENTER FINANCING
*Included Visitor Center in T or C and On-site Visitor Complex
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APPROX. $6.5M TO CONSTRUCT T OR C VISITOR CENTER; INCLUDING LAND PURCHASE, CONSTRUCTION, LANDSCAPING, CONSTRUCTION AND ARCHITECTURAL ADMINISTRATION, ARCHAEOLOGICAL MITIGATION AS REQUIRED.
PROPOSED SOURCES OF LOAN PAYMENT: GRT EXCESS PLEDGED REVENUE AND/OR VG LEASE PAYMENTS
SARSD BOARD APPROVED USE OF GRT EXCESS PLEDGED REVENUE ON JUNE 27, 2014
NMSA BOARD APPROVED USE OF GRT EXCESS PLEDGED REVENUE AND/OR VG LEASE PAYMENTS ON JULY 1, 2014
NMFA LOAN
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NMFA LOAN DETAILS
TOTAL LOAN AMOUNT OF$7,271,770 $6.5 M project amount, $717,231.14 reserve account $54,538.28 NMFA fee
INTEREST RATE OF 3.392% 13 YEAR TERM
ANNUAL DEBT SERVICE PAYMENTS OF ~$717,230 Primary Coverage: GRT Excess Pledged Revenue Secondary Coverage: VG Lease
Jun 23, 2014 3:08 pm Prepared by New Mexico Finance Authority (Finance 7.009 DBCLessons:NNMSPACE-PPGRT) Page 1
SOURCES AND USES OF FUNDS
New Mexico Spaceport AuthorityTBD-PP Visitor Center & Parking
Sources:
Bond Proceeds:Par Amount 7,271,770.00
7,271,770.00
Uses:
Project Fund Deposits:Project Fund 6,500,000.00
Other Fund Deposits:Reserve Account 717,231.14
Delivery Date Expenses:NMFA Fee 54,538.28
Other Uses of Funds:Additional Proceeds 0.58
7,271,770.00
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NMFA LOAN PROCESS
JUNE 27, 2014
JULY 1, 2014
AUGUST 28, 2014 ?
SEPTEMBER 11, 2014 ?
SEPTEMBER 16, 2014 ?
Time is of the essence
SARSD BOARD APPROVAL
NMSA BOARD APPROVAL
NMFA BOARD APPROVAL
NMSA BOARD APPROVAL
SBOF BOARD APPROVAL