City Council

City of Petersburg City Council Virginia www.petersburgva.gov Samuel Parham, Mayor – Ward 3 Annette Smith-Lee, Vice-Mayor – Ward 6 Treska Wilson-Smith, Councilor – Ward 1 Darrin Hill, Councilor – Ward 2 December 19, 2022 - Special Charlie Cuthbert, Councilor – Ward 4 W. Howard Myers, Councilor– Ward 5 City Council Meeting Arnold Westbrook, Jr., Councilor – Ward 7 December 19, 2022 City Manager Petersburg Public Library John March Altman, Jr. 201 West Washington Street Petersburg, VA 23803 5:00 PM 1. Roll Call 2. Discussion and Presentation a. Presentation from The Cordish Group 3. Adjournment Page 1 of 44  2.a. City of Petersburg Ordinance, Resolution, and Agenda Request DATE: December 19, 2022 TO: The Honorable Mayor and Members of City Council THROUGH: March Altman, Jr., City Manager FROM: The Cordish Group RE: Presentation from The Cordish Group PURPOSE: For informational purposes REASON: For informational purposes. RECOMMENDATION: For informational purposes. BACKGROUND: See attached. COST TO CITY: N/A BUDGETED ITEM: N/A REVENUE TO CITY: N/A CITY COUNCIL HEARING DATE: 12/19/2022 CONSIDERATION BY OTHER GOVERNMENT ENTITIES: N/A AFFECTED AGENCIES: N/A RELATIONSHIP TO EXISTING ORDINANCE OR RESOLUTION: N/A REQUIRED CHANGES TO WORK PROGRAMS: N/A ATTACHMENTS: 1. 20221213_The Cordish Companies_Presentation to City of PetersburgVA_Final Page 2 of 44  GAMING & ENTERTAINMENT DISTRICT December 13, 2022 Authorization of a casino in Petersburg is subject to legislative approval by the Virginia General Assembly, Governor and licensing by applicable Commonwealth agencies including the Virginia Lottery Commission. Page 3 of 44 POWER PLANT (Cordish HQ) Inner Harbor Baltimore, MD OUR TRACK RECORD IS UNMATCHED - We are a 112-year-old private company in its fourth generation of family ownership. - We are long-term investors and operators that treat our Team Members, customers, partners and community like family. - We are one of the largest, most respected developer-operators of upscale mixed-use, entertainment and casino resort destinations in the United States. - Few companies in the world can match our expertise and track record for developing and operating high-profile destinations, many of which have revitalized distressed urban areas. - We have developed the most successful casino entertainment resorts in the country. - We are a recognized leader in maximizing opportunities for local and minority-owned companies and promoting a diverse and inclusive environment. - We are a proven community partner and leading philanthropist with a strong approach to community integration and involvement. Page 4 of 44  COMMERCIAL COWORKING ENTERTAINMENT REAL ESTATE SPACES GAMING DISTRICTS We pride ourselves on the breadth and depth of our in-house expertise and capabilities in both project development and business operations. Unique from other developers, this allows us to not only build and manage, but to operate everything from entertainment venues and restaurants to world-class casino resorts, hotels, and luxury residential towers. SPORTS-ANCHORED HOTELS RESIDENTIAL RESTAURANTS DISTRICTS Page 5 of 44 HARD ROCK HOTEL & CASINO / Hollywood, FL HARD ROCK HOTEL & CASINO / Tampa, FL LIVE! CASINO & HOTEL / Baltimore/Washington Corridor LIVE! CASINO & HOTEL / Philadelphia, PA Page 6 of 44 TRACK RECORD MATTERS We have developed the most successful casino entertainment resorts in the country including three of the top 10 grossing casinos in the United States. Rank Property Gross Gaming Revenue (L12 Sept ‘22) 1 Hard Rock Hotel & Casino – Hollywood, FL* $2,354,915,000 2 Hard Rock Hotel & Casino – Tampa, FL* 3 Resorts World (New York, NY) $886,202,581 4 MGM National Harbor (Forest Heights, MD) $835,016,697 5 Mohegan Sun (Uncasville, CT) $761,379,000 6 Live! Casino & Hotel Maryland (Balt/Wash Corridor) $724,249,587 7 MGM Grand (Detroit, MI) $615,261,680 8 Parx (Bensalem, PA) $615,108,393 9 Borgata (Atlantic City, NJ) $614,322,102 10 Empire City (Yonkers, NY) $608,759,210 *Two separate properties under one entity, not publicly reported separately Page 7 of 44 POWER & LIGHT DISTRICT / Kansas City, MO Page 8 of 44 POWER & LIGHT DISTRICT / Kansas City, MO Page 9 of 44 POWER & LIGHT DISTRICT / Kansas City, MO Page 10 of 44 CHARLESTON PLACE / Charleston, SC LIVE! BY LOEWS / Arlington, TX BALLPARK VILLAGE / St. Louis, MO POWER PLANT / Baltimore, MD Page 11 of 44 WE ARE URBANISTS AT HEART, BUILDERS AT OUR CORE. Our developments are catalysts for growth that generate significant spin-off benefits and stimulate economic revitalization far beyond the projects themselves. We measure each project’s success not just by financial indicators, but through the positive impact it has on its broader community. The Cordish Companies has been awarded an unprecedented SEVEN URBAN LAND INSTITUTE AWARDS FOR EXCELLENCE for these efforts, more than any other developer in the world. FOURTH STREET LIVE! / Louisville, KY 2005 ULI Award for Excellence 10 Recipient Page 12 of 44  PROJECT OVERVIEW A World-Class, Mixed-Use Gaming & Entertainment District GAMING & ENTERTAINMENT DISTRICT Page 13 of 44 IDEALLY LOCATED LO C ATIO N The proposed project is ideally located at the intersection of Wagner Road and Interstate I-95, offering easy access on and off the east coast’s major north-south interstate. Page 14 of 44 PROPOSED SITE LOCATION Page 15 of 44 Page 16 of 44 Page 17 of 44  TH E 7 M ASTERPLAN 9 TH E 5 8 5 7 9 M ASTERPLAN 9 5 8 5 9 9 5 5 9 1 CA SI N O 231,78 0 SQ FT 9 2 CA 1 SI CANSI ONH OO TEL 9 5 5 18 0 ,34 4 SQ 231,78 FT FT 0 SQ 6 6 6 3 2 TERTA EN CA SI N O I NHMOEN TELT PL A ZA 4 9 18 0 ,34 4 SQ FT 150 ,10 0 SQ FT 6 6 6 6 6 6 3 EN TERTA I N M EN T PL A ZA 4 9 4 L A GO O N PL A ZA 150 ,10 0 SQ FT 2 30 9,974 SQ FT 6 6 6 4 L A GO O N PL A ZA 2 9 5 RESI 30D EN TI 9,974 SQAFT L/ RETA I L 6 6 1,8 4 9,950 SQ FT 9 5 RESI D EN TI A L/ RETA I L 6 6 1 6 1,8I4L9,950 SQ FT RETA 6 6 1 28 6 0 ,0 93 SQ RETA I LFT RETA I L+ D I N I N G 6 6 6 28 0 ,0 93 SQ FT RETA I L+ D I N I N G 9 3 6 7 N O RTH H O TEL 6 6 7 N O RTH SQ FTH O TEL 6 9 3 126,676 6 6 6 126,676 SQ FT 6 66 8 M EA D O W PL A ZA 6 8 M EA D O W PL A ZA 57,296 SQ FT 57,296 SQ FT 6 6 6 9 PA RKI N G GA RA GES 6 9 PA RKI N G GA RA GES 3,58 3,58 5,659 SQ SQ 5,659 FT FT Page 18 of 44  PH ASING MASTE R PL AN PH ASING MASTE R PL AN Phase 3 Phase 3 Phase 1 Phase 1 Phase 2 Phase 2 Page 19 of 44  A $1.4 BILLION WORLD-CLASS LIVE! GAMING & ENTERTAINMENT DISTRICT Page 20 of 44 When complete, the full build-out of the Live! Gaming & Entertainment District will create a $1.4 billion world-class, mixed-use development that will generate the following over 15 years: - $10+ billion in economic stimulus to the Region - $1.1 billion in total tax revenues - 10,000 jobs - 4 million square feet of overall mixed- use development including: - over 1,300 residential units - 500 hotel rooms - 600,000 square feet of retail, dining and entertainment space Page 21 of 44 Page 22 of 44 Page 23 of 44 Page 24 of 44  PHASE ONE A World-Class, Mixed-Use Gaming & Entertainment District Page 25 of 44 Page 26 of 44 PROJECT HIGHLIGHTS FPO Live! Casino & Hotel Virginia will feature: - More than 670,000 square feet of first- class gaming, hotel, dining and entertainment space - An upscale 200-room hotel featuring 20 suites, resort pool and fitness center - Over 2,000 slots and electronic table games and 60 live action table games including poker - Sportsbook - State-of-the-art event center for top name entertainment, meetings, conventions, and social gatherings - Over a dozen best-in-class dining and entertainment options - Free surface parking Page 27 of 44 ECONOMIC IMPACT Live! Casino & Hotel Virginia will set a new standard for development in the Commonwealth, generating significant economic impact for the City of Petersburg and surrounding Region. In its first 15 years, Live! Casino & Hotel will generate: - $3.6 billion in economic stimulus to the Region - $675 million in gaming tax revenues including $214 million to the City - $350 million in economic spend during construction - $220 million in annual economic benefits each year after opening - Over 4,000 new construction and permanent jobs - Average compensation of $60,000 with benefits Page 28 of 44 COMMUNITY ENGAGEMENT + BENEFITS Live! Casino & Hotel Virginia will serve as a transformative development l creating maximum community benefits for the City of Petersburg and its residents. The Project will provide substantial benefits to the community including: - A commitment to diversity and inclusion in all facets of the Project including a comprehensive plan to ensure minority and local participation in ownership, construction, permanent employment and ongoing operational purchasing. - Over 4,000 new construction and permanent jobs. - $147 million in estimated new wages and salaries (direct and indirect) during construction. - Construction and vendor opportunities for local, minority, women-owned, and veteran owned businesses. - A commitment to living wages for all team members including an effective minimum wage of no less than $15.00 per hour. - Workforce development, training, mentoring, internships, tuition reimbursement and other programs through area community colleges, universities, and vocational schools to support local employment and career advancement. - Apprenticeships and training programs. - Marketing partnerships with area sports teams, businesses, and attractions to promote the City of Petersburg and surrounding communities. - Enhancement of hotel, dining, and entertainment amenities in the region to attract thousands of new visitors to the area. Page 29 of 44 WE HAVE BUILT ONE OF THE MOST DIVERSE AND INCLUSIVE WORKFORCES IN THE COUNTRY. Over 60% of our employees are minority team members with more than 400 in management roles. Page 30 of 44 INDUSTRY LEADING BENEFITS Live! Casinos & Hotels are proud to offer industry leading benefits and perquisites to its employees, including: (*denotes available to full and part time employees) Comprehensive medical, dental, prescription & vision* 401(K) Contribution with a discretionary Company match* Tuition Reimbursement* Discount Meals* Free Basic Life Insurance* Free Uniforms* Free Parking* Free Short & Long-Term Disability (Available to FTE’s) Annual Merit Based Pay Increases* Discounted Auto & Home Insurance* Paid Time Off* Referral Bonus* Performance Bonus* Gym Membership Reimbursement Program* Perfect Attendance Bonus* Employee Assistance (Crisis Counselors)* Smoking Cessation Class Reimbursement* Numerous Employee Discount Programs* Healthy Babies Program* Page 31 of 44 WORKFORCE DEVELOPMENT INITIATIVES • First Source Hiring • Job Readiness Workshops • Pre-Hire Workshops • Casino Gaming Licensing Workshops • Local Job Placement Workshops • Hiring Ex-Offenders • Gaming School • Contractor Mentoring and Apprenticeship • Pre-Opening Community-Based Job Fairs • Community-Based Information Sessions on Job Opportunities and Training Programs • Online Job Postings, Job Matching and Customized Recruitment Services • Community College and University Partnerships for Job Placement Page 32 of 44 HEAR FROM OUR TEAM MEMBERS Page 33 of 44 Page 34 of 44 A PROVEN LEADER IN MAXIMIZING OPPORTUNITIES FOR LOCAL AND MINORITY PARTICIPATION Utilizing local, minority, women, and veteran-owned business enterprises is part of our culture. We embrace aggressive MBE goals and have consistently met or exceeded such MBE thresholds across our developments. We are a recognized leader in maximizing opportunities for local and minority owned companies and promoting a diverse and inclusive environment. Page 35 of 44 MINORITY BUSINESS ENTERPRISE PERFORMANCE SUMMARY MBE/WBE PARTICIPATION GOAL VS. PERFORMANCE 60% 50% 51% 50% 45% 40% 30% 30% 30% 30% 30% 30% 25% 25% 25% 20% 20% 20% 10% 5% 0% Ballpark Village Indiana Live! Fourth Street Live! Live! Casino & Hotel Maryland Live! Casino Texas Live! Xfinity Live! St. Louis, MO Shelbyville, IN Louisville, KY Philadelphia, PA Anne Arundel County, MD Arlington, TX Philadelphia, PA GOAL ACHIEVED Page 36 of 44 RECOGNIZED LEADERS IN DIVERSITY & INCLUSION 2021 Corporation of the Year – Kansas City Power & Light District Hispanic Chamber of Commerce of Greater Kansas City 2021 COVID-19 Hero Award – The Cordish Companies, Live! Casino & Hotel Maryland Maryland Washington Minority Companies Association (MWMCA) 2019 Corporation of the Year – The Cordish Companies National Association of Minority Contracting, DFW Chapter 2019 Project of the Year – Texas Live! National Association of Minority Contracting, DFW Chapter 2019 Diversity & Inclusion Champion Award – The Cordish Companies, Texas Live! US Pan Asian American Chamber of Commerce – Southwest, TX 2017 Diversity & Inclusion Champion Award – The Cordish Companies, Texas Live! US Pan Asian American Chamber of Commerce – Southwest, TX 2015 Most Inclusive Purchasing Division – Live! Casino Maryland Maryland Washington Minority Contracting Association (MWMCA) 2013 Most Inclusive Gaming Facility – Live! Casino Maryland Maryland Washington Minority Contracting Association (MWMCA) 2011 Most Inclusive Corporation of the Year for Minority Business – The Cordish Companies, Live! Casino Maryland Maryland Washington Minority Contracting Association (MWMCA) 2011 Bridging the Gap Award for "Key Partnership/Strategic Alliance” – The Cordish Companies, Live! Casino Maryland Greater Baltimore Committee Page 37 of 44 HEAR FROM OUR LOCAL, MINORITY, WOMEN AND VETERAN-OWNED VENDOR PARTNERS Page 38 of 44 Page 39 of 44 in the COMMUNITY Page 40 of 44  COMMUNITY INVOLVEMENT LEADERSHIP IN PHILANTHROPY We Give Back – as a company, as owners, as employees. From our executive team to employees, we embrace a commitment to make a difference in the lives of those living and Cordish passionately working in the communities in which we do believes it has an business through volunteering and giving obligation to give back to to help meet critical needs. the communities where we live and work. 39 / 39 Page 41 of 44 HEAR FROM OUR COMMUNITY PARTNERS Page 42 of 44 Page 43 of 44 THANK YOU Page 44 of 44