Stadium and Recreation Financing

Stadium & Recreation


George K. Baum & Company has been in the investment banking business since 1928. Our experience as a municipal advisor, underwriter and market maker for bonds gives us the structuring capability and market insights our clients need to fully maximize their financing potential. We offer our client's a unique package of local commitment and national resources that ensure convenient accessibility to our banking professionals.

Stadium & Recreation Financing Office Locations:

Stadium & Recreation Financing Group
George K. Baum & Company has been involved with some of the nation's highest-profile stadium financings. Examples of stadium and exposition project financings include:


Coors Field financings included two sales tax issues totaling more than $194 million, two taxable note issues totaling $100 million, and a $7 million taxable lease purchase financing.


Our Firm has also served as investment banker to the Denver Broncos, preparing a sophisticated plan of finance for a new professional football stadium in Denver. After receiving approval for the plan from the Colorado Legislature as well as voter approval, we served as senior manager on the $150 million taxable private placement issue. This issue financed the Denver Broncos organization's portion of the stadium costs.


$100,740,000 McCormick Place Expansion Project Refunding Bonds, Series 1998A
$100,000,000 McCormick Place Expansion Project Bonds, Series 1998B
$506,773,944 McCormick Place Expansion Project Refunding Bonds, Series 1996A


$1,118,879,497 McCormick Place Expansion Project Refunding Bonds, Series 2010A-B-1
$1,087,728,018 McCormick Place Expansion Project and Refunding Bonds, Series 2002A-C
$443,670,000 McCormick Place Expansion Project Bonds, Series 1999


Soldier Field remodeling ($398 million revenue issue)
Village of Bridgeview Toyota Park ($134.6 million taxable general obligation issue)
Stadiums and Recreation Issuers Served include:


Bakersfield, CA (ice hockey arena)
City & County of Denver, CO - Colorado Convention Center
Convention Center Expansion Finance Authority, CA
Darien Park District, IL - Darien Sportsplex
Denver Metropolitan Baseball Stadium District, Colo.
Denver Metropolitan Football Stadium District, Colo.
El Dorado, KS
Englewood, CO
Fort Collins, CO
Illinois Sports Facilities Authority - Soldier Field
Jackson County, MO
Kansas City Municipal Assistance Corp
Metropolitan Pier & Expo Authority, IL
St. Louis IDA - Kiel Center
St. Louis Convention Center and Sports Complex Authority
Utica Industrial Development Agency, NY
West Wendover Recreation District, NV


City of Englewood, CO
Foothills Parks & Recreation District, CO
North Jeffco Parks & Recreation District, CO
South Sub Metro Recreation & Parks District, CO
Town of Castle Rock, CO


Alsip Park District, IL
Arapahoe County Recreation District, CO
Aspen, CO
Bow Mar, CO
Bridgeview Park District, IL
Carbon Valley Parks and Recreation District
Chicago Park District, IL
City of Boulder, CO
City of St. George, UT
Country Club HIlls Park District, IN
Evergreen Park & Recreation District, CO
Foothills Parks & Recreation District, CO
Hoffman Estates Park District, IL

Our Stadium & Recreation Finance professionals provide a wide range of services to our clients. These services include, but are not limited to, the following:


George K. Baum & Company is one of the nation's leading underwriters of municipal bonds. Our decades of experience, combined with the frequency in which we bring bond issues to market, helps our clients obtain competitive borrowing costs and some of the most attractive terms available in the market.


The synergy of local expertise and national resources is unique to George K. Baum & Company and is the foundation of our municipal advisory business. These services are significantly complemented by our underwriting experience developed while working on other transactions. It is vital for a municipal advisor to be in-step with the market. We believe that to be an effective municipal advisor for a client, a firm must maintain an active underwriting presence on other transactions. Our underwriting experience allows us to analyze all of our clients' outstanding bonds for refunding opportunities, monitor market conditions to guide the timing of our clients' bond sales and interpret market activity. This underwriting experience allows us to identify the most effective structures and sale methods available for our clients' bonds and to make other informed recommendations to our clients when engaged as a municipal advisor.


In assessing a client's financing options, we detail the pros, cons and risks of direct placement financings or debt issuances sold in the public markets based on the competitive nature of the proposals and a client's own credit rating. George K. Baum & Company has a frequent presence pricing bonds in the primary market and in the arrangement of direct purchases. This experience enables our clients to obtain some of the lowest borrowing costs and most attractive terms available.


George K. Baum & Company has developed a unique "dual track" financing process to assist clients in determining the most appropriate financing structure for their offering. The dual track includes distributing a credit package to banks and rating agency(ies) for their review as part of the client's Request for Proposal ("RFP") process. George K. Baum & Company orchestrates the RFP and rating processes and prepares a comprehensive summary analysis to simplify the decision-making process. The dual track RFP process often yields extraordinary results for our clients because banks are put in a competitive situation.


With direct input from the client, George K. Baum & Company utilizes its proprietary financial models that forecast and stress-test the client's future financial viability after incurring new, or refinancing existing, debt. The financial modeling process assists the client in developing parameters around a prudent level of debt capacity. The model is an interactive tool that can be adjusted and changed in real time, allowing for informed and efficient decisions. It also serves as the basis for conveying the client's current and future financial performance to potential financing partners.


George K. Baum & Company is at the leading edge of quantitative analysis for municipal financings. Our commitment to quantitative analysis led to the formation of a specialized quantitative finance group whose sole responsibility is to develop and implement functional and analytical tools for our clients. Our quantitative professionals do not rely on any outside resources. All of the work performed for our clients is done in-house. Our significant experience in the area of debt structuring includes all aspects of refunding and cash flow modeling, such as crossovers, invested sinking funds and transferred proceeds. Our quantitative professionals specialize in performing a variety of important tasks, including;

• Bond Structuring
• Refunding Calculations & Innovations
• Pro Forma Analysis
• Escrow Restructurings
• Cash Flow Analysis


George K. Baum & Company assists our clients with a wide variety of debt financing for acquiring or expanding existing facilities or building new ones using publicly issued bonds or direct purchases. Our expertise in both the public markets and the direct purchase markets enables our clients to analyze the full range of financing possibilities.


George K. Baum & Company has developed proprietary methodologies for working with rating agencies to secure first-time, or obtain renewed, ratings for our borrowers. George K. Baum & Company devotes extensive resources to the development of each credit package with the intention of exceeding the expectations of the client and rating agencies.


George K. Baum & Company assists our clients by taking advantage of market opportunities to refinance or restructure existing debt. Cash flow savings from reduced annual debt service can improve operating budget flexibility and be reinvested by our clients.


George K. Baum & Company has advised its clients on more than 400 interest rate swap transactions totaling more than $10 billion. Our Specialty Financial Products Desk works closely with our team and clients to implement an interest rate swap strategy that meets the financial needs of those clients.