The Westfield City Council has entered into a 30-year, $184 million public-private partnership with Grand Park Sports & Entertainment to manage and develop the 400-acre Grand Park Sports Campus in Indiana. Under the agreement, Grand Park Sports & Entertainment, a joint venture between Indianapolis-based Indy Sports and Entertainment and Westfield-based Bullpen Ventures LLC, will manage and develop the sports campus for 30 years, while Westfield will retain the ownership.
Inside INdiana Business added:
A memorandum of understanding signed last year called for Grand Park Sports & Entertainment to manage Grand Park for 40 years and pay the city $300 million, but those terms changed during negotiations.
Under the terms of the deal, Grand Park Sports & Entertainment will pay the city $184 million over the 30-year term. In turn, the group will reap revenue from operating and developing the campus.
Grand Park Sports & Entertainment will also contribute $38 million into a shared escrow fund that can be used for capital improvements and other projects at Grand Park. The city will contribute $2 million to the escrow fund on Dec. 31, $1 million in 2025 and annual 2% increases in subsequent years.
Performance metrics will be set to ensure Grand Park’s management meets the city’s standards. The metrics will include visitor counts, out-of-area attendance and partnerships with local hotels. The city will look for an increase in unique visitors to Grand Park over the first 10 years from 3.25 million visitors in 2025 to 3.73 million visitors in 2034. The agreement also sets an expectation that at least 50% of tournament visitors will travel from more than 50 miles away.
Westfield Director of Facilities and Events Matthew Deck told council members that the agreement is a step toward the development of Grand Park District, which will require an estimated investment of $2 billion for land acquisition, winter sports components, structured parking, a hotel with a convention center, economic incentive packages for corporate headquarters, the development of a sports tech hub and the construction of a multisport stadium.
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