Three-phase regional public sports district

A three-phase, approximately $115 million public sports district structured so that no phase is required to financially carry facilities belonging to a later stage of maturity. Phase I establishes demand through participation-driven outdoor facilities financed primarily with public-purpose capital; Phase II expands capacity only after utilization confirms absorption; Phase III introduces higher-revenue indoor and event facilities once the campus operates as a year-round destination. The approved ten-year operating forecast produces an unlevered project-level IRR of 17.9 percent.