Integrated Capital, LLC

Manassas,

Sports Complex Preliminary Assessment

In 2006 Integrated Capital, LLC retained B&D to review a business plan for a proposed private sports complex to be located in Manassas, Virginia. The prospective operators of this facility wanted to build a 200,000 SF facility featuring programmable space for activities including soccer, lacrosse, basketball, volleyball, paintball, and laser tag. Before going forward with the project, Integrated Capital wanted an objective expert opinion. Our ensuing analysis led us to conclude that the original revenue assumptions and utilization rates were too aggressive since the complex would be competing with numerous subsidized venues where financial performance and ROI were not a first priority. Additionally, successful facilities have anchor tenants to help remove some revenue speculation and relieve some seasonality fluctuations. As a result, we recommended that Integrated Capital work with local jurisdictions to develop a concept that would meet their shared needs. At that point, a new business plan could be developed and refined based on a public/private partnership.