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Agenda 07/08/2025 Item #11C (Tourism Impact Study for the Sun-N-Fun Lagoon)
7/8/2025 Item # 11.C ID# 2025-2279 Executive Summary *** This item to be heard immediately following Item 10.A. *** Recommendation to accept the Tourism Impact Study for the Sun-N-Fun Lagoon. OBJECTIVE: To accept the report of the Tourism Impact Study concerning the Sun-N-Fun Lagoon. CONSIDERATIONS: The Collier County Parks and Recreation Division seeks to obtain TDC grant funding to supplement local funding for the Sun-N-Fun Lagoon based on an independent professional analysis performed at the expense of the Tourist Development Council, demonstrating the facility's positive impact on tourist-related businesses in the county. The Sun-N-Fun Lagoon is a publicly owned and operated water park located in the North Collier Regional Park with several features, including a Wading Pool, Lazy River, Activity Pool, Interactive Water Feature, Family Pool, Major Slide feature, and Dive Pool. The facility is undergoing major renovations in advance of a grand re-opening expected in 2025, and Staff has been charged with evaluating the Tourism benefit provided by the facility to support future TDC Grant funding requests for capital infrastructure, operating expenses, and promotion for the Sun-N-Fun Lagoon. At the July 16, 2024 TDC meeting, the Council recommended a request from Collier County Parks and Recreation Division for Tourist Development Tax funding for a Tourism Impact Study for the Sun-N-Fun Lagoon in an amount not to exceed $50,000 by a vote of 7-1. The BCC approved this item on the October 22, 2024, Consent Agenda. The Parks and Recreation Division contracted Hunden Partners to conduct the study. In 2023, there were 86,000 total visits, with 64,700 visits from within 25 miles, 9,500 visits from 25-100 miles, and 11,800 visits from more than 100 miles. This represents an average of 29% of visits from over 25 miles away. The study found that “a basic renovation or enhancements of the existing facility would be sufficient to attract regional tourism.” On June 17, 2025, the Tourist Development Council accepted the report by a vote of 7-1. This fits into the 2025 Collier County Strategic Plan in the Quality of Place and Infrastructure of Asset Management focus areas. FISCAL IMPACT: Acceptance of the Tourism Impact Study for the Sun-n-Fun Lagoon does not result in any additional fiscal impact at this time. A future TDC grant funding request may be developed based on Board direction regarding capital infrastructure and promotion for the Sun-n-Fun Lagoon. GROWTH MANAGEMENT IMPACT: This project has no direct impact on the County’s Growth Management Plan. LEGAL CONSIDERATIONS: This item is approved as to form and legality and requires majority vote for approval. - CMG RECOMMENDATIONS: To accept the Tourism Impact Study for the Sun-N-Fun Lagoon. PREPARED BY: John Melleky, Arts and Culture Manager, Tourism Division ATTACHMENTS: 1. Hunden Sun-N-Fun Final Analysis - Comprehensive 6-9-25 Page 1352 of 4096 Collier County, FL Sun-N-Fun Lagoon Water Park Assessment Market Demand and Financial & Economic Analysis FINAL REPORT June 2025 Page 1353 of 4096 | hunden.com | ©2025 Hunden 2 Table of Contents Executive Summary 1. Sun-N-Fun Lagoon Historical Performance & Impact Profile 2. Regional Competitive Water Park Facilities Analysis 3. Future Facility Upgrades & Improvements 4. Demand & Financial Projections 5. Economic, Fiscal and Employment Impact Analysis Page 1354 of 4096 | hunden.com | ©2025 Hunden 3 §Entertainment Venues & Mixed-Use Districts §Stadiums, Arenas & Event Centers §Convention & Conference Centers §Headquarters, Conference & Boutique Hotels §Tournament Sports Complexes §Retail, Restaurant, Residential, Office §University Assets & Districts §Fairgrounds & Expos §Fine Arts Venues, Distilleries & Attractions HUNDEN QUALIFICATIONS: Hunden Partners is a full-service global real estate development advisory practice, providing public and private sector clients with confidence and results so they can move their projects from concept through execution. With more than 28 years of experience on 1,000+ projects, Mr. Hunden and his team are relied-upon guides and advisors that provide owner’s representation services, project management and strategy, and the individual components of the process: feasibility and financing studies, impact analysis, governance/management structures, deal negotiation and team- assembly — managing RFQ/P processes for developers, architects, construction, management companies and service providers. Hunden Partners professionals have provided all the above services for hundreds of client projects worldwide for the public, non-profit and private sectors. In addition, our professionals have prior professional career experience in municipal and state government, economic and real estate development, real estate law, hotel operations, and non-profit management. More than 80 percent of our clients are public entities, such as municipalities, counties, states, convention bureaus, authorities and other quasi- government entities empowered to conduct real estate, economic development, and tourism activities. applies market realities to Live / Work / Play / Visit placemaking Page 1355 of 4096 Executive SummaryExecutive Summary Page 1356 of 4096 | hunden.com | ©2025 Hunden 5 Economic Impact Study Introduction Hunden was engaged by Collier County and the regional CVB to evaluate the future of Sun-N-Fun Lagoon, determining whether to maintain the facility as is or expand its offerings to drive increased tourism to Collier County. The analysis focused on understanding the park’s overall tourism impact, assessing whether Sun-N-Fun Lagoon qualifies for Tourism Development Council funding, and, if so, identifying potential facility improvements that would enhance its sustainability and ability to attract and support tourism growth. The Park has been closed indefinitely due to renovations, electrical upgrades, repairs, and replacement of slides, old motors, and pumps. In March 2025, the facility reopened temporarily to accommodate the surge of spring break tourism. Through a market, financial, and impact study that reflects the current water park industry in Collier County and throughout the region, Hunden will profile the historical performance of the facility, evaluate the proposed facility enhancements, make projections of performance and spending, and assesses the jobs and tax impacts of the proposed enhancements, especially as the enhancements compare to the performance and impact history of the Park . Page 1357 of 4096 | hunden.com | ©2025 Hunden 6 Situational Overview The 6.1-acre Sun-N-Fun Lagoon, situated within North Collier Regional Park, offers a range of engaging water attractions. The facility features four pools, five water slides, a splash pad, water-dumping buckets, and water pistols. A Tadpole Pool is specially designed for children ages 6 and under, and a Turtle Cove is tailored for kids aged 5 to 12. The facility is generally open from Memorial Day through Labor Day and has special openings during Thanksgiving and Christmas vacations. However, Sun-N-Fun has been shut down since June 2024 and other significant closures occurred in 2022 and 2023. For the 2025 busy season, the facility will operate at partial capacity while renovations continue the waterslides and lazy river. The County, along with the staff managing and operating Sun-N-Fun Lagoon, aims to fully reopen the park at the optimal time, ensuring it is both well-managed and accessible to the public. Page 1358 of 4096 | hunden.com | ©2025 Hunden 7 Key Questions This report aims to answer the following Key Questions of the study: •Would a renovation or facility enhancements make Sun-N-Fun eligible for TDC funding by boosting regional tourism? •Has the park historically drawn enough out-of-county visitors to justify TDC funding? •What major upgrades could enhance the facility’s long-term appeal and economic impact? •What strategic improvements would position the facility as a key tourism driver? •What are the pros and cons of third-party management, and which model best fits current market conditions? Page 1359 of 4096 | hunden.com | ©2025 Hunden 8 Stakeholder Engagement 8 Stakeholder Meetings & Sessions 20 Individual Stakeholders 11 Individual Organizations §Collier County Administrative Department §Collier County Corporate Financial & Management Services §Collier County Parks & Recreation Department §Collier County Commissioners §Great Wolf Lodge §Sun-N-Fun Lagoon Staff §Safe & Healthy Children’s Coalition §Naples Fire-Rescue Department §Local Community Members §Covenant Church §Marriott International Hunden interviewed several local stakeholders and organizations during the official site visit. Interview feedback will help to gain a current understanding of activity at the facility and within the county as well as its surrounding communities. This utilization of the feedback allows Hunden to identify potential opportunities for Sun-N-Fun. Page 1360 of 4096 | hunden.com | ©2025 Hunden 9 Stakeholder Feedback Themes The following themes capture the key focus areas from our stakeholder interviews and sessions. The Lagoon has only had “band- aid” fixes for the last 10–12 years. High demand for “funbrellas.” Need more shaded areas for families. Residents would be willing to pay slightly more for the venue to be open. The waterpark accommodates visitors from Lee County and the Miami metro. The Lagoon is a vital venue for school trips and private rentals. Sun-N-Fun is a popular activity for visiting families. Hiring a 3rd-party operator is on the table and preferred by most. Limited activities for families in Naples. Sun-N-Fun fills that gap. Sun Splash has been marketing to Collier County residents. Page 1361 of 4096 | hunden.com | ©2025 Hunden 10 Sun-N-Fun Visitation Highlights 2019 Visitation Data 2023 Visitation Data Visitation Dot Density Map (2018-2023) 144,000 Total Visits 97,700 Visits from within 25 Miles 19,500 Visits from between 25 & 100 Miles 26,800 Visits from more than 100 Miles 86,000 Total Visits 64,700 Visits from within 25 Miles 9,500 Visits from between 25 & 100 Miles 11,800 Visits from more than 100 Miles Source: Placer.ai Page 1362 of 4096 | hunden.com | ©2025 Hunden 11 Impact Methodology Scenario 1: Baseline Maintenance Upgrades Scenario 2: Extensive Alterations & Upgrades Electrical Upgrades Repairs and Replacements of Slides Replacements of Water Pumps 3rd-Party Management Integration New Cabana Rentals Interactive Water Feature To evaluate the park’s impact on the tourism economy, Hunden projected the facility’s performance with essential maintenance upgrades for reopening (Scenario 1: Baseline). Additionally, Hunden identified a second scenario (Scenario 2: Extensive Alterations & Upgrades) to ensure long- term sustainability, exploring considerations such as pricing strategies, operational enhancements, and future facility upgrades. These projections provide a strategic framework to guide future decisions for Sun-N-Fun Lagoon. Page 1363 of 4096 | hunden.com | ©2025 Hunden 12 Summary of Impacts to Collier County SCENARIO 1 30-Year Impact SCENARIO 2 30-Year Impact Incremental Impact Spending $ (millions)$ (millions)$ (millions) Direct $99.0 $106.9 + $8.0 Indirect $39.6 $43.6 + $4.0 Induced $24.1 $28.1 + $4.0 Total $162.7 $178.6 + $16.0 Earnings $ (millions)$ (millions)$ (millions) Direct $45.2 $48.7 + $3.5 Indirect $14.7 $16.0 + $1.3 Induced $9.9 $11.1 + $1.3 Total $69.8 $75.9 + $6.1 FTE Supported Average Average Average Direct 26 28 + 2 Indirect 11 12 + 1 Induced 6 7 + 1 Total 43 47 + 4 Fiscal Impact $ (millions)$ (millions)$ (millions) County Sales Tax (6%)$5.9 $6.4 + $0.5 County Hotel Tax (5%)$0.7 $0.7 --- Total $6.7 $7.2 + $0.5 $16.0MIncremental Net New Spending because of Scenario 2 Incremental Net New Earnings because of Scenario 2 $6.1M 4Incremental Net New FTEs because of Scenario 2 Incremental Net New Tax Revenue because of Scenario 2 $0.5M Page 1364 of 4096 | hunden.com | ©2025 Hunden 13 Key Answers •Would a basic renovation or enhancements of the existing facility be sufficient to attract regional tourism, making it eligible for TDC funding? •Yes, facility enhancements will further boost regional tourism. •Has the park historically drawn enough out-of-county visitors to justify TDC funding? •Yes. Average of 29 percent of visitation from over 25 miles away. •What major upgrades could enhance the facility’s long-term appeal and economic impact? •Rental Cabanas, Interactive Water Feature. •What strategic improvements would position it as a key tourism driver? •Third -Party Management presents the potential for stronger operations & marketing which results in a more efficient asset. •What are the pros and cons of third-party management, and which model best fits current market conditions? •Incentive-based model, driving improvement, management fees, lower facility staffing costs. Page 1365 of 4096 01 Sun-N-Fun Lagoon Water Park Historical Performance & Impact Profile Page 1366 of 4096 | hunden.com | ©2025 Hunden 15 Ticket Revenue By Origin 65%11% 24% Sun-N-Fun Ticket Revenue by County (2023) Collier County Lee County Other Counties •On average, approximately 52 percent of point-of-sale ticket revenue generated at Sun-N-Fun Lagoon is from non-Collier County residents. •In 2023, 24 percent of point-of-sale ticket revenue generated was from outside Lee or Collier County, which highlights the attraction of Sun-N-Fun to long-distance visitors. •Improvements at Sun Splash Family Waterpark in Lee County and unreliable operations at Sun-N-Fun could be contributing factors to lessening revenue from non-Collier County residents from 2018 to 2023. 40% 49%46% 65% 48% 60% 51%54% 35% 52% 0% 10% 20% 30% 40% 50% 60% 70% 2018 2019 2022 2023 AVERAGE In- vs. Out-of-County Ticket Revenue (excluding 2020-2021) Collier County Out of Area Source: Collier County Financial Department & Collier County Parks & Recreation Page 1367 of 4096 | hunden.com | ©2025 Hunden 16 •During 2018–2019 and 2022–2023, a robust 29 percent of visits came from those further than 25 miles away. •13 percent of those visits were from regional distances and 16 percent of visits were from long-distance visitors. •Annual visitation has consistently decreased from 158,000 in 2018 to 86,000 visits in 2023. This is mainly be due to ongoing maintenance and quality issues at the Lagoon. •In 2018, non-local visitation peaked at approximately 56,000 visits or 36 percent of total visits. Visitor Origins by Distance from Site 2018 Total Visits 2019 Total Visits 2022 Total Visits 2023 Total Visits Average Annual Visitation Est # of Visits % of Total Visits Est # of Visits % of Total Visits Est # of Visits % of Total Visits Est # of Visits % of Total Visits Est # of Visits % of Total Visits Locals Within 25 miles 101,900 64%97,700 68%82,400 74%64,700 75%86,675 70% Regional Distance Between 25 and 100 miles 24,800 16%19,500 14%14,400 13%9,500 11%17,050 13% Long Distance Over 100 miles 31,300 20%26,800 19%14,600 13%11,800 14%21,125 16% Total Visits 158,000 100%144,400 100%111,400 100%86,000 100%173,100 100% TOTAL VISITATION 2018-2023 (Excluding 2020-2021 Due to Pandemic Closures) Source: Placer.ai Sun-N-Fun Lagoon Total Visitation Page 1368 of 4096 | hunden.com | ©2025 Hunden 17 •From 2018 to 2023, 46 percent of visits to Sun-N- Fun Lagoon came from outside of Collier County. These out-of-county visits totaled 252,520 over that span. •About half of the out-of-county visits came from neighboring Lee County, which accounted for about 23 percent of total visitation. •An estimated 10 percent of visits came from other counties across Florida (excluding Collier and Lee), while the remaining 13 percent of total visits were from out-of-state visitors. Visitor Origins by County Total Visits Est # of Visits % of Total Visits Collier County 295,001 54% Non-Collier County 252,520 46% Lee County 126,874 23% All Other Counties 125,646 23% Total Visits 547,521 100% Source: Placer.ai In- vs. Out-of-County Visitation Visitor Origins by State Total Visits Est # of Visits % of Total Visits Florida 474,099 87% Non-Florida 73,422 13% Total Visits 547,521 100% TOTAL VISITATION 2018-2023 Page 1369 of 4096 | hunden.com | ©2025 Hunden 18 Sun-N-Fun Lagoon – Geographic Visitation Visitation Heatmap (2018-2023)Visitation Dot Density Map (2018-2023) §Visitation from the Miami metropolitan area is robust. Trips via US-41 or I-75 allow convenient accessibility to the Naples area. §Lee County, including Fort Myers, provides a significant portion of visitation, despite the proximity to Sun Splash Waterpark. Source: Placer.ai Page 1370 of 4096 | hunden.com | ©2025 Hunden 19 Sun-N-Fun Lagoon Visitation Insights 47.6 Percent Visitors That Attend Shops, Dining, or Hotel Afterwards 128 Minutes Average Stay 5.7 Average Visit Frequency 112,900 Total Unique Visitors The following statistics and insights are an accumulation of Placer.ai data from 2018 through 2023. Page 1371 of 4096 | hunden.com | ©2025 Hunden 20 Historical Performance & Impact Implications •Prior to the Covid-19 pandemic, Sun-N-Fun Lagoon reported a positive Net Operating Income. Since 2020, Sun-N-Fun consistently reported a Net Operating Deficit. This is likely due to higher maintenance costs and fewer available operating hours, affecting overall efficiency. •Annual visitation has steadily declined from 158,000 in 2018 to 86,000 in 2023, mainly due to ongoing maintenance closures at the facility. •The Lagoon’s actual financial losses are higher than reported, as some maintenance costs are covered through other financial statements, making the full operating deficit less visible. •Nearly 30% of visits since 2018 have come from more than 25 miles away, primarily from Lee County and the Miami metro, which indicates that the Lagoon is a key attraction for visitors. •The average Sun-N-Fun Lagoon visitor visits the park nearly six times a year, spending more than two hours per visit. Additionally, nearly half of visitors dine, shop, or stay at hotels afterward, contributing to the county’s economic impact. These statistics highlight Sun-N-Fun Lagoon’s impact as a tourism attraction, showing that visitors contribute to local spending within the county. Page 1372 of 4096 02 Regional Competitive Water Park Analysis Page 1373 of 4096 | hunden.com | ©2025 Hunden 22 Competitive Facility Analysis Naples has a robust supply of small aquatic facilities that serve the direct, master planned communities they are located in. Great Wolf Lodge and Sun Splash Family Waterpark dominate the regional water park market Sun-N-Fun Lagoon is positioned as the only medium-sized water park in the area by number of slides & price point Facility Location Miles from Site Type # of Water Slides Lazy River Wave Pool Daily Rate 2024 Visits 2024 Visitors % of Visits over 25 Miles Golden Gate Aquatic Facility Naples, FL 9 Aquatic Facility 2 ----$1 - $2 75,800 18,600 9% Great Wolf Lodge*Naples, FL 12 Waterpark 12 Yes Yes $50 - $120 ------ Big Corkscrew Island Park*Naples, FL 14 Aquatic Facility 2 ----$1 - $2 ------ Eagle Lakes Aquatic Facility Naples, FL 16 Aquatic Facility 2 ----$1 - $4 38,700 19,200 22% Ave Maria Water Park Ave Maria, FL 26 Aquatic Facility 2 ----$5 - $10 19,500 6,900 28% Brightwater Lagoon*Fort Myers, FL 35 Waterpark 2 ----$10 ------ Sun Splash Family Waterpark Cape Coral, FL 40 Waterpark 11 Yes Yes $15 - $25 173,100 98,200 27% Average ------5 ------77,100 41,433 26% Sun-N-Fun Lagoon Naples, FL --Waterpark 5 Yes No $6 - $13 32,100 13,200 8% Indicates location in Collier County *Opened Fall 2024 Source: Placer.ai, Venue Websites Local Relevant Water Park Supply Page 1374 of 4096 | hunden.com | ©2025 Hunden 23 Competitive Facility Supply The figure to the right indicates the location of the local competitive supply relative to the Sun-N-Fun Lagoon. Great Wolf Lodge, Golden Gate Aquatic Facility, Eagle Lakes Aquatic Facility, and Ave Maria Water park are all in Collier County but do not compete with Sun-N-Fun Lagoon. The latter three facilities are community pools with no more than two slides. They attract a more casual, neighborhood audience, as compared to Sun-N-Fun. Sun Splash Family Waterpark and Brightwater Lagoon are the most competitive facilities in the region, but each is located at least 35 miles away from Sun-N-Fun. Page 1375 of 4096 | hunden.com | ©2025 Hunden 24 Sun Splash Family Waterpark Location: Cape Coral, FL Opened: 1992 Ownership: City of Cape Coral Operator: ProParks Attractions Group (since 2021) Features: §11 Slides §Lazy River §Wave Pool (Opening 2025) Notes: The 14-acre Sun Splash Family Waterpark features 11 slides, several pools, a lazy river, and a cafe. In 2021, the City of Cape Coral transitioned operations to ProParks Attractions Group with a 30-year agreement, which has resulted in greater revenue and attendance since. Renovations of 120,000 square feet will open in summer 2025, including a wave pool, additional luxury cabanas, a 16’ x 9’ video screen, interactive beachfront water features, and new seating areas. Page 1376 of 4096 | hunden.com | ©2025 Hunden 25 Key Takeaways §Sun Splash generated nearly 175,000 visits in 2024, of which 72 percent came from within 25 miles. §Sun Splash mainly attracts visitors from the Cape Coral and Fort Myers area. Non-local visitors are often from the Port Charlotte, Naples, or Sarasota areas. §Since the inception of third-party management in 2021, Sun Splash has experienced a large uptick in visitation. Geographic Visitation (2024)Total Visits Total Unique Visitors Visitor Origins by Distance from Site Est # of Visits % of Total Visits Est # of Visitors % of Total Visitors Avg Visits per Customer Locals Within 25 miles 125,400 72%58,200 59%2.15 Regional Distance Between 25 and 100 miles 17,100 10%13,500 14%1.27 Long Distance Over 100 miles 30,600 18%26,400 27%1.16 Total Visits 173,100 100%98,100 100%1.76 2024 TOTAL VISITATION Source: Placer.ai Sun Splash Family Waterpark Visitation 2017 2018 2019 2020 2021 2022 2023 2024 Page 1377 of 4096 | hunden.com | ©2025 Hunden 26 Great Wolf Lodge Location: Naples, FL Opened: November 2024 Ownership/Operator: Great Wolf Lodge Features: §500 Hotel Rooms §92,000-square-foot indoor water park including 12 slides, interactive water features, a lazy river, and a wave pool Notes: Located adjacent to the Paradise Coast Sports Complex, the 20-acre Great Wolf Lodge is the newest water attraction in Collier County. The central feature is a year-round indoor water park. The resort includes several other activities including an arcade, bowling alley, ropes course, mini golf, virtual reality, and other attractions. Due to its large size, number of hotel rooms, and resort-style setup, Great Wolf Lodge attracts visitors from all over the state of Florida, which means it does not directly compete with Sun-N-Fun Lagoon. Page 1378 of 4096 | hunden.com | ©2025 Hunden 27 Brightwater Lagoon Location: Fort Myers, FL Opened: November 2024 (soft opening) Ownership/Operator: MetroLagoons Features: §Water obstacle course, water slide, kayaks, stand up paddle boards, concessions station Notes: The five-acre Brightwater Lagoon offers a different experience as compared to traditional water parks. Brightwater features a water obstacle course, water slide, kayaks, paddle boards, and a swim-up bar. There are five different types of cabanas or premium seating. The facility hosts a variety of events such as cigar nights, movie nights, happy hours, bingo, trivia, DJs, and karaoke. This is MetroLagoon’s fourth facility in Western Florida, with two additional facilities opening in the region in the near future. Page 1379 of 4096 | hunden.com | ©2025 Hunden 28 Regional Water Park Supply & Demand Implications •The City of Naples features numerous aquatic facilities tailored to the housing master plans in which they are located. •While Great Wolf Lodge attracts more regional and long-distance visitors and may be cost-prohibitive for locals, it remains a key player in the market by driving significant tourism. •Since transitioning to private management in 2021, Sun Splash Family Waterpark has increased visitation, expanded attractions, and successfully raised entrance fees. •Sun-N-Fun Lagoon stands out as the region’s only medium-sized water park, offering an affordable price point and a unique number of slides that fills a key market gap for local and regional visitors. •Brightwater Lagoon is a unique and recent addition to the regional market, but the venue’s newness makes it too early to assess the impact on visitation trends. Page 1380 of 4096 03 Future Facility Upgrades & Improvements Page 1381 of 4096 | hunden.com | ©2025 Hunden 30 Facility Upgrades Overview Why is it important for water parks to regularly refresh their facilities with major additions and revitalizations? Attracting Repeat Visitors Regularly introducing new attractions keeps existing visitors excited and encourages repeat visits, ensuring the park remains a go- to destination for both local and regional visitors. Staying Competitive In a crowded market, constantly updating and refreshing the facility’s offerings helps maintain a competitive edge over other water parks and entertainment options, drawing in new customers. Increasing Revenue New attractions can drive higher visitation and lead to reasonable price increases which in turn contributes to increased revenue and ensures the financial sustainability of the park over time. Page 1382 of 4096 | hunden.com | ©2025 Hunden 31 Potential Amenity: Cabanas Overview Cabanas can enhance the guest experience and add additional park revenue streams. They are a private and more comfortable space for groups and families, providing protection from the sun. Upgrades in premium seating is essential to keeping pace with regional competition, such as Sun Splash Family Waterpark. The robust demand at Sun-N-Fun for the ”funbrellas” demonstrates the need for additional accommodations. Typical Full-Day Rental Rates 4 – 6 persons: $75 – $125 6 – 8 persons: $125 – $175 8 – 12 persons: $175 – $200+ Sun Splash Family Waterpark Day Rate 8 – 10 persons: $150 – $175 Page 1383 of 4096 | hunden.com | ©2025 Hunden 32 Potential Amenity: Cabanas Cont’d By referencing square footage occupied by cabanas at comparable parks, we can conservatively estimate that cabanas with capacity for six people would fit in the following locations, highlighted in red. Option 1: 10 Cabanas If the splash pad is unable to be repaired going forward, the space could be reused for an estimated 10 cabanas. Option 2: 8 Cabanas Ideally, the splash pad is functional. Alternatively, eight cabanas are estimated to fit on the south corner of the park. Indicates Option 1 Cabana Indicates Option 2 Cabana Page 1384 of 4096 | hunden.com | ©2025 Hunden 33 Potential Amenity: Surf Simulator Overview A FlowRider surf simulator can be a standout attraction, particularly for teenage and adult visitors, while keeping operating costs low. Unlike slides or a lazy river, it offers a unique and exhilarating experience that can boost attendance and ticket prices, as well as giving the park a competitive advantage. While a variety of surf simulator models exist, they generally occupy significantly less space than other attractions such as wave pools, making the addition more practical. Furthermore, their compact design and recirculated water system reduce water usage and staffing needs, ensuring a cost-effective operation. Depending on the type of wave and structure, a FlowRider costs between $500,000 and $2,000,000. Average capacity is between 160 and 320 riders per hour. Page 1385 of 4096 | hunden.com | ©2025 Hunden 34 Other Water Park Feature Options Enhancing the Sun-N-Fun Lagoon with new features will drive guest engagement and transform the park experience. Adding flashy attractions, interactive play zones, and extensive technology will boost attendance, extend visits, and create a fresh, dynamic atmosphere. These additions will not only elevate the park’s appeal to regional visitation but also reinvent it as a must-visit destination for families and thrill-seekers alike. Page 1386 of 4096 | hunden.com | ©2025 Hunden 35 Potential Amenity: Surf Simulator or Other Attraction By referencing square footage occupied by FlowRider surf simulators at comparable parks, we can conservatively estimate that it would fit in the locations highlighted in red and purple. However, sizing and fit will depend on the surf simulator model selected. Option 1: Adjacent to Lazy River The grass adjacent to the lazy river provides enough space for a smaller FlowRider model, but it may overcrowd the river entrance. Option 2: Pathway reroute If the pathways on the South end of the park are rerouted, a surf simulator could fit adjacent to the lazy river and away from the children’s pools. Indicates Option 1 FlowRider Indicates Option 2 FlowRider Page 1387 of 4096 | hunden.com | ©2025 Hunden 36 Potential Strategy: Third-Party Management Local Public Management CONS §Lack of experience in water park management results in less effective operations §Employees do not have an incentive structure to inspire and motivate exceptional service; tough to attract aggressive, proactive employees §Some employees just “put in their time” §Bureaucracy and red tape can cause delays §Political pressures §Duplication of efforts among facilities and other parks & recreation assets PROS §Long -term employees §No management fees §Can focus on priorities beyond profit §Consistency Page 1388 of 4096 | hunden.com | ©2025 Hunden 37 Potential Strategy: Third-Party Management Contracted Private Management PROS §Access to talent across their network, water park industry relationships, etc. §Competition drives improvement §Incentives can spur high performance §Experienced staff members understand how to maximize revenue and minimize expenses §Can separate the main organization/County from tough decisions (personnel, payroll, etc.) CONS §Learning curve as new staff members join an existing facility §Increased management fees, though should be tied to improved performance metrics Page 1389 of 4096 | hunden.com | ©2025 Hunden 38 Facility Improvement Implications •In a competitive market, regularly updating and enhancing the facility’s attractions is key to staying ahead of other water parks and entertainment options, attracting new visitors. •Introducing new attractions can boost visitation and justify moderate price increases, ultimately driving higher revenue and supporting the park's long-term financial stability. •Consistently adding new attractions helps maintain excitement among current visitors, promoting repeat visits and solidifying the park as a preferred destination for both locals and regional guests. •The current “funbrellas” represent missed revenue opportunities. A well-maintained cabana rental system could provide an additional, profitable revenue stream for the facility. •Interactive water features, such as a wave pool or surfing simulator, have the ability to attract visitors who might not otherwise visit Sun-N-Fun Lagoon, making these attractions key draws for new audiences. • Page 1390 of 4096 04 Demand and Financial Projections Page 1391 of 4096 | hunden.com | ©2025 Hunden 40 Sun-N-Fun Waterpark Projections - BASELINE Yr 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 20 Yr 30 Total Attendance by Visitor Type Resident 59,664 58,608 58,476 58,344 58,291 60,664 61,274 Non-Resident 47,460 46,620 46,515 46,410 46,368 48,256 48,740 Children Under 48in 16,272 15,984 15,948 15,912 15,898 16,545 16,711 Seniors 8,136 7,992 7,974 7,956 7,949 8,272 8,356 Military 4,068 3,996 3,987 3,978 3,974 4,136 4,178 Total 135,600 133,200 132,900 132,600 132,480 137,874 139,259 Source: Hunden Partners Scenario 1: Baseline – Assumptions Hunden developed assumptions for the Baseline Scenario based on Sun-N-Fun Lagoon’s historical pricing strategies. Additionally, Hunden estimated nearly 115,000 annual visits following the essential maintenance upgrades that are needed in the Baseline Scenario. Visitor attendance is broken down based on the historical data provided in terms of residents, non-residents, and others. Visitor Type Entrance Fee Resident $11.00 Non-Resident $13.00 Children under 48 in.$6.00 Seniors $9.00 Military $8.00 Page 1392 of 4096 | hunden.com | ©2025 Hunden 41 Sun-N-Fun Waterpark Projections - BASELINE Yr 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 20 Yr 30 Revenue (000s) Ticket Revenue 1,477$ 1,494$ 1,535$ 1,578$ 1,624$ 2,633$ 3,574$ Membership Revenue 122$ 126$ 130$ 134$ 138$ 215$ 288$ Facility Rental Revenue 85$ 85$ 94$ 94$ 94$ 94$ 94$ Concessions Revenue 95$ 98$ 101$ 104$ 107$ 167$ 225$ Programming Revenue 22$ 23$ 24$ 24$ 25$ 39$ 53$ Other 10$ 10$ 11$ 11$ 11$ 18$ 24$ Total 1,812$ 1,837$ 1,894$ 1,945$ 1,999$ 3,165$ 4,257$ Expenses (000s) Salaries, Wages & Benefits 459$ 473$ 487$ 502$ 517$ 805$ 1,082$ Operating Expenses 445$ 458$ 472$ 486$ 501$ 780$ 1,049$ Part-Time Wages 348$ 358$ 369$ 380$ 392$ 610$ 820$ General & Admin 168$ 173$ 178$ 184$ 189$ 295$ 396$ Utllities 254$ 262$ 269$ 278$ 286$ 445$ 599$ Advertising & Other 21$ 22$ 22$ 23$ 24$ 37$ 49$ Total 1,695$ 1,746$ 1,798$ 1,852$ 1,908$ 2,972$ 3,994$ Net Operating Income 117$ 91$ 96$ 93$ 91$ 193$ 263$ Source: Hunden Partners Scenario 1: Baseline – Pro Forma Summary In the Baseline Scenario, Year 1 revenue is projected to reach $1.8 million, with the majority generated from daily ticket sales. Operating expenses for the same period are estimated at nearly $1.7 million, primarily driven by salaries, wages, and benefits for full-time employees. Repairs and Maintenance expenses are accounted for in the pro forma shown to the right under Operating Expenses. As a result, Hunden forecasts a net operating income of $117,000 in Year 1, with the income stabilizing at approximately $91,000 by Year 5. Inflation accounts for future income increases. Note: The pro forma above does not account for the specific capital expenditures the county will incur for the annual renovations and maintenance of the facility. Page 1393 of 4096 | hunden.com | ©2025 Hunden 42 Sun-N-Fun Waterpark Projections - SCENARIO 2 Yr 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 20 Yr 30 Total Attendance by Visitor Type Resident 60,658 59,585 59,451 59,316 59,263 61,675 62,233 Non-Resident 48,251 47,397 47,290 47,184 47,141 49,060 49,503 Children Under 48in 16,543 16,250 16,214 16,177 16,163 16,821 16,973 Seniors 8,272 8,125 8,107 8,089 8,081 8,410 8,486 Military 4,136 4,063 4,053 4,044 4,041 4,205 4,243 Total 137,860 135,420 135,115 134,810 134,688 140,171 141,438 Source: Hunden Partners Scenario 2: Major Upgrades – Assumptions Hunden developed assumptions for Scenario 2 based on Sun-N-Fun Lagoon’s historical pricing strategies and how it relates to regional competitive facilities and their pricing strategies. Additionally, Hunden estimated nearly 138,000 visits in Year 1. Hunden assumes that the implementation of third-party management, premium seating experiences, and an interactive water feature all are in effect by the start of Year 1. Visitor attendance is broken down based on the historical data provided in terms of residents, non-residents, and others. Visitor Type Entrance Fee Resident $16.00 Non-Resident $24.00 Children under 48 in.$12.00 Seniors $10.00 Military $10.00 Page 1394 of 4096 | hunden.com | ©2025 Hunden 43 Sun-N-Fun Waterpark Projections - SCENARIO 2 Yr 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 20 Yr 30 Revenue (000s) Ticket Revenue 2,451$ 2,480$ 2,549$ 2,619$ 2,695$ 4,370$ 5,926$ Membership Revenue 122$ 126$ 129$ 133$ 137$ 214$ 288$ Facility Rental Revenue 98$ 98$ 106$ 106$ 106$ 106$ 106$ Concessions Revenue 95$ 98$ 101$ 104$ 107$ 167$ 224$ Programming Revenue 22$ 23$ 23$ 24$ 25$ 39$ 52$ Cabana Rental Revenue 104$ 102$ 101$ 100$ 98$ 79$ 66$ Other 10$ 10$ 11$ 11$ 11$ 18$ 24$ Total 2,902$ 2,937$ 3,020$ 3,097$ 3,180$ 4,992$ 6,685$ Expenses (000s) Salaries, Wages & Benefits 551$ 568$ 585$ 602$ 620$ 966$ 1,298$ Operating Expenses 534$ 550$ 566$ 583$ 601$ 936$ 1,258$ Part-Time Wages 418$ 431$ 444$ 457$ 471$ 733$ 985$ General & Admin 202$ 208$ 214$ 220$ 227$ 354$ 475$ Utllities 183$ 220$ 259$ 300$ 344$ 535$ 719$ Advertising & Other 25$ 26$ 27$ 28$ 29$ 45$ 60$ Management Fee 290$ 294$ 302$ 310$ 318$ 499$ 669$ Total 2,203$ 2,296$ 2,396$ 2,500$ 2,609$ 4,068$ 5,465$ Net Operating Income 698$ 641$ 624$ 597$ 572$ 924$ 1,221$ Source: Hunden Partners Scenario 2: Major Upgrades – Pro Forma Summary In Scenario 2, Year 1 revenue is projected to reach over $2.9 million, with the majority generated from daily ticket sales. With Scenario 2 there is an additional revenue stream from Cabana Rentals at slightly more than $100,000 in Year 1. Operating expenses for the same period are estimated at more than $2.2 million, also primarily driven by part-time wages for employees and operating expenses. With Scenario 2 there is an additional Management Fee for a third-party management company. As a result, Hunden forecasts a net operating income of $698,000 in Year 1, which then is projected to be $572,000 in Year 5. Note: The pro forma above does not account for the specific capital expenditures the county will incur for the annual renovations and additional amenities recommended by Hunden. Page 1395 of 4096 05 Economic, Fiscal and Employment Impact Analysis Page 1396 of 4096 | hunden.com | ©2025 Hunden 45 Introduction to Impacts Hunden uses the IMPLAN input-output multiplier model, which determines the level of additional activity in the economy due to additional inputs. For example, for every dollar of direct new spending, the IMPLAN model provides multipliers for the indirect and induced spending that will result. The net new and recaptured direct spending, both onsite and offsite are considered to be the Direct Impact. Direct Impact From the direct spending figures, further impact analyses will be completed. Indirect Impacts are the supply of goods and services resulting from the initial direct spending. For example, a visitor’s direct expenditure on food & beverage causes a convention center or hotel to purchase food & beverage and other items from suppliers. These are considered indirect economic impacts. Induced Impacts embody the change in spending due to the personal expenditures by employees whose incomes are affected by direct and indirect spending. For example, a waitress at a restaurant may have more personal income as a result of the induced customer’s visit. The amount of the increased income that the employee spends in the area is considered an induced impact. Net New Gross Spending refers to the total economic impact generated by a development project or event, which combines direct, indirect, and induced impacts. Fiscal Impacts represent the incremental tax revenue collected due to the net new economic activity. The fiscal impact represents the government’s share of total economic benefit. Employment Impacts include the incremental employment provided not only onsite, but due to the spending associated with it. For example, the direct, indirect, and induced impacts generate spending, support new and ongoing businesses, and ultimately result in ongoing employment for citizens. Hunden will show the number of new jobs supported by the renovation or redevelopment and provide the resulting income generated. Page 1397 of 4096 | hunden.com | ©2025 Hunden 46 Direct Net New Spending to Collier County (000s) - Sun N Fun Lagoon (Baseline Scenario) Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 20 Year 30 Total Food & Beverage 548$ 556$ 572$ 588$ 605$ 626$ 648$ 671$ 695$ 719$ 975$ 1,321$ 26,324$ Lodging 303$ 306$ 315$ 323$ 333$ 345$ 357$ 370$ 383$ 397$ 539$ 732$ 14,556$ Retail 283$ 286$ 294$ 302$ 311$ 322$ 334$ 346$ 359$ 372$ 505$ 685$ 13,617$ Transportation 435$ 440$ 453$ 465$ 479$ 496$ 514$ 533$ 552$ 572$ 776$ 1,054$ 20,945$ Other 292$ 295$ 303$ 312$ 321$ 332$ 344$ 357$ 370$ 383$ 520$ 706$ 14,033$ Ticket Sales 197$ 199$ 205$ 210$ 217$ 224$ 232$ 241$ 250$ 259$ 351$ 477$ 9,474$ Total 2,058$ 2,084$ 2,141$ 2,201$ 2,265$ 2,346$ 2,430$ 2,518$ 2,608$ 2,702$ 3,666$ 4,974$ 98,950$ Source: Hunden Partners Direct, Indirect & Induced Spending to Collier County (000s) - Sun N Fun Lagoon (Baseline Scenario) Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 20 Year 30 Total Direct 2,058$ 2,084$ 2,141$ 2,201$ 2,265$ 2,346$ 2,430$ 2,518$ 2,608$ 2,702$ 3,666$ 4,974$ 98,950$ Indirect 823$ 833$ 856$ 880$ 906$ 938$ 972$ 1,007$ 1,043$ 1,080$ 1,466$ 1,989$ 39,563$ Induced 502$ 508$ 523$ 537$ 553$ 573$ 593$ 615$ 637$ 660$ 895$ 1,215$ 24,159$ Total 3,382$ 3,425$ 3,520$ 3,618$ 3,723$ 3,857$ 3,995$ 4,139$ 4,287$ 4,441$ 6,026$ 8,177$ 162,672$ Source: Hunden Partners Net New Earnings & FTE Jobs from Direct, Indirect & Induced Spending (000s) - Sun N Fun Lagoon (Baseline Scenario) Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 20 Year 30 Total Net New Earnings From Direct 941$ 953$ 979$ 1,006$ 1,036$ 1,073$ 1,111$ 1,151$ 1,193$ 1,235$ 1,676$ 2,274$ 45,246$ From Indirect 305$ 309$ 318$ 327$ 336$ 348$ 361$ 374$ 387$ 401$ 544$ 738$ 14,692$ From Induced 205$ 208$ 214$ 220$ 226$ 234$ 243$ 251$ 260$ 270$ 366$ 497$ 9,878$ Total 1,452$ 1,470$ 1,511$ 1,553$ 1,598$ 1,655$ 1,715$ 1,776$ 1,840$ 1,906$ 2,586$ 3,509$ 69,816$ Net New FTE Jobs Average From Direct 24 24 24 24 24 24 25 25 26 26 29 32 28 From Indirect 10 10 10 10 10 10 10 10 10 11 12 13 11 From Induced 6 6 6 6 6 6 6 6 6 6 7 8 7 Total 39 39 39 40 40 41 41 42 42 43 48 53 46 Source: Hunden Partners Net New Economic Impact – Scenario 1 $162.7MNet New Spending: $69.8MNet New Earnings: 46Net New Annual Jobs: Page 1398 of 4096 | hunden.com | ©2025 Hunden 47 Fiscal Impact - Tax Impacts from Renovated Facility (000s) - Sun N Fun Lagoon (Baseline Scenario) Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 20 Year 30 Total Capturable County Taxes Hotel Tax - County (5.0%)15$ 15$ 16$ 16$ 17$ 17$ 18$ 19$ 19$ 20$ 27$ 37$ 728$ Sales Tax - (6.0%)123$ 125$ 128$ 132$ 136$ 141$ 146$ 151$ 156$ 162$ 220$ 298$ 5,937$ Total 139$ 140$ 144$ 148$ 153$ 158$ 164$ 170$ 176$ 182$ 247$ 335$ 6,665$ Source: Hunden Partners Net New Fiscal Impact – Scenario 1 $728KCounty Hotel Tax: $5.9MCounty Sales Tax: $6.7MTotal Capturable Tax: Page 1399 of 4096 | hunden.com | ©2025 Hunden 48 Direct Net New Spending to Collier County (000s) - Sun N Fun Lagoon (Scenario 2) Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 20 Year 30 Total Food & Beverage 555$ 564$ 579$ 596$ 613$ 635$ 657$ 680$ 704$ 729$ 987$ 1,337$ 26,667$ Lodging 308$ 311$ 320$ 329$ 338$ 350$ 363$ 376$ 390$ 404$ 548$ 744$ 14,798$ Retail 288$ 291$ 299$ 307$ 316$ 328$ 340$ 352$ 365$ 378$ 513$ 696$ 13,843$ Transportation 443$ 448$ 460$ 473$ 487$ 504$ 523$ 541$ 561$ 581$ 789$ 1,070$ 21,293$ Other 311$ 314$ 322$ 331$ 340$ 351$ 363$ 376$ 389$ 402$ 540$ 726$ 14,623$ Ticket Sales 327$ 331$ 340$ 349$ 359$ 372$ 386$ 400$ 414$ 429$ 583$ 790$ 15,726$ Total 2,231$ 2,259$ 2,321$ 2,385$ 2,454$ 2,541$ 2,632$ 2,725$ 2,823$ 2,923$ 3,960$ 5,362$ 106,950$ Source: Hunden Partners Direct, Indirect & Induced Spending to Collier County (000s) - Sun N Fun Lagoon (Scenario 2) Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 20 Year 30 Total Direct 2,231$ 2,259$ 2,321$ 2,385$ 2,454$ 2,541$ 2,632$ 2,725$ 2,823$ 2,923$ 3,960$ 5,362$ 106,950$ Indirect 908$ 919$ 944$ 971$ 999$ 1,034$ 1,071$ 1,110$ 1,149$ 1,190$ 1,614$ 2,186$ 43,570$ Induced 587$ 594$ 610$ 627$ 645$ 668$ 692$ 717$ 742$ 769$ 1,042$ 1,410$ 28,130$ Total 3,726$ 3,772$ 3,876$ 3,982$ 4,097$ 4,244$ 4,395$ 4,552$ 4,714$ 4,883$ 6,615$ 8,959$ 178,649$ Source: Hunden Partners Net New Earnings & FTE Jobs from Direct, Indirect & Induced Spending (000s) - Sun N Fun Lagoon (Scenario 2) Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 20 Year 30 Total Net New Earnings From Direct 1,017$ 1,030$ 1,058$ 1,087$ 1,119$ 1,158$ 1,200$ 1,242$ 1,287$ 1,332$ 1,804$ 2,442$ 48,729$ From Indirect 334$ 338$ 347$ 357$ 367$ 380$ 394$ 408$ 422$ 437$ 593$ 803$ 16,006$ From Induced 233$ 236$ 242$ 249$ 256$ 265$ 274$ 284$ 294$ 305$ 412$ 558$ 11,135$ Total 1,584$ 1,603$ 1,647$ 1,693$ 1,741$ 1,803$ 1,868$ 1,934$ 2,003$ 2,074$ 2,809$ 3,803$ 75,870$ Net New FTE Jobs Average From Direct 25 25 25 26 26 26 27 27 27 28 31 34 30 From Indirect 11 10 11 11 11 11 11 11 11 12 13 14 12 From Induced 7 7 7 7 7 7 7 7 7 7 8 9 8 Total 42 42 42 43 43 44 45 45 46 47 52 58 49 Source: Hunden Partners Net New Economic Impact – Scenario 2 $178.6MNet New Spending: $75.9MNet New Earnings: 49Net New Annual Jobs: Page 1400 of 4096 | hunden.com | ©2025 Hunden 49 Fiscal Impact - Tax Impacts from Majorly Improved Facility (000s) - Sun N Fun Lagoon (Scenario 2) Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 20 Year 30 Total Capturable County Taxes Hotel Tax - County (5.0%)15$ 16$ 16$ 16$ 17$ 18$ 18$ 19$ 19$ 20$ 27$ 37$ 740$ Sales Tax - County (6.0%)134$ 136$ 139$ 143$ 147$ 152$ 158$ 164$ 169$ 175$ 238$ 322$ 6,417$ Total 149$ 151$ 155$ 160$ 164$ 170$ 176$ 182$ 189$ 196$ 265$ 359$ 7,157$ Source: Hunden Partners Net New Fiscal Impact – Scenario 2 $740KCounty Hotel Tax: $6.4MCounty Sales Tax: $7.2MTotal Capturable Tax: Page 1401 of 4096 | hunden.com | ©2025 Hunden 50 Summary of Impacts to Collier County SCENARIO 1 30-Year Impact SCENARIO 2 30-Year Impact Incremental Impact Spending $ (millions)$ (millions)$ (millions) Direct $99.0 $106.9 + $8.0 Indirect $39.6 $43.6 + $4.0 Induced $24.1 $28.1 + $4.0 Total $162.7 $178.6 + $16.0 Earnings $ (millions)$ (millions)$ (millions) Direct $45.2 $48.7 + $3.5 Indirect $14.7 $16.0 + $1.3 Induced $9.9 $11.1 + $1.3 Total $69.8 $75.9 + $6.1 FTE Supported Average Average Average Direct 26 28 + 2 Indirect 11 12 + 1 Induced 6 7 + 1 Total 43 47 + 4 Fiscal Impact $ (millions)$ (millions)$ (millions) County Sales Tax (6%)$5.9 $6.4 + $0.5 County Hotel Tax (5%)$0.7 $0.7 --- Total $6.7 $7.2 + $0.5 $16.0MIncremental Net New Spending because of Scenario 2 Incremental Net New Earnings because of Scenario 2 $6.1M 4Incremental Net New FTEs because of Scenario 2 Incremental Net New Tax Revenue because of Scenario 2 $0.5M Page 1402 of 4096 | hunden.com | ©2025 Hunden 51 Economic Impact Implications •Through enhancements and upgrades that maintain the park’s excitement, the introduction of a third- party management staff incentivized to drive visitation, and pricing strategies designed to ensure sustainable operations the following additional economic activity is estimated to be generated in the County: •An incremental $16.0 million in net new spending compared to the Baseline Scenario •And an incremental $500,000 in tax revenues generated compared to the Baseline Scenario STUDY CONCLUSION: Sun-N-Fun Lagoon attracts a substantial number of out-of-county visitors, justifying the allocation of Tourism Development Council funding. Page 1403 of 4096 Hunden Partners is a full-service real estate development advisory practice specializing in destination assets. With professionals in Chicago, New York, Dallas, Washington, and Minneapolis, Hunden provides a variety of services for all stages of destination development in: The firm and its principal have performed more than 1,000 studies over the past 29 years, with more than $20 billion in built, successful projects. §Placemaking Action Plans §Tourism and Destination Strategic Plans §Real Estate Market & Financial Feasibility §Economic, Fiscal & Employment Impact Analysis (Cost/Benefit) §Organizational Development §Public Incentive Analysis §Economic and Tourism Policy/Legislation Consulting §Research & Statistical Analysis §Developer Solicitation & Selection §Project Execution Advisory 213 W. INSTITUTE PLACE SUITE 707 CHICAGO, IL 60610 WWW.HUNDEN.COM 312.643.2500 Page 1404 of 4096