Borderlands
Own

Development Timeline

Phased CapEx. Demand-triggered.

The current $6.5M equity raise capitalizes Phase 1 only ($20M total capitalization = $6.5M equity + $13.5M senior debt). Phase 2 and Phase 3 CapEx is demand-triggered and separately financed. The $36.5M–$48M figure is the eventual multi-phase build-out — not the current raise.

Phase 1 Capitalization (current raise)
$20M
Phase 2 (Y2–3, demand-triggered)
$0.5–1.0M
Phase 3 (Y4–5, demand-triggered)
$10–14M
Eventual Multi-Phase Build-Out
$36.5–48M
  1. Phase 1 · Year 0–2

    RV Resort + Stage Foundation

    $26.0M – $33.0M

    Land acquisition ($3.85M), horizontal sitework, 225 RV sites (75 seasonal + 150 transient), water + septic sized for lodging-only demand, welcome center, clubhouse shell, bathhouse. Permanent stage slab, drainage, primary electrical, and FOH platform poured once, correctly — inside the septic/grading/utility envelope.

    • ✓ 225 RV site nights (75 seasonal + 150 transient)
    • ✓ Store / F&B / amenity fees
    • ✓ Off-season RV storage
  2. Phase 2 · Year 2–3

    Temporary Venue Activation

    $0.5M – $1.0M

    Activate the bowl with rental-rig everything — clearspan stage roof (Mountain Productions / Stageline SAM575), sub-rented PA & lights, festival lawn seating, restroom trailers, generator power, food-truck pads on temporary utility stubs. Prove the demand thesis with two seasons of shows before pouring $10M of permanent shed concrete.

    • ✓ Concert ticket sales (12–18 shows Y2, 18–24 Y3)
    • ✓ Event parking ($18 × ~55% drive)
    • ✓ Food truck vendor rev share (20–25%)
    • ✓ Camp & Concert overnight bundles
    • ✓ Initial sponsor activations
  3. Phase 3 · Year 4–5 (demand-triggered)

    Permanent Amphitheater Build-Out

    $10.0M – $14.0M

    Triggered only if Phase 2 proves out: ≥18 shows/yr at ≥60% paid for two consecutive seasons. Amphitheater superstructure, fixed seats + VIP boxes (~2,500 covered), permanent back-of-house, permanent concessions/restrooms, septic + water expansion to full 51K-GPD concert load, asphalt parking, mature landscaping.

    • ✓ Venue naming rights (~$300–$600K/yr)
    • ✓ Premium reserved + VIP box pricing
    • ✓ Higher F&B per-cap with permanent kitchens
    • ✓ Off-season corporate / private event rentals
    • ✓ National-tour booking eligibility
  4. Stabilization · 2029

    Year 3 Stabilized

    $8.67M revenue · $3.27M NOI (2,500 case)

    2,500-capacity base case: $8,668,789 revenue, $3,274,339 NOI, 2.26x DSCR (2.11x after reserves). Planned 5,000 capacity: $14,459,484 revenue, $5,839,804 NOI, 4.03x DSCR. Expansion to planned full capacity is modeled in years 3–5, subject to municipal approvals.

  5. Long-Term

    Retain Upside

    Operating cash flow + long-term appreciation

    The investment is structured around participation in operating cash flow and long-term property appreciation. Potential future refinancing, distributions and capital-return events will depend on stabilized operating performance, property value and financing conditions at that time.

Next Step

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