HOF Village, LLC Secures Multimillion Dollar Funding through Constellation's Efficiency Made Easy Program
Creative financing agreement will further advance funding for Phase II development of the Johnson Controls Hall of Fame Village
Gordon Pointe Acquisition Corp.
Jan 13, 2020, 08:00 ET
CANTON, Ohio, Jan. 13, 2020 /PRNewswire/ -- HOF Village, LLC (HOFV), the owner of the premier sports, entertainment and media enterprise surrounding the Pro Football Hall of Fame in Canton, Ohio, today announced that it has secured multimillion dollar funding from Constellation to implement energy efficiency measures and finance construction of the Constellation Center for Excellence, further advancing Phase II of the development of the Johnson Controls Hall of Fame Village. Constellation, a subsidiary of Exelon Corporation (Nasdaq: EXC) and a leading competitive energy company, is providing the funding through its Efficiency Made Easy (EME) program, which will enable the HOFV to install energy efficient technology and systems without any upfront capital expense.
As part of a multi-year naming rights agreement announced in January 2019, Constellation is the official energy provider of HOFV and the Pro Football Hall of Fame, and has employed its EME program to help the Johnson Controls Hall of Fame Village implement infrastructure designed to reduce energy consumption and advance the project into the next phase of its development.
"Our relationship with Constellation has provided tremendous, sustained value for our Company and for our project in Canton, and we are thrilled to expand our partnership, advancing Phase II development of the Johnson Controls Hall of Fame Village," said Mike Crawford, CEO of HOFV. "We look forward to applying the EME flexible financing solution to energy conservation opportunities that will decrease our energy costs while positively impacting our environmental footprint. Additionally, this financing enables us to finalize the design and commence construction of the Constellation Center for Excellence, which will create a best-in-class office, medical and retail asset that offers wellness, discovery and sport-focused programming to the community."
"Efficiency Made Easy will enable the Hall of Fame Village to install energy efficient technology such as LED lighting displays, electric vehicle charging stations, and a state-of-the-art operations center and pay for those projects over the course of their energy contract," said Mark Huston, President of Constellation's National Retail Business. "As this dynamic initiative continues to take shape, we're proud to help the Hall of Fame Village manage costs and realize sustainability goals."
A key element of Phase II of the development of the Johnson Controls Hall of Fame Village, the Constellation Center for Excellence will include a variety of sport-centered research and programming. HOFV will identify tenants who exemplify excellence in what they do, striving to create an environment of collaboration that inspires people through design and programming to perform at their personal best. Potential programming in the 75,000 square-foot office and retail space may include sports research and will focus on player wellness and the development of the mind and the body. Constellation plans to utilize the Constellation Center for excellence to host regional energy conferences and other customer-focused events.
On September 16, 2019, HOFV entered into a definitive business combination agreement with Gordon Pointe Acquisition Corp. (NASDAQ: GPAQ, GPAQU, GPAQW) that is expected to be completed in the first quarter of 2020. Upon the closing of the transaction, the combined company will change its name to Hall of Fame Resort & Entertainment Company and trade on the NASDAQ stock exchange under the ticker symbol "HOFV."
