Exhibit_1_-_Project_Narrative_DRAFT_12-2-25_(1).pdf

PROJECT NARRATIVE

DRAFT as of 12-2-25

The Phillies Clearwater Campus (“Campus”) is comprised of three parcels:

1. Carpenter Complex (player development complex at 651 N. Old Coachman Road)

2. BayCare Ballpark (stadium at 601 N. Old Coachman Road)

3. Phillies Complex (residential property at 650 N. Old Coachman Road)

The Project will include customary site and soft costs (e.g. design and project management) across all Project components of the Campus and upgrades to Campus utilities. In addition, the current design, primarily through expanded concourse space, relocation of Frenchy’s Tiki Pavilion, and a new Center Field fan rooftop deck, will provide flexibility to expand BayCare Ballpark attendance capacity by several hundred (current attendance capacity is 10,900, consisting of nearly 7,300 fixed seats and the balance through berm and standing room tickets).

Carpenter Complex

A general description of the expected Project key components on the Carpenter Complex parcel includes, but is not limited to, the following items. Components marked with an asterisk (*) have been completed or are currently in process. Notations such as “CC#1” provide reference to the aerial view of the Campus for ease in locating a particular item.

1. CC#1 - Constructing a Baseball lab inside the Montgomery Building*;

2. Installing Campus Wi-Fi*;

3. CC#3 - Replacing the 3,700 square foot Maintenance & Groundskeeping Building

(which services the entire Campus);

4. CC#4 - Improving Ashburn Field drainage;

5. CC#5 - Installing a generator for the Montgomery Building and field technology;

6. CC#6 - Covering the Pitching Pack between Roberts and Schmidt fields (this is a bullpen-type area with space for 7 pitchers to practice pitching);

7. CC#7 - Renovation, construction and expansion of player development operating space, including locker room and wet areas for female personnel.

BayCare Ballpark and Phillies Complex

A general description of the expected Project key components on the BayCare Ballpark and Phillies Complex parcels includes, but is not limited to, the following items. Components marked with an asterisk (*) have been completed or are currently in process. Notations such as “BCB#1” provide reference to the aerial view of the Campus for ease in locating a particular item.

1. BCB#1 - Constructing and renovating, on both the home and visiting sides and for males and females, player, coaching and related staff areas, including locker rooms, wet areas, strength & conditioning, treatment, mental skills, video coaching, dining and batting cages, including mandatory elements to be compliant with MLB’s Player Development License facility standards;

2. BCB#2 - Replacing and relocating the main video board and related control equipment*;

PROJECT NARRATIVE

DRAFT as of 12-2-25

3. Installing Campus Wi-Fi*;

4. BCB#4 - Replacing stadium seating, chairs and benches generally with status quo size and quality;

5. BCB#5 - Replacing metal halide field lighting with LED;

6. BCB#6 - Constructing a 2-story Center Field building, with 1,200 square feet per floor, to house fan restrooms on the concourse level and a rooftop deck that will accommodate 50 fans;

7. BCB#7 - Converting the walkway behind the suites and the 1B club into climate-controlled space including a new restroom at the east end and a 1,600 square foot suite and club kitchen (the current 400 square foot suite and club kitchen space has been insufficient since the ballpark’s inaugural year and will be converted into much-needed suite and club storage);

8. BCB#8 - Expanding the main retail store from 1,900 square feet to 2,700 square feet to improve fan access and experience;

9. BCB#9 - Renovating the left field concourse, including expanding it by 11,000 square feet and relocating the playground and Frenchy’s Tiki Pavilion to allow for better fan access and experience;

10. BCB#10 - Expanding the right field concourse by 3,500 square feet to allow for better fan access and experience;

11. Renovating and expanding general operating space by 4,000 square feet;

12. BCB#12 - Constructing new restrooms for Hooters Diamond Dugout fans;

13. BCB#13 – Enhancing concessions, including refreshing existing stands and expanding capacity for portables through the expanded concourse via BCB#9;

14. BCB#14 - Upgrading the West (primary from Old Coachman Road) fan entrance plaza;

15. BCB#15 - Adding elevators for fans at the West and South entrances to enhance ADA capabilities;

16. BCB#16 - Restoring the berm structure for engineering integrity;

17. BCB#17 - Covering the Half Field Pitching Pack (this is a bullpen-type area for 2-3 pitchers to practice pitching adjacent to the Half Field);

18. BCB#18 - Constructing a 1,200 square foot Game Day Staff Workroom;

19. Installing flood mitigation equipment*;

20. BCB#20 - Installing a site generator;

21. Replacing all way finding signage;

22. Converting Phillies Complex into employee parking (50-60 parking spaces) and

23. BCB#23 - Constructing a 3,300 square foot Maintenance workshop underneath the stadium (previous maintenance area was usurped by the PDL Project)