Loading...
HomeMy WebLinkAbout1999 02 09 Other Handout by Staff FEBRUARY 09, 1999 HANDOUT BY STAFF. -. TUSCAWILLA LIGHTING AND BEAUTIFICATION DISTRICT COST COMPARISON 15, 20,AND 30 YEAR BOND ISSUES Development Cost Pre-construction cost Legal Design Planning/Administration $85,000 33,000 16.000 $134,000 Construction Cost Entrances Medians Sinage $1,280,000 991,000 120.000 $2,391,000 Total Document Cost to be Financed $2,525,000 Of? Ar[ 30 Year 20 Year 15 Year Issue Issue Issue Debt Service $173,000 $207,000 $245,000 Operating/Maintenance Street Lighting $46,000 $46,000 $46,000 Landscaping 223.000 223.000 223.000 $269,000 $269,000 $269,000 Collection/Administration $50,000 $50.000 $50.000 TOTAL COST $492.000 $526.000 $564.000 Parcels 4,468 4,468 4,468 Annual Assessment- Per Parcel 110.11 117.73 126.23 Memo/Feb99/LentzBonds ... MEMORANDUM DATE: :::m;\_ February 9, 19~ TO: FROM: SUBJECT: Tuscawilla Beautification District You have requested fmancing alternatives for IS, 20 and 30 year bond amortization, based upon today's market conditions. All scenarios raise $2,525,000 for pre- construction and construction costs outlined in your February 3, 1999 memo to me, Below is a summary of the annual debt service cost for each scenario, based upon maximum debt service. Debt Service 15 Yean $244,825 ~o Years $207,138 30 Years $172,526 I will attend the Assessment District Advisory Committee tonight at 7:00 p.m. at City Hall. Attachments .)t:.:~ I ~ I . ~- d-~~ ' v.~~rM i ... .., ~l1UI~~o[oS6;# 2/20 City of Winter Springs, Florida Tuscawilla Beautfflcation DIstrict Revenue Bonds, Series 1999 15 Year-Amortization SOURCES & uses D*d 07/0111QM Detlv.mt 01/a111O" SOURces OF FUNDS Par AtTlD4Jnt of Bond:llll1 ""'" ,..............._.........u,., ....II. HI.......... flU'" I.' 1......,..'..1.... ............. TOTA\. SClJRces.........,.......................,."M.....U........,H'''"..,.,...,...........1.''''""..'.'.141..".11.... USES OF FUNDS Depash 113 Project COI\Itr\lCUon Fundhl"",,'U .11o..1...t...-..........IIIt'HH.HHI.'loll..I..................... I CaItI of II:suance..~,............._.......fl....huul.., ....t"".................,., ......,..I..IU..'IIUI.Ullol,.... .It" TOIII Unc!IIIM11et'S DI900unl (a.7~O%)'M"'~"""""''''''''''''''''''''''''''.''''''''''_' .........._... Gross. Bond lnalraoee Pl1tn1lum (35.0 bp)un..."ul'........................,u......,,"".U\ll.,lfI.'....... S_........-..........'-..............---.--.......OI...."..IUlllllllll."II II II'." "0 ..........1.. ~...I.."".'.II.I'...... Rounding Arno\Int.."... '..h............................ .......1'1 1~.ItI'U U 1111'..'11" ..... ........ w............_..nl.t ,. Tor...l useS....u...,............ .........................,,,...,,,"'...,. ....... ", .................".....""1.."".'....... Flt11 Sculhwe5t Company PUbli~ Finilllcz Paga , $2,840,000.00 $2,640,000.00 2,525,000.00 75.000.00 19,800.00 12.734.64 4,B96,SO 2.~60.ClG $2,640,000.00 J F~1l.TU~CAWILLA.Sr.g9 R0Vl5 21 a/1!l99 Hl1 F'M w"-l'" ""'..' , u U~ I ~.UU1W , ~L~UI~~O/O~~,~ u/~U City of Winter Springs, Florida TuscawifJa Beautificaffon District Revenus Sands, Series 1999 15 Year Amortization DEBTSER~CESCHEDULE Date PrlMtpll 913011999 913012000 1~O.OOO,OO 9fJ012001 14Q,000,00 9/3012002 145,000.00 9130/2.003 1SO,OOO.CQ SJ3On004 155.000,CQ 9J3OI2005 160,QOO.00 WJOI2OO6 165.ooo,DO 9J3OI2CQ7 17fi,OClO.OO 9J30p00e 180.000,00 9J301200i 185.000.00 9I30I2010 195.000.00 9l.3OI2011 200.000,00 9l3aJ2D12 216,000.00 9130rlO13 2'0,000.00 91301201 ~ ~O,OOO.OO Total 2,640,000.00 L.....--_.._..........-_....._...-_________ Coupon lnt.el'tat Totll P-I-I 3.JOO'j!. 121,208.38 241.288.3& .' 3.550% 104,118.76 2~4.118,76 3.650% 99.148.76 244.148.76 3.100% 93,B56.26 21\3 .856.26 3,1IOO"Ao 88.231.~ 2"3,2$1.26 3.900% 8'2,341.26 242,341.26 4.1100% 18,101.26 241,101.26 1.050" 89.501.2G 244,!iD1.21! 4.150% f;2,d13.76 242.413.76 4.m% 54,943.76 239,943.76 4.300% 47,121.50 242,127,50 ~.35Q~ 38,742.60 243.74UO 4.4QO'V. 29,625.00 244,B~5,OO 4,500% 20,365.00 240.3GS ,DO 4,550~ 10.465.00 240,046$.00 . ". ..___n__..___...I......._....__~.... 9M,~6S,72 3,63M69.72 ..-.....--_._011....___.._ YIELD ST ATI6TICS Sond Yellr OoIIm....................... ". ,...... ...................., ............,.. ,'n....__. __ ...n......... .....,....". ,........,.,..... .... "....'.... $23.447,87 AveflSQa Ure................... ...n....... ...un......."....'.IIIII. IUII.~ .11....10.............. '", '1" ..~~.,.... ,.................... "'''.11'11.''111'''''1,' a,SB2 Years Average ~fl......... .........,..........'..~n...'1I111111.hl...I' 1 ,..................~n....'.. ....... no .,..I.'.'~I....'h.'..I.1 n"..I..... ..h..u....,. 4~25B2903% Net rn~t C03I(NIC).. ..................... .,-,....................,.,..,,,,..,,,........, ,,' ,,,.................. ......n.__...... ..nn....__........... ,.. 4,3427337',(, Tl1JQ Interest COtt (TIC)...."".....,,,,,,........................................... .,.., ,,,.............................................. .......__..... ".34517ti2% tion'd Y1ekllor AJbltage Purpu.e:s..........__............."."..."....,."...........,..........,.......u......................................, ." 4.3334913% Alllnclu!I~1l Cost (AIC).." ,....... ,....." ."",..,'" ........" ..........."........--.-. _.....-............ ..... '....."", ".. ......"" ".. """'."'''' 4.7U5~44a% IRS FORM ~03S Net Interest CCJstI nUl.. .....h..'...~........I."'.n.~.H.I. .,.......,".........., "I1.'.'....u'O,.u.............,'.OI'l.H_U.H ..10...... ......,. ...... 'I., 4,2582.903% WeI\Ihted Al/etagu Miilurty,........."..,....u............",.. ..... .........'H............................. ........... ....... ............ ..,,,........ a.882 Yelll1 ----.--- -............ -- First SOLlthwest ComPiIlY Publl,: Fin~nce File. TUSCAWILLA.SF-99 Rev1S 2J 8/1999 3:01 PM fl3g11 ~ ".." . ~ u ~~ , u.auroo , City of Winter Springs, Florida TuscawUJa Beautification Oistrfcf Revenue Bonds. Saries 1999 20 Year Amortization SOURCES & USES Dated 01(01,19!l' SOUMCES OF ruNDS Pllr Amount of BOI1~'"'''d''''_''_'''''''''''''_''' .., .....~............... ......... ..........~..........M...... TOTAL SOURCESII.null.II.............'"...r.'.'"fI..."I.,~.II.I.........h.._.........~... ....,................,.. USES OF FUNDS Deposit fD ProjeCl ContINC\lon Fund.... ........................... ............... ...........,............ ".".,. CDJlt;$ of ISI\JIII1CII....................... .,....,." II ,.114.IUI........."'I'....,. '....,"1. u...... ""dlld.. tI.'I.. ........ """ Total UnderMrhel'll Dlacount (0,7SO%~.,."..................'n......"..........._.................,.......". GlllSS 80lld Inslll'allCO PAlmium (35.0 bp~..........._............."..,..."......,,_._ ................... Surety...................,.,.........""lf.'."II'n'lu'h.~......".,"".,...'...."I.IIIIIIIIoII...UI.........'.."'.....,........._ RolJndlt\g ArnalJrlt.......,. ............."\H I"'~'~' .1- ,., h............. .............. ....,... ,I." U .111.....,.. ..,..,...... TOl A~ USES'llIft""".,_" ......................... '''''''III1I1"IIII11114U ,"..1.,.10..................... ............__, u!~U(~~O(OuO;# tl/~O D.llvenlCt 07l01M998 $2.1540.000.00 52.640.000.00 2,526.ooo.DO 75,000.00 19,800.00 1+.209.41 4.142.78 1.757.81 $2,6>\0,000.00 -......--..-......-....-..-.---.......-..- ----..-..-.......- FilSt Slluthwlla1 Company Public FinllnGl Pllglll File '" TUSCA.\MLLA.SF.g9 Rev~O 2/811999 3:02 PM .............y I "_\oJ I _I.J..... I.: ~+/ ...\01 City of Winter Springsr Florida Tuscawilla Beautification OIBftict Revenue Bonds, Serles 1999 20 Year Amortization DEBT SERVICE SCHEDULE Daft Prlndpll CQupon k1tereat T Otll P+I 9J3OI1999 913012000 75.000.00 3.300% 1~8.622.10 203,622.10 ar.lOI2DO 1 95.000.00 3.6&1'1lt 112.13&.78 2117.138.78 9130'2002 ;6.000.00 3~ 108.766.28 203,766.28 9/Jlll2003 101l.0~.OO 3,750% lIJU!l8.76 205,298.76 913012004 105,000.00 3.800% 101.5048.711 206,5-48.76 913012005 105,000,00 J.900~ 97.558,76 202,558.76 913Qf2006 110.000.00 '.oow. 03,483.76 203.dG3.78 9130/2007 115.000.00 ~.oso" 81).063.76 204.063.76 9/3012006 120.000.00 4.150% 84.406.2s 204,406.26 9I3OJ20oij 125.ooQ.00 4,225% 79,426.28 2C4,426.25 11130/2010 130.000.00 4,3QO% 7"'45.00 204.1.5.00 913QJ2Q 11 135,000.00 4.350% 88.555.00 <03,555.00 1113012012 140.000.00 4.400% 62.882.50 202,682.50 9/30/2013 1501000.00 ".500% S6.522.!O 206,522.50 9/30/2014 155.000.00 4,550% 49.772.50 2001 1 n2.so 9130120 I 5 160,000.00 4.650% 42,720.00 202,720.00 913012016 170.000.00 4.750'1\ 35 .2eO. 00 205,280.00 913012D 17 115.000.00 ~.lIIiO% 27.205.00 202.205.00 9/3012018 , 8.5,000.00 4.900% 18.717.50 203,717.50 9130fl019 195,000.00 4.950% 9.652.50 ~O4.652.50 ~_. .-.""'--..-....1 --..-.- Tollll 2,640.000.00 1,4~5.5~.94 ~.Q8S.54s,94 _~,t..__...__ .--.......-.- ......--.--- -- YIELD STATISTICS A ~arago life.~... .......I...U~..H. ...... I..." ......" lll~ ..Ih. ..... ,.... ,,'.... 01. .....'h............. 'UU" ,~.... ........ ",.. '" t II U H",..I ......., I' n 'I,'... A veraQ a Coupon.", '."06._...... .... .....". fllh.. U .~...... ",,'u II .1........ _I" -0' P"'"'''''''''' .1___ .,,_.. ..., .,..~ .,.t.... Of ....'"II' -II ,'u.,....... '1 ,1 Bond Vaar Oolla1'5"..II,...........HI...,lIlllul.t....... ,. .101(,.'................1'...,.'""1111...'. ................'.n';,,, ..... ."t 'II 'I. ..,....... 0.. '" $31,757.67 12.020 Year,l 4.S~18015% Net fnteCl!l81 Coal (NIC'".III""'" ".U' l.i.III..,.......~......u..........~hh .U....I.......I.lnu...........ttIU.IoI............ ..........'..1.... _.... TfUQ Interest COst (Tl c ~I HIli........... ,n" II.. j I. '.. ........ ....... ...... ..... .......1.. n." u.,.u.,............" It .n'...'................. uf......... I:lQnd VfQ!d tor Arbllfllgt PtIrposes...... ....................... ..................., ........." ".""..... ,.... .................. .... ........." " "... AlIlncluaiviI C()6t (AIC)........, .............,.,.~........t.tlilIU..U........."III.hh...... .........."......",.,............ rUl 1.lflo H. ...... "'111'1 4.1i14.146il% 1.6030B7Sty. 4.5972050% 4.9538522% IRS FOR&I a03! Net Jniamst Cost............I.. "'flUnth-.....'.f ...'.Illtll.h...................,.",,,<r......... "..,U...UUI..... .....111" II H, I ...... ..__._._........ 4.5518015% W'lg"~ Averagtt Mat....ltr..tll Itl.. u............ IO.H IIIIIU...................,.,."."...............I."U..,.............,. ..,. ,......... ..' .n.... ... '2.029 Y OBl'$ .----- r Fll!l SouthWell! COll1pany Public Finance -----...........--- '-.-- FRe w iUSC,t,WII.LA.SF-99 Rw20 2J 81'lIQ9 3:02 PM I'llge 4 _ ~ ~u , ~ ~~..I~ , u~~UI~~UIOuO,~l~!~U D.ted 0'7/01/1999 City of Winter Springsl FlorIda TUSCawilla Beautification District Revenue Bonda, Series 1999 30 Year Amottizstian SOURCES & USES Oelvencs 011U1/1i99 SOURCES OF FUNDS Par AmGllflt of BondlL'''.''''1 ~,__ "OM ...n It .............,. ..._.........~._ .M.,....'.'o.......... ....._.......... $2.64.51000.00 '1'OTAI. SOURCES."........N...."..... ....-......-.........,......'.........N..... ..........,,,........ ....~... $2.845.000.00 UsES OF FUNDS Dupos/l to PtoJIlCt ConlllUdlOll FIIl\d.........._........,... ....,............,..............~......_....... I Coau of I..Ulnc8.......I,lu...~'''".....I..............''....I..,I.II~I........._..~..........'..'...11'..'..................., Total Und'IW~lef& lJiscowrt IO.7~%I".,.....h......._......_......................,...............N_ GI1I&S Bcn41MUllll'lOll P~lulTI (35.0 bp).......,.............................._............... ...._..... .. AQuncfJ1I9 ArT1OUnt,I.....,......... ~-'fl"IIl" It III ...1\1'.."'......,. ."',., H. tl4h"'......' '....U90 "1'111"1 IIU' 1110_11' 2.525.000.00 75.OO0,QQ 19,931.50 17,83O.0J 3.88Hl.4 HSO.53 SlItty' .ft~rUd'I..........., I'" ... ...,.....ft" .... ...... ......~,., III'.... ....u.... -...... ..,......., ......".. ... ....... 'ell. "1" TOTAL L1S!S....N.., ....u............I..,..~..h..........................t"I..I..loh...I........,..............,...,............... $2.6~5,DOO.OO '--"-"-. ...............--. First SoulhlllGlil Company Publi~ Finance ------'"~,-~ Flle · TUSCAWlUA.SF..g9 Rev30 2J 811999 3:02 PM Page 1 SENT BY: 2- 8-SS 3:53PM ~ 914074267835;#18/20 Cily of Winter Springs, Florida Tuscawfl/4 S&autificanan District Revenue Sonds, Sarles 1999 30 Year Amortization DEBTSER~CESCHEDU~e ...- , , - . Date Prinel,.. CouPatl Int.reet fOUl\ P+I . M ~ - . - 9I3OJf 999 . - - . 9/SMOOD 30,000,00 3.300% 138,Q48.SS 1611,94555 9130"001 45,000, go 3.550% 122,823.78 167,823.76 vnOl2002 50,000.00 3,fi50% 121.22ti. 26 171.226.26 ar.lMDQ3 50.000.00 3.7.50% 119,.01.26 1&9,401.25 9l30t:!OO4 65.aro.oo 3.a1lO% 117.526. 26 172,525,26 9I30/200~ 55,000.00 3.900'11. , 1 5,-436.26 170,436.26 9/JOf20M S5.00Q.0Il ~.llOCl% lU.291.25 18e,2S1.~6 9I3Qf2D07 80.000.00 4,050% 111,091..26 171.091.26 913OJ2OOe M.GOo.oo A.l~% 108."1.26 168,651.26 9I3C/2OOQ 85,000.00 UZ5% 106,171.26 171 , 171.26 9/3012010 6.5,000.00 4.aoo% 103,425.00 168,42MO 1/301201 f 70.000.00 4,J,50% 10Q,630.00 170.630.00 8/3012012 70,000.00 '\.400% 97.sas.Og 11\7,585.00 1lI3C120 13 75,000,00 4.500% g~.sos.oo 189,505.00 1I/JOIa014 80,000.00 4.5S0% 91,130.DO 171. 130.00 9/30f201S 80,000.00 4.650% 87,490.00 1117.~~0,OO on0f2016 85,000.00 ~.7S0% 83,rn.OO 1SI,nO.ao 913012017 90,000.00 4.8W4 79,712.S0 169,732..50 &/30/20 18 95,001).00 4.900% 75,J67.50 170,367.50 Bl3Q/2019 1DO.000,00 4.950% 10,712.50 170.712.50 ~/3OJ21)20 105.000.00 4.950% $5',762stJ 170, 7~2.50 913012021 , 1 0,000.00 4,95Q% 60.565.00 170,58S.00 !H301202'Z 116,000.00 ~.95a% ss, 120.00 170.120,00 9130fZ023 120,000.00 4.950% 49.4<7.50 1se.U7,SO 9r.l012024 125,000.00 4,D50% ~:U.U.50 1G3,<\!7.5Q 913012025 135,000,00 ~.aso% 37.JOO.00 17Z,JOO.OO 9f.lOI202$ 1~.00Q.OO 5,05D% 30,617.50 17Q.617.50 913012027 145,000.00 5.0511"" 23,S47.S0 m,5~7.!O ;130/2028 155,000,00 5.100% 18,2~,QO m.ns.no ;/30/2029 180,000.00 5.200% 8.320.00 16A,320.00 .' ---....~ --- """ILl ..---... . .........-......---..- ..--.-".... TrAil 2,641i,QOO.~ . 2.449.295.39 S,Og4,2QS,39 ._-.-.........- ~ -------,..-.-------. YIeLD STATISTICS AvGI'agt Wf&.....u.., - ..... ....u "".. ..4. ..........,....u ,hfll...,... .,oU. I....... ._.........~, II lilt 1...........1'011 '0' ..."u..... I '''"'~ .. h..., A'4'f"Igt CouP'Of\.". ,.. ....... ... II ....~. ....... " .....,..... .......n.. ..." IUI.............".."." III......, ....1 ............ ... ....... .., ..... I....... IJa\cI Year Doll."..... h",,,,, I ".d.,. to,... ....,..... flU...... ........, ...,....,.., .....,... ..... ...... ..I". ..... ......... ..... .,,'.11 ..,.. ,...... .... S50,23S..2a 18.99q"'f1 4.8"5357Q% NGt fnta.1t Coa1 ~fC)........U.I.1 .1.,........_..-.........'.1\11.,.. .........I..,.,.''I<IU..............'''....1o .....1.. ...u ...........t...........'..1 Tru. r~1~t Celt (TIC)I.IlIIIl~............,I...,."u ..............11........... ,_.... .....tI..... .1'..........1...,.JO.4 .......n.......II.,~....... Bond Y1.t1! I'or Arbllraq. P~rpci~...,. ..............,........... ........ ...., ........................." .,....... ..............." ............ AlllndusM Cal:t (AIC).., .... .......... ,.,........... ...............,...... .................................... ",.." ............................ .... 4.914M311% ..8975401% 4.9022508% 5,1S94~G'!4 IRS 1l01Ul BOaa HGllnlBreSt Cost.... "., .......... ......... ...........",..... ...... ......,.." ,.................... .. ...... ..............." ............... ......""., 4.8753570% WIlllghI9CI AIolOmgB M~ty.................................".,",...........,'".........................................""........"........... 18.994 Y~lIr'j PI1'31 ScllJlhWOII CCIIllpany Pubfic Flnence -------.... ......_---."_..._~,,...--.._.._._-.. .11. K llJSCAWlU.A.SF.~ RBvJD 'ZJ R/1 sse ~; 02 PM P~as - . . . . . . . . . . . . . II . . . . Table 7 provides an estimated annual assessment rate for both the capital component of the Tuscawilla Beautification Project after financing and the operating and maintenance component. Option #1 Option #2 (including (excluding ANNUAL COSTS Dyson) Dyson) Debt Service Costs $179,646 $179,646 Operating Costs Street Lig hts $43,000 $41,000 Maintenance $225,000 $222,000 Administrative/Collection Costs $50,013 $49,650 TOTAL ANNUAL COSTS $497,659 $492,296 TOTAL NUMBER OF EQUIVALENT DWELLING 4,578 4,468 UNITS ESTIMATED ANNUAL ASSESSMENT RATES $109 $110 PER EQUIVALENT DWELLING UNIT TABLE 7 ESTIMATED ANNUAL ASSESSMENT RATES (INCLUDING CAPITAL AND OPERATING COSTS) GOVERNMENT SERVICES GROUP, INC. and NABORS, GIBLIN & NICKERSON, P.A. 16 TABLE 6 ESTIMATED PREPAYMENT AMOUNTS PER EQUIVALENT DWELLING UNIT Option #1 Option #2 (including (excluding Dyson) Dyson) Improvement Costs $2,451,000 $2,421,000 Planning/Design $5,000 $5,000 Contingency $24,000 $54,000 IAssessment Program Costs/Admin. Costs $70,000 $70,000 Total Capital Costs $2,550,000 $2,550,000 Total Number of Equivalent Dwelling Units 4,578 4,468 Estimated Pre-Payment Amount Per Equivalent $557 $571 Dwelling Unit GOVERNMENT SERVICES GROUP, INC. and NABORS, GIBLIN & NICKERSON, P.A. 15 . Please note that if any property owner chooses to pre-pay the assessment amount and avoid financing costs, the property owner will still be subject to the annual operations and maintenance assessment as depicted in Table 8. TABLE 8 ESTIMATED ANNUAL ASSESSMENT 'RATES (INCLUDING OPERATING COSTS ONLY) Option #1 Option #2 (including (excluding ANNUAL COSTS Dyson) Dyson) Operating Costs Street Lights $43,000 $41,000 Maintenance $225,000 $222,000 Administrative/Collection Costs $36,965 $36,602 TOTAL ANNUAL COSTS $304,965 $299,602 TOTAL NUMBER OF EQUIVALENT DWELLING 4,578 4,468 UNITS ESTIMA TED ANNUAL ASSESSMENT RATES $67 $67 PER EQUIVALENT DWELLING UNIT I I I I I I I GOVERNMENT SERVICES GROUP, INC. and NABORS, GIBLIN & NICKERSON, P.A. 17