Santa Rosa City Hall Campus
Santa Rosa City Hall & Public Safety
Feasibility Analysis
Discussion January 16, 2020
DRAFT Jan УЦ, 2020
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2 Agenda
o Project Updates
o City Hall & Public Safety Facility Physical Options
o Public Safety Projects
o Financial Framework
o Discussion & Additional Considerations
o Next Steps
Goal & Objective For P3
Goal
To increase downtown land availability for housing and mixed use development through the consolidation of government services into denser, more potent land use, thus providing streamlined access to services.
Objective
To opportunistically use downtown City land for housing and mixed use development resulting from the need to replace and
consolidate City administrative buildings and services, which in turn stabilizes costs and resiliency over time
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Draft Downtown Station Area Specific Plan
Current
City offices at various locations
City Hall
City Hall Annex
Municipal Services Center
Fire Administration
Related functions
School District Office
Central Library
Police Station and Fire Station at
Sonoma Avenue
*Parking needs to be determined based on zoning and City policy. Currently City has parking for ~76% of general government office staff. Program assumption is ~68% CURRENT FACILITIES:
Staff
GSF/Staff
GSF
Fleet
Parking
Visitor
Parking
Staff
Parking
Total
Parking
GENERAL GOVERNMENT 419 299 129,528 129 48 317 494
CENTRAL LIBRARY 20,000 20 20
PUBLIC SAFETY 273 57,012 122 11 150 283
27+(5*297$*(1&< 135 ? ?
COUNTY ? ? ?
PROGRAM ASSUMPTION
(10% growth) Staf
f GS F Parking
GENERAL GOVERNMENT 461 260 124,300 129 48 317 ~500
CENTRAL LIBRARY 20,000 20 ? ~20
PUBLIC SAFETY (including EOC) 287 64,700 122 11 150 ~280 27+(5*297$*(1&< 148 250 37,000 ? ? 101 ~100
COUNTY (estimate) 850 300,000 ? ? 800 ~900
Initial Component Program Sizing
Current Parking
Public garages & lots are 44% vacant
City has parking for 76% of its office staff
Test Fit Parking
Public parking on-street and in garages & lots
City staff and non-public safety fleet in garages (500 staff spaces ~ 68% growth) Public Safety fleet in lot adjacent to building
If the County offices are downtown need a new GarageStaff Building
GSF
Fleet
Parking
Staff
Parking
Total
Designated
Parking
CITY HALL/LIBRARY/27+(5$*(1&< 600 181,000 129? ~500 ~620 PUBLIC SAFETY (police, fire, EOC) 287 65,000 122 150 ~280 COUNTY (estimate) 800-850 300,000 ? ~800 ~900
Capacity Test Fit Building & Parking Assumptions
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Option A 8UEDQ&RUH
POLICE
STATION
UPDATE
City Hall
FacilityFire Station
No. 1
Amenity
Housing / Mixed Use
Other
Devt
Garage 9
Garage 12
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Option A 8UEDQ&RUH
City Hall (City & Central Library
HWF), Plaza, & Fire Station/EOC at
Whitehouse Lot
~194,000 SF / FAR 3.3
Police Station at Municipal Service
Center
Redevelopment Opportunities: City
Hall, Central Library, Lots 10 & 11
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Option % &LW\+DOO*DWHZD\
POLICE
STATION
UPDATE
/Mixed Use
/Mi/M/Mi/Mi/Mi/MiMiMMiMiMiMi/Mi/MiMiMiiiiiiiii/Mi/MiMiMiMiiiiMMiMiiiiiMMMMM/MiMiiMi/Mi/Mii/MMMiMMMMMMMMMMMMMMMMMMMiixxedxedxedxedxedxedxedexxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxexxxxexxxxxxxxexxxxx UsUsUsUsUsUsUsUsUsUsUsssUsUUsUUUUsUsUsUsUsUsUssUseeeeeeee City Hall
Facility
Other
Devt
Other /
Mixed-
Use
Creek
Garage 9
Garage 12
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Option B CiW\+DOO
*DWHZD\
City Hall (City & Central LibraryHWF)&
Other (could include County Offices)
with public space in plaza &
overlooking creek,
~960,000 sf / FAR 4
New parking Garage SRVVLEOH at
Whitehouse for County/Other (if
needed)
Fire Station/EOC at Sonoma Ave
Police Station at Municipal Service
Center
Redevelopment Opportunities: Central
Library, 10 & 11
UPDATE
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Option & CiYLF6HUYLFH+XE
City Hall
Facility
Other
Devt
Public Safety
& Fire Station
No. 1
Creek
)OHHW
3DUNLQJ
Garage 9
Garage 12
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Option C CiYLF6HUYLFH
+XE
City Hall (City & Central LibraryHWF)&
Other with public space overlooking
creek on west and Public Safety
(including Police Station, Fire Station
& Public Safety Parking) on east,
~550,000sf / FAR 2.3
Redevelopment Opportunities: Central
Library, Lots 7 (Whitehouse), 10 & 11
Police Station at MSC
LOCATION 2
LOCATION 1
W. COLLEGE AVE
STONY POINT RD
Conceptual Cost Comparison of Options A, B, and C
Program Development Summary
All options include: Option A Option B Option C
ᅲ City Hall Summary
ᅲ Library
ᅲ Partner Space
ᅲ Public Safety (w/o Fire Station)
ᅲ Fire Station No. 1 Financial Assumptions
ᅲ Creek Daylighting Project Allowance Option A Option B Option C ᅲ Demolition/HazMat Allowance Total Est. Project Cost $283 M $285 M $285 M ᅲ Swing Space (Except Option A)
ᅲ Contingency (add'l site work, etc)
Option A Option B Option C
Total Est. Capital: $290 M Central Library Central Library Central Library Est O&M Yr 1: $2.5 M Public Safety Bldg Site Public Safety Bldg Site Public Safety Bldg Site Est Cap. Renewal Yr 1: $3.2 M Public Parking Lot 10 Public Parkin g Lot 10 Public Parkin g Lot 10 Public Parking Lot 11 Public Parkin g Lot 11 Public Parkin g Lot 11 Options B & C allow for County program City Hall Campus Whitehouse Site Whitehouse Site (no cost to City) City Hall Annex MSCS
$22 M $17 M $18 M
Parking Resulting Finance Amount $261 M $269 M $267 M
ᅲ Absorb surplus spaces w/i downtown radius Debt Service $15.1 M $15.5 M $15.4 M ᅲ 1,118 spaces available before Program Enterprise Pmt - pro rata $.8 M $.8 M $.8 M ᅲ City Hall / Library: 520 spaces Partner Pmt - pro rata $1.9 M $1.9 M $1.9 M ᅲ Partner: 100 spaces Remaining Payment Due $12.4 M $12.8 M $12.7 M ᅲ County (Option B & C): 900 spaces
(Requires county construction of a new garage) NPV of Expenditures $387 M $394 M $392 M Total Potential
Offsetting Capital:
Relocate City Hall and Fire
Station No. 1 to Whitehouse
Site, PS moves to Stony Point
New joint civic campus w/
County at current City Hall
site, PS moves to Stony Point,
new FS No. 1 on Sonoma Ave
Redevelopment of City Hall at
current site, campused with
Public Safety
Potential Surplus Sites
P3 Structure as Currently Conceived
DBFOM Model, Utilizing an ‘Availability Payment’ Structure • Land owned by City, Improvem ents held by SPV non-profit • Project constructed under DDA/Ground Lease agreement
• Improvements leased by City from SPV non-profit; payment amount includes Operations & Maintenance + Capital Renewal
• Current modeling: $10-12 PSF for j anitorial, regular repair, utilities • Current modeling: $12,000 per $1M project cost to fund capital renewal account
• Escalating Payments usually pegged to CPI or construction index • Rigorous deduction regime reduc es City’s payment amount due based on O&M performance; other penalties and controls
• Asset reverts to City free-and-cl ear at end of lease term (usually approx. 30-35 years)
Operating Cost Comparison
Current Modeling P3 Current Est
Janitorial, Regular Repair, Utilities: $2.5 M $2.1 M (sq ft basis) Long Term Capital Renewal $3.5 M Significant Need
TOTAL ANNUAL SPEND $5 M (est) Varies (>$4M)
© PFM 2
Financing Alternatives Overview
¥ The City has access to a number of tax-exempt public financing methods that typically offer lower borrowing costs than private capital, including:
• General Obligation Bonds (“GOB”)
• Lease Revenue Bonds (“LRB”) or Certificates of Participation (“COP”) • Revenue Bonds
• Community Facilities District (“CFD”) Special Tax Bonds • Assessment District Bonds
• Enhanced Infrastructure Financing District
¥TheFDOFXODWLRQVIRUWKHVHDOWHUQDWLYHVDUHIRUFRQFHSWXDOGLVFXVVLRQDQGFRPSDULVRQSXUSRVHVRQO\ ¥The City has utilized several of these forms of financing previously © PFM 3
GOB Financing Options for $290 million Project
¥ $290 million GOB financing supported by increase in ad valorem tax (and $20 million estimated contributed from property sales)
• Lowest cost of debt, estimated annual debt service: $15.3 million; maximum levy rate: $59 per $100,000 Assessed Valuation (+ FY18 rate of $1,695 = total of $1,754 per $100,000) • Increased tax burden distributed on the basis of assessed property values, levy rate should decrease over time as Assessed Value grows
• Requires 2/3rds voter approval, can only occur during a General Election • Does not negatively affect general fund debt capacity ¥ If GOBs are issued only for public safety portion, $80 million proceeds required • Estimated annual debt service: $4.5 million; maximum levy rate: $17 per $100,000 Assessed Valuation (+ FY18 rate of $1,695 = total of $1,712 per $100,000) • Would be combined with $210 million non-GOB financing for non-public safety portion Preliminary numbers, subject to change
© PFM 4
LRB / CFD Financing Options for $210 million non-Public Safety Portion ¥ $210 million LRB portion supported by increase in Occupancy Tax, Sales Tax, and/or Utility Users Tax (and $20 million estimated contributed from property sales) • Estimated annual debt service: $12.5 million (after 2 years of capitalized interest during construction), 1.35x revenue coverage assumed
• 50% vote is required if undertaken as a general tax; 2/3rds vote if undertaken as a specific purpose tax
• Occupancy Tax required: 21.9% (+ current 9.0% rate = 30.9% total) • Or Sales Tax required: 0.48% (+ current 9.0% rate = 9.48% total) • Or Utility Users Tax required:7.4% (+ current 5.0% rate = 12.4% total) ¥ Or $210 million CFD project supported by citywide Special Tax (and $20 million estimated contributed from property sales)
• Estimated annual debt service: $11.6 million; Special Tax required: $382 per parcel on average • 2/3 approval of registered voters in the CFD is required Preliminary numbers, subject to change
© PFM 5
Lease Revenue Bonds Supported by Occupancy Tax Revenues ¥ Occupancy Taxes are taxes imposed on each night’s
stay at a hotel
¥ Requires a 50% vote for a general tax (can only be
considered during Council elections), or 2/3 for a
specific purpose tax
¥ The debt service on a borrowing for a $210 million
project could be supported by an occupancy tax of
21.9%ZKLFKDORQHLVQRWUHDOLVWLF
• )RUH[DPSOHDdding this to current rate of 9.0%
results in totalof 30.9%
¥ Proceeds would be generated through the issuance
of Lease Revenue Bonds
¥ The asset created would provide security for the
bonds
¥ The increase in general fund revenues would
increase general fund debt capacity
City Occupancy
Tax Rate
Additional
Business
Improvement
Area Tax*
Cloverdale 10.0% 2.0%
Cotati 10.0% 0.0%
Healdsburg 14.0% 2.0%
Petaluma 10.0% 2.0%
Rohnert Park 12.0% 2.0%
Santa Rosa 9.0% 5.0%
Sebastopol 10.0% 2.0%
Sonoma 13.0% 0.0%
Windsor 12.0% 2.0%
Napa 12.0% 2.0%
San Francisco 14.0% 2.25%
Source: City websites
*Additional tax is applied only in certain areas designated as Business Improvement Areas © PFM 6
Lease Revenue Bonds Supported by Sales Tax Revenues
¥ Requires a 50% vote for a general tax (can only be considered during Council elections), or 2/3 for a specific purpose tax ¥ The debt service on a borrowing for a $210 million project could be supported by a sales tax of 0.48%
• Adding this to current rate of 9.0% results in total of 9.48% • Increasing sales tax rate may have diminishing returns due to elasticity of demand, as consumers reduce consumption or shop elsewhere in response to the increase
¥ Most incorporated cities in Sonoma County have a sales tax rate lower than Santa Rosa’s
• Highest is Cotati at 9.25%
• Capped at a maximum of 10.25%
City 2019 Tax
Rate
Cloverdale 8.25%
Cotati 9.25%
Healdsburg 8.75%
Petaluma 8.25%
Rohnert Park 8.75%
Santa Rosa 9.00%
Sebastopol 9.00%
Sonoma 8.75%
Windsor 8.25%
Source: California Department of Tax and Fee Administration, as of July 2019 ¥ SMART intends to put extension of their existing ¼ cent Countywide sales tax on March 2020 ballot ¥ Sonoma County intends to put ½ cent Wildfire Prevention, Emergency Alert and Response sales tax measure on March 2020 ballot as well
© PFM 7
Lease Revenue Bonds Supported by Utility Users Tax Revenues ¥ Utility Users Taxes (“UUT”) are taxes imposed on the consumption of certain utility services
• Santa Rosa charges UUT on the usage of: cable television, electricity, gas, intrastate non-cellular, telecommunications, local non-cellular telecommunications
¥ Requires a 50% vote for a general tax (can only be considered during Council elections), or 2/3 for a specific purpose tax ¥ The debt service on a borrowing for a $210 million project could be supported by a UUT increase of 7.4%
• Adding this to current rate of 5.0% results in total of 12.4% ¥ Santa Rosa charges the highest UUT of any incorporated city in Sonoma County, most have no UUT
City 2017 Tax
Rate
Cloverdale 3.0%
Cotati -
Healdsburg -
Petaluma -
Rohnert Park -
Santa Rosa 5.0%
Sebastopol 3.75%
Sonoma -
Windsor -
Source: California State Controller’s Office, as of December 2018 © PFM 8
Community Facilities District Bonds
¥ Pursuant to 1982 Mello-Roos CFD Act, CFDs can be formed and bond issues authorized by a 2/3 vote of registered voters / property owners in the CFD
¥ Bonds are sold to finance various infrastructure, CFDs may provide various public services ¥ The debt service on a borrowing for a $210 million project could be supported by a special tax of $382 per parcel
• Assumes minimum 1.1x coverage, improves over time as special taxes increase 2% annually ¥ Debt service and/or public services and administrative costs are paid for by special taxes on property within the CFD
¥ Secured by the value of the taxed property, which can be foreclosed if special taxes are unpaid © PFM 9
Summary of Financing Alternatives for $290 million Project ¥ Public safety portion (police, fire station no. 1) totals $80 million, including 10% contingency; remainder of project is $210 million, of which $20 million is funded by property sales GOB
Only
Public
Safety
GOB
Combined with non-
Public Safety…
…LRB ...or CFD
Project Fund $290 million $80 million $210 million $210 million Estimated Annual Debt Service $15.3 mil lion $4.5 million $12.5 million $11.6 million Minimum Coverage Required 1.0x 1.0x 1.35x 1.1x
Capitalized Interest Required No No Yes No
Estimated True Interest Cost
(includes +1.00% cushion) 3.90% 3.90% 3.96% 4.39%
Tax Levy Rate (per $100k AV) $59 $17 - -
per $325k avg. residential AV $192 $56
Special Tax Required - - - $382
Occupancy Tax Required - - 21.9% -
OR Sales Tax Required - - 0.48% -
OR Utility Users Tax Required - - 7.4% -
Preliminary numbers, subject to change
© PFM 11
Scenarios
© PFM 12
GOB Financing for $290 million Project
¥ $290 million GOB financing supported by increase in ad valorem tax (and $20 million estimated contributed from property sales)
• Estimated annual debt service: $15.3 million; maximum levy rate: $59 per $100,000 Assessed Valuation (+ FY18 rate of $1,695 = total of $1,754 per $100,000) Preliminary numbers, subject to change
Assessed
Value
Annual Homeowner
Tax Payment
$250,000 $147
$325,000 $192
$500,000 $295
$750,000 $442
GOB
Financing
Estimated Annual Debt Service $15.3 million
Estimated True Interest Cost 3.90%
Tax Levy Rate (per $100k AV) $59
© PFM 13
GOB for $80 million Public Safety Portion and
LRB Supported by Sales Tax for Non-Public Safety Portion ¥ $80 million GOB financing for public safety portion, supported by increase in ad valorem tax • Estimated annual debt service: $4.5 million; maximum levy rate: $17 per $100,000 Assessed Valuation (+ FY18 rate of $1,695 = total of $1,712 per $100,000) ¥ Combined with $210 million LRB financing for non-public safety portion, backed by sales tax increase (and $20 million estimated contributed from property sales) • Estimated annual debt service: $12.5 million (after 2 years of capitalized interest during construction)
• Sales Tax required: 0.48% (+ current 9.0% rate = 9.48% total) Preliminary numbers, subject to change
Assessed
Value
Annual Homeowner
Tax Payment
$250,000 $43
$325,000 $56
$500,000 $86
$750,000 $129
Public
Safety
GOBs
Non-Public
Safety
LRBs
Estimated Annual Debt Service $4.5 million $12.5 million Estimated True Interest Cost 3.90% 3.96%
Tax Levy Rate (per $100k AV) $17 -
Sales Tax Required - 0.48%
© PFM 14
¥ Because LRBs are paid from any revenues in the City’s general fund, City could combine multiple taxes to cover the debt service on the borrowing for the $210 million non-public safety portion ¥ City could set targets for the maximum it would be willing to raise a certain tax, using other taxes to fill in the gap, for example sales tax targeted at a maximum increase of 0.25% • Requires additional revenues, such as a UUT increase of 3.6%, to provide the remaining revenue needed for debt service payment
• Goal would be to coordinate when these tax increases occur so they can be combined and used to pay debt service simultaneously
Public
Safety
GOBs
Non-Public
Safety
LRBs
Estimated Annual Debt Service $4.5 million $12.5 million Estimated True Interest Cost 3.90% 3.96%
Tax Levy Rate (per $100k AV) $17 -
Sales Tax Required - 0.25%
AND Utility Users Tax Required - 3.6%
GOB for $80 million Public Safety Portion and
LRB Supported by Combined Taxes for Non-Public Safety Portion Assessed
Value
Annual Homeowner
Tax Payment
$250,000 $43
$325,000 $56
$500,000 $86
$750,000 $128
Preliminary numbers, subject to change
© PFM 15
CFD Financing for $290 million Project
¥ Project could be supported entirely by CFD Special Tax Bonds ¥ $290 million CFD financing supported by a special tax (and $20 million estimated contributed from property sales)
• Estimated annual debt service: $16.3 million; average special tax: $539 per parcel Preliminary numbers, subject to change
CFD
Financing
Estimated Annual Debt Service $16.3 million
Estimated True Interest Cost 4.93%
Special Tax Per Parcel $539
Public Safety Properties
Program Item Action
New Constr.
Cost
Land Purchase
Cost
Land Disposal
Value
Estimated Effective
Expenditure
Fire Station No. 1 (incl. in P3) Relocation $12,500,000 $3,500,000 $1,160,000 $14,800,000 Fire Station No. 2 FCA Renovation $12,500,000 N/A N/A $2,500,000 Fire Station No. 3 FCA Renovation $12,500,000 N/A N/A $2,500,000 Fire Station No. 4 FCA Renovation $12,500,000 N/A N/A $2,500,000 Fire Station No. 5 Relocation $17,000,000 $0 $350,000 $16,700,000 Fire Station No. 6 Relocation $12,500,000 $980,000 $215,000 $13,300,000 Fire Station No. 7 FCA Renovation $12,500,000 N/A N/A $2,500,000 Fire Station No. 8 Relocation $12,500,000 $650,000 $250,000 $12,900,000 Fire Station No. 9 New Construction $12,500,000 $1,650,000 N/A $14,200,000 Fire Station No. 10 Not Included $12,500,000 N/A N/A $0 Fire Station No. 11 Relocation $12,500,000 $1,960,000 N/A $14,500,000 Fire Station No. 12 New Construction $12,500,000 $1,300,000 N/A $13,800,000 Franz Kafka Site Sale N/A N/A $315,000 ($300,000)
Police Training Center (overlap w/ Fire) New Construction $48,500,000 N/A N/A $48,500,000 Police Facility Building (w/o Fire) (P3) New Construction $58,000,000 N/A N/A $58,000,000 Regional Police Backup Emergcy Dispatch New Construction $2,400,000 N/A N/A $2,400,000 Contingency (add'l site work, etc) 10% $23,100,000
Fire Station Swing Space $1,000,000
TOTAL ESTIMATED COST - BUILD OR RENOVATE $250,000,000
Total
City Hall Portion Contemplated in P3 $210 M
City Hall alone $125 M
Partnership Spaces (Enterprise, Library, etc.)* $75 M
Creek $10 M
Total
BREAKDOWN - PUBLIC SAFETY NEEDS $250 M
Currently Contemplated in the P3 $80 M
Not Currently Contemplated in the P3 $170 M
Total Project Amount: P3 as Contemplated $290 M
Additional Public Safety Needs $170 M
Total Combined Amount $460 M
*Offsetting revenue anticipated for partnership spaces
Police
$125 M
$65 M
$60 M
Fire
$125 M
$15 M
$110 M
Police Substation Leased Space:
• Roseland and East Side
• Est. 1,200 SF each
• Lease rates: $15-21/SF NNN
• Total: $45,000 annual rent
• Potential addi tional substation
downtown (if PSB on West)
• Est. $30,000 additional annual rent
Summary of Facilities
6RQRPD&RXQW\0HDVXUH*LQFOXGHVDSSUR[LPDWHO\0LQFDSLWDOYDOXH WKDWFRXOGEHGHGLFDWHGWRFRQVWUXFWLRQRIQHZILUHVWDWLRQV Public Safety Properties - Fire
© PFM 16
GOB Financing for Additional $170 million Public Safety ¥ $170 million GOB financing supported by increase in ad valorem tax • Estimated annual debt service: $9.7 million; maximum levy rate: $37 per $100,000 Assessed Valuation (+ FY18 rate of $1,695 = total of $1,732 per $100,000) Preliminary numbers, subject to change
Assessed
Value
Annual Homeowner
Tax Payment
$250,000 $94
$325,000 $122
$500,000 $187
$750,000 $281
GOB
Financing
Estimated Annual Debt Service $9.7 million
Estimated True Interest Cost 3.90%
Tax Levy Rate (per $100k AV) $37
© PFM 10
Financing Alternatives for Additional $170 million Public Safety ¥ Additional public safety costs of $170 million could be financed as follows, assuming no cash contributed from property sales or any other source:
GOB LRB CFD
Project Fund $170 million $170 million $170 million
Estimated Annual Debt Service $9.7 million $11.1 million $10.3 million Minimum Coverage Required 1.0x 1.35x 1.1x
Capitalized Interest Required No Yes No
Estimated True Interest Cost
(includes +1.00% cushion) 3.90% 3.96% 4.39%
Tax Levy Rate (per $100k AV) $37 - -
per $325k avg. residential AV $122
Special Tax Required - - $342
Occupancy Tax Required - 19.6% -
OR Sales Tax Required - 0.43% -
OR Utility Users Tax Required - 6.6% -
Preliminary numbers, subject to change
© PFM 17
CFD Financing for Additional $170 million Public Safety ¥ $170 million CFD financing supported by a special tax • Estimated annual debt service: $10.3 million; average special tax: $342 per parcel Preliminary numbers, subject to change
CFD
Financing
Estimated Annual Debt Service $10.3 million
Estimated True Interest Cost 4.93%
Special Tax Per Parcel $342
© PFM 18
GOB Financing for Full $460 million
¥ $460 million GOB financing supported by increase in ad valorem tax (and $20 million estimated contributed from property sales)
• Estimated annual debt service: $25.2 million; maximum levy rate: $97 per $100,000 Assessed Valuation (+ FY18 rate of $1,695 = total of $1,792 per $100,000) Preliminary numbers, subject to change
Assessed
Value
Annual Homeowner
Tax Payment
$250,000 $242
$325,000 $314
$500,000 $483
$750,000 $725
GOB
Financing
Estimated Annual Debt Service $25.2 million
Estimated True Interest Cost 3.90%
Tax Levy Rate (per $100k AV) $97
© PFM 19
CFD Financing for Full $460 million
¥ $460 million CFD financing supported by a special tax (and $20 million estimated contributed from property sales)
• Estimated annual debt service: $26.7 million; average special tax: $884 per parcel Preliminary numbers, subject to change
CFD
Financing
Estimated Annual Debt Service $26.7 million
Estimated True Interest Cost 4.93%
Special Tax Per Parcel $884
+ ENA Negotiation
+ Continued Schematic
Design Development
Next Steps
+ Community Engagement: External & Internal
+ Research Regarding Potential Revenue Measure(s)
+ Detailed Project Programming
+ Transaction Structure and Terms
+ Procurement Strategy for Development Partner
+ Draft Procurement Documents
+
++++++++
R
++++
Spring
Council
Meeting
+ Community Engagement: External &
Internal
+ RFQ/P Process for P3 Partner
+ Design Advancement & Public
Participation (part of procurement)
(s)s)))))))
r
+
Summer
Council
Meeting
Selection
(Council
Meeting?)
&
M
November
Revenue
Measure
Selection
(Council
Meeting?)
S
M
November
Revenue
Measure
+ Ground Lease Negotiation
+ Design Development
+ Construction Documents
+ Arrange Financing
+ Finalize Transaction Docs
+
++++
+
Council
Approval of
ENA
Closure of Deal &
Construction Start
n
s
s
Approval of
Ground
Lease
What happens between now and November?
What happens after November?
• Integrate feedback into project materials
• Development of summary report for City Council meeting • Physical Capacity Tests
• Recommended Approach
• Community Engagement
• Research regarding potential Revenue Measures
• Programming & Project Development
• Development of Documents for Partnership Solicitation Next Steps