Santee City Council
February 14, 2024

Year 3
Jan-28
Dec-28

1.16 1.13
$16,229,837
$1,357,690
$17,587,527
S60.s2a.491 I
london moeder
advisors
Bond Calculations
The total bond amount required for the construction and renovation of the fire department facilities is estimated to be $68.8 million. This includes a 10% reserve fund ($6.9 million) and 2% for the cost of issuance ($1.4 million). The duration of the bond is set at 30 years. The following table details our bond assumptions:

SCENARIO 3 - $.0074
Bond Amount Required for New Fire Facilities
Santee - Fire District
New Fire Facilities Costs
Phase lA - New Fire Station at City Operations Center
Phase lB - Fleet Maintenance Facility
Phase 2A - Fire Station 4 Replacement
Phase 3 - New Fire Station in Northern Santee
Cost Per Segment
!Total Cost
Bond Amount
Less: Reserve Fund
Less: Cost of Issuance
Net Bond Proceeds
Interest Rate
Reserve Fund
Cost of Issuance
Term (Years)
Bond Payment (Annual)
Available Revenue (Av. Annual First 10 Years)
OCR (10 Year Avg.)
City of Santee - Feasibility Analysis
Construction
$16,063,087
$6,119,271
$20,540,536
$16 229 837
$58,952.731
$60,528.491
$68,782,376
($6,878,238)
($1,375.648)
$60,528,491

5.0%
10%

2.0%
30 $4,474,392
$10,236,405

2.29 Equipment
$0
$107,689
$110,381
$1 357,690
$1,575,760

london moeder
advisors
Sales Tax Revenue Forecast
To project the anticipated tax revenue that will be generated from the nearly three-quarters cent ($.0074) tax throughout the life of the bond, LMA conducted extensive market research to calculate the cumulative tax revenue projected over the 30-year duration.

We first identified the total occupied retail inventory of Santee of 2.5 million S.F.8 Next, we researched the total taxable retail and food service transactions for Santee which totaled of $930.3 million for 2022.9 This results in annual taxable sales of $365 per square foot.

To account for the year-over-year change in both taxable sales and growth in retail space, a compounded annual growth rate (CAGR) was calculated for both variables. This resulted in an inventory growth rate of 0.24% for the total occupied inventory and an inflation factor of 4.42% for annual taxable sales.1
0 ASSUMPTIONS
Total Occupied Inventory
Total Occupied Inventory Inflation Rate (CAGR)
Annual Taxable Transactions
Annual Taxable Transactions Per S.F of Retail
Taxable Transactions Inflation Rate (CAGR)
Tax Rate from Bond
2,546,785

0.24%
$930,300,946
$365

4.42%
$0.0074
Over the 30-year period, the total tax revenue generated is estimated to be $519.1 million. After adding the reserve fund of $6.9 million and subtracting bond payments of $134.2 million, the available revenue for operations is $391.7 million:
30-Year Summary Totals
Total Tax Revenue Generated
Reserve Fund
Total Bond Payments
Total Available Revenue for Operations
8 CoStar
9 California Department of Tax and Fee Administration (CDTFA) $519,103,466
$6,878,238
($134,231.768)
$391.749.935
10 The CAGRs are based on a 13-year period since the CDTFA data goes back to 2009.

City of Santee - Feasibility Analysis Page 19 of 41
london moeder
advisors
Operating Costs
Operating costs were provided to LMA and include the following categories: staffing, nonpersonnel costs, and capital costs. We applied the assumption of a 3% annual inflation rate provided to us by the City of Santee to the operating expenses.

Over the 30-year period, the $0.0074 tax results in $391.7 million available for operations.

Subtracting $210.1 million in total operating expenses results in a surplus of $181.6 million. 30-Year Summary Totals
Available Revenue for Operations
Less: Costs & Expenses
Tax Revenue Shortfall/Surplus
Conclusion
$391,749,935
($210,148,691)
$181.601.245
A $0.0074 tax increase is required to generate sufficient revenue to fund the bond payments over 30-years. There is also sufficient ongoing annual revenue to cover the recurring operating expenses of all three phases. Over a 30-year period there is a surplus of approximately $181.6 million.

City of Santee - Feasibility Analysis Page 20 of 41
london moeder
advisors
Scenario 4
This scenario analyzes the construction and operation of all three fire station phases, while also phasing in the staffing start time of firefighters. This scenario applies a sales tax rate increase of $0.0050. The detailed schedules are located in the Appendix (see Scenario 4).

Construction Budget
The total estimated cost of construction is estimated to be $54 million. Based on the phased timing of development and construction costs inflation, the forecasted cost of construction is estimated to be $60.5 million. The following table details the construction costs:

SCENARIO 4 - $.0050 (Phased Staffing)
Forecasted Costs
3-Year Period
Cost Adjustment: Construction
Cost Adjustment: Equipment

3.0%

2.5%
Phase lA - New Fire Station at City Operations Center
Fire Station (includes FF&E)
Phase lB - Fleet Maintenance Facility
Fleet Facility (includes FF&E)
Equipment
Phase 2A - Fire Station 4 Replacement
Fire Station (includes FF&E)
Squad Vehicle
Phase 3 - New Fire Station in Northern Santee
Fire Station (includes FF&E)
Fire Engine
Costs and Expenses
!Total Costs (Inflated)
City of Santee - Feasibility Analysis
Base Costs
$14.700,000
$5,600,000
$100,000
$18,250,000
$100,000
$14,000,000
$1,200,000
$53,950,000
Year 1 Year2
Jan-26 Jan-27
Dec-26 Dec-27

1.09 1.13

1.08 1.10
$16,063,087
$6,119,271
$107,689
$20,540,536
$110,381
$22,290,047 $20,650,917

Year 3
Jan-28
Dec-28

1.16 1.13
$16,229,837
$1,357,690
$17,587,527
S60.s2a.491 1
london moeder
advisors
Bond Calculations
The total bond amount required for the construction and renovation of the fire department facilities is estimated to be $68.8 million. This amount includes a 10% reserve fund ($6.9 million) and 2% for the cost of issuance ($1.4 million). The duration of the bond is set at 30 years. The following table details our bond assumptions:

SCENARIO 4 - $.0050 (Phased Staffing)
Bond Amount Required for New Fire Facilities
Santee - Fire District
New Fire Facilities Costs
Phase 1A - New Fire Station at City Operations Center
Phase 1B - Fleet Maintenance Facility
Phase 2A - Fire Station 4 Replacement
Phase 3 - New Fire Station in Northern Santee
Cost Per Segment
I Total Cost
Bond Amount
Less: Reserve Fund
Less: Cost of Issuance
Net Bond Proceeds
Interest Rate
Reserve Fund
Cost of Issuance
Term (Years)
Bond Payment (Annual)
Available Revenue (Av. Annual First 10 Years)
DCR (10 Year Avg.)
City of Santee - Feasibility Analysis
Construction
$16,063,087
$6,119,271
$20,540,536
$16.229.837
$58,952.731
$60,528.491
$68,782,376
($6,878,238)
($1375 648)
$60,528.491

5.0%
10%

2.0%
30 $4,474,392
$6,916,490

1.55 Equipment
$0
$107,689
$110,381
$1,357.690
$1,575,760

london moeder
advisors
Sales Tax Revenue Forecast
To project the anticipated tax revenue that will be generated from the half-cent tax throughout the life of the bond, LMA conducted extensive market research to calculate the cumulative tax revenue projected over the 30-year duration.

We first identified the total occupied retail inventory of Santee of 2.5 million S.F.11 Next, we researched the total taxable retail and food service transactions for Santee which totaled of $930.3 million for 2022.12 This results in annual taxable sales of $365 per square foot.

To account for the year-over-year change in both taxable sales and growth in retail space, a compound annual growth rate (CAGR) was calculated for both variables. This resulted in an inventory growth rate of 0.24% for the total occupied inventory and an inflation factor of 4.42% for annual taxable sales.13

ASSUMPTIONS
Total Occupied Inventory
Total Occupied Inventory Inflation Rate (CAGR)
Annual Taxable Transactions
Annual Taxable Transactions Per S.F of Retail
Taxable Transactions Inflation Rate (CAGR)
Tax Rate from Bond
2,546,785

0.24%
$930,300,946
$365

4.42%
$0.0050
Over the 30-year period. The total tax revenue generated is estimated to be $350.7 million. After adding the reserve fund of $6.9 million and subtracting bond payments of $134.2 million the available revenue for operations is $223.4 million. The schedules in the Appendix demonstrate that there is available revenue to afford the bond payments over the life of the bond, resulting in a 30- year surplus.
30-Year Summary Totals
Total Tax Revenue Generated
Reserve Fund
Total Bond Payments
Total Available Revenue for Operations
1l costar
1 2 California Department of Tax and Fee Administration (CDTFA) $350,745,585
$6,878,238
($134,231,768)
$223,392.055
13 The CAGRs are based on a 13-year period since the CDTFA data goes back to 2009.

City of Santee - Feasibility Analysis Page 23 of 41
london moeder
advisors
Operating Costs
Operating costs were provided to LMA and include the following categories: staffing, nonpersonnel costs, and capital costs. We applied the assumption of a 3% annual inflation rate provided to us by the City of Santee to the operating expenses.

Over a 30-year period, the half-cent tax results in $223.4 million available for operations.

Subtracting $126.9 million in total operating expenses results in a surplus of $96.5 million. 30-Year Summary Totals
Available Revenue for Operations
Less: Costs & Expenses
Tax Revenue Shortfall/Surplus
Conclusion
$223,392,055
($126,902,774)
$96.489,281
Scenario 4 is a potentially feasible option. While there are intermittent shortfalls to cover operation costs in six of the first ten years. there is a total surplus of $844,344 over the 10- year period. In addition, over the 30-year period there is a surplus of approximately $96.5 million.

City of Santee - Feasibility Analysis Page 24 of 41
london moeder
advisors
Scenario 5
This scenario analyzes the construction and operation of only Phases 1 and 2, with a sates tax rate increase of $0.0050. The detailed schedules are in the Appendix (see Scenario 5).

Construction Budget
The total estimated cost of construction is estimated to be $38.8 million. Based on the phased timing of development and construction costs inflation, the forecasted cost of construction is estimated to be $42.9 million, the following table details the construction costs:

SCENARIO 5 - $.0050 (Phase 1& 2 Only)
Forecasted Costs
3-Year Period
Cost Adjustment: Construction
Cost Adjustment: Equipment
Phase 1A - New Fire Station at City Operations Center
Fire Station (includes FF&E)
Phase 1B - Fleet Maintenance Facility
Fleet Facility (includes FF&E)
Equipment
Phase 2A - Fire Station 4 Replacement
Fire Station (includes FF&E)
Squad Vehicle
Costs and Expenses

3.00%

2.50%
Base Costs
$14,700.000
$5,600,000
$100,000
$18,250,000
$100,000
$38.750,000
Yearl
Jan-26
Dec-26

1.09 1.08
$16,063,087
$6.119,271
$107,689
$22,290,047
Year2
Jan-27
Dec-27

1.13 1.10
$20,540,536
$110,381
$20,650,917
!Total Costs (Inflated) $42.940.964 I
City of Santee - Feasibility Analysis Page 25 of 41
london moeder
advisors
Bond Calculations
The total bond amount required for the construction and renovation of the fire department facilities is estimated to be $48.8 million. This amount includes a 10% reserve fund ($4.9 million) and 2% for the cost of issuance ($975,931). The duration of the bond is set at 30 years. The following table details our bond assumptions.

SCENARIO 5 - $.0050 (Phase 1& 2 Only)
Bond Amount Required for New Fire Facilities
Santee - Fire District
New Fire Facilities Costs
Phase 1A - New Fire Station at City Operations Center
Phase 1B - Fleet Maintenance Facility
Phase 2A - Fire Station 4 Replacement
Cost Per Segment
!Total Cost
Bond Amount
Less: Reserve Fund
Less: Cost of Issuance
Net Bond Proceeds
Interest Rate
Reserve Fund
Cost of Issuance
Term (Years)
Bond Payment (Annual)
Available Revenue (Av. Annual First 10 Years)
DCR (10 Year Avg.)
City of Santee - Feasibility Analysis
Construction
$16,063,087
$6,119,271
$20.540.536
$42,722,894
$42,940.964
$48,796,550
($4,879,655)
($975 931)
$42,940,964

5.0%
10%

2.0%
30 $3,174,286
$6,916,490

2.18 Equipment
$0
$107,689
$110.381
$218,070

london moeder
advisors
Sales Tax Revenue Forecast
To project the anticipated tax revenue that will be generated from the half-cent tax throughout the life of the bond, LMA conducted market research to calculate the cumulative tax revenue projected over the 30-year duration.

We first identified the total occupied retail inventory of Santee of 2.5 million S.F.14 Next, we researched the total taxable retail and food service transactions for Santee which totaled of $930.3 million for 2022.15 This results in annual taxable sales of $365 per square foot.

To account for the year-over-year change in both taxable sales and growth in retail space, a compound annual growth rate (CAGR) was calculated for both variables. This resulted in an inventory growth rate of 0.24% for the total occupied inventory and an inflation factor of 4.42% for annual taxable sales.16
SCENARIO 5 - $.0050 (Phase 1& 2 Only)
30 Year Tax Revenue Timeline
Annual Tax Revenue Forecast

ASSUMPTIONS
Total Occupied Inventory
Total Occupied Inventory Inflation Rate (CAGR)
Annual Taxable Transactions
Annual Taxable Transactions Per S.F of Retail
Taxable Transactions Inflation Rate (CAGR)
Tax Rate from Bond
2,546,785

0.24%
$930,300.946
$365

4.42%
$0.0050
Over the 30-year period, the total tax revenue generated is estimated to be $350.7 million. After adding the reserve fund of $4.9 million and subtracting bond payments of $95.2 million, the available revenue for operations is $260.4 million.
30-Year Summary Totals
Total Tax Revenue Generated
Reserve Fund
Total Bond Payments
Total Available Revenue for Operations
14 costar
15 California Department of Tax and Fee Administration (CDTFA) $350,745,585
$4,879,655
($95,228,568)
$260,396,672
16 The CAGRs are based on a 13-year period since the CDTFA data goes back to 2009.

City of Santee - Feasibility Analysis Page 27 of 41
london moeder
advisors
Operating Costs
Operating costs were provided to LMA and include the following categories: staffing, nonpersonnel costs, and capital costs. We applied the assumption of a 3% annual inflation rate to the operating expenses.17
Over the 30-year period, the half-cent tax results in $260.4 million available for operations.

Subtracting $82.9 million in total operating expenses results in a surplus of $177.5 million. 30-Year Summary Totals
Available Revenue for Operations
Less: Costs & Expenses
Tax Revenue Shortfall/Surplus
Conclusion
$260,396,672
($82,864,895)
$177,531,777
Scenario 5 is a feasible option. A half-cent tax increase generates sufficient revenue to afford the bond payments over all 30-years. There is also sufficient revenue to cover the annual operating expenses from Phases 1 and 2. Over a 30-year period there is a surplus of approximately $177.5 million.
17 This figure was provided by the City of Santee
City of Santee - Feasibility Analysis Page 28 of 41
london moeder
advisors
Scenario 6
This scenario analyzes the construction and operation of only Phases 1 and 3, with a sales tax rate increase of $0.0050. The detailed schedules are in the Appendix (see Scenario 6).

Construction Budget
The total estimated cost of construction is estimated to be $35.6 million. Based on the phased timing of development and construction costs inflation, the forecasted cost of construction is estimated to be $39.4 million. the following table details the construction costs:

SCENARIO 6 - $.0050 (Phase 1&3 Only)
Forecasted Costs
3- Year Period
Cost Adjustment: Construction
Co�A�u�me�:�u�me�
Phase lA - New Fire Station at City Operations Center
Fire Station (includes FF&E)
Phase 1B - Fleet Maintenance Facility
Fleet Facility (includes FF&E)
Equipment
Phase 3 - New Fire Station in Northern Santee
Fire Station (includes FF&E)
Fire Engine
Costs and Expenses
I Total Costs (Inflated)
City of Santee - Feasibility Analysis

3.00%

2.50%
Base Costs
$14,700,000
$5,600,000
$100,000
$14,000,000
$1,200,000
$35,600,000
Year 1 Year 2
Jan-26 Jan-27
Dec-26 Dec-27

1.09 1.13

1.08 1.10
$16,063.087
$6,119,271
$107,689
$15,757,123
$1,324,575
$22,290,047 $17,081,699
$39.371.746 1

london moeder
advisors
Bond Calculations
The total bond amount required for the construction and renovation of the fire department facilities is estimated to be $44.7 million. This amount includes a 10% reserve fund ($4.5 million) and 2% for the cost of issuance ($894,812). The duration of the bond is set at 30 years. The following table details our bond assumptions.

SCENARIO 6 - $.0050 (Phase 1&3 Only)
Bond Amount Required for New Fire Facilities
Santee - Fire District
New Fire Facilities Costs
Phase 1A - New Fire Station at City Operations Center
Phase 1B - Fleet Maintenance Facility
Phase 3 - New Fire Station in Northern Santee
Cost Per Segment
!Total Cost
Bond Amount
Less: Reserve Fund
Less: Cost of Issuance
Net Bond Proceeds
Interest Rate
Reserve Fund
Cost of Issuance
Term (Years)
Bond Payment (Annual)
Available Revenue (Av. Annual First 10 Years)
OCR (10 Year Avg.)
City of Santee - Feasibility Analysis
Construction
$16,063,087
$6,119,271
$15 757.123
$37,939,481
$39,371,746
$44,740,620
($4,474,062)
($894 812)
$39,371,746

5.0%
10%

2.0%
30 $2,910,442
$6,916,490

2.38 Equipment
$0
$107,689
S1 324 575
$1,432,265

london moeder
advisors
Sales Tax Revenue Forecast
To project the anticipated tax revenue that will be generated from the half-cent tax throughout the life of the bond, LMA conducted extensive market research to calculate the cumulative tax revenue projected over the 30-year duration.

We first identified the total occupied retail inventory of Santee of 2.5 million S.F.18 Next, we researched the total taxable retail and food service transactions for Santee which totaled of $930.3 million for 2022.19 This results in annual taxable sales of $365 per square foot.

To account for the year-over-year change in both taxable sales and growth in retail space, a compound annual growth rate (CAGR) was calculated for both variables. This resulted in an inventory growth rate of 0.24% for the total occupied inventory and an inflation factor of 4.42% for annual taxable sales.20

ASSUMPTIONS
Total Occupied Inventory
Total Occupied Inventory Inflation Rate (CAGR)
Annual Taxable Transactions
Annual Taxable Transactions Per S.F of Retail
Taxable Transactions Inflation Rate (CAGR)
Tax Rate from Bond
2,546,785

0.24%
$930,300,946
$365

4.42%
$0.0050
Over the 30-year period, the total tax revenue generated is estimated to be $350.7 million. After adding the reserve fund of $4.5 million and subtracting bond payments of $87.3 million, the available revenue for operations is $267.9 million:
30-Year Summary Totals
Total Tax Revenue Generated
Reserve Fund
Total Bond Payments
Total Available Revenue for Operations
18 CoStar
19 California Department of Tax and Fee Administration (CDTFA) $350,745,585
$4,474,062
($87,313,247)
$267,906,400
20 The CAGRs are based on a 13-year period since the CDTFA data goes back to 2009.

City of Santee - Feasibility Analysis Page 31 of 41
london moeder
advisors
Operating Costs
Operating costs were provided to LMA and include the following categories: staffing, nonpersonnel costs, and capital costs. We applied the assumption of a 3% annual inflation rate provided to us by the City of Santee to the operating expenses.

Over the 30-year period, the half-cent tax results in $267.9 million available for operations.

Subtracting $126.5 million in total operating expenses results in a surplus of $141.4 million:
30-Year Summary Totals
Available Revenue for Operations
Less: Costs & Expenses
Tax Revenue Shortfall/Surplus
Conclusion
$267,906,400
($126,523,646)
$141,382,754
Scenario 6 is a feasible option. A half-cent tax increase generates sufficient revenue to fund the bond payments over all 30-years. As a result, there is sufficient revenue to cover the annual operating expenses of Phases 1 and 3. Over a 30-year period there is a surplus of approximately $141.4 million.

City of Santee - Feasibility Analysis Page 32 of 41
london moeder
advisors
Appendix
City of Santee - Feasibility Analysis Page 33 of 41
london moeder
advisors
Scenario 1
City of Santee - Feasibility Analysis Page34 of41
SCENARIO 1 - $.0025
Forecasted Costs
3-Year Period
Cost Adjustment: Construction
Cost Adjustment: Equipment
30%

2.5%
Phase lA - New Fire Station at City Operations Center
Fire Station (includes FF&E)
Phase 1 B - Fleet Maintenance Facility
Fleet Facility (includes FF&E)
Equipment
Phase 2A - Fire Station 4 Replacement
Fire Station (includes FF&E)
Squad Vehicle
Phase 3 - New Fire Station in Northern Santee
Fire Station {includes FF&E)
Fire En
gine
Costs and Expenses
!Total Costs (Inflated)
Base Costs
$14,700,000
$5,600,000
$100,000
$18,250,000
$100,000
$14,000,000
$1,200,000
$53,950,000
Year1 Year 2 Year3
Jan-26 Jan-27 Jan-28
Dec-26 Dec-27 Dec-28
109 1.13 1.16
108 1.10 1.13
$16,063,087
$6,119,271
$107,689
$20,540,536
$110,381 .
$16,229,837
$1,357,690
$22,290,047 $20,650,917 $17,587,527
$60.s2a.491 I
SCENARIO 1 - $.0025
Bond Amount Required for New Fire Facilities
Santee - Fire District
New Fire Facilities Costs
Phase 1A - New Fire Station at City Operations Center
Phase 1B - Fleet Maintenance Facility
Phase 2A - Fire Station 4 Replacement
Phase 3 - New Fire Station in Northern Santee
Cost Per Segment
!Total Cost
Bond Amount
Less Reserve Fund
Less Cost of Issuance
Net Bond Proceeds
Interest Rate
Reserve Fund
Cost of Issuance
Term (Years)
Bond Payment (Annual)
Available Revenue (Av. Annual First 10 Years)
DCR (10 Year Avg.)
Beginning
YR Balance Payment
$68,782,376 $4,474,392
2 $67,747,103 $4.4 74,392
3 $66,660,066 $4.4 74,392
4 $65,518,677 $4.4 74,392
5 $64,320,218 $4.4 74,392
6 $63,061.837 $4.4 74,392
7 $61.7 40,536 $4.4 74,392
8 $60,353,171 $4.4 74,392
9 $58,896.437 $4.4 74,392
10 $57,366,867 $4.4 7 4.392
11 $55.760,818 $4.4 74,392
12 $54,074.466 $4.4 74,392
13 $52,303,797 $4.4 74,392
14 $50.444,595 $4.474.392
15 $48.492.432 $4.4 74,392
16 $46.442,662 $4.474,392
17 $44,290.403 $4.474,392
18 $42,030,530 $4.4 74,392
19 $39,657,665 $4.4 74,392
20 $37,166,156 $4.474,392
21 $34,550.071 $4.4 74,392
22 $31,803,182 $4.4 74,392
23 $28,918,949 $4,474,392
24 $25,890,504 $4.474,392
25 $22, 710,637 $4.474,392
26 $19,371.777 $4.474,392
27 $15,865,974 $4,474,392
28 $12,184,880 $4.474,392
29 $8,319.732 $4.4 74,392
30 $4,261,326 $4.474,392
Interest••
$3.439,119
$3,387,355
$3,333,003
$3,275,934
$3,216,011
$3,153.092
$3,087,027
$3,017,659
$2,944,822
$2,868,343
$2,788,041
$2,703.723
$2,615,190
$2,522.230
$2.424,622
$2,322,133
$2,214,520
$2,101.527
$1,982.883
$1,858,308
$1.727,504
$1,590,159
$1.445,947
$1,294,525
$1,135,532
$968,589
$793,299
$609,244
$415,987
$213,066
Construction
$16,063,087
$6,119.271
$20,540,536
$16 229 837
$58,952,731
$60,528.491
$68.782.376
($6,878.238)
($1 375 648)
$60,528.491

5.0%
10%

2.0%
30 $4,474,392
$3.458,245

0.77 Principal
$1,035,273
$1.087,037
$1,141,389
$1,198.458
$1,258,381
$1,321,300
$1,387,365
$1.456,734
$1.529,570
$1.606,049
$1.686,351
$1,770,669
$1,859.202
$1.952,163
$2,049,771
$2,152.259
$2,259,872
$2,372,866
$2.491,509
$2,616,084
$2,746,889
$2,884,233
$3,028.445
$3,179,867
$3,338,860
$3,505,803
$3,681,094
$3,865,148
$4,058.406
$4,261.326
Equipment
$0
$107,689
$110.381
$1 357 690
$1,575,760
Ending
Balance
$67.747,103
$66,660,066
$65,518,677
$64,320,218
$63,061.837
$61.7 40,536
$60,353,171
$58,896.437
$57,366,867
$55,760,818
$54,074.466
$52,303,797
$50.444,595
$48.492.432
$46.442,662
$44,290.403
$42,030,530
$39,657,665
$37,166,156
$34,550,071
$31,803,182
$28,918,949
$25,890,504
$22,710,637
$19,371.777
$15,865,974
$12,184,880
$8,319,732
$4,261,326
$0
SCENARIO 1 - $.0025
30 Year Tax Revenue Timeline
Annual Tax Revenue Forecast

ASSUMPTIONS
Total Occupied Inventory
Total Occupied Inventory Inflation Rate (CAGR)
Annual Taxable Transactions
Annual Taxable Transactions Per S.F of Retail
Taxable Transactions Inflation Rate (CAGR)
Tax Rate from Bond
Occupied lnvenotry Inflation Rate
Annual Taxable Sales Inflation Rate
Occupied Inventory
Retail Sales Per S.F
Taxable Transactions: Retail and Food Services
Annual Tax Revenue Generated
Reserve Fund
Less: Bond Payment
Available Revenue for Operations
Bond Payment DCR
30-Year Summar,, Totals
Total Tax Revenue Generated
Reserve Fund
Total Bond Pavments
Total Available Revenue for Operations
2,546,785

0.24%
$930,300.946
$365

4.42%
$0.0025
$175,372,793
$6,878,238
($134,231,768)
$48,019,262
Initial
0 1.00

1.00 2,546,785
$365
$930,300,946
Year 1 Year 2
Jan-26 Jan-27
Dec-26 Dec-27
1 2

1.0098 1.0024

1.19 1.04
2,571.717 2.577.988
$434 $453
$1,116,728,115 $1,168,902,929
$2,791,820 $2,922.257
$0 $0
($4,474,392) ($4,474,392)
($1,682,572) ($1,552,135)

0.62 0.65
Year 3 Year 4 Year 5 Year6
Jan-28 Dec-28 Dec-29 Dec-30
Dec-28 Dec-29 Dec-30 Dec-31
3 4 5 6

1.0024 1.0024 1.0024 1.0024

1.04 1.04 1.04 1.04
2,584.274 2,590,576 2,596.893 2,603,225
$473 $494 $516 $539
$1,223,515.411 $1.280,679.450 $1,340,514,258 $1,403,144,617 $3,058.789 $3,201.699 $3.351.286 $3,507,862
$0 $0 $0 $0
($4,474,392) ($4,474,392) ($4,474.392) ($4,474.392)
($1,415,604) ($1,272,694) ($1,123,107) ($966,531)

0.68 0.72 0.75 0.78
SCENARIO 1 - $.0025
30 Year Tax Revenue Timeline
Annual Tax Revenue Forecast

ASSUMPTIONS
Total Occupied Inventory
Total Occupied Inventory Inflation Rate (CAGR)
Annual Taxable Transactions
Annual Taxable Transactions Per S.F of Retail
Taxable Transactions Inflation Rate (CAGR)
Tax Rate from Bond
Occupied lnvenotry Inflation Rate
Annual Taxable Sales Inflation Rate
Occupied Inventory
Retail Sales Per S.F
Taxable Transactions: Retail and Food Services
Annual Tax Revenue Generated
Reserve Fund
Less: Bond Payment
Available Revenue for Operations
Bond Payment DCR
30-Year Summary Totals
Total Tax Revenue Generated
Reserve Fund
Total Bond Payments
Total Available Revenue for Operations

2.546.785

0.24%
$930.300.946
$365

4.42%
$0.0025
$175.372.793
$6,878,238
($134,231.768)
$48,019,262
Year 7
Dec-31
Dec-32
7 10024

1.04 2.609,573
$563
$1.468.701,138
$3,671.753
$0
($4.474,392)
($802,639)

0.82 I ,.

Year B Year 9
Dec-32 Dec-33
Dec-33 Dec-34
8 9

1.0024 1.0024

1.04 104
2,615,936 2,622.315
$588 $614
$1,537,320,534 $1,609.145,908
$3,843.301 $4,022.865
$0 $0
($4.4 74,392) ($4.4 74,392)
($631,091) ($451,528)

0.86 0.90
Year 10 Yearll Year12 Year13
Dec-34 Dec-35 Dec-36 Dec-37
Dec-35 Dec-36 Dec-37 Dec-38
10 11 12 13

1.0024 1.0024 1.0024 1.0024

1.04 1.04 1.04 1.04

2.628,709 2,635,119 2,641.545 2,647,986
$641 $669 $699 $729
$1,684.327.044 $1,763,020.730 $1.845.391.074 $1,931,609,855 $4,210,818 $4.407.552 $4,613.478 $4,829,025
$0 $0 $0 $0
($4.474,392) ($4.474,392) ($4,474,392) ($4.4 74,392)
($263,575) ($66,840) $139,085 $354,632

0.94 0.99 1.03 1.08
SCENARIO 1 - $.0025
30 Year Tax Revenue Timellne
Annual Tax Revenue Forecast

ASSUMPTIONS
Total Occupied Inventory
Total Occupied Inventory Inflation Rate (CAGR)
Annual Taxable Transactions
Annual Taxable Transactions Per S.F of Retail
Taxable Transactions Inflation Rate (CAGR)
Tax Rate from Bond
Occupied lnvenotry Inflation Rate
Annual Taxable Sales Inflation Rate
Occupied Inventory
Retail Sales Per S.F
Taxable Transactions: Retail and Food Services
Annual Tax Revenue Generated
Reserve Fund
Less: Bond Payment
Available Revenue for Operations
Bond Payment DCR
30-Year Summary Totals
Total Tax Revenue Generated
Reserve Fund
Total Bond Payments
Total Available Revenue for Operations
2,546,785

0.24%
$930,300,946
$365

4.42%
$0.0025
$175,372.793
$6,878,238
($134,231.768)
$48,019,262
Year14
Dec-38
Dec-39
14 1.0024

1.04 2,654.443
$762
$2,021,856,877
$5,054.642
$0
($4.474,392)
$580,250

1.13 Year15 Year 16
Dec-39 Dec-40
Dec-40 Dec-41
15 16

1.0024 1.0024

1.04 1.04
2,660,916 2,667.404
$795 $830
$2,116,320,342 $2,215,197.248
$5.290.801 $5,537,993
$0 $0
($4,474,392) ($4.4 74.392)
$816,409 $1,063,601

1.18 1.24
Year 17 Year18 Year19 Year 20
Dec-41 Dec-42 Dec-43 Dec-44
Dec-42 Dec-43 Dec-44 Dec-45
17 18 19 20
10024 1.0024 1.0024 1.0024
104 1.04 1.04 104

2.673.908 2.680.429 2,686,965 2,693,517
$867 $905 $945 $987
$2.318.693.796 $2.427,025,822 $2,540.419,243 $2,659,110.535 $5,796.734 $6,067,565 $6,351.048 $6.647,776
$0 $0 $0 $0
($4.4 74,392) ($4.474,392) ($4,474,392) ($4,474,392)
$1,322,342 $1,593,172 $1,876,656 $2,173,384

1.30 1.36 1.42 1.49
SCENARIO 1 - $.0025
30 Year Tax Revenue Timeline
Annual Tax Revenue Forecast

ASSUMPTIONS
Total Occupied Inventory
Total Occupied Inventory Inflation Rate (CAGR)
Annual Taxable Transactions
Annual Taxable Transactions Per S.F of Retail
Taxable Transactions Inflation Rate (CAGR)
Tax Rate from Bond
Occupied lnvenotry Inflation Rate
Annual Taxable Sales Inflation Rate
Occupied Inventory
Retail Sales Per S.F
Taxable Transactions: Retail and Food Services
Annual Tax Revenue Generated
Reserve Fund
Less: Bond Payment
Available Revenue for Operations
Bond Payment OCR
30-Year Summarv Totals
Total Tax Revenue Generated
Reserve Fund
Total Bond Pavments
Total Available Revenue for Operations
2,546.785

0.24%
$930.300,946
$365

4.42%
$0.0025
$175,372.793
$6,878,238
($134.231.768)
$48,019,262
Year 21
Dec-45
Dec-46
21 1.0024

1.04 2,700,085
$1.031
$2. 783,347,220
$6,958.368
$0
($4,474,392)
$2,483,976

1.56 Year 22 Year 23
Dec-46 Dec-47
Dec-47 Dec-48
22 23

1.0024 1.0024
104 1.04
2,706,669 2.713.269
$1,076 $1,124
$2.913.388,385 $3,049,505.222
$7,283.471 $7.623.763
$0 $0
($4,474,392) ($4,474,392)
$2,809,079 $3,149,371

1.63 1.70
Year 24 Year 25 Year 26 Year 27
Dec-48 Dec-49 Dec-50 Dec-51
Dec-49 Dec-50 Dec-51 Dec-52
24 25 26 27

1.0024 1.0024 10024 1.0024

1.04 104 1.04 104

2.719.885 2.726,517 2.733,166 2.739,830
$1.174 $1.225 $1,280 $1,336
$3.191,981.592 $3,341.114,622 $3,497,215,318 $3,660.609.216 $7.979,954 $8,352.787 $8.743,038 $9,151.523
$0 $0 $0 $0
($4.4 74,392) ($4,474,392) ($4,474,392) ($4 .4 74,392)
$3,505,562 $3,878,394 $4,268,646 $4,677,131

1.78 1.87 1.95 2.05
SCENARIO 1 - $.0025
30 Year Tax Revenue Timellne
Annual Tax Revenue Forecast

ASSUMPTIONS
Total Occupied Inventory
Total Occupied Inventory Inflation Rate (CAGR)
Annual Taxable Transactions
Annual Taxable Transactions Per S.F of Retail
Taxable Transactions Inflation Rate (CAGR)
Tax Rate from Bond
Occupied lnvenotry Inflation Rate
Annual Taxable Sales Inflation Rate
Occupied Inventory
Retail Sales Per S.F
Taxable Transactions: Retail and Food Services
Annual Tax Revenue Generated
Reserve Fund
Less: Bond Payment
Available Revenue for Operations
Bond Payment DCR
30-Year Summarv Totals
Total Tax Revenue Generated
Reserve Fund
Total Bond Pavments
Total Available Revenue for Operations
2,546.785

0.24%
$930,300.946
$365

4.42%
$0.0025
$175.372.793
$6,878.238
($134.231.768)
$48,019,262
Year2B
Dec-52
Dec-53
28 1.0024
104

2.746,511
$1.395
$3,831,637,065
$9,579,093
$0
($4.474,392)
$5,104,700

2.14 Year 29 Year 30
Dec-53 Dec-54
Dec-54 Dec-55
29 30

1.0024 10024

1.04 1.04

2.753,208 2.759,922
$1.457 $1.521
$4,010,655,530 $4.198.037,942
$10.026.639 $10.495.095
$2.403,845 $4.474,392
($4.474.392) ($4.474,392)
$7,956,092 $10,495,095

2.78 3.35
SCENARIO 1 - $.0025
Operating Costs Timeline
Annual Cash Flow Forecast
Period
Cost Ad ustment (For YR 1)
Annual Inflation Factor
Phase 1A - New Fire Station at City Operations Center
Staffing
Non-personnel costs
Ca ital Costs
Phase 1 B - Fleet Maintenance Facility
Staffing
Non-personnel costs
Ca ital Costs
Phase 2A - Fire Station 4 Replacement
Staffing
Non-personnel costs
Ca ital Costs
Phase 3 - New Fire Station in Northern Santee
Staffing
Non-personnel costs
Ca ital Costs
Costs & Expenses
Available Revenue for Operations
Less: Costs & Expenses
Tax Revenue Shortfall/Surplus
10-Year Summa Totals
Available Revenue for Operations
Less: Costs & Ex enses
Tax Revenue Shortfall/Sur lus
30-Year Summa Totals
Available Revenue for Operations
Less: Costs & Ex enses
Tax Revenue Shortfall/Sur lus
($10,161.474)
($40.423.767)
($50,585,242)
$48,019,262
($206.441,396)
($158.422,134)
Initial
0 1.00
1/ ',\'J
Yearl Year 2
Jan-26 Jan-27
Dec-26 Jan-28
1 2

1.09 1.13

1.03 1.03
$0 $0
$0 $0
$0 so
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
($1,682,572) ($1,552,135)
$0 $0
($1,682,572) ($1,552,135)
Year 3 Year 4 Year 5
Jan-28 Jan-29 Jan-30
Dec-28 Dec-29 Dec-30
3 4 5

1.16 1.19

1.03 103 1.03
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$1.738,911 $1,791.078 $1,844,811
$131,578 S135,525 $139.591
$59,703 $61.494 $63,339
$0 $2,608,367 $2,686.618
$0 $263,155 $271,050
$0 $164,037 $168,958
$1,930,191 $5,023,656 $5,174,366
($1,415,604) ($1,272,694) ($1,123,107)
($1,930,191}
($5,023,656}
(
$5,174,366}
($3,345,795) ($6,296,350) ($6,297,473)
SCENARIO 1 - $.0025
Operating Costs Timeline
Annual Cash Flow Forecast
Period
Cost Ad·ustment (For YR 1)
Annual Inflation Factor
Phase lA - New Fire Station at City Operations Center
Staffing
Non-personnel costs
Ca ital Costs
Phase 1 B - Fleet Maintenance Facility
Staffing
Non-personnel costs
Ca ital Costs
Phase 2A - Fire Station 4 Replacement
Staffing
Non-personnel costs
Ca ital Costs
Phase 3 - New Fire Station in Northern Santee
Staffing
Non-personnel costs
Caeital Costs
Costs & Expenses
Available Revenue for Operations
Less: Costs & Exeenses
Tax Revenue Shortfall/Surplus
10 -Year Summa Totals
Available Revenue for Operations
Less: Costs & Ex enses
Tax Revenue Shortfall/Sur lus
30 -Year Summa Totals
Available Revenue for Operations
Less: Costs & Ex enses
Tax Revenue Shortfall/Sur lus
($10,161,474)
($40,423,767)
($50,585,242)
$48,019.262
($206,441,396)
($158.422,134)
.. _1,-,..;··1'
Year 6 Year 7
Jan-31 Jan-32
Dec-31 Dec-32
6 1 03 1.03
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$1,900,155 $1,957,160
$143,778 $148,092
$65,239 $67,196
$2,767,216 $2,850,233
$279,181 $287,557
$174,027 $179,248
$5,329,597 $5,489.485
($966,531) ($802,639}
($5,329,597) ($5,489,485)
($6,296.128) ($6,292,124)
:,:·i'
Year 8 Year 9 YearlO Year 11 Year12
Dec-32 Dec-33 Dec-34 Dec-35 Dec-36
Dec-33 Dec-34 Dec-35 Dec-36 Dec-37
8 9 10 11 12
103 103 1.03 1.03 1.03
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
$2,015.875 $2,076.351 $2,138.641 $2,202,801 $2,268.885
$152,535 $157,111 $161,824 $166,679 $171,679
$69,212 $71,288 $73,427 $75,629 $77,898
$2,935,740 $3,023,812 $3,114,526 $3.207,962 $3.304,201
$296,184 $305.069 $314,221 $323,648 $333,357
$184,625 $190,164 $195,869 $201.745 $207.798
$5,654,169 $5,823,794 $5,998,508 $6,178.464 $6,363,817
($631,091} ($451,528) ($263,575} ($66,840) $139,085
($5,654.169) ($5,823,794) ($5,998,508) ($6,178,464) ($6,363,817) ($6,285,260) ($6,275,322) ($6,262,083) ($6,245,304} ($6,224,732) SCENARIO 1 - $.0025
Operating Costs Tlmellne
Annual Cash Flow Forecast
Period
Cost Ad ustment (For YR 1)
Annual Inflation Factor
Phase lA - New Fire Station at City Operations Center
Staffing
Non-personnel costs
Ca ital Costs
Phase 1 B - Fleet Maintenance Facility
Staffing
Non-personnel costs
Ca ital Costs
Phase 2A - Fire Station 4 Replacement
Staffing
Non-personnel costs
Capital Costs
Phase 3 - New Fire Station in Northern Santee
Staffing
Non-personnel costs
Capital Costs
Costs & Expenses
Available Revenue for Operations
Less: Costs & Expenses
Tax Revenue Shortfall/Surplus
10-Year Summa Totals
Available Revenue for Operations
Less: Costs & Ex enses
Tax Revenue Shortfall/Sur lus
30-Year Summa Totals
Available Revenue for Operations
Less: Costs & Ex enses
Tax Revenue Shortfall/Sur lus
($10,161.474)
($40.423.767)
($50,585,242)
$48,019.262
($206.441.396)
($158,422,134)
Year 13
Dec-37
Dec-38
13 1.03
$0
$0
$0
$0
$0
$0
$2,336,951
$176,829
$80,235
$3.403,327
$343,358
$214,031
$6,554,732
$354,632
($6,554,732)
($6,200,100)
Year 14 Year 15
Dec-38 Dec-39
Dec-39 Dec-40
14 15

1.03 1 03
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$2,407,060 $2.4 79.271
$182,134 $187,598
$82,642 $85,122
$3,505,427 $3.610.589
$353,659 $364,268
$220,452 $227,066
$6,751,374 $6,953,915
$580,250 $816.409
($6,751.374) ($6,953,915)
($6,171,124) ($6,137,507)
Year16 Year 17 Year18 Year 19
Dec-40 Dec-41 Dec-42 Dec-43
Dec-41 Dec-42 Dec-43 Dec-44
16 17 18 19

1.03 103 103 1.03
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$2,553.650 $2,630,259 $2,709.167 $2,790.442
$193,226 $199,023 $204,994 $211,143
$87.675 $90,306 $93,015 $95,805
$3,718,907 $3,830,474 $3,945.389 $4,063.750
$375,196 $386,452 $398.046 $409,987
$233,878 $240,894 $248,121 $255,565
$7,162,533 $7,377.409 $7,598,731 $7,826,693
$1,063,601 $1,322,342 $1,593,172 $1,876,656
($7,162,533) ($7,377.409) ($7,598,731) ($7,826,693)
($6,098,932) ($6,055,066) ($6,005,559) ($5,950,037)
SCENARIO 1 - $.0025
Operating Costs Timeline
Annual Cash Flow Forecast
Period
Cost Ad·ustment (For YR 1)
Annual Inflation Factor
Phase lA - New Fire Station at City Operations Center
Staffing
Non-personnel costs
Ca ital Costs
Phase 1 B - Fleet Maintenance Facility
Staffing
Non-personnel costs
Ca ital Costs
Phase 2A - Fire Station 4 Replacement
Staffing
Non-personnel costs
Capital Costs
Phase 3 - New Fire Station in Northern Santee
Staffing
Non-personnel costs
Capital Costs
Costs & Expenses
Available Revenue for Operations
Less: Costs & Expenses
Tax Revenue Shortfall/Surplus
10-Year Summa Totals
Available Revenue for Operations
Less: Costs & Ex enses
Tax Revenue Shortfall/Sur lus
30-Year Summa Totals
Available Revenue for Operations
Less: Costs & Ex enses
Tax Revenue Shortfall/Sur lus
($10,161,474)
($40.423.767)
($50,585,242)
$48,019,262
($206.441,396)
($158,422,134)
Year 20
Dec-44
Dec-45
20 1 03
$0
$0
$0
$0
$0
$0
$2.874,155
$217.478
$98,679
$4,185,663
$422,287
$263,232
$8,061,494
$2,173,384
($8,061,494)
($5,888,109)
Year 21 Year 22
Dec-45 Dec-46
Dec-46 Dec-47
21 22

1.03 1.03
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$2,960,380 $3,049,191
$224,002 $230.722
$101.640 $104,689
$4,311.233 $4,440,570
$434,955 $448,004
$271,129 $279,262
$8,303,338 $8,552,438
$2,483,976 $2,809,079
($8,303,338) ($8,552,438)
($5,819,363) ($5,743,360)
Year 23 Year 24 Year 25 Year 26
Dec-47 Dec-48 Dec-49 Dec-50
Dec-48 Dec-49 Dec-50 Dec-51
23 24 25 26
103 1.03 1.03 1.03
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$3,140,667 $3,234,887 $3,331,934 $3.431.892
$237,644 $244,773 $252.116 $259,680
$107,830 $111,064 $114,396 $117,828
$4,573.787 $4,711,000 $4,852,330 $4,997,900
$461.444 $475,288 $489,546 $504,233
$287,640 $296,270 $305,158 $314,312
$8,809,012 $9,073,282 $9,345,480 $9,625,845
$3,149,371 $3,505,562 $3,878,394 $4,268,646
($8,809,012) ($9,073,282) ($9,345,480) ($9,625,845)
($5,659,641) ($5,567,720) ($5,467,086) ($5,357,199)
SCENARIO 1 - $.0025
Operating Costs Timeline
Annual Cash Flow Forecast
Period
Cost Ad·ustment (For YR 1)
Annual Inflation Factor
Phase lA - New Fire Station at City Operations Center
Staffing
Non-personnel costs
Ca ital Costs
Phase 1B - Fleet Maintenance Facility
Staffing
Non-personnel costs
Ca ital Costs
Phase 2A - Fire Station 4 Replacement
Staffing
Non-personnel costs
Capital Costs
Phase 3 - New Fire Station in Northern Santee
Staffing
Non-personnel costs
Capital Costs
Costs & Expenses
Available Revenue for Operations
Less: Costs & Expenses
Tax Revenue Shortfall/Surplus
10-Year Summa Totals
Available Revenue for Operations
Less: Costs & Ex enses
Tax Revenue Shortfall/Sur lus
30-Year Summa Totals
Available Revenue for Operations
Less: Costs & Ex enses
Tax Revenue Shortfall/Sur lus
($10,161.474)
($40,423,767)
($50,585,242)
$48,019,262
($206,441,396)
($158.422.134)
Year 27
Dec-51
Dec-52
27 103
$0
$0
$0
$0
$0
$0
$3,534,848
$267,470
$121,363
$5,147,837
$519,360
$323.7 42
$9,914,620
$4,677,131
($9,914,620)
($5,237.489)
Year 28
Dec-52
Dec-53
28 1 03
$0
$0
$0
$0
$0
$0
$3,640,894
$275,494
$125.004
$5,302,272
$534,940
$333,454
$10,212,059
$5,104,700
($10,212,059)
{$5,107,358)
Year 29 Year 30
Dec-53 Dec-54
Dec-54 Dec-55
29 30
103 103
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$3,750,121 $3,862.624
$283,759 $292,272
$128,754 $132,617
$5,461.341 $5,625,181
$550,989 $567,518
$343.458 $353,761
$10,518.421 $10,833,973
$7,956,092 $10,495,095
($10,518,421) ($10,833,973)
($2,562,329) {$338,878)
london moeder
advisors
Scenario 2
City of Santee - Feasibility Analysis Page 35 of41
SCENARIO 2 - $.0050
Forecasted Costs
3-Year Period
Cost Adjustment: Construction
Cost Adjustment: Equipment
30%

2.5%
Phase 1A - New Fire Station at City Operations Center
Fire Station (includes FF&E)
Phase 1B - Fleet Maintenance Facility
Fleet Facility (includes FF&E)
Equipment
Phase 2A - Fire Station 4 Replacement
Fire Station (includes FF&E)
Squad Vehicle
Phase 3 - New Fire Station in Northern Santee
Fire Station {includes FF&E)
Fire Eng
ine
Costs and Expenses
!Total Costs (Inflated)
Base Costs
$14,700,000
$5,600,000
$100,000
$18,250,000
$100,000
$14,000,000
$1,200,000
$53,950,000
Year1 Year 2 Year 3
Jan-26 Jan-27 Jan-28
Dec-26 Dec-27 Dec-28
1 09 1.13 1.16
108 1.10 1.13
$16,063,087
$6,119,271
$107,689
$20,540,536
$110,381
$16,229,837
$1,357,690
$22.290,04 7 $20,650,917 $17,587,527
$so.s2a.491 I
SCENARIO 2 - $.0050
Bond Amount Required for New Fire Facilities
Santee - Fire District
New Fire Facilities Costs
Phase 1 A - New Fire Station at City Operations Center
Phase 1 B - Fleet Maintenance Facility
Phase 2A - Fire Station 4 Replacement
Phase 3 - New Fire Station in Northern Santee
Cost Per Segment
!Total Cost
Bond Amount
Less: Reserve Fund
Less Cost of Issuance
Net Bond Proceeds
Interest Rate
Reserve Fund
Cost of Issuance
Term (Years)
Bond Payment (Annual)
Available Revenue (Av. Annual First 10 Years)
OCR (10 Year Avg.)
Beginning
YR. - Balance Payment
$68.782,376 $4.474,392
2 $67.747,103 $4.474,392
3 $66,660,066 $4.474,392
4 $65,518,677 $4.474,392
5 $64,320,218 $4.474,392
6 $63,061,837 $4.474,392
7 $61.740,536 $4.474,392
8 $60,353,171 $4.474,392
9 $58,896.437 $4.474,392
10 $57,366,867 $4.474,392
11 $55,760,818 $4.474,392
12 $54,074.466 $4.474,392
13 $52,303.797 $4.474,392
14 $50.444,595 $4.474,392
15 $48.492.432 $4.474,392
16 $46.442,662 $4.474,392
17 $44,290.403 $4.474,392
18 $42,030,530 $4.474,392
19 $39,657,665 $4.474,392
20 $37,166,156 $4.474,392
21 $34,550,071 $4.474,392
22 $31,803,182 $4.474,392
23 $28,918,949 $4.474.392
24 $25,890,504 $4.474,392
25 $22.710,637 $4.474,392
26 $19,371.777 $4.474,392
27 $15,865,974 $4.474,392
28 $12,184,880 $4.474,392
29 $8,319.732 $4.474,392
30 $4,261.326 $4.474,392
Interest••
$3.439,119
$3,387,355
$3,333,003
$3,275,934
$3,216,011
$3,153.092
$3,087,027
$3,017,659
$2,944,822
$2,868,343
$2,788,041
$2.703,723
$2,615,190
$2,522,230
$2.424,622
$2,322,133
$2,214,520
$2,101.527
$1,982,883
$1,858,308
$1.727,504
$1,590,159
$1.445,947
$1.294,525
$1.135,532
$968,589
$793,299
$609,244
$415,987
$213,066
Construction
$16,063,087
$6,119,271
$20,540,536
$16 229 837
$58,952,731
$60,528.491
$68.782,376
($6,878,238)
($1 375 648)
$60,528.491

5.0%
10%

2.0%
30 $4.474,392
$6,916.490

1.55 Principal
$1,035,273
$1,087,037
$1.141.389
$1,198.458
$1,258,381
$1,321.300
$1,387,365
$1.456.734
$1.529,570
$1.606,049
$1.686,351
$1,770,669
$1,859,202
$1,952,163
$2,049,771
$2,152,259
$2,259,872
$2,372,866
$2.491.509
$2,616,084
$2.746,889
$2,884,233
$3.028.445
$3,179,867
$3,338,860
$3,505,803
$3,681.094
$3,865,148
$4,058.406
$4.261,326
Equipment
$0
$107,689
$110,381
$1 357 690
$1,575,760
Ending
Balance
$67.747,103
$66,660,066
$65,518,677
$64,320,218
$63,061,837
$61.7 40,536
$60,353,171
$58,896.437
$57,366,867
$55.760,818
$54,074.466
$52,303,797
$50.444,595
$48.492.432
$46.442,662
$44,290.403
$42,030,530
$39,657,665
$37,166,156
$34,550,071
$31,803,182
$28,918,949
$25,890,504
$22.710,637
$19,371.777
$15,865,974
$12,184,880
$8,319.732
$4,261.326
$0
SCENARIO 2 - $.0050
30 Year Tax Revenue Timeline
Annual Tax Revenue Forecast

ASSUMPTIONS
Total Occupied Inventory
Total Occupied Inventory Inflation Rate (CAGR)
Annual Taxable Transactions
Annual Taxable Transactions Per S.F of Retail
Taxable Transactions Inflation Rate (CAGR)
Tax Rate from Bond
Occupied lnvenotry Inflation Rate
Annual Taxable Sales Inflation Rate
Occupied Inventory
Retail Sales Per S.F
Taxable Transactions: Retail and Food Services
Annual Tax Revenue Generated
Reserve Fund
Less: Bond Payment
Available Revenue for Operations
Bond Pa ment DCR
30-Year Summarv Totals
Total Tax Revenue Generated
Reserve Fund
Total Bond Payments
Total Available Revenue for Operations

2.546.785

0.24%
$930.300,946
$365

4.42%
$0.0050
$350,745,585
$6,878,238
($134,231,768)
$223,392,055
Initial
0 1.00

1.00 2,546,785
$365
$930,300,946
Year 1 Year 2
Jan-26 Jan-27
Dec-26 Dec-27
2 1 0098 1.0024

1.19 1.04
2,571.717 2,577,988
$434 $453
$1,116,728,115 $1,168,902,929
$5,583.641 $5,844,515
$0 $0
($4,474,392) ($4,474,392)
$1,109,248 $1,370,122

1.25 1.31
Year 3 Year 4 Year 5 Year 6
Jan-28 Dec-28 Dec-29 Dec-30
Dec-28 Dec-29 Dec-30 Dec-31
3 4 5 6

1.0024 1.0024 1.0024 10024
104 1.04 1.04 1.04
2,584.274 2,590,576 2,596,893 2,603,225
$473 $494 $516 $539
$1,223,515.411 $1,280,679.450 $1,340,514.258 $1,403,144,617 $6,117,577 $6,403,397 $6,702,571 $7,015,723
$0 $0 $0 $0
($4,474,392) ($4,474,392) ($4,474,392) ($4,474,392)
$1.643,185 $1,929,005 $2,228,179 $2,541,331

1.37 1.43 1.50 1.57
SCENARIO 2 - $.0050
30 Year Tax Revenue Timeline
Annual Tax Revenue Forecast

ASSUMPTIONS
Total Occupied Inventory
Total Occupied Inventory Inflation Rate (CAGR}
Annual Taxable Transactions
Annual Taxable Transactions Per S.F of Retail
Taxable Transactions Inflation Rate (CAGR}
Tax Rate from Bond
Occupied lnvenotry Inflation Rate
Annual Taxable Sales Inflation Rate
Occupied Inventory
Retail Sales Per SJ
Taxable Transactions: Retail and Food Services
Annual Tax Revenue Generated
Reserve Fund
Less: Bond Payment
Available Revenue for Operations
Bond Payment OCR
30-Year Summarv Totals
Total Tax Revenue Generated
Reserve Fund
Total Bond Pavments
Total Available Revenue for Operations
2,546.785

0.24%
$930.300,946
$365

4.42%
$0.0050
$350,745,585
$6,878,238
($134,231,768}
$223,392,055
Year 7
Dec-31
Dec-32
7 1.0024

1.04 2,609.573
$563
$1,468.701,138
$7,343,506
$0
($4,474,392}
$2,869,113

1.64 Year 8 Year 9
Dec-32 Dec-33
Dec-33 Dec-34
8 9

1.0024 1.0024
104 104
2,615,936 2,622,315
$588 $614
$1,537,320,534 $1,609,145,908
$7,686,603 $8,045,730
$0 $0
($4,474,392} ($4,474,392}
$3,212,210 $3,571,337

1.72 1.80
Year 10 Year11 Year12 Year 13
Dec-34 Dec-35 Dec-36 Dec-37
Dec-35 Dec-36 Dec-37 Dec-38
10 11 12 13

1.0024 1.0024 1.0024 1.0024

1.04 1.04 1.04 104
2,628.709 2,635,119 2,641,545 2,647,986
$641 $669 $699 $729
$1,684,327,044 $1,763,020.730 $1,845,391,074 $1,931,609,855 $8,421.635 $8,815,104 $9,226.955 $9,658,049
$0 $0 $0 $0
($4,474,392} ($4,474,392} ($4,474,392} ($4,474,392}
$3,947,243 $4,340,711 $4,752,563 $5,183,657

1.88 1.97 2.06 2.16
SCENARIO 2 - $.0050
30 Year Tax Revenue Timellne
Annual Tax Revenue Forecast

ASSUMPTIONS
Total Occupied Inventory
Total Occupied Inventory Inflation Rate (CAGR)
Annual Taxable Transactions
Annual Taxable Transactions Per S.F of Retail
Taxable Transactions Inflation Rate (CAGR)
Tax Rate from Bond
Occupied lnvenotry Inflation Rate
Annual Taxable Sales Inflation Rate
Occupied Inventory
Retail Sales Per S.F
Taxable Transactions: Retail and Food Services
Annual Tax Revenue Generated
Reserve Fund
Less: Bond Payment
Available Revenue for Operations
Bond Payment OCR
30-Year Summarv Totals
Total Tax Revenue Generated
Reserve Fund
Total Bond Payments
Total Available Revenue for Operations
2,546.785

0.24%
$930.300.946
$365

4.42%
$0.0050
$350.745,585
$6,878.238
($134,231.768)
$223,392,055
Year14
Dec-38
Dec-39
14 1.0024

1.04 2,654.443
$762
$2,021,856,877
$10,109,284
$0
($4 .4 74,392)
$5,634,892

2.26 Year15 Year 16
Dec-39 Dec-40
Dec-40 Dec-41
15 16

1.0024 10024

1.04 1.04
2,660,916 2,667.404
$795 $830
$2,116,320,342 $2.215.197,248
$10,581.602 $11.075.986
$0 $0
($4 .4 7 4 .392) ($4.474.392)
$6,107,209 $6,601,594

2.36 2.48
Year 17 Year18 Year19 Year 20
Dec-41 Dec-42 Dec-43 Dec-44
Dec-42 Dec-43 Dec-44 Dec-45
17 18 19 20

1.0024 1.0024 1.0024 1.0024

1.04 1.04 1.04 1.04
2,673,908 2,680.429 2,686.965 2,693,517
$867 $905 $945 $987
$2,318,693.796 $2.427.025.822 $2,540.419,243 $2,659.110,535 $11.593.469 $12,135,129 $12.702.096 $13,295,553
$0 $0 $0 $0
($4,474,392) ($4.474,392) ($4.474,392) ($4,474,392)
$7,119,077 $7,660,737 $8,227.704 $8,821,160

2.59 2.71 2.84 2.97
SCENARIO 2 - $.0050
30 Year Tax Revenue Timeline
Annual Tax Revenue Forecast

ASSUMPTIONS
Total Occupied Inventory
Total Occupied Inventory Inflation Rate (CAGR)
Annual Taxable Transactions
Annual Taxable Transactions Per S.F of Retail
Taxable Transactions Inflation Rate (CAGR)
Tax Rate from Bond
Occupied lnvenotry Inflation Rate
Annual Taxable Sales Inflation Rate
Occupied Inventory
Retail Sales Per S.F
Taxable T ransact1ons: Retail and Food Services
Annual Tax Revenue Generated
Reserve Fund
Less: Bond Payment
Available Revenue for Operations
Bond Payment DCR
30-Year Summary Totals
Total Tax Revenue Generated
Reserve Fund
Total Bond Payments
Total Available Revenue for Operations
2,546.785

0.24%
$930.300.946
$365

4.42%
$0.0050
$350.745,585
$6,878,238
($134,231.768)
$223,392,055
Year 21
Dec-45
Dec-46
21 1.0024

1.04 2,700,085
$1,031
$2,783.34 7,220
$13,916.736
$0
($4,474,392)
$9,442,344

3.11 Year 22 Year 23
Dec-46 Dec-47
Dec-47 Dec-48
22 23

1.0024 1.0024

1.04 1.04
2,706,669 2.713,269
$1,076 $1,124
$2.913.388.385 $3.049.505.222
$14,566.942 $15,247,526
$0 $0
($4,474,392) ($4,474,392)
$10,092,550 $10,773,134

3.26 3.41
Year 24 Year 25
Dec-48 Dec-49
Dec-49 Dec-50
24 25

1.0024 1.0024

1.04 1.04

2.719.885 2. 726,517
$1,174 $1,225
$3,191,981.592 $3,341.114,622
$15,959,908 $16,705,573
$0 $0
($4,474.392) ($4,474.392)
$11,485,516 $12,231,181

3.57 3.73
Year 26
Dec-50
Dec-51
26 1.0024

1.04 2,733,166
$1,280
$3,497,215,318
$17,486,077
$0
($4,474.392)
$13,011.684

3.91 Year 27
Dec-51
Dec-52
27 1 0024

1.04 2.739,830
$1.336
$3,660,609,216
$18,303.046
$0
($4,474.392)
$13,828,654

4.09 SCENARIO 2 - $.0050
30 Year Tax Revenue Timeline
Annual Tax Revenue Forecast

ASSUMPTIONS
Total Occupied Inventory
Total Occupied Inventory Inflation Rate (CAGR)
Annual Taxable Transactions
Annual Taxable Transactions Per S.F of Retail
Taxable Transactions Inflation Rate (CAGR)
Tax Rate from Bond
Occupied lnvenotry Inflation Rate
Annual Taxable Sales Inflation Rate
Occupied Inventory
Retail Sales Per S.F
Taxable Transactions: Retail and Food Services
Annual Tax Revenue Generated
Reserve Fund
Less: Bond Payment
Available Revenue for Operations
Bond Payment OCR
30-Year Summarv Totals
Total Tax Revenue Generated
Reserve Fund
Total Bond Payments
Total Available Revenue for Operations
2,546.785

0.24%
$930,300.946
$365

4.42%
$0.0050
$350,745,585
$6,878,238
($134.231,768)
$223,392,055
Year 28
Dec-52
Dec-53
28 1.0024

1.04 2,746,511
$1,395
$3.831.637.065
$19,158.185
$0
($4.474,392)
$14,683,793

4.28 Year 29 Year 30
Dec-53 Dec-54
Dec-54 Oec-55
29 30

1.0024 1.0024

1.04 1.04
2,753,208 2.759,922
$1.457 $1,521
$4,010,655,530 $4,198,037,942
$20.053.278 $20,990.190
$2.403,845 $4.474,392
($4,474.392) ($4.474,392)
$17,982,731 $20,990,190

5.02 5.69
SCENARIO 2
- $.0050
Operating Costs Timeline
Annual Cash Flow Forecast
Period
Cost Ad ustment (For YR 1)
Annual Inflation Factor
Phase 1 A - New Fire Station at City Operations Center
Staffing
Non-personnel costs
Ca ital Costs
Phase 18 - Fleet Maintenance Facility
Staffing
Non-personnel costs
Ca ital Costs
Phase 2A - Fire Station 4 Replacement
Staffing
Non-personnel costs
Ca ital Costs
Phase 3 - New Fire Station in Northern Santee
Staffing
Non-personnel costs
Ca ital Costs
Costs & Expenses
Available Revenue for Operations
Less: Costs & Expenses
Tax Revenue Shortfall/Surplus
10-Year Summa Totals
Available Revenue for Operations
Less: Costs & Ex enses
Tax Revenue Shortfall/Sur lus
30-Year Summa Totals
Available Revenue for Operations
Less: Costs & Ex enses
Tax Revenue Shortfall/Sur lus
$24,420,974
($41,121,563)
($16,700,589)
$223,392,055
($210,148,691)
$13,243,364
Yearl Year 2
Jan-26 Jan-27
Initial Dec-26 Jan-28
0 2
113

1.00 1.03 1.03
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$1,109,248 $1,370,122
$0 $0
$1,109,248 $1,370,122
Year 3 Year 4 Year 5
Jan-28 Jan-29 Jan-30
Dec-28 Dec-29 Dec-30
3 4 5

1.16 119
103 1.03 1.03
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$1,738,911 $1.791,078 $1,844,811
$131,578 $135,525 $139,591
$59,703 $61,494 $63,339
$0 $2,686,618 $2,767,216
$0 $271,050 $279,181
$0 $168,958 $174,027
$1,930,191 $5,114,723 $5,268,165
$1,643,185 $1,929,005 $2,228,179
($1,930,191) ($5,114,723) ($5,268,165)
($287,007) ($3,185,718) {$3,039,986)
�· r , . ,, ,
SCENARIO 2 - $.0050
Operating Costs Tlmellne
Annual Cash Flow Forecast
Year 6 Year 7 Year B Year 9 Year 10 Year 11 Year 12
Jan-31 Jan-32 Dec-32 Dec-33 Dec-34 Dec-35 Dec-36
Dec-31 Dec-32 Dec-33 Dec-34 Dec-35 Dec-36 Dec-37
Period 6 7 8 9 10 11 12
Cost Ad·ustment (For YR 1)
Annual Inflation Factor 1.03 1 03 103 1.03 1.03 1.03 103 Phase lA - New Fire Station at City Operations Center
Staffing $0 $0 $0 $0 $0 $0 $0
Non-personnel costs $0 $0 so $0 $0 $0 $0
Ca ita I Costs $0 $0 $0 $0 $0 $0 $0
Phase 1B - Fleet Maintenance Facility
Staffing $0 $0 $0 $0 $0 $0 $0
Non-personnel costs $0 $0 $0 $0 $0 $0 $0
Ca ita I Costs $0 $0 so $0 $0 $0 $0
Phase 2A - Fire Station 4 Replacement
Staffing $1,900.155 $1,957,160 $2,015,875 $2,076,351 $2,138,641 $2,202,801 $2,268.885 Non-personnel costs $143,778 $148.092 $152,535 $157,lll $161,824 $166,679 $171,679 Caeital Costs $65.239 $67,196 $69,212 $71.288 $73.427 $75,629 $77.898 Phase 3 - New Fire Station in Northern Santee
Staffing $2,850,233 $2.935.740 $3,023,812 $3,114.526 $3.207,962 $3,304,201 $3.403,327 Non-personnel costs $287,557 $296,184 $305,069 $314,221 $323,648 $333,357 $343.358 Caeital Costs $179,248 $184,625 $190,164 $195,869 $201.745 $207.798 $214,031 Costs & Expenses $5,426,210 $5,588,996 $5,756,666 $5,929,366 $6,107,247 $6,290,464 $6,479,178 Available Revenue for Operations $2,541,331 $2,869,113 $3,212,210 $3,571,337 $3,947,243 $4,340,711 $4,752,563 Less: Costs & Exeenses ($5,426,210) ($5,588,996) ($5,756,666) ($5,929,366) ($6,107,247) ($6,290,464) ($6,479,178) Tax Revenue Shortfall/Surplus ($2,884,879} ($2,719,883) ($2,544,455} ($2,358,029) ($2,160,004) ($1,949,753) ($1,726,615) 10-Year Summa Totals
Available Revenue for Operations $24.420.974
Less: Costs & Ex enses ($41,121,563)
Tax Revenue Shortfall/Sur lus ($16,700,589)
30-Year Summa Totals
Available Revenue for Operations $223,392.055
Less: Costs & Ex enses ($210.148,691)
Tax Revenue Shortfall/Sur lus $13,243,364
'. � ... ,'. I' � �
. ., • I
SCENARIO 2 - $.0050
Operating Costs Timeline
Annual Cash Flow Forecast
Year 13 Year 14 Year 15 Year16 Year 17 Year18 Year19
Dec-37 Dec-38 Dec-39 Dec-40 Dec-41 Dec-42 Dec-43
Dec-38 Dec-39 Dec-40 Dec-41 Dec-42 Dec-43 Dec-44
Period 13 14 15 16 17 18 19
Cost Ad·ustment (For YR 1)
Annual Inflation Factor 1.03 1.03 1 03 1.03 1.03 103 1.03 Phase lA - New Fire Station at City Operations Center
Staffing $0 $0 $0 $0 $0 $0 $0
Non-personnel costs $0 $0 $0 $0 $0 $0 $0
Ca ital Costs $0 $0 $0 $0 $0 $0 $0
Phase 18 - Fleet Maintenance Facility
Staffing $0 $0 $0 $0 so $0 $0
Non-personnel costs $0 $0 $0 $0 $0 $0 $0
Ca ita I Costs $0 $0 $0 $0 $0 $0 $0
Phase 2A - Fire Station 4 Replacement
Staffing $2,336,951 $2.407.060 $2.479,271 $2,553,650 $2,630,259 $2.709.167 $2,790.442 Non-personnel costs $176,829 $182,134 $187,598 $193,226 $199,023 $204,994 $211,143 Caeital Costs $80.235 $82,642 $85,122 $87,675 $90,306 $93.015 $95,805 Phase 3 - New Fire Station in Northern Santee
Staffing $3,505.427 $3,610,589 $3,718,907 $3,830.474 $3.945.389 $4.063.750 $4,185,663 Non-personnel costs $353.659 $364.268 $375,196 $386.452 $398,046 $409,987 $422.287 Caeital Costs $220.452 $227,066 $233,878 $240.894 $248.121 $255,565 $263,232 Costs & Expenses $6,673,553 $6,873,760 $7,079,973 $7,292,372 $7,511,143 $7,736.477 $7,968,572 Available Revenue for Operations $5,183,657 $5,634,892 $6,107,209 $6,601,594 $7,119,077 $7,660,737 $8,227,704 Less: Costs & Exeenses ($6,673,553) ($6,873,760) ($7,079,973) ($7,292,372) ($7,511.143) ($7,736.477) ($7,968,572) Tax Revenue Shortfall/Surplus ($1.489,896) ($1,238,868) ($972,763) ($690,778) ($392,066) ($75,741) $259,132 10-Year Summa Totals
Available Revenue for Operations $24.420,974
Less: Costs & Ex enses ($41,121,563)
Tax Revenue Shortfall/Sur lus ($16,700,589)
30-Year Summa Totals
Available Revenue for Operations $223,392.055
Less: Costs & Ex enses ($210.148.691)
Tax Revenue Shortfall/Sur lus $13,243,364
SCENARIO 2 - $.0050
Operating Costs Tlmellne
Annual Cash Flow Forecast
Period
Cost Ad·ustment (For YR 1)
Annual Inflation Factor
Phase 1A - New Fire Station at City Operations Center
Staffing
Non-personnel costs
Ca ital Costs
Phase 1 B - Fleet Maintenance Facility
Staffing
Non-personnel costs
Ca ital Costs
Phase 2A - Fire Station 4 Replacement
Staffing
Non-personnel costs
Capital Costs
Phase 3 - New Fire Station in Northern Santee
Staffing
Non-personnel costs
Capital Costs
Costs & Expenses
Available Revenue for Operations
Less: Costs & Expenses
Tax Revenue Shortfall/Surplus
10-Year Summa Totals
Available Revenue for Operations
Less: Costs & Ex enses
Tax Revenue Shortfall/Sur lus
30-Year Summa Totals
Available Revenue for Operations
Less: Costs & Ex enses
Tax Revenue Shortfall/Sur lus
$24,420,974
($41,121,563)
($16,700,589)
$223,392,055
($210,148,691)
$13,243,364
Year 20
Dec-44
Dec-45
20 1.03
$0
$0
$0
$0
$0
$0
$2,874,155
$217.478
$98,679
$4,311,233
$434,955
$271,129
$8,207,629
$8,821,160
($8,207,629)
$613,531
Year 21 Year 22
Dec-45 Dec-46
Dec-46 Dec-47
21 22

1.03 1.03
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$2,960,380 $3,049,191
$224,002 $230.722
$101,640 $104,689
$4,440,570 $4,573,787
$448,004 $461.444
$279,262 $287,640
$8,453,858 $8,707,474
$9,442,344 $10,092,550
($8,453,858) ($8.707,474)
$988,486 $1,385,076
Year 23 Year 24 Year 25 Year 26
Dec-47 Dec-48 Dec-49 Dec-50
Dec-48 Dec-49 Dec-50 Dec-51
23 24 25 26
103 1.03 1.03 1.03
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$3,140,667 $3,234,887 $3,331.934 $3,431,892
$237,644 $244,773 $252,116 $259.680
$107,830 $lll,064 $114,396 $117,828
$4,711,000 $4,852,330 $4,997,900 $5,147,837
$475,288 $489,546 $504,233 $519,360
$296,270 $305,158 $314,312 $323,742
$8,968,698 $9,237,759 $9,514,891 $9,800,338
$10,773,134 $11,485,516 $12,231,181 $13,011,684
($8,968,698) ($9,237.759) ($9,514,891) ($9,800,338)
$1,804,436 $2,247,757 $2,716,289 $3,211,346
SCENARIO 2 - $.0050
Operating Costs Timeline
Annual Cash Flow Forecast
Period
Cost Ad ustment (For YR 1)
Annual Inflation Factor
Phase lA - New Fire Station at City Operations Center
Staffing
Non-personnel costs
Ca ital Costs
Phase 1B - Fleet Maintenance Facility
Staffing
Non-personnel costs
Ca ital Costs
Phase 2A - Fire Station 4 Replacement
Staffing
Non-personnel costs
Capital Costs
Phase 3 - New Fire Station in Northern Santee
Staffing
Non-personnel costs
Capital Costs
Costs & Expenses
Available Revenue for Operations
Less: Costs & Expenses
Tax Revenue Shortfall/Surplus
10-Year Summa Totals
Available Revenue for Operations
Less: Costs & Ex enses
Tax Revenue Shortfall/Sur lus
30-Year Summa Totals
Available Revenue for Operations
Less: Costs & Ex enses
Tax Revenue Shortfall/Sur lus
$24.420.974
($41,121,563)
($16,700,589)
$223,392.055
($210,148,691)
$13,243,364
Year 27
Dec-51
Dec-52
27 1.03
$0
$0
$0
$0
$0
$0
$3,534,848
$267,470
$121.363
$5,302,272
$534,940
$333.454
$10,094,348
$13,828,654
($10,094,348)
$3,734,305
Year28
Dec-52
Dec-53
28 103
$0
$0
$0
$0
$0
$0
$3,640,894
$275,494
$125.004
$5,461,341
$550,989
$343,458
$10,397,179
$14,683,793
($10,397,179)
$4,286,614
Year 29 Year 30
Dec-53 Dec-54
Dec-54 Dec-55
29 30
103 1.03
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$3,750,121 $3,862,624
$283,759 $292.272
$128,754 $132,617
$5,625,181 $5,793.936
$567,518 $584,544
$353.761 $364,374
$10,709,094 $11,030,367
$17,982,731 $20,990,190
($10,709,094) ($11,030,367)
$7,273,637 $9,959,823
london moeder
advisors
Scenario 3
City of Santee - Feasibility Analysis Page 36 of 41
SCENARIO 3 - $.0074
Forecasted Costs
3-Year Period
Cost Adjustment: Construction
Cost Adjustment: Equipment

3.0%

2.5%
Phase lA - New Fire Station at City Operations Center
Fire Station (includes FF&E)
Phase 1 B - Fleet Maintenance Facility
Fleet Facility (includes FF&E)
Equipment
Phase 2A - Fire Station 4 Replacement
Fire Station (includes FF&E)
Squad Vehicle
Phase 3 - New Fire Station in Northern Santee
Fire Station (includes FF&E)
Fire Engine
Costs and Expenses
iTotal Costs (Inflated)
Base Costs
$14,700,000
$5,600,000
$100,000
$18,250,000
$100,000
$14,000,000
$1,200,000
$53,950,000
Year1 Year 2 Year 3
Jan-26 Jan-27 Jan-28
Dec-26 Dec-27 Dec-28

1.09 1.13 1.16

1.08 1.10 1.13
$16,063.087
$6,119,271
$107,689
$20,540,536
$110,381
$16,229,837
$1,357,690
$22,290,047 $20,650.917 $17,587,527
s60.s2a.491 I
SCENARIO 3 - $.0074
Bond Amount Required for New Fire Facilities
Santee - Fire District
New Eire Facilities Costs
Phase 1 A -
New Fire Station at City Operations Center
Phase 1 B - Fleet Maintenance Facility
Phase 2A - Fire Station 4 Replacement
Ph
ase 3 -
New
F
i
re Station in Northern Sa
ntee
Cost Per Segment
!Total Cost
Bond Amount
Less: Reserve Fund
Less Cost of Issua
nce
Net Bond Proceeds Interest Rate
Reserve Fund
Cost of Issuance
Term (Years)
Bond Payment (Annual)
Available Revenue (Av. Annual First 10 Years)
OCR (10 Year Avg.)
Beginning
YR�. Balance Payment
$68,782,376 $4.4 74,392
2 $67.747,103 $4.4 74,392
3 $66,660,066 $4.4 74,392
4 $65,518,677 $4.4 74,392
5 $64,320,218 $4,474,392
6 $63,061,837 $4,474,392
7 $61,740,536 $4,474,392
8 $60,353,171 $4,474,392
9 $58,896.437 $4.474,392
10 $57,366,867 $4.474,392
11 $55,760,818 $4.474,392
12 $54,074.466 $4.4 74,392
13 $52,303.797 $4.474,392
14 $50.444,595 $4.4 74,392
15 $48.492.432 $4.4 74,392
16 $46.442,662 $4.474,392
17 $44,290.403 $4.4 74,392
18 $42,030,530 $4.4 74,392
19 $39,657,665 $4.4 74,392
20 $37,166,156 $4.4 74,392
21 $34,550,071 $4.4 74,392
22 $31.803, 182 $4.4 74,392
23 $28,918,949 $4,474,392
24 $25,890,504 $4.474,392
25 $22,710,637 $4.474,392
26 $19,371.777 $4.4 74,392
27 $15,865,974 $4,474,392
28 $12,184,880 $4,474,392
29 $8,319,732 $4.474,392
30 $4,261.326 $4.474,392
Interest**
$3,439.119
$3,387,355
$3,333,003
$3,275,934
$3,216,011
$3,153,092
$3,087,027
$3,017,659
$2,944,822
$2,868,343
$2,788,041
$2.703.723
$2,615,190
$2,522.230
$2.424,622
$2,322,133
$2,214,520
$2,101,527
$1,982,883 $1,858,308
$1.727,504
$1.590,159
$1.445,947
$1.294,525
$1,135,532
$968,589
$793,299
$609,244
$415,987
$213,066
Construction
$16,063,087
$6,119,271
$20,540,536 $16 229 837
$58,952,731
$60,528.491
$68.782,376
($6,878,238)
($1 3
75 6
48)
$60,528.491 5.0%
10% 2.0%
30 $4,474,392
$10,236.405

2.29 Principal
$1,035,273
$1.087,037
$1,141.389
$1.198.458
$1,258,381
$1,321,300
$1.387,365
$1.456.734
$1.529,570
$1,606,049
$1,686,351
$1.770,669
$1,859,202
$1.952,163
$2,049,771
$2,152.259
$2,259,872
$2,372.866
$2.491.509
$2,616,084
$2.746,889
$2,884,233
$3,028.445
$3,179,867
$3,338,860
$3,505,803
$3,681,094
$3,865,148
$4,058.406
$4,261.326
Equipment
$0
$107,689
$110,381
$1 357 690
$1,575,760
Ending
Balance
$67,747,103
$66,660,066
$65,518,677
$64,320,218
$63,061.837
$61.7 40,536
$60,353,171
$58,896.437
$57,366,867
$55,760,818
$54,074.466
$52,303,797
$50.444,595
$48.492.432
$46.442,662
$44,290.403
$42,030,530
$39,657,665
$37,166,156
$34,550.071
$31.803,182
$28,918,949
$25,890,504
$22,710,637
$19,371.777
$15,865,974
$12,184,880
$8,319,732
$4,261,326
$0
SCENARIO 3 - $.0074
30 Year Tax Revenue Timeline
Annual Tax Revenue Forecast

ASSUMPTIONS
Total Occupied Inventory
Total Occupied Inventory lnflat1on Rate (CAGR)
Annual Taxable Transactions
Annual Taxable Transactions Per S.F of Retail
Taxable Transactions Inflation Rate (CAGR)
Tax Rate from Bond
Occupied lnvenotry Inflation Rate
Annual Taxable Sales Inflation Rate
Occupied Inventory
Retail Sales Per S.F
Taxable Transactions: Retail and Food Services
Annual Tax Revenue Generated
Reserve Fund
Less: Bond Payment
Available Revenue for Operations
Bond Payment OCR
30-Year Summary Totals
Total Tax Revenue Generated
Reserve Fund
Total Bond Payments
Total Available Revenue for Ooerations
2,546.785

0.24%
$930.300,946
$365

4.42%
$0.0074
$519,103.466
$6,878.238
($134,231.768)
$391,749,935
Initial
0 1.00

1.00 2.546.785
$365
$930,300,946
Year 1 Year 2
Jan-26 Jan-27
Dec-26 Dec-27
1 2

1.0098 10024

1.19 1.04
2,571,717 2,577,988
$434 $453
$1,116.728,115 $1.168.902.929
$8,263,788 $8,649.882
$0 $0
($4,474,392) ($4,474,392)
$3,789,396 $4,175,489

1.85 1.93
Year 3 Year 4 Year 5 Year 6
Jan-28 Dec-28 Dec-29 Dec-30
Dec-28 Dec-29 Dec-30 Dec-31
3 4 5 6

1.0024 1.0024 1.0024 1.0024

1.04 1.04 1.04 1.04
2,584,274 2.590,576 2,596,893 2.603.225
$473 $494 $516 $539
$1,223,515.411 $1,280,679.450 $1,340,514.258 $1,403,144,617 $9,054.014 S9.4 77,028 $9,919,806 $10,383.270
$0 $0 $0 $0
($4 .4 7 4 .392) ($4,474.392) ($4,474,392) ($4,474,392) $4,579,622 $5,002,636 $5.445.413 $5,908,878

2.02 2.12 2.22 2.32
SCENARIO 3 - $.0074
30 Year Tax Revenue Timeline
Annual Tax Revenue Forecast

ASSUMPTIONS
Total Occupied Inventory
Total Occupied Inventory Inflation Rate (CAGR)
Annual Taxable Transactions
Annual Taxable Transactions Per S.F of Retail
Taxable Transactions Inflation Rate (CAGR)
Tax Rate from Bond
Occupied lnvcnotry Inflation Rate
Annual Taxable Sales Inflation Rate
Occupied Inventory
Retail Sales Per S.F
Taxable Transactions: Retail and Food Services
Annual Tax Revenue Generated
Reserve Fund
Less: Bond Payment
Available Revenue for Operations
Bond Payment DCR
30-Year Summary Totals
Total Tax Revenue Generated
Reserve Fund
Total Bond Payments
Total Available Revenue for Operations
2,546,785

0.24%
$930,300,946
$365

4.42%
$0.0074
$519,103.466
$6,878,238
($134,231.768)
$391,749,935
Year 7
Dec-31
Dec-32
7 10024

1.04 2,609,573
$563
$1.468.701,138
$10,868,388
$0
($4.474,392)
$6,393,996

2.43 Year B Year 9
Dec-32 Dec-33
Dec-33 Dec-34
8 9

1.0024 1.0024

1.04 1.04
2,615,936 2.622,315
$588 $614
$1,537,320,534 $1.609.145.908
$11.376,172 $11.907.680
$0 $0
($4,474,392) ($4.4 74,392)
$6,901.780 $7,433,287

2.54 2.66
Year 10 Yearll Year12 Year13
Dec-34 Dec-35 Dec-36 Dec-37
Dec-35 Dec-36 Dec-37 Dec-38
10 11 12 13

1.0024 1.0024 10024 1.0024
104 1.04 1.04 1.04
2,628,709 2,635.119 2,641,545 2,647.986
$641 $669 $699 $729
$1,684,327,044 $1,763.020, 7 30 $1,845,391,074 $1.931.609.855 $12.464.020 $13,046,353 $13,655,894 $14.293,913
$0 $0 $0 $0
($4.474,392) ($4.474,392) ($4.474,392) ($4.4 74,392)
$7,989,628 $8,571,961 $9,181.502 $9,819,521

2.79 2.92 3.05 3.19
SCENARIO 3 - $.0074
30 Year Tax Revenue Timeline
Annual Tax Revenue Forecast

ASSUMPTIONS
Total Occupied Inventory
Total Occupied Inventory Inflation Rate (CAGR)
Annual Taxable Transactions
Annual Taxable Transactions Per S.F of Retail
Taxable Transactions Inflation Rate (CAGR)
Tax Rate from Bond
Occupied lnvenotry Inflation Rate
Annual Taxable Sales Inflation Rate
Occupied Inventory
Retail Sales Per S.F
Taxable Transactions: Retail and Food Services
Annual Tax Revenue Generated
Reserve Fund
Less: Bond Payment
Available Revenue for Operations
Bond Payment OCR
30-Year Summary Totals
Total Tax Revenue Generated
Reserve Fund
Total Bond Pav men ts
Total Available Revenue for Operations
2,546.785

0.24%
$930,300,946
$365

4.42%
$0 0074
$519.103,466
$6,878,238
($134,231,768)
$391,749,935
Year 14
Dec-38
Dec-39
14 1.0024
104
2,654,443
$762
$2,021,856,877
$14,961,741
$0
($4,474,392)
$10.487,349

3.34 Year 15 Year16
Dec-39 Dec-40
Dec-40 Dec-41
15 16
10024 1 0024

1.04 1.04

2.660,916 2,667,404
$795 $830
$2,116,320,342 $2,215,197,248
$15,660,771 $16,392.460
$0 $0
($4,474,392) ($4,474,392)
$11,186,378 $11,918,067

3.50 3.66
Year 17 Year1B Year 19 Year 20
Dec-41 Dec-42 Dec-43 Dec-44
Dec-42 Dec-43 Dec-44 Dec-45
17 18 19 20

1.0024 1.0024 10024 1.0024
104 1.04 1.04 1.04
2,673,908 2,680.429 2,686,965 2,693,517
$867 $905 $945 $987
$2,318,693,796 $2,427,025,822 $2,540,419,243 $2,659,110,535 $17,158,334 $17,959,991 $18.799,102 $19,677,418
$0 $0 $0 $0
($4,474,392) ($4,474,392) ($4,474,392) ($4,474,392)
$12,683,942 $13.485,599 $14,324.710 $15,203,026

3.83 4.01 4.20 4.40
SCENARIO 3 - $.0074
30 Year Tax Revenue Timeline
Annual Tax Revenue Forecast

ASSUMPTIONS
Total Occupied Inventory
Total Occupied Inventory Inflation Rate (CAGR)
Annual Taxable Transactions
Annual Taxable Transactions Per S.F of Retail
Taxable Transactions Inflation Rate (CAGR)
Tax Rate from Bond
Occupied lnvenotry Inflation Rate
Annual Taxable Sales Inflation Rate
Occupied Inventory
Retail Sales Per S.F
Taxable Transactions: Retail and Food Services
Annual Tax Revenue Generated
Reserve Fund
Less: Bond Payment
Available Revenue for Operations
Bond Payment OCR
30-Year Summary Totals
Total Tax Revenue Generated
Reserve Fund
Total Bond Payments
Total Available Revenue for Operations
2,546.785

0.24%
$930.300.946
$365

4.42%
$0.0074
$519,103.466
$6,878,238
($134.231.768)
$391,749,935
Year 21 Year 22
Dec-45 Dec-46
Dec-46 Dec-47
21 22

1.0024 1.0024

1.04 1.04
2,700,085 2.706,669
$1,031 $1.076
$2,783,347,220 $2,913,388,385
$20,596.769 $21,559,074
$0 $0
($4.474.392) ($4.474.392)
$16,122,377 $17,084,682

4.60 4.82
Year 23 Year 24 Year 25 Year 26 Year 27
Dec-47 Dec-48 Dec-49 Dec-50 Dec-51
Dec-48 Dec-49 Dec-50 Dec-51 Dec-52
23 24 25 26 27

1.0024 1.0024 10024 10024 1.0024

1.04 1.04 1.04 1.04 104
2,713,269 2.719,885 2.726.517 2.733,166 2,739,830
$1,124 $1,174 $1,225 $1.280 $1,336
$3,049,505,222 $3,191,981.592 $3,341.114,622 $3.497.215.318 $3.660.609,216 $22,566,339 $23,620,664 $24.724.248 $25,879,393 $27,088.508 $0 $0 $0 $0 $0
($4.474,392) ($4 .4 7 4 .392) ($4.474,392) ($4.4 74.392) ($4.474,392) $18,091,946 $19,146,272 $20,249,856 $21,405,001 $22,614,116

5.04 5.28 5.53 5.78 6.05
SCENARIO 3 - $.0074
30 Year Tax Revenue Timeline
Annual Tax Revenue Forecast

ASSUMPTIONS
Total Occupied Inventory
Total Occupied Inventory lnflatron Rate (CAGR)
Annual Taxable Transactions
Annual Taxable Transactions Per S.F of Retail
Taxable Transactions Inflation Rate (CAGR)
Tax Rate from Bond
Occupied lnvenotry Inflation Rate
Annual Taxable Sales Inflation Rate
Occupied Inventory
Retail Sales Per S.F
Taxable Transactions: Retail and Food Services
Annual Tax Revenue Generated
Reserve Fund
Less: Bond Payment
Available Revenue for Operations
Bond Payment DCR
30-Year Summarv Totals
Total Tax Revenue Generated
Reserve Fund
Total Bond Pavments
Total Available Revenue for Operations
2,546,785

0.24%
$930,300,946
$365

4.42%
$0 0074
$519,103.466
$6,878,238
($134,231,768)
$391,749,935
Year 28
Dec-52
Dec-53
28 10024
104

2.746.511
$1.395
$3,831,637,065
$28,354,114
$0
($4,474,392)
$23,879,722

6.34 Year29 Year 30
Dec-53 Dec-54
Dec-54 Dec-55
29 30
10024 10024
104 104
2,753,208 2,759,922
$1.457 $1,521
$4,010.655.530 $4.198.037.942
$29,678,851 $31,065,481
$2,403,845 $4,474,392
($4,474,392) ($4.4 74,392)
$27,608,304 $31,065,481

7.17 7.94
SCENARIO 3 - $.0074
Operating Costs Timeline
Annual Cash Flow Forecast
Period
Cost Ad·ustment (For YR 1)
Annual Inflation Factor
Phase 1A - New Fire Station at City Operations Center
Staffing
Non-personnel costs
Ca ital Costs
Phase 1B - Fleet Maintenance Facility
Staffing
Non-personnel costs
Ca ital Costs
Phase 2A - Fire Station 4 Replacement
Staffing
Non-personnel costs
Ca ital Costs
Phase 3 - New Fire Station in Northern Santee
Staffing
Non-personnel costs
Ca ital Costs
Costs & Expenses
Available Revenue for Operations
Less: Costs & Expenses
Tax Revenue Shortfall/Surplus
10-Year Summa Totals
Available Revenue for Operations
Less: Costs & Ex enses
Tax Revenue Shortfall/Sur lus
30-Year Summa Totals
Available Revenue for Operations
Less: Costs & Ex enses
Tax Revenue Shortfall/Sur lus
$57,620.125
($41,121.563)
$16,498,562
$391,749.935
($210,148,691)
$181,601,245
Yearl Year 2
Jan-26 Jan-27
Initial Dec-26 Jan-28
0 2

1.13 1.00 1.03 1.03
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$3,789,396 $4,175,489
$0 $0
$3,789,396 $4,175,489
Year 3 Year 4 Year 5
Jan-28 Jan-29 Jan-30
Dec-28 Dec-29 Dec-30
3 4 5

1.16 1.19

1.03 103 1.03
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
so $0 $0
$0 $0 $0
$1,738,911 $1,791.078 $1,844.811
$131,578 $135,525 $139,591
$59.703 $61.494 $63,339
$0 $2,686.618 $2. 767.216
$0 $271,050 $279,181
$0 $168,958 $174,027
$1,930,191 $5,114,723 $5,268,165
$4,579,622 $5,002,636 $5,445.413 ($1,930,191) ($5,114,723) ($5,268,165) $2,649,430 ($112,087) $177,249
SCENARIO 3 - $.0074
Operating Costs Timeline
Annual Cash Flow Forecast
Period
Cost Ad·ustment (For YR 1)
Annual Inflation Factor
Phase lA - New Fire Station at City Operations Center
Staffing
Non-personnel costs
Ca ital Costs
Phase 1B - Fleet Maintenance Facility
Staffing
Non-personnel costs
Ca ital Costs
Phase 2A - Fire Station 4 Replacement
Staffing
Non-personnel costs
Capital Costs
Phase 3 - New Fire Station in Northern Santee
Staffing
Non-personnel costs
Capital Costs
Costs & Expen ses
Available Revenue for Operations
Less: Costs & Expenses
Tax Revenue Shortfall/Surplus
10-Year Summa Totals
Available Revenue for Operations
Less: Costs & Ex enses
Tax Revenue Shortfall/Sur lus
30-Year Summa Totals
Available Revenue for Operations
Less: Costs & Ex enses
Tax Revenue Shortfall/Sur lus
$57,620,125
($41,121,563)
$16,498,562
$391,749,935
($210,148,691)
$181,601,245
Year 6
Jan-31
Dec-31
6 1.03
$0
$0
$0
$0
$0
$0
$1,900,155
$143,778
$65,239
$2,850,233
$287,557
$179.248
$5,426,210
$5,908,878
($5.426,21 O)
$482,668
Year 7 Year 8
Jan-32 Dec-32
Dec-32 Dec-33
7 8

1.03 1.03
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$1.957,160 $2,015,875
$148,092 $152,535
$67,196 $69,212
$2,935.740 $3,023,812
$296,184 $305.069
$184.625 $190,164
$5,588,996 $5,756,666
$6,393,996 $6,901,780
($5,588,996) ($5,756,666)
$805,000 $1,145,114
Year9 Year 10 Year 11 Year 12
Dec-33 Dec-34 Dec-35 Dec-36
Dec-34 Dec-35 Dec-36 Dec-37
9 10 11 12
103 103 1.03 103
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$2,076,351 $2,138,641 $2,202,801 $2,268,885
$157,lll $161,824 $166.679 $171,679
$71,288 $73.427 $75,629 $77,898
$3,114,526 $3,207,962 $3,304,201 $3,403,327
$314,221 $323,648 $333,357 $343,358
$195,869 $201,745 $207,798 $214,031
$5,929,366 $6,107,247 $6,290,464 $6,479,178
$7,433,287 $7,989,628 $8,571,961 $9,181,502
($5,929,366) ($6,107,247) ($6,290,464) ($6,479,178)
$1,503,922 $1.882,381 $2,281,497 $2,702,324
SCENARIO 3 - $.0074
Operating Costs Tlmellne
Annual Cash Flow Forecast
Period
Cost Ad ustment (For YR 1)
Annual Inflation Factor
Phase lA - New Fire Station at City Operations Center
Staffing
Non-personnel costs
Ca ital Costs
Phase 1 B - Fleet Maintenance Facility
Staffing
Non-personnel costs
Ca ital Costs
Phase 2A - Fire Station 4 Replacement
Staffing
Non-personnel costs
Cae1tal Costs
Phase 3 - New Fire Station in Northern Santee
Staffing
Non-personnel costs
Caeital Costs
Costs & Expenses
Available Revenue for Operations
Less: Costs & Exeenses
Tax Revenue Shortfall/Surplus
10-Year Summa Totals
Available Revenue for Operations
Less: Costs & Ex enses
Tax Revenue Shortfall/Sur lus
30-Year Summa Totals
Available Revenue for Operations
Less: Costs & Ex enses
Tax Revenue Shortfall/Sur lus
$57,620,125
($41,121.563)
$16.498,562
$391,749,935
($210,148,691)
$181,601,245
Year 13 Year14
Dec-37 Dec-38
Dec-38 Dec-39
13 14

1.03 1.03
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$2.336.951 $2,407,060
$176,829 $182,134
$80,235 $82.642
$3,505.427 $3,610.589
$353.659 $364,268
$220.452 $227,066
$6,673,553 $6,873,760
$9,819,521 $10.487,349
($6,673,553} ($6,873,760}
$3,145,967 $3,613,589
Year 15 Year 16 Year 17 Year18 Year19
Dec-39 Dec-40 Dec-41 Dec-42 Dec-43
Dec-40 Dec-41 Dec-42 Dec-43 Dec-44
15 16 17 18 19

1.03 103 103 103 1.03
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
$2.4 79,271 $2,553.650 $2.630.259 $2,709,167 $2,790.442 $187.598 $193,226 $199,023 $204.994 $211,143
$85,122 $87,675 $90,306 $93.015 $95,805
$3,718,907 $3,830.474 $3,945,389 $4,063,750 $4,185,663
$375,196 $386.452 $398,046 $409,987 $422.287
$233.878 $240,894 $248,121 $255,565 $263,232
$7,079,973 $7,292,372 $7,511,143 $7,736.477 $7,968,572
$11,186,378 $11,918,067 $12,683,942 $13.485,599 $14,324,710 ($7,079,973} ($7,292,372) ($7,511,143} ($7,736,477) ($7,968,572) $4,106,405 $4,625,695 $5,172.799 $5,749,121 $6,356,138
SCENARIO 3 - $.0074
Operating Costs Tlmellne
Annual Cash Flow Forecast
Period
Cost Ad ustment (For YR 1)
Annual Inflation Factor
Phase 1 A - New Fire Station at City Operations Center
Staffing
Non-personnel costs
Ca ita I Costs
Phase 1B - Fleet Maintenance Facility
Staffing
Non-personnel costs
Ca ital Costs
Phase 2A - Fire Station 4 Replacement
Staffing
Non-personnel costs
Capital Costs
Phase 3 - New Fire Station in Northern Santee
Staffing
Non-personnel costs
Capital Costs
Costs & Expenses
Available Revenue for Operations
Less: Costs & Expenses
Tax Revenue Shortfall/Surplus
10-Year Summa Totals
Available Revenue for Operations
Less: Costs & Ex enses
Tax Revenue Shortfall/Sur lus
30-Year Summa Totals
Available Revenue for Operations
Less: Costs & Ex enses
Tax Revenue Shortfall/Sur lus
$57,620.125
($41,121,563)
$16.498,562
$391.749,935
($210,148,691)
$181,601.245
Year 20
Dec-44
Dec-45
20 1.03
$0
$0
$0
$0
$0
$0
$2,874,155
$217.478
$98.679
$4,311,233
$434,955
$271,129
$8,207,629
$15,203,026
($8,207,629)
$6,995,397
Year 21 Year 22
Dec-45 Dec-46
Dec-46 Dec-47
21 22

1.03 1.03
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
so $0
$2,960,380 $3,049,191
$224.002 $230.722
$101,640 $104,689
$4.440,570 $4,573.787
$448,004 $461.444
$279,262 $287,640
$8,453,858 $8,707,474
$16,122,377 $17,084,682
($8,453,858) ($8,707.474)
$7,668,519 $8,377,208
Year 23 Year 24 Year 25 Year 26
Dec-47 Dec-48 Dec-49 Dec-50
Dec-48 Dec-49 Dec-50 Dec-51
23 24 25 26

1.03 1.03 1.03 1.03
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$3,140.667 $3,234,887 $3,331.934 $3.431.892
$237,644 $244,773 $252,116 $259,680
$107,830 Slll,064 $114,396 $117,828
$4.711.000 $4.852.330 $4,997,900 $5,147,837
$475,288 $489,546 $504,233 $519,360
$296,270 $305,158 $314,312 $323,742
$8,968,698 $9,237,759 $9,514,891 $9,800,338
$18,091,946 $19,146,272 $20,249,856 $21,405,001
($8,968,698) ($9,237.759) ($9,514,891) ($9,800,338)
$9,123,249 $9,908,513 $10,734,964 $11,604,663
SCENARIO 3 - $.0074
Operating Costs Timellne
Annual Cash Flow Forecast
Period
Cost Ad ustment (For YR 1)
Annual Inflation Factor
Phase lA - New Fire Station at City Operations Center
Staffing
Non-personnel costs
Ca 1ta I Costs
Phase 18 - Fleet Maintenance Facility
Staffing
Non-personnel costs
Ca ital Costs
Phase 2A - Fire Station 4 Replacement
Staffing
Non-personnel costs
Capital Costs
Phase 3 - New Fire Station in Northern Santee
Staffing
Non-personnel costs
Capital Costs
Costs & Expenses
Avai Iable Revenue for Operations
Less: Costs & Expenses
Tax Revenue Shortfall/Surplus
10-Year Summa Totals
Available Revenue for Operations
Less: Costs & Ex enses
Tax Revenue Shortfall/Sur lus
30-Year Summa Totals
Available Revenue for Operations
Less: Costs & Ex enses
Tax Revenue Shortfall/Sur lus
$57,620.125
($41,121.563)
$16,498,562
$391. 7 49. 935
($210.148,691)
$181,601,245
Year 27
Dec-51
Dec-52
27 1.03
$0
$0
so
$0
$0
$0
$3,534,848
$267,470
$121,363
$5,302.272
$534.940
$333,454
$10,094,348
$22,614.116
($10,094,348)
$12,519,768
Year28 Year 29 Year 30
Dec-52 Dec-53 Dec-54
Dec-53 Dec-54 Dec-55
28 29 30
1 03 103 1.03
$0 $0 so
$0 $0 so
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$3,640,894 $3,750.121 $3,862,624
$275.494 $283,759 $292,272
$125.004 $128,754 $132,617
$5,461,341 $5.625.181 $5. 793.936
$550,989 $567,518 $584.544
$343.458 $353,761 $364,374
$10,397,179 $10,709,094 $11,030,367
$23,879,722 $27,608,304 $31,065,481
($10,397,179) ($10,709,094) ($11,030,367)
$13,482,543 $16,899,210 $20,035,114
london moeder
advisors
Scenario 4
City of Santee - Feasibility Analysis Page 37 of 41
SCENARIO 4 - $.0050 (Phased Staffing)
Forecasted Costs
3-Year Period
Cost Adjustment: Construction
Cost Adjustment: Equipment

3.0%

2.5%
Phase 1A - New Fire Station at City Operations Center
Fire Station (includes FF&E)
Phase 1 B - Fleet Maintenance Facility
Fleet Facility (includes FF&E)
Equipment
Phase 2A - Fire Station 4 Replacement
Fire Station (includes FF&E)
Squad Vehicle
Phase 3 - New Fire Station in Northern Santee
Fire Station (includes FF&E)
Fire Engine
Costs and Expenses
!Total Costs (Inflated)
Base Costs
$14,700,000
$5,600,000
$100,000
$18,250,000
$100,000
$14,000,000
$1,200.000
$53,950,000
Year 1 Year 2 Year 3
Jan-26 Jan-27 Jan-28
Dec-26 Dec-27 Dec-28

1.09 1.13 1.16

1.08 1.10 1.13
$16,063,087
$6,119,271
$107,689
$20,540,536
$110,381
$16,229,837
$1,357,690
$22,290,047 $20,650,917 $17,587,527
$60.s2a.491 I
SCENARIO 4 - $.0050 (Phased Staffing)
Bond Amount Required for New Fire Facilities
Santee - Fire District
New Fire Facilities Costs
Phase 1A - New Fire Station at City Operations Center
Phase 1 B - Fleet Maintenance Facility
Phase 2A - Fire Station 4 Replacement
Phase 3 - New Eire Station in Northern Santee
Cost Per Segment
!Total Cost
Bond Amount
Less: Reserve Fund
Less Cost of Issuance
Net Bond Proceeds
Interest Rate
Reserve Fund
Cost of Issuance
Term (Years)
Bond Payment (Annual)
Available Revenue (Av. Annual First 10 Years)
OCR (10 Year Avg.)
Beginning
Y_R. Balance Payment
1 $68,782,376 $4,474,392
2 $67,747,103 $4,474,392
3 $66,660,066 $4,474,392
4 $65,518,677 $4,474,392
5 $64,320,218 $4,474,392
6 $63,061,837 $4,474,392
7 $61,740,536 $4,474,392
8 $60,353,171 $4,474,392
9 $58,896,437 $4,474,392
10 $57,366,867 $4,474,392
11 $55,760,818 $4,474,392
12 $54,074,466 $4,474,392
13 $52,303,797 $4,474,392
14 $50,444,595 $4,474,392
15 $48,492,432 $4,474,392
16 $46,442,662 $4,474,392
17 $44,290.403 $4,474,392
18 $42,030,530 $4,474,392
19 $39,657,665 $4,474,392
20 $37,166,156 $4,474,392
21 $34,550,071 $4,474,392
22 $31,803,182 $4,474,392
23 $28,918,949 $4,474,392
24 $25,890,504 $4,474,392
25 $22,710,637 $4,474,392
26 $19,371,777 $4,474,392
27 $15,865,974 $4,474,392
28 $12,184,880 $4,474,392
29 $8,319,732 $4,474,392
30 $4,261,326 $4,474,392
Interest••
$3,439,119
$3,387,355
$3,333,003
$3,275,934
$3,216,011
$3,153,092
$3,087,027
$3,017,659
$2,944,822
$2,868,343
$2,788,041
$2,703,723
$2,615,190
$2,522,230
$2,424,622
$2,322,133
$2,214,520
$2,101,527
$1,982,883
$1,858,308
$1,727,504
$1,590,159
$1,445,947
$1,294,525
$1,135,532
$968,589
$793,299
$609,244
$415,987
$213,066
Construction
$16,063,087
$6,119,271
$20,540,536
$16 229 837
$58,952,731
$60,528.491
$68,782,376
($6,878,238)
($1 375 648)
$60,528.491

5.0%
10%

2.0%
30 $4,474,392
$6,916.490

1.55 Principal
$1,035,273
$1,087,037
$1,141,389
$1,198.458
$1,258,381
$1,321,300
$1,387,365
$1,456,734
$1,529,570
$1,606,049
$1,686,351
$1,770,669
$1,859,202
$1,952,163
$2,049,771
$2,152,259
$2,259,872
$2,372,866
$2,491,509
$2,616,084
$2,746,889
$2,884,233
$3,028.445
$3,179,867
$3,338,860
$3,505,803
$3,681,094
$3,865,148
$4,058.406
$4,261,326
Equipment
$0
$107,689
$110,381
$1 357 690
$1,575.760
Ending
Balance
$67,747,103
$66,660,066
$65,518,677
$64,320,218
$63,061,837
$61,740,536
$60,353,171
$58,896.437
$57,366,867
$55,760,818
$54,074,466
$52,303,797
$50,444,595
$48,492.432
$46,442,662
$44,290.403
$42,030,530
$39,657,665
$37,166,156
$34,550,071
$31,803,182
$28,918,949
$25,890,504
$22,710,637
$19,371,777
$15,865,974
$12,184,880
$8,319,732
$4,261,326
$0
SCENARIO 4 - $.0050 (Phased Staffing)
30 Year Tax Revenue Timeline
Annual Tax Revenue Forecast

ASSUMPTIONS
Total Occupied Inventory
Total Occupied Inventory Inflation Rate (CAGR)
Annual Taxable Transactions
Annual Taxable Transactions Per S.F of Retail
Taxable Transactions Inflation Rate (CAGR)
Tax Rate from Bond
Occupied lnvenotry Inflation Rate
Annual Taxable Sales Inflation Rate
Occupied Inventory
Retail Sales Per S.F
Taxable Transactions: Retail and Food Services
Annual Tax Revenue Generated
Reserve Fund
Less: Bond Payment
Available Revenue for Operations
Bond Pa ment DCR
30-Year Summarv Totals
Total Tax Revenue Generated
Reserve Fund
Total Bond Pavments
Total Available Revenue for Operations

2.546.785

0.24%
$930,300,946
$365

4.42%
$0.0050
$350.745,585
$6,878,238
($134,231.768)
$223,392,055
Initial
0 1.00

1.00 2,546,785
$365
$930,300,946
Year 1 Year 2
Jan-26 Jan-27
Dec-26 Dec-27
2 10098 1.0024

1.19 1.04
2,571.717 2,577.988
$434 $453
$1,116.728,115 $1,168,902,929
$5.583,641 $5.844,515
$0 $0
($4,474,392) ($4,474,392)
$1,109,248 $1,370,122

1.25 1.31
Year 3 Year 4 Year 5 Year6
Jan-28 Dec-28 Dec-29 Dec-30
Dec-28 Dec-29 Dec-30 Dec-31
3 4 5 6

1.0024 1.0024 1.0024 1.0024

1.04 1.04 104 104
2,584,274 2,590,576 2,596,893 2,603,225
$473 $494 $516 $539
$1,223,515.411 $1,280,679,450 $1,340,514,258 $1,403,144,617 $6,117,577 $6.403,397 $6.702.571 $7,015.723
$0 $0 $0 $0
($4.4 74,392) ($4.4 74,392) ($4.4 74,392) ($4,474,392)
$1,643,185 $1,929,005 $2,228,179 $2,541,331

1.37 1.43 1.50 1.57
SCENARIO 4 - $.0050 (Phased Staffing)
30 Year Tax Revenue Timeline
Annual Tax Revenue Forecast

ASSUMPTIONS
Total Occupied Inventory
Total Occupied Inventory Inflation Rate (CAGR)
Annual Taxable Transactions
Annual Taxable Transactions Per S.F of Retail
Taxable Transactions Inflation Rate (CAGR)
Tax Rate from Bond
Occupied lnvenotry Inflation Rate
Annual Taxable Sales Inflation Rate
Occupied Inventory
Retail Sales Per S.F
Taxable Transactions: Retail and Food Services
Annual Tax Revenue Generated
Reserve Fund
Less: Bond Payment
Available Revenue for Operations
Bond Payment DCR
30-Year Summary Totals
Total Tax Revenue Generated
Reserve Fund
Total Bond Pavments
Total Available Revenue for Operations
2,546.785

0.24%
$930,300.946
$365

4.42%
$0.0050
$350,745.585
$6,878,238
($134,231.768)
$223,392,055
Year 7 Year 8 Year 9
Dec-31 Dec-32 Dec-33
Dec-32 Dec-33 Dec-34
8 9

1.0024 1.0024 1.0024

1.04 1.04 1.04
2,609.573 2,615.936 2.622.315
$563 $588 $614
$1.468.701,138 $1,537,320,534 $1,609,145,908
$7,343,506 $7,686,603 $8,045,730
$0 $0 $0
($4.474,392) ($4.474,392) ($4,474,392)
$2,869,113 $3,212,210 $3,571,337

1.64 1.72 1.80
Year 10 Year11 Year12 Year 13
Dec-34 Dec-35 Dec-36 Dec-37
Dec-35 Dec-36 Dec-37 Dec-38
10 11 12 13

1.0024 1.0024 1.0024 1.0024

1.04 1.04 104 104

2.628.709 2,635,119 2,641,545 2,647,986
$641 $669 $699 $729
$1,684,327,044 $1,763,020.730 $1.845.391,074 $1,931,609,855 $8,421.635 $8,815,104 $9,226.955 $9,658.049
$0 $0 $0 $0
($4.474,392) ($4.474,392) ($4.474,392) ($4,474,392)
$3,947,243 $4,340,711 $4,752,563 $5,183,657

1.88 1.97 2.06 2.16
SCENARIO 4 - $.0050 (Phased Staffing)
30 Year Tax Revenue Timeline
Annual Tax Revenue Forecast

ASSUMPTIONS
Total Occupied Inventory
Total Occupied Inventory Inflation Rate (CAGR)
Annual Taxable Transactions
Annual Taxable Transactions Per S.F of Retail
Taxable Transactions Inflation Rate (CAGR)
Tax Rate from Bond
Occupied lnvenotry Inflation Rate
Annual Taxable Sales Inflation Rate
Occupied Inventory
Retail Sales Per S.F
Taxable Transactions: Retail and Food Services
Annual Tax Revenue Generated
Reserve Fund
Less: Bond Payment
Available Revenue for Operations
Bond Payment DCR
30-Year Summarv Totals
Total Tax Revenue Generated
Reserve Fund
Total Bond Pav men ts
Total Available Revenue for Operations
2,546.785

0.24%
$930,300.946
$365

4.42%
$0.0050
$350.745,585
$6,878.238
($134,231,768)
$223,392,055
Year14
Dec-38
Dec-39
14 1.0024
104

2.654.443
$762
$2,021,856,877
$10,109,284
$0
($4,474,392)
$5,634,892

2.26 Year 15 Year16
Dec-39 Dec-40
Dec-40 Dec-41
15 16

1.0024 1.0024
104 1.04

2.660,916 2.667.404
$795 $830
$2,116,320,342 $2,215,197,248
$10,581,602 $11,075,986
$0 $0
($4,474,392) ($4,474,392)
$6,107,209 $6,601,594

2.36 2.48
Year 17 Year18 Year 19 Year20
Dec-41 Dec-42 Dec-43 Dec-44
Dec-42 Dec-43 Dec-44 Dec-45
17 18 19 20

1.0024 1.0024 1 0024 1.0024
104 1.04 104 1.04
2,673,908 2,680.429 2,686.965 2,693,517
$867 $905 $945 $987
$2,318,693.796 $2.427.025.822 $2,540,419,243 $2,659,110,535 $11,593,469 $12,135,129 $12,702,096 $13,295.553
$0 $0 $0 $0
($4,474,392) ($4,474,392) ($4,474,392) ($4,474,392)
$7,119,077 $7,660,737 $8,227,704 $8,821,160

2.59 2.71 2.84 2.97
SCENARIO 4 - $.0050 (Phased Staffing)
30 Year Tax Revenue Timeline
Annual Tax Revenue Forecast

ASSUMPTIONS
Total Occupied Inventory
Total Occupied Inventory Inflation Rate (CAGR)
Annual Taxable Transactions
Annual Taxable Transactions Per S.F of Retail
Taxable Transactions Inflation Rate (CAGR)
Tax Rate from Bond
Occupied lnvenotry Inflation Rate
Annual Taxable Sales Inflation Rate
Occupied Inventory
Retail Sales Per S.F
Taxable Transactions: Retail and Food Services
Annual Tax Revenue Generated
Reserve Fund
Less: Bond Payment
Available Revenue for Operations
Bond Payment OCR
30-Year Summary Totals
Total Tax Revenue Generated
Reserve Fund
Total Bond Payments
Total Available Revenue for Operations
2,546,785

0.24%
$930.300.946
$365

4.42%
$0.0050
$350.745,585
$6,878,238
($134,231.768)
$223,392,055
Year 21
Dec-45
Dec-46
21 1.0024

1.04 2.700,085
$1,031
$2,783,347.220
$13,916.736
$0
($4.474,392)
$9.442,344

3.11 Year 22 Year 23
Dec-46 Dec-47
Dec-47 Dec-48
22 23

1.0024 1.0024

1.04 1.04

2.706,669 2.713,269
$1,076 $1,124
$2,913.388,385 $3,049.505,222
$14,566.942 Sl 5,247,526
so $0
($4.4 74,392) ($4.474,392)
$10,092,550 $10,773,134

3.26 3.41
Year 24 Year 25 Year 26 Year 27
Dec-48 Dec-49 Dec-50 Dec-51
Dec-49 Dec-50 Dec-51 Dec-52
24 25 26 27
10024 1.0024 1.0024 1.0024
1 04 104 104 1.04

2.719,885 2,726,517 2,733,166 2.739,830
Sl.174 $1,225 $1.280 $1,336
$3,191,981,592 $3,341,114,622 $3.497,215,318 $3,660,609,216 $15,959,908 $16,705,573 $17.486,077 $18,303,046
$0 $0 $0 so
($4.474,392) ($4.474,392) ($4.474,392) (S4.4 74,392)
$11.485,516 $12,231,181 $13,011,684 $13,828,654

3.57 3.73 3.91 4.09
SCENARIO 4 - $.0050 (Phased Staffing)
30 Year Tax Revenue Timeline
Annual Tax Revenue Forecast

ASSUMPTIONS
Total Occupied Inventory
Total Occupied Inventory Inflation Rate (CAGR)
Annual Taxable Transactions
Annual Taxable Transactions Per S.F of Retail
Taxable Transactions Inflation Rate (CAGR)
Tax Rate from Bond
Occupied lnvenotry Inflation Rate
Annual Taxable Sales Inflation Rate
Occupied Inventory
Retail Sales Per S.F
Taxable Transactions: Retail and Food Services
Annual Tax Revenue Generated
Reserve Fund
Less: Bond Payment
Available Revenue for Operations
Bond Payment OCR
30-Year Summarv Totals
Total Tax Revenue Generated
Reserve Fund
Total Bond Pavments
Total Available Revenue for Operations
2,546,785

0.24%
$930,300,946
$365

4.42%
$0 0050
$350,745,585
$6,878,238
($134,231.768)
$223,392,055
Year 28
Dec-52
Dec-53
28 10024

1.04 2.746,511
$1,395
$3,831,637,065
$19,158,185
$0
($4.474,392)
$14,683.793

4.28 Year 29 Year 30
Dec-53 Dec-54
Dec-54 Dec-55
29 30
10024 10024

1.04 1.04

2.753,208 2.759,922
$1,457 $1,521
$4,010,655,530 $4,198,037,942
$20,053,278 $20,990,190
$2,403,845 $4,474,392
($4 .4 74,392) ($4.4 74,392)
$17,982,731 $20,990,190

5.02 5.69
SCENARIO 4 - $.0050 (Phased Staffing)
Operating Costs Timellne
Annual Cash Flow Forecast
Period
Ad ustment (For YR 1)
Annual Inflation Factor
Phase lA - New Fire Station at City Operations Center
Staffing
Non-personnel costs
Ca ital Costs
Phase 18 - Fleet Maintenance Facility
Staffing
Non-personnel costs
Ca ital Costs
Phase 2A - Fire Station 4 Replacement
Staffing
Non-personnel costs
Ca ital Costs
Phase 3 - New Fire Station in Northern Santee
Staffing
Non-personnel costs
Ca ital Costs
Costs & Expenses
Available Revenue for Operations
Less: Costs & Expenses
Tax Revenue Shortfall/Surplus
10-Year Summa Totals
Available Revenue for Operations
Less: Costs & Ex enses
Tax Revenue Shortfall/Sur lus
30-Year Summa Totals
Available Revenue for Operations
Less: Costs & Ex enses
Tax Revenue Shortfall/Sur lus
$24.420.974
($23,576,631)
$844,344
$223,392,055
($126,902.774)
$96,489,281
Year 1 Year 2
Jan-26 Jan-27
Initial Dec-26 Jan-28
0 2
109 1.13

1.00 103 1.03
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$1,109,248 $1,370,122
$0 $0
$1,109,248 $1,370,122
Full Staff of 9 FF
Year 3 Year 4 Year 5
Jan-28 Jan-29 Jan-30
Dec-28 Dec-29 Dec-30
3 4 5

1.16 1.19 1.23

1.03 1.03 103
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$1,738,911 $1,791.078 $1,844,811
$131.578 $135,525 $139,591
$59,703 $61.494 $63.339
$0 $0 $0
$0 $0 $0
$0 $0 $0
$1,930,191 $1,988,097 $2,047,740
$1,643,185 $1,929,005 $2,228,179
($1,930,191)
($1,988,097) ($2,047,740)
($287,007) ($59,092) $180,439
SCENARIO 4 - $.0050 (Phased Staffing)
Operating Costs Timeline
Annual Cash Flow Forecast
Year 6 Year 7 Year B Year9 YearlO Yearll Year 12
Jan-31 Jan-32 Dec-32 Dec-33 Dec-34 Dec-35 Dec-36
Dec-31 Dec-32 Dec-33 Dec-34 Dec-35 Dec-36 Dec-37
Period 6 8 9 10 11 12
Ad ustment (For YR 1) 1.27
Annual Inflation Factor 1.03 1.03 103 1.03 103 1.03 1.03 Phase lA - New Fire Station at City Operations Center
Staffing $0 $0 $0 $0 $0 $0 $0
Non-personnel costs $0 $0 $0 $0 $0 $0 $0
Ca ital Costs $0 $0 $0 $0 $0 $0 $0
Phase 1B - Fleet Maintenance Facility
Staffing $0 $0 $0 $0 $0 $0 $0
Non-personnel costs $0 $0 $0 $0 $0 $0 $0
Ca ita I Costs $0 $0 $0 $0 $0 $0 $0
Phase 2A - Fire Station 4 Replacement
Staffing $0 $0 $0 $0 $0 $0 $0
Non-personnel costs $0 $0 $0 $0 $0 $0 $0
Ca ital Costs $0 $0 $0 $0 $0 $0 $0
Phase 3 - New Fire Station in Northern Santee
Staffing $2,850.233 $2,935.740 $3,023.812 $3,114,526 $3,207,962 $3,304,201 $3.403,327 Non-personnel costs $287,557 $296,184 $305,069 $314,221 $323,648 $333,357 $343,358 Caeital Costs $179,248 $184,625 $190.164 $195,869 $201.745 $207.798 $214,031 Costs & Expenses $3,317,037 $3,416,549 $3,519,045 $3,624,616 $3,733,355 $3,845,356 $3,960,716 Available Revenue for Operations $2,541,331 $2,869,113 $3,212,210 $3,571,337 $3,947,243 $4,340,711 $4,752,563 Less: Costs & Exeenses ($3,317,037) ($3,416,549) ($3,519,045) ($3,624,616) ($3,733,355) ($3,845,356) ($3,960,716) Tax Revenue Shortfall/Surplus ($775,707) ($547,435) ($306,835) ($53,279) $213,888 $495,356 $791,847 10-Year Summa Totals
Available Revenue for Operations $24.420,974
Less: Costs & Ex enses ($23.576,631)
Tax Revenue Shortfall/Sur lus $844,344
30-Year Summa Totals
Available Revenue for Operations $223.392.055
Less: Costs & Ex enses ($126,902.774)
Tax Revenue Shortfall/Sur lus $96,489,281
SCENARIO 4 - $.0050 (Phased Staffing)
Operating Costs Timeline
Annual Cash Flow Forecast
Period
Ad ustment (For YR 1)
Annual Inflation Factor
Phase 1 A - New Fire Station at City Operations Center
Staffing
Non-personnel costs
Ca ital Costs
Phase 1B - Fleet Maintenance Facility
Staffing
Non-personnel costs
Ca ital Costs
Phase 2A - Fire Station 4 Replacement
Staffing
Non-personnel costs
Ca ,tal Costs
Phase 3 - New Fire Station in Northern Santee
Staffing
Non-personnel costs
Capital Costs
Costs & Expenses
Available Revenue for Operations
Less: Costs & Expenses
Tax Revenue Shortfall/Surplus
10-Year Summa Totals
Available Revenue for Operations
Less: Costs & Ex enses
Tax Revenue Shortfall/Sur lus
30-Year Summa Totals
Available Revenue for Operations
Less: Costs & Ex enses
Tax Revenue Shortfall/Sur lus
Year 13 Year 14
Dec-37 Dec-38
Dec-38 Dec-39
13 14

1.03 1.03
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$3,505.427 $3.610,589
$353,659 $364,268
$220,452 $227,066
$4,079,538 $4,201,924
$5,183,657 $5,634,892
($4,079,538) ($4,201,924)
$1,104,119 $1,432,968
$24.420,974
($23,576.631)
$844,344
$223,392,055
($126,902.774 )
$96.489,281
Year 15 Year16
Dec-39 Dec-40
Dec-40 Dec-41
15 16
103 1.03
$0 $0
$0 $0
$0 $0
$0 $0
$0 so
$0 $0
$0 $0
$0 $0
$0 $0
$3.718,907 $3.830.4 74
$375,196 $386.452
$233,878 $240,894
$4,327,982 $4.457,821
$6,107,209 $6,601,594
($4,327,982) ($4,457,821)
$1,779,228 $2,143,773
Year17
Dec-41
Dec-42
17 1.03
$0
$0
$0
$0
$0
$0
$0
$0
$0
$3,945,389
$398.046
$248,121
$4,591,556
$7,119,077
($4,591,556)
$2,527.521
YearlB
Dec-42
Dec-43
18 103
$0
$0
$0
$0
$0
$0
$0
$0
$0
$4,063.750
$409.987
$255,565
$4,729,302
$7,660,737
($4,729,302)
$2,931,435
Year19
Dec-43
Dec-44
19 1.03
$0
$0
$0
$0
$0
$0
$0
$0
$0
$4.185,663
$422,287
$263,232
$4,871,181
$8,227.704
($4,871,181)
$3,356,523
SCENARIO 4 - $.0050 (Phased Staffing)
Operating Costs Timellne
Annual Cash Flow Forecast
Period
Ad'ustment (For YR 1)
Annual Inflation Factor
Phase 1A - New Fire Station at City Operations Center
Staffing
Non-personnel costs
Ca ital Costs
Phase 1B - Fleet Maintenance Facility
Staffing
Non-personnel costs
Ca ita I Costs
Phase 2A - Fire Station 4 Replacement
Staffing
Non-personnel costs
Ca ,tal Costs
Phase 3 - New Fire Station in Northern Santee
Staffing
Non-personnel costs
Caeital Costs
Costs & Expenses
Available Revenue for Operations
Less: Costs & Exeenses
Tax Revenue Shortfall/Surplus
10-Year Summa Totals
Available Revenue for Operations
Less: Costs & Ex enses
Tax Revenue Shortfall/Sur lus
30-Year Summa Totals
Available Revenue for Operations
Less: Costs & Ex enses
Tax Revenue Shortfall/Sur lus
$24.420,974
($23,576.631)
$844,344
$223,392,055
($126,902,774)
$96,489,281
Year 20 Year 21
Dec-44 Dec-45
Dec-45 Dec-46
20 21
103 103
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$0 so
so so
so so
$4,311,233 $4.440,570
$434,955 $448,004
$271.129 $279,262
$5,017,317 $5,167,836
$8,821,160 $9,442,344
($5,017,317) ($5,167,836)
$3,803,844 $4,274,508
Year 22 Year 23 Year 24 Year 25 Year 26
Dec-46 Dec-47 Dec-48 Dec-49 Dec-50
Dec-47 Dec-48 Dec-49 Dec-50 Dec-51
22 23 24 25 26
1 03 1.03 1.03 1.03 103
$0 $0 $0 $0 $0
so $0 $0 $0 $0
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
so $0 $0 $0 $0
so $0 $0 $0 $0
so $0 $0 $0 $0
$4,573.787 $4,711,000 $4,852,330 $4,997,900 $5,147,837
$461.444 $475,288 $489,546 $504,233 $519,360
$287,640 $296.270 $305,158 $314,312 $323.742
$5,322,871 $5,482,558 $5,647,034 $5,816,445 $5,990,939
$10,092,550 $10,773,134 $11,485,516 $12,231,181 $13,011,684 ($5,322,871) ($5,482,558) ($5,647,034) ($5,816,445) ($5,990,939) $4.769,678 $5,290,576 $5,838,481 $6,414,736 $7,020.746
SCENARIO 4 - $.0050 (Phased Staffing)
Operating Costs Tlmellne
Annual Cash Flow Forecast
Period
Ad ustment (For YR 1)
Annual Inflation Factor
Phase lA - New Fire Station at City Operations Center
Staffing
Non-personnel costs
Ca ita I Costs
Phase lB - Fleet Maintenance Facility
Staffing
Non-personnel costs
Ca ital Costs
Phase 2A - Fire Station 4 Replacement
Staffing
Non-personnel costs
Ca ital Costs
Phase 3 - New Fire Station in Northern Santee
Staffing
Non-personnel costs
Capital Costs
Costs & Expenses
Available Revenue for Operations
Less: Costs & Expenses
Tax Revenue Shortfall/Surplus
10-Year Summa Totals
Available Revenue for Operations
Less: Costs & Ex enses
Tax Revenue Shortfall/Sur lus
30-Year Summa Totals
Available Revenue for Operations
Less: Costs & Ex enses
Tax Revenue Shortfall/Sur lus
$24,420,974
($23,576,631)
$844,344
$223,392.055
($126,902,774)
$96,489,281
Year 27
Dec-51
Dec-52
27 103
$0
$0
$0
$0
$0
$0
$0
$0
$0
$5,302.272
$534,940
$333,454
$6,170,667
$13,828,654
($6.170,667)
$7,657,987
Year 28 Year 29 Year 30
Dec-52 Dec-53 Dec-54
Dec-53 Dec-54 Dec-55
28 29 30

1.03 1.03 103
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$5,461,341 $5,625.181 $5,793.936
$550.989 $567,518 $584.544
$343,458 $353. 761 $364,374
$6,355,787 $6,546,460 $6,742,854
$14,683,793 $17,982,731 $20,990,190
($6,355,787) ($6,546,460) ($6,742,854)
$8,328,006 $11,436,270 $14,247,336
london moeder
advisors
Scenario 5
City of Santee - Feasibility Analysis Page 38 of 41
SCENARIO 5 - $.0050 (Phase 1 & 2 Only)
Forecasted Costs
3-Year Period
Cost Adjustment: Construction
Cost Adjustment: Equipment
Phase 1A - New Fire Station at City Operations Center
Fire Station (includes FF&E)
Phase 1B - Fleet Maintenance Facility
Fleet Facility (includes FF&E)
Equipment
Phase 2A - Fire Station 4 Replacement
Fire Station (includes FF&E)
Squad Vehicle
Costs and Expenses
!Total Costs (Inflated)

3.00%

2.50%
Base Costs
$14.700,000
$5,600,000
$100,000
$18,250,000
$100,000
$38,750,000
Year1 Year 2
Jan-26 Jan-27
Dec-26 Dec-27

1.09 1.13

1.08 1.10
$16,063,087
$6,119,271
$107,689
$20,540,536
$110,381
$22,290,047 $20,650,917
$42,940,964 I
SCENARIO 5 - $.0050 (Phase 1 & 2 Only)
Bond Amount Required for New Fire Facilities
Santee
- Fire District
New Eire Facilities Costs
Phase 1A
- New Fire Station at City Operations Center
Phase 1 B - Fleet Maintenance Facility Phase ZA - Fire Station 4 Replacement Cost Per Segment
!Total Cost
Bond Amount
Less: Reserve Fund
Less: Cost
of Issua
nce
Net Bond Proceeds
Interest Rate
Reserve Fund
Cost
of Issuance
Term (Years)
Bond Payment (Annual)
Available Revenue (Av. Annual First 10 Years)
DCR (10 Year Avg.)
Beginning
YR-
- -� Balance Payment
1 $48,796,550 $3,174,286
2 $48,062,092 $3,174,286
3 $47,290,911 $3,174,286
4 $46.481, 171 $3,174,286
5 $45,630,944 $3,174,286
6 $44.738,205 $3,174,286
7 $43,800,830 $3,174,286
8 $42,816,586 $3,174,286
9 $41.783,130 $3,174,286
10 $40,698,000 $3,174,286
11 $39,558,615 $3,174,286
12 $38,362,260 $3,174,286
13 $37,106,087 $3,174,286
14 $35.787, 106 $3,174,286
15 $34.402,176 $3,174,286
16 $32,947,999 $3,174,286
17 $31.421, 113 $3,174,286
18 $29,817,884 $3,174,286
19 $28,134.492 $3,174,286
20 $26,366,931 $3,174,286
21 $24,510,992 $3,174,286
22 $22,562,256 $3,174,286
23 $20,516,083 $3,174,286
24 $18,367,602 $3,174,286
25 $16,111,696 $3,174,286
26 $13,742,995 $3,174,286
27 $11,255,860 $3,174,286
28 $8,644,367 $3,174,286
29 $5,902,300 $3,174,286
30 $3,023,129 $3,174,286
Interest••
$2.439,828
$2.403,105
$2,364,546
$2,324,059
$2,281,547
$2,236,910
$2,190,042
$2,140,829
$2,089,156
$2,034,900
$1.977.931
$1,918,113
$1,855,304
$1.789,355
$1.720,109
$1.647.400
$1.571.056
$1.490,894
$1.406.725
$1.318,34 7
$1.225,550
$1.128,113
$1,025,804
$918,380
$805,585
$687,150
$562,793
$432,218
$295,115
$151,156
Construction
$16,063,087
$6,119,271
$20
5 40 536
$42,722,894
$42,940,964
$48.796,550
($4,879,655)
($975
931)
$42,940,964 5.0%
10%

2.0%
30 $3,174,286
$6,916.490

2.18 Principal
$734.458
$771,181
$809.740
$850,227
$892.738
$937,375
$984,244
$1.033.456
$1,085,129
$1,139,386
$1,196,355
$1,256,173
$1,318,981
$1.384,930
$1.454,177
$1.526,886
$1,603,230
$1,683,391
$1,767,561
$1,855,939
$1,948.736
$2,046,173
$2,148.481
$2,255,906
$2,368,701
$2.487,136
$2,611.493
$2.742,067
$2,879,171
$3.023.129
Equipment
$0
$107,689
$110 381
$218,070
Ending
Balance
$48,062,092
$47,290,911
$46.481.171
$45,630,944
$44.738,205
$43,800,830
$42,816,586
$41.783,130
$40,698,000
$39,558,615
$38,362,260
$37,106,087
$35.787, 106
$34.402, 176
$32,947,999
$31.421.113
$29,817,884
$28,134.492
$26,366,931
$24,510,992
$22,562,256
$20,516,083
$18,367,602
$16,111,696
$13,742,995
$11,255,860
$8,644,367
$5,902,300
$3,023,129
$0
SCENARIO 5 - $.0050 (Phase 1 & 2 Only)
30 Year Tax Revenue Tlmellne
Annual Tax Revenue Forecast

ASSUMPTIONS
Total Occupied Inventory
Total Occupied Inventory Inflation Rate (CAGR)
Annual Taxable Transactions
Annual Taxable Transactions Per S.F of Retail
Taxable Transactions Inflation Rate (CAGR)
Tax Rate from Bond
Occupied lnvenotry Inflation Rate
Annual Taxable Sales Inflation Rate
Occupied Inventory
Retail Sales Per S.F
Taxable Transactions: Retail and Food Services
Annual Tax Revenue Generated
Reserve Fund
Less: Bond Payment
Available Revenue for Operations
Bond Payment DCR
30-Year Summarv Totals
Total Tax Revenue Generated
Reserve Fund
Total Bond Pavments
Total Available Revenue for Operations
2,546,785

0.24%
$930,300,946
$365

4.42%
$0.0050
$350.745,585
$4,879,655
($95,228,568)
$260,396,672
Initial
0 1.00

1.00 2.546,785
$365
$930.300.946
Year 1 Year 2
Jan-26 Jan-27
Dec-26 Dec-27
1 2

1.0098 10024

1.19 1.04
2,571.717 2,577,988
$434 $453
$1,116,728,115 $1,168,902,929
$5,583,641 $5,844.515
$0 $0
($3,174,286) ($3,174,286)
$2,409,355 $2,670,229

1.76 1.84
Year 3 Year 4 Year 5 Year 6
Jan-28 Dec-28 Dec-29 Dec-30
Dec-28 Dec-29 Dec-30 Dec-31
3 4 5 6
10024 1.0024 1.0024 1.0024

1.04 104 1.04 1.04

2.584.274 2,590,576 2,596.893 2,603,225
$473 $494 $516 $539
$1.223.515.411 $1.280,679.450 $1,340,514.258 $1,403,144,617 $6,117,577 $6,403,397 $6.702.571 $7,015,723
$0 $0 $0 $0
($3,174,286) ($3,174,286) ($3,174,286) ($3,174,286)
$2,943,291 $3,229,112 $3,528,286 $3,841,437

1.93 2.02 2.11 2.21
SCENARIO 5 - $.0050 (Phase 1& 2 Only)
30 Year Tax Revenue Timeline
Annual Tax Revenue Forecast

ASSUMPTIONS
Total Occupied Inventory
Total Occupied Inventory Inflation Rate (CAGR)
Annual Taxable Transactions
Annual Taxable Transactions Per S.F of Retail
Taxable Transactions lnflatlon Rate (CAGR)
Tax Rate from Bond
Occupied lnvenotry Inflation Rate
Annual Taxable Sales Inflation Rate
Occupied Inventory
Retail Sales Per S.F
Taxable Transactions Retail and Food Services
Annual Tax Revenue Generated
Reserve Fund
Less: Bond Payment
Available Revenue for Operations
Bond Payment DCR
30-Year Summarv Totals
Total Tax Revenue Generated
Reserve Fund
Total Bond Payments
Total Available Revenue for Operations
2,546,785

0.24%
$930,300,946
$365

4.42%
$0.0050
$350.7 45,585
$4,879,655
($95,228,568)
$260,396,672
Year 7
Dec-31
Dec-32
7 1.0024

1.04 2,609,573
$563
$1.468.701,138
$7,343,506
$0
($3,174,286)
$4,169,220

2.31 Year 8 Year 9
Dec-32 Dec-33
Dec-33 Dec-34
8 9

1.0024 1.0024

1.04 1.04
2,615,936 2,622,315
$588 $614
$1,537,320,534 $1,609,145,908
$7,686,603 $8,045.730
$0 $0
($3,174,286) ($3,174,286)
$4,512,317 $4,871,444

2.42 2.53
Year 10 Year 11 Year12 Year 13
Dec-34 Dec-35 Dec-36 Dec-37
Dec-35 Dec-36 Dec-37 Dec-38
10 11 12 13

1.0024 1.0024 1.0024 1.0024
104 1.04 1.04 1.04

2.628.709 2,635,119 2,641,545 2,647,986
$641 $669 $699 $729
$1.684,327.044 $1.763,020.730 $1,845,391.074 $1,931,609,855 $8,421,635 $8,815,104 $9,226,955 $9,658,049
$0 $0 $0 $0
($3,174,286) ($3,174,286) ($3,174,286) ($3,174,286)
$5,247,350 $5,640,818 $6,052,670 $6,483,764

2.65 2.78 2.91 3.04
SCENARIO 5 - $.0050 (Phase 1& 2 Only)
30 Year Tax Revenue Timeline
Annual Tax Revenue Forecast

ASSUMPTIONS
Total Occupied Inventory
Total Occupied Inventory Inflation Rate (CAGR)
Annual Taxable Transactions
Annual Taxable Transactions Per S.F of Retail
Taxable Transactions Inflation Rate (CAGR)
Tax Rate from Bond
Occupied lnvenotry Inflation Rate
Annual Taxable Sales Inflation Rate
Occupied Inventory
Retail Sales Per S.F
Taxable Transactions: Retail and Food Services
Annual Tax Revenue Generated
Reserve Fund
Less: Bond Payment
Available Revenue for Operations
Bond Payment DCR
30-Year Summary Totals
Total Tax Revenue Generated
Reserve Fund
Total Bond Payments
Total Available Revenue for Operations
2,546.785

0.24%
$930,300,946
$365

4.42%
$0.0050
$350,745,585
$4,879,655
($95,228,568)
$260,396,672
Year14
Dec-38
Dec-39
14 10024

1.04 2,654,443
$762
$2,021,856.877
$10,109.284
$0
($3,174,286)
$6,934,999

3.18 Year15 Year 16
Dec-39 Dec-40
Dec-40 Dec-41
15 16
10024 10024

1.04 1.04
2,660,916 2,667,404
$795 $830
$2,116,320.342 $2,215.197.248
$10,581.602 $11,075.986
$0 $0
($3,174,286) ($3,174,286)
$7,407,316 $7,901,701

3.33 3.49
Year17 Year18 Year19 Year 20
Dec-41 Dec-42 Dec-43 Dec-44
Dec-42 Dec-43 Dec-44 Dec-45
17 18 19 20

1.0024 10024 1.0024 1.0024

1.04 1.04 1.04 1.04
2,673,908 2,680.429 2,686,965 2,693,517
$867 $905 $945 $987
$2,318.693. 796 $2,427.025,822 $2,540,419,243 $2,659,110,535 $11.593,469 $12,135,129 $12,702,096 $13,295,553
$0 $0 $0 $0
($3,174.286) ($3,174,286) ($3,174,286) ($3,174,286)
$8,419,183 $8,960,844 $9,527,811 $10,121.267

3.65 3.82 4.00 4.19
SCENARIO 5 - $.0050 (Phase 1& 2 Only)
30 Year Tax Revenue Timeline
Annual Tax Revenue Forecast

ASSUMPTIONS
Total Occupied Inventory
Total Occupied Inventory Inflation Rate (CAGR)
Annual Taxable Transactions
Annual Taxable Transactions Per S.F of Retail
Taxable Transactions Inflation Rate (CAGR)
Tax Rate from Bond
Occupied lnvenotry Inflation Rate
Annual Taxable Sales Inflation Rate
Occupied Inventory
Retail Sales Per S.F
Taxable Transactions: Retail and Food Services
Annual Tax Revenue Generated
Reserve Fund
Less: Bond Payment
Available Revenue for Operations
Bond Payment DCR
30-Year Summarv Totals
Total Tax Revenue Generated
Reserve Fund
Total Bond Payments
Total Available Revenue for Operations
2,546,785

0.24%
$9 30,300.946
S365

4.42%
$0.0050
$350, 745,585
$4,8 79.655
($ 95,228,568)
$260,396,672
Year 21
Dec-45
Dec-46
21 10024

1.04 2,700,085
$1.0 31
$2. 78 3.34 7.220
$13.9 16. 736
$0
($3, 174,286)
$10,742.450

4.38 Year 22 Year 23
Dec-46 Dec-47
Dec-47 Dec-48
22 23
10024 1.0024

1.04 1 04
2,706,66 9 2,7 13,26 9
$1,0 76 $1, 124
$2.9 13, 388.385 $3,04 9,505,222
$14,566.942 $15,24 7.526
$0 $0
($3, 174,286) ($3, 174,286)
$11,392,656 $12,073,241

4.59 4.80
Year 24 Year 25 Year 26 Year 27
Dec-48 Dec-49 Dec-50 Dec-51
Dec-49 Dec-50 Dec-51 Dec-52
24 25 26 27

1.0024 1.0024 1.0024 10024

1.04 1.04 1.04 1.04
2,7 19,885 2, 726,5 17 2, 733.166 2,7 39,8 30
$1,174 $1,225 $1,280 $1,336
$3,19 1,98 1,5 92 $3.34 1. 114.622 $3.4 97.2 15,3 18 $3,660,60 9,2 16 $15. 95 9,908 $16, 705,5 73 $17,486,077 $18, 30 3.046
$0 $0 $0 $0
($3, 174,286) ($3,174,286) ($3,174,286) ($3,174,286)
$12.785,622 $13,531,288 $14,311.791 $15,128,760

5.03 5.26 5.51 5.77
SCENARIO 5 - $.0050 (Phase 1& 2 Only)
30 Year Tax Revenue Timellne
Annual Tax Revenue Forecast

ASSUMPTIONS
Total Occupied Inventory
Total Occupied Inventory Inflation Rate (CAGR)
Annual Taxable Transactions
Annual Taxable Transactions Per S.F of Retail
Taxable Transactions Inflation Rate (CAGR)
Tax Rate from Bond
Occupied lnvenotry Inflation Rate
Annual Taxable Sales Inflation Rate
Occupied Inventory
Retail Sales Per S.F
Taxable Transactions: Retail and Food Services
Annual Tax Revenue Generated
Reserve Fund
Less: Bond Payment
Available Revenue for Operations
Bond Payment DCR
30-Year Summary Totals
Total Tax Revenue Generated
Reserve Fund
Total Bond Payments
Total Available Revenue for Operations
2,546.785

0.24%
$930,300,946
$365

4.42%
$0.0050
$350,745,585
$4,879,655
($95,228,568)
$260,396,672
Year 28
Dec-52
Dec-53
28 10024
104

2.746,511
$1,395
$3,831,637,065
$19,158,185
$0
($3,174,286)
$15,983,900

6.04 Year 29 Year 30
Dec-53 Dec-54
Dec-54 Dec-55
29 30

1.0024 1.0024

1.04 1.04

2.753,208 2.759.922
$1.457 $1.521
$4,010,655,530 $4,198,037.942
$20,053.278 $20,990,190
$1.705,369 $3,174,286
($3,174,286) ($3,174,286)
$18,584,361 $20,990,190

6.B5 7.61
SCENARIO 5 - $.0050 (Phase 1& 2 Only)
Operating Costs Tlmellne
Annual Cash Flow Forecast
Period
Cost Ad'ustment (For YR 1)
Annual Inflation Factor
Phase 1A - New Fire Station at City Operations Center
Staffing
Non-personnel costs
Ca ital Costs
Phase 18 - Fleet Maintenance Facility
Staffing
Non-personnel costs
Ca ital Costs
Phase 2A - Fire Station 4 Replacement
Staffing
Non-personnel costs
Ca ital Costs
Costs & Expenses
Available Revenue for Operations
Less: Costs & Expenses
Tax Revenue Shortfall/Surplus
10-Year Summa Totals
Available Revenue for Operations
Less: Costs & Ex enses
Tax Revenue Shortfall/Sur lus
30-Year Summa Totals
Available Revenue for Operations
Less: Costs & Ex enses
Tax Revenue Shortfall/Sur lus
$37,422,041
($17,163,910)
$20,258.131
$260,396,672
($82,864,895)
$177,531,777
Initial
0 1.00
Year 1 Year 2
Jan-26 Jan-27
Dec-26 Jan-28
1 2

1.09 1.13

1.03 1.03
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$2.409,355 $2,670,229
$0 $0
$2,409,355 $2,670,229
Year 3 Year 4 Year 5
Jan-28 Jan-29 Jan-30
Dec-28 Dec-29 Dec-30
3 4 5

1.16 1.03 1.03 103
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$1,738,911 $1,791,078 $1,844,811
$131.578 $135.525 $139,591
$59,703 $61,494 $63.339
$1,930,191 $1,988,097 $2,047,740
$2,943,291 $3,229,112 $3,528,286
($1,930,191) ($1,988,097)
($2,047,740)
$1,013,100 $1,241,015 $1,480,546
SCENARIO 5 - $.0050 (Phase 1& 2 Only)
Operating Costs Timeline
Annual Cash Flow Forecast
Period
Cost Ad ustment (For YR 1)
Annual Inflation Factor
Phase 1A - New Fire Station at City Operations Center
Staffing
Non-personnel costs
Ca ital Costs
Phase 1B - Fleet Maintenance Facility
Staffing
Non-personnel costs
Ca ital Costs
Phase 2A - Fire Station 4 Replacement
Staffing
Non-personnel costs
Capital Costs
Costs & Expen ses
Available Revenue for Operations
Less: Costs & Expenses
Tax Revenue Shortfall/Surplus
10-Year Summa Totals
Available Revenue for Operations
Less: Costs & Ex enses
Tax Revenue Shortfall/Sur lus
30-Year Summa Totals
Available Revenue for Operations
Less: Costs & Ex enses
Tax Revenue Shortfall/Sur lus
$37,422.041
($17,163,910)
$20,258,131
$260,396,672
($82,864,895)
$177,531,777
Year 6
Jan-31
Dec-31
6 1.03
$0
$0
$0
$0
$0
$0
$1,900.155
$143,778
$65,239
$2,109,172
$3,841.437
($2,109,172)
$1,732,265
Year 7 Years
Jan-32 Dec-32
Dec-32 Dec-33
8 1.03 1 03
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$1,957,160 $2,015.875
$148.092 $152,535
$67.196 $69.212
$2,172.447 $2,237,621
$4,169,220 $4,512,317
($2,172.447) ($2,237,621)
$1,996,773 $2,274,696
Year 9 Year10 Year 11 Year12
Dec-33 Dec-34 Dec-35 Dec-36
Dec-34 Dec-35 Dec-36 Dec-37
9 10 11 12

1.03 1.03 1.03 1.03
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$2,076,351 $2,138,641 $2,202,801 $2.268.885
$157,111 $161,824 $166,679 $171,679
$71.288 $73.427 $75,629 $77.898
$2,304,749 $2,373,892 $2,445,109 $2,518.462
$4,871.444 $5,247,350 $5,640,818 $6,052,670
($2,304,749) ($2,373,892) ($2,445,109) ($2,518.462)
$2,566,695 $2,873.458 $3,195,709 $3,534,208
SCENARIO 5 - $.0050 (Phase 1& 2 Only)
Operating Costs Timeline
Annual Cash Flow Forecast
Period
Cost Ad·ustment (For YR 1)
Annual Inflation Factor
Phase 1A - New Fire Station at City Operations Center
Staffing
Non-personnel costs
Ca ital Costs
Phase 1 B - Fleet Maintenance Facility
Staffing
Non-personnel costs
Ca ital Costs
Phase 2A - Fire Station 4 Replacement
Staffing
Non-personnel costs
Capital Costs
Costs & Expenses
Available Revenue for Operations
Less: Costs & Expenses
Tax Revenue Shortfall/Surplus
10-Year Summa Totals
Available Revenue for Operations
Less: Costs & Ex enses
Tax Revenue Shortfall/Sur lus
30-Year Summa Totals
Available Revenue for Operations
Less: Costs & Ex enses
Tax Revenue Shortfall/Sur lus
$37,422,041
($17,163,910)
$20,258.131
$260,396,672
($82,864,895)
$177,531,777
Year 13
Dec-37
Dec-38
13 103
$0
$0
$0
$0
$0
$0
$2,336,951
$176,829
$80.235
$2,594,016
$6,483,764
($2,594.016)
$3,889,748
Year 14
Dec-38
Dec-39
14 1.03
$0
$0
$0
$0
$0
$0
$2.407,060
$182,134
$82.642
$2,671.836
$6,934,999
($2,671.836)
$4,263,163
Year 15
Dec-39
Dec-40
15 1.03
$0
$0
$0
$0
$0
$0
$2.4 79,271
$187,598
$85,122
$2.751,991
$7,407,316
($2,751,991)
$4,655,325
Year 16 Year 17 Year 18 Year19
Dec-40 Dec-41 Dec-42 Dec-43
Dec-41 Dec-42 Dec-43 Dec-44
16 17 18 19

1.03 1.03 103 103
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 so $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$2,553,650 $2,630,259 $2,709,167 $2,790.442
$193.226 $199,023 $204,994 $211,143
$87,675 $90,306 $93,015 $95,805
$2,834,551 $2,919,588 $3,007,175 $3,097,390
$7,901,701 $8,419,183 $8,960,844 $9,527.811
($2,834,551) ($2.919,588) ($3,007,175) ($3,097,390)
$5,067,150 $5,499,596 $5,953,668 $6,430,420
SCENARIO 5 - $.0050 (Phase 1& 2 Only)
Operating Costs Tlmeline
Annual Cash Flow Forecast
Period
Cost Ad ustment (For YR 1)
Annual Inflation Factor
Phase 1A - New Fire Station at City Operations Center
Staffing
Non-personnel costs
Ca ital Costs
Phase 1B - Fleet Maintenance Facility
Staffing
Non-personnel costs
Ca ital Costs
Phase 2A - Fire Station 4 Replacement
Staffing
Non-personnel costs
Caeital Costs
Costs & Expenses
Available Revenue for Operations
Less: Costs & Exeenses
Tax Revenue Shortfall/Surplus
10-Year Summa Totals
Available Revenue for Operations
Less: Costs & Ex enses
Tax Revenue Shortfall/Sur lus
30-Year Summa Totals
Available Revenue for Operations
Less: Costs & Ex enses
Tax Revenue Shortfall/Sur lus
$37,422,041
($17,163,910)
$20,258.131
$260.396,672
($82,864.895)
$177,531,777
Year 20 Year 21
Dec-44 Dec-45
Dec-45 Dec-46
20 21

1.03 1.03
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$2,874,155 $2,960.380
$217,478 $224,002
$98,679 $101,640
$3,190,312 $3,286,022
$10,121,267 $1o.742,450
($3,190,312) ($3,286,022)
$6,930,955 $7.456.429
Year 22 Year 23 Year 24 Year 25 Year 26
Dec-46 Dec-47 Dec-48 Dec-49 Dec-50
Dec-47 Dec-48 Dec-49 Dec-50 Dec-51
22 23 24 25 26
103 103 103 1.03 1.03
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
$3,049,191 $3,140.667 $3,234,887 $3,331,934 $3,431,892
$230.722 $237,644 $244,773 $252.116 $259,680
$104.689 $107.830 $111,064 $114,396 $117,828
$3,384,602 $3,486,140 $3,590,724 $3,698,446 $3,809,400
$11,392,656 $12,073,241 $12,785,622 $13,531,288 $14,311,791 ($3,384,602) ($3,486,140) ($3,590,724) {$3,698.446) ($3,809.400) $8,008,054 $8,587,100 $9,194,898 $9,832,841 $10,502,391 SCENARIO 5 - $.0050 (Phase 1& 2 Only)
Operating Costs Timeline
Annual Cash Flow Forecast
Period
Cost Ad ustment (For YR 1)
Annual Inflation Factor
Phase 1 A - New Fire Station at City Operations Center
Staffing
Non-personnel costs
Ca ital Costs
Phase 1B - Fleet Maintenance Facility
Staffing
Non-personnel costs
Ca ital Costs
Phase 2A - Fire Station 4 Replacement
Staffing
Non-personnel costs
Capital Costs
Costs & Expenses
Available Revenue for Operations
Less: Costs & Expenses
Tax Revenue Shortfall/Surplus
10-Year Summa Totals
Available Revenue for Operations
Less: Costs & Ex enses
Tax Revenue Shortfall/Sur lus
30-Year Summa Totals
Available Revenue for Operations
Less: Costs & Ex enses
Tax Revenue Shortfall/Sur lus
$37.422,041
($17,163,910)
$20,258,131
$260,396.672
($82,864.895)
$177,531,777
Year 27
Dec-51
Dec-52
27 103
$0
$0
$0
$0
$0
$0
$3,534,848
$267.470
$121.363
$3,923,682
$15,128,760
($3,923,682)
$11,205,079
Year 28 Year 29 Year 30
Dec-52 Dec-53 Dec-54
Dec-53 Dec-54 Dec-55
28 29 30
103 103 1.03
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$3,640,894 $3,750.121 $3.862,624
$275.494 $283.759 $292,272
$125.004 $128.754 $132,617
$4,041,392 $4,162,634 $4,287,513
$15,983,900 $18,584,361 $20,990,190
($4,041,392) ($4,162,634) ($4,287,513)
$11,942,508 $14,421,728 $16,702,677
london moeder
advisors
Scenario 6
City of Santee - Feasibility Analysis Page39 of41
SCENARIO 6 - $.0050 (Phase 1 &3 Only)
Forecasted Costs
3-Year Period
Cost Adjustment: Construction
Cost Adjustment: Equipment
Phase 1A - New Fire Station at City Operations Center
Fire Station (includes FF&E)
Phase 1 B - Fleet Maintenance Facility
Fleet Facility (includes FF&E)
Equipment
Phase 3 - New Fire Station in Northern Santee
Fire Station (includes FF&E)
Fire Engine
Costs and Expenses
!Total Costs (Inflated)

3.00%

2.50%
Base Costs
$14,700,000
$5,600,000
$100,000
$14,000,000
$1,200,000
$35,600,000
Year1 Year 2
Jan-26 Jan-27
Dec-26 Dec-27

1.09 1.13

1.08 1.10
$16,063,087
$6,119,271
$107,689
$15,757,123
$1,324,575
$22,290,047 $17,081,699
$39,311.145 I
SCENARIO 6 - $.0050 (Phase 1 &3 Only)
Bond Amount Required for New Fire Facilities
Santee - Fire District
New Fire Facilities Costs
Phase 1 A - New Fire Station at City Operations Center
Phase 1 B - Fleet Maintenance Facility
Phase 3 - New Fire Station in Northern Santee
Cost Per Segment
!Total Cost
Bond Amount
Less: Reserve Fund
Less Cost of Issuance
Net Bond Proceeds
Interest Rate
Reserve Fund
Cost of Issuance
Term (Years)
Bond Payment (Annual)
Available Revenue (Av. Annual First 10 Years)
OCR (10 Year Avg.)
Beginning
YR Balance Payment
1 $44,740,620 $2,910,442
2 $44,067,210 $2,910,442
3 $43,360,129 $2,910,442
4 $42,617,694 $2,910,442
5 $41,838,137 $2,910,442
6 $41,019,602 $2,910,442
7 $40,160,141 $2,910,442
8 $39,257,706 $2,910,442
9 $38,310,150 $2,910,442
10 $37,315,216 $2,910,442
11 $36,270,535 $2,910,442
12 $35,173,620 $2,910,442
13 $34,021,860 $2,910,442
14 $32,812,511 $2,910,442
15 $31,542,695 $2,910,442
16 $30,209,388 $2,910,442
17 $28,809,416 $2,910,442
18 $27,339,445 $2,910,442
19 $25,795,976 $2,910,442
20 $24,175,333 $2,910,442
21 $22,473,658 $2,910,442
22 $20,686,900 $2,910,442
23 $18,810,803 $2,910,442
24 $16,840,902 $2,910,442
25 $14,772,505 $2,910,442
26 $12,600,689 $2,910,442
27 $10,320,282 $2,910,442
28 $7,925,854 $2,910,442
29 $5,411,705 $2,910,442
30 $2,771,849 $2,910,442
Interest**
$2,237,031
$2,203,360
$2,168,006
$2,130,885
$2,091.907
$2,050,980
$2,008,007
$1,962,885
$1,915,507
$1,865.761
$1,813,527
$1,758,681
$1,701,093
$1.640,626
$1,577.135
$1,510,469
$1.440,4 71
$1,366,972
$1,289,799
$1.208,767
$1,123,683
$1.034,345
$940,540
$842,045
$738,625
$630,034
$516,014
$396,293
$270,585
$138,592
Construction
$16,063,087
$6,119,271
$15 757123
$37,939.481
$39,371,746
$44,740,620
($4,474,062)
($894 812)
$39,371,746

5.0%
10%

2.0%
30 $2,910,442
$6,916,490

2.38 Principal
$673,411
$707,081
$742,435
$779,557
$818,535
$859,461
$902,435
$947,556
$994,934
$1,044,681
$1,096,915
$1,151,761
$1,209,349
$1,269,816
$1,333,307
$1,399,972
$1,469,971
$1,543,469
$1,620,643
$1,701,675
$1,786.759
$1,876,097
$1,969,901
$2,068,396
$2,171,816
$2,280,407
$2,394,427
$2,514,149
$2,639,856
$2,771,849
Equipment
$0
$107,689
$1 324 575
$1,432,265
Ending
Balance
$44,067,210
$43,360,129
$42,617,694
$41,838,137
$41,019,602
$40,160,141
$39,257,706
$38,310,150
$37,315,216
$36,270,535
$35,173,620
$34,021.860
$32,812,511
$31,542,695
$30,209,388
$28,809,416
$27,339,445
$25,795,976
$24,175,333
$22,473,658
$20,686,900
$18,810,803
$16,840,902
$14,772,505
$12,600,689
$10,320,282
$7,925,854
$5,411,705
$2,771,849
$0
SCENARIO 6 - $.0050 (Phase 1&3 Only)
30 Year Tax Revenue Tlmeline
Annual Tax Revenue Forecast

ASSUMPTIONS
Total Occupied Inventory
Total Occupied Inventory Inflation Rate (CAGR)
Annual Taxable Transactions
Annual Taxable Transactions Per S.F of Retail
Taxable Transactions Inflation Rate (CAGR)
Tax Rate from Bond
Occupied lnvenotry Inflation Rate
Annual Taxable Sales Inflation Rate
Occupied Inventory
Retail Sales Per S.F
Taxable Transactions: Retail and Food Services
Annual Tax Revenue Generated
Reserve Fund
Less: Bond Payment
Available Revenue for Operations
Bond Payment DCR
30-Year Summar. Totals
Total Tax Revenue Generated
Reserve Fund
Total Bond Payments
Total Available Revenue for Operations
2,546,785

0.24%
$930,300,946
$365

4.42%
$0.0050
$350,745,585
$4,474,062
($87.313,247)
$267,906,400
Initial
0 1.00

1.00 2,546,785
$365
$930,300,946
Year 1 Year 2
Jan-26 Jan-27
Dec-26 Dec-27
1 2

1.0098 1.0024
119 1.04
2,571,717 2,577.988
$434 $453
$1,116,728.115 $1,168.902.929
$5,583,641 $5,844,515
$0 $0
($2,910.442) ($2,910.442)
$2,673,199 $2,934,073

1.92 2.01
Year 3 Year 4 Year 5 Year 6
Jan-28 Dec-28 Dec-29 Dec-30
Dec-28 Dec-29 Dec-30 Dec-31
3 4 5 6
10024 1.0024 1.0024 10024

1.04 104 1.04 1.04
2,584,274 2,590,576 2,596,893 2,603,225
$473 $494 $516 $539
$1,223,515.411 $1,280,679.450 $1,340,514,258 $1,403,144,617 $6,117,577 $6,403,397 $6,702.571 $7,015.723
$0 $0 $0 $0
($2,910,442) ($2,910,442) ($2,910.442) ($2,910,442)
$3,207,135 $3,492,956 $3,792,130 $4,105,282

2.10 2.20 2.30 2.41
SCENARIO 6 - $.0050 (Phase 1&3 Only)
30 Year Tax Revenue Timeline
Annual Tax Revenue Forecast

ASSUMPTIONS
Total Occupied Inventory
Total Occupied Inventory Inflation Rate (CAGR)
Annual Taxable Transactions
Annual Taxable Transactions Per S.F of Retail
Taxable Transactions Inflation Rate (CAGR)
Tax Rate from Bond
Occupied lnvenotry Inflation Rate
Annual Taxable Sales Inflation Rate
Occupied Inventory
Retail Sales Per S.F
Taxable Transactions: Retail and Food Services
Annual Tax Revenue Generated
Reserve Fund
Less: Bond Payment
Available Revenue for Operations
Bond Payment DCR
30-Year Summarv Totals
Total Tax Revenue Generated
Reserve Fund
Total Bond Pavments
Total Available Revenue for Operations
2,546.785

0.24%
$930,300.946
$365

4.42%
$0 0050
$350.745,585
$4,474,062
($87,313.247)
$267,906,400
Year 7
Dec-31
Dec-32
7 1.0024

1.04 2.609,573
$563
$1.468,701.138
$7,343,506
so
($2.910.442)
$4,433,064

2.52 Years Year 9
Dec-32 Dec-33
Dec-33 Dec-34
8 9

1.0024 10024

1.04 104
2,615,936 2,622.315
$588 $614
$1,537,320.534 $1.609.14 5,908
$7,686,603 $8,045.730
$0 $0
($2,910.442) ($2,910.442)
$4,776,161 $5,135,288

2.64 2.76
Year 10 Yearll Year12 Year 13
Dec-34 Dec-35 Dec-36 Dec-37
Dec-35 Dec-36 Dec-37 Dec-38
10 11 12 13

1.0024 1.0024 10024 1.0024

1.04 1.04 1.04 1.04
2,628,709 2,635,119 2.641.545 2.64 7.986
$641 $669 $699 $729
$1,584,327,044 $1,763.020, 730 $1,845,391,074 $1,931.609,855 $8.421,635 $8,815,104 $9.226.955 $9,658,049
$0 $0 $0 $0
($2,910.442) ($2,910.442) ($2,910.442) ($2,910.442)
$5,511,194 $5,904,662 $6,316,514 $6,747,608

2.89 3.03 3.17 3.32
SCENARIO 6 - $.0050 (Phase 1&3 Only)
30 Year Tax Revenue Timeline
Annual Tax Revenue Forecast

ASSUMPTIONS
Total Occupied Inventory
Total Occupied Inventory Inflation Rate (CAGR)
Annual Taxable Transactions
Annual Taxable Transactions Per S.F of Retail
Taxable Transactions Inflation Rate (CAGR)
Tax Rate from Bond
Occupied lnvenotry Inflation Rate
Annual Taxable Sales Inflation Rate
Occupied Inventory
Retail Sales Per S.F
Taxable Transactions: Retail and Food Services
Annual Tax Revenue Generated
Reserve Fund
Less: Bond Payment
Available Revenue for Operations
Bond Payment DCR
30-Year Summarv Totals
Total Tax Revenue Generated
Reserve Fund
Total Bond Pav men ts
Total Available Revenue for Operations
2,546.785

0.24%
$930,300.946
$365

4.42%
$0.0050
$350,745,585
$4,474.062
($87,313.247)
$267,906,400
Year14
Dec-38
Dec-39
14 1.0024

1.04 2.654,443
$762
$2,021.856,877
$10.109,284
$0
($2,910,442)
$7,198,843

3.47 Year15 Year 16
Dec-39 Dec-40
Dec-40 Dec-41
15 16

1.0024 1.0024
104 1.04
2,660,916 2,667.404
$795 $830
$2,116,320,342 $2,215,197,248
$10.581.602 $11.075,986
$0 $0
($2,910,442) ($2,910,442)
$7,671,160 $8,165,545

3.64 3.81
Year 17 Year18 Year19 Year 20
Dec-41 Dec-42 Dec-43 Dec-44
Dec-42 Dec-43 Dec-44 Dec-45
17 18 19 20
10024 10024 10024 1.0024

1.04 1.04 1.04 1.04
2,673,908 2,680.429 2.686,965 2,693,517
$867 $905 $945 $987
$2.318.693.796 $2.427.025,822 $2,540.419,243 $2,659,110.535 Sl 1,593.469 $12,135.129 $12. 702,096 $13.295,553
$0 $0 $0 so
($2,910,442) ($2,910.442) ($2,910.442) ($2,910.442)
$8,683,027 $9,224,688 $9,791,655 $10,385,111

3.98 4.17 4.36 4.57
SCENARIO 6 - $.0050 (Phase 1&3 Only)
30 Year Tax Revenue Tlmellne
Annual Tax Revenue Forecast

ASSUMPTIONS
Total Occupied Inventory
Total Occupied Inventory Inflation Rate (CAGR)
Annual Taxable Transactions
Annual Taxable Transactions Per S.F of Retail
Taxable Transactions Inflation Rate (CAGR)
Tax Rate from Bond
Occupied lnvenotry Inflation Rate
Annual Taxable Sales Inflation Rate
Occupied Inventory
Retail Sales Per S.F
Taxable Transactions: Retail and Food Services
Annual Tax Revenue Generated
Reserve Fund
Less: Bond Payment
Available Revenue for Operations
Bond Payment OCR
30-Year Summarv Totals
Total Tax Revenue Generated
Reserve Fund
Total Bond Payments
Total Available Revenue for Operations
2,546,785

0.24%
$930.300.946
$365

4.42%
$0.0050
$350.745,585
$4,474.062
($87,313,247)
$267,906.400
Year 21
Dec-45
Dec-46
21 10024

1.04 2.700,085
$1,031
$2,783.34 7,220
$13,916,736
$0
($2,910.442)
$11,006,295

4.78 Year 22 Year 23
Dec-46 Dec-47
Dec-47 Dec-48
22 23
10024 1 0024

1.04 1.04
2,706,669 2,713,269
$1,076 $1,124
$2,913,388,385 $3,049,505,222
$14,566,942 $15.24 7,526
$0 $0
($2,910.442) ($2,910.442)
$11.656,500 $12,337,085

5.01 5.24
Year 24 Year 25 Year 26 Year 27
Dec-48 Dec-49 Dec-50 Dec-51
Dec-49 Dec-50 Dec-51 Dec-52
24 25 26 27

1.0024 1.0024 1.0024 1.0024

1.04 104 1.04 1.04

2.719,885 2,726,517 2,733,166 2,739.830
$1,174 $1.225 $1,280 $1,336
$3,191,981.592 $3,341,114.622 $3.497.215.318 $3.660.609.216 $15,959,908 $16,705,573 $17.486.077 $18,303.046
$0 $0 $0 $0
($2,910.442) ($2.910.442) ($2,910.442) ($2,910.442)
$13,049,466 $13,795,132 $14,575,635 $15,392,605

5.48 5.74 6.01 6.29
SCENARIO 6 - $.0050 (Phase 1&3 Only)
30 Year Tax Revenue Timellne
Annual Tax Revenue Forecast

ASSUMPTIONS
Total Occupied Inventory
Total Occupied Inventory Inflation Rate (CAGR)
Annual Taxable Transactions
Annual Taxable Transactions Per S.F of Retail
Taxable Transactions Inflation Rate (CAGR)
Tax Rate from Bond
Occupied lnvenotry Inflation Rate
Annual Taxable Sales Inflation Rate
Occupied Inventory
Retail Sales Per S.F
Taxable Transactions: Retail and Food Services
Annual Tax Revenue Generated
Reserve Fund
Less: Bond Payment
Available Revenue for Operations
Bond Payment DCR
30-Year Summarv Totals
Total Tax Revenue Generated
Reserve Fund
Total Bond Payments
Total Available Revenue for Ooerat,ons
2,546.785

0.24%
$930,300,946
$365

4.42%
$0.0050
$350,745,585
$4,474,062
($87,313,247)
$267,906,400
Year 28
Dec-52
Dec-53
28 10024

1.04 2.746.511
$1,395
$3,831,637,065
$19,158,185
$0
($2,910.442)
$16,247,744

6.58 Year 29 Year 30
Dec-53 Dec-54
Dec-54 Dec-55
29 30
10024 10024

1.04 1.04

2.753,208 2,759,922
$1,457 $1,521
$4,010,655,530 $4,198,037,942
$20,053,278 $20,990,190
$1,563,620 $2,910,442
($2.910,442) ($2,910,442)
$18,706,457 $20,990,190

7.43 8.21
SCENARIO 6 - $.0050 (Phase 1&3 Only)
Operating Costs Tlmellne
Annual Cash Flow Forecast
Period
Cost Ad·ustment (For YR 1)
Annual Inflation Factor
Phase 1A - New Fire Station at City Operations Center
Staffing
Non-personnel costs
Ca ita I Costs
Phase 18 - Fleet Maintenance Facility
Staffing
Non-personnel costs
Ca ital Costs
Phase 3 - New Fire Station in Northern Santee
Staffing
Non-personnel costs
Ca ital Costs
Costs & Expenses
Available Revenue for Operations
Less: Costs & Expenses
Tax Revenue Shortfall/Surplus
30-Year Summa Totals
Available Revenue for Operations
Less: Costs & Ex enses
Tax Revenue Shortfall/Sur lus
30-Year Summa Totals
Available Revenue for Operations
Less: Costs & Ex enses
Tax Revenue Shortfall/Sur lus
$40,060,481
($26,207.002)
$13,853,479
$267,906,400
($126.523,646)
$141,382,754
Initial
0 1.00
Year 1 Year 2
Jan-26 Jan-27
Dec-26 Jan-28
2 1.13

1.03 1.03
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$2,673,199 $2,934,073
$0 $0
$2,673,199 $2,934,073
Year 3 Year 4 Year 5
Jan-28 Jan-29 Jan-30
Dec-28 Dec-29 Dec-30
3 4 5

1.16 1.03 1.03 1.03
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$2,532,395 $2,608,367 $2,686.618
$255,490 $263,155 $271,050
$159.259 $164.037 $168,958
$2,947,145 $3,035,559 $3,126,626
$3,207,135 $3,492,956 $3,792,130
($2,947,145) ($3,035,559) ($3,126,626)
$259,991 $457,397 $665,504
SCENARIO 6 - $.0050 (Phase 1&3 Only)
Operating Costs Timellne
Annual Cash Flow Forecast
Period
Cost Ad ustment (For YR 1)
Annual Inflation Factor
Phase lA - New Fire Station at City Operations Center
Staffing
Non-personnel costs
Ca ital Costs
Phase 1 B - Fleet Maintenance Facility
Staffing
Non-personnel costs
Ca ital Costs
Phase 3 - New Fire Station in Northern Santee
Staffing
Non-personnel costs
Capital Costs
Costs & Expenses
Available Revenue for Operations
Less: Costs & Expenses
Tax Revenue Shortfall/Surplus
30-Year Summa Totals
Available Revenue for Operations
Less: Costs & Ex enses
Tax Revenue Shortfall/Sur lus
30-Year Summa Totals
Available Revenue for Operations
Less: Costs & Ex enses
Tax Revenue Shortfall/Sur lus
$40,060.481
($26.207.002)
$13,853.479
$267,906.400
($126.523.646)
$141,382,754
Year 6
Jan-31
Dec-31
6 1.03
$0
$0
$0
$0
$0
$0
$2,767.216
$279.181
$174,027
$3,220.425
$4,105,282
($3,220.425)
$884,857
Year 7 Year 8
Jan-32 Dec-32
Dec-32 Dec-33
8 1.03 1.03
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$2.850,233 $2.935,740
$287.557 $296,184
$179,248 $184,625
$3,317,037 $3.416,549
$4.433,064 $4,776,161
($3,317,037) ($3.416,549)
$1,116,027 $1,359,613
Year 9
Dec-33
Dec-34
9 103
$0
$0
$0
$0
$0
$0
$3,023.812
$305,069
$190.164
$3,519,045
$5,135,288
($3,519,045)
$1,616.243
Year 10
Dec-34
Dec-35
10 1.03
$0
$0
$0
$0
$0
$0
$3.114,526
$314,221
$195.869
$3,624,616
$5,511,194
($3,624,616)
$1,886,577
Year 11 Year 12
Dec-35 Dec-36
Dec-36 Dec-37
11 12

1.03 1 03
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$3.207.962 $3,304,201
$323,648 $333,357
$201,745 $207.798
$3,733,355 $3,845,356
$5,904,662 $6,316,514
($3,733,355) ($3,845,356)
$2,171.307 $2.471.158
SCENARIO 6 - $.0050 (Phase 1&3 Only)
Operating Costs Timeline
Annual Cash Flow Forecast
Period
Cost Ad·ustment (For YR 1)
Annual Inflation Factor
Phase 1 A - New Fire Station at City Operations Center
Staffing
Non-personnel costs
Ca ital Costs
Phase 18 - Fleet Maintenance Facility
Staffing
Non-personnel costs
Ca ital Costs
Phase 3 - New Fire Station in Northern Santee
Staffing
Non-personnel costs
Capital Costs
Costs & Expenses
Available Revenue for Operations
Less: Costs & Expenses
Tax Revenue Shortfall/Surplus
30-Year Summa Totals
Available Revenue for Operations
Less: Costs & Ex enses
Tax Revenue Shortfall/Sur lus
30-Year Summa Totals
Available Revenue for Operations
Less: Costs & Ex enses
Tax Revenue Shortfall/Sur lus
$40,060,481
($26,207,002)
$13,853,479
$267,906,400
($126,523.646)
$141,382,754
Year 13
Dec-37
Dec-38
13 1.03
$0
$0
$0
$0
$0
$0
$3,403,327
$343,358
$214,031
$3,960,716
$6,747,608
($3,960.716)
$2.786,892
Year 14 Year 15
Dec-38 Dec-39
Dec-39 Dec-40
14 15

1.03 103
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$3,505.427 $3,610.589
$353,659 $364,268
$220,452 $227,066
$4,079,538 $4,201,924
$7,198,843 $7,671,160
($4,079,538) ($4,201,924)
$3,119,305 $3,469,236
Year 16 Year 17 YearlB Year19
Dec-40 Dec-41 Dec-42 Dec-43
Dec-41 Dec-42 Dec-43 Dec-44
16 17 18 19
103 1.03 1.03 1.03
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$3.718.907 $3,830.474 $3,945,389 $4,063.750
$375,196 $386.452 $398,046 $409,987
$233,878 $240,894 $248,121 $255,565
$4,327,982 $4,457,821 $4,591,556 $4,729,302
$8,165,545 $8,683,027 $9,224,688 $9,791,655
($4,327,982) ($4,457,821) ($4,591,556) ($4,729,302)
$3,837,563 $4,225,206 $4,633,132 $5,062,352
SCENARIO 6 - $.0050 (Phase 1&3 Only)
Operating Costs Timeline
Annual Cash Flow Forecast
Period
Cost Ad·ustment (For YR 1)
Annual Inflation Factor
Phase 1A - New Fire Station at City Operations Center
Staffing
Non-personnel costs
Ca ital Costs
Phase 18 - Fleet Maintenance Facility
Staffing
Non-personnel costs
Ca ital Costs
Phase 3 - New Fire Station in Northern Santee
Staffing
Non-personnel costs
Capital Costs
Costs & Expenses
Available Revenue for Operations
Less: Costs & Expenses
Tax Revenue Shortfall/Surplus
30-Year Summa Totals
Available Revenue for Operations
Less: Costs & Ex enses
Tax Revenue Shortfall/Sur lus
30-Year Summa Totals
Available Revenue for Operations
Less: Costs & Ex enses
Tax Revenue Shortfall/Sur lus
$40,060,481
($26,207,002)
$13,853,479
$267,906,400
($126,523,646)
$141,382,754
Year20
Dec-44
Dec-45
20 103
$0
$0
$0
$0
$0
$0
$4,185,663
$422,287
$263,232
$4,871.181
$10,385,111
($4,871,181)
$5,513,930
Year 21 Year 22
Dec-45 Dec-46
Dec-46 Dec-47
21 22
103 103
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$4,311,233 $4,440,570
$434,955 $448,004
$271.129 $279,262
$5,017,317 $5,167,836
$11,006,295 $11.656,500
($5,017,317) ($5,167,836)
$5,988,978 $6,488,664
Year 23 Year 24 Year 25 Year 26
Dec-47 Dec-48 Dec-49 Dec-SO
Dec-48 Dec-49 Dec-SO Dec-51
23 24 25 26

1.03 1.03 1.03 1.03
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$4,573,787 $4,711,000 $4,852,330 $4,997,900
$461,444 $475,288 $489,546 $504,233
$287,640 $296,270 $305,158 $314,312
$5,322,871 $5.482,558 $5,647,034 $5,816,445
$12,337,085 $13,049,466 $13.795.132 $14,575,635
($5,322,871) ($5,482,558) ($5,647,034) ($5,816.445)
$7,014,213 $7,566,909 $8,148,097 $8,759,190
SCENARIO 6 - $.0050 (Phase 1 &3 Only)
Operating Costs Timeline
Annual Cash Flow Forecast
Period
Cost Ad ustment (For YR 1)
Annual Inflation Factor
Phase lA - New Fire Station at City Operations Center
Staffing
Non-personnel costs
Ca ital Costs
Phase 1 B - Fleet Maintenance Facility
Staffing
Non-personnel costs
Ca ital Costs
Phase 3 - New Fire Station in Northern Santee
Staffing
Non-personnel costs
Capital Costs
Costs & Expenses
Available Revenue for Operations
Less: Costs & Expenses
Tax Revenue Shortfall/Surplus
30-Year Summa Totals
Available Revenue for Operations
Less: Costs & Ex enses
Tax Revenue Shortfall/Sur lus
30-Year Summa Totals
Available Revenue for Operations
Less: Costs & Ex enses
Tax Revenue Shortfall/Sur lus
$40,060.481
($26,207,002)
$13,853,479
$267,906.400
($126,523,646)
$141,382,754
Year 27
Dec-51
Dec-52
27 1.03
$0
$0
$0
$0
so
$0
$5,147,837
$519,360
$323.742
$5,990,939
$15,392,605
($5,990,939)
$9,401,666
Year 28 Year 29 Year 30
Dec-52 Dec-53 Dec-54
Dec-53 Dec-54 Dec-55
28 29 30
103 1.03 1.03
$0 so $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$5,302,272 $5.461.341 $5,625.181
$534,940 $550,989 $567,518
$333.454 $343.458 $353,761
$6,170,667 $6,355,787 $6,546.460
$16,247,744 $18,706.457 $20,990,190
($6.170,667) ($6,355,787) ($6,546.460)
$10,077,077 $12,350,670 $14.443,729
london moeder
advisors
Market and Feasibility Studies
Financial Structuring
Asset Disposition
Government Processing
Corporate Profile
London Moeder Advisors

REPRESENTATIVE SERVICES
Development Services
Fiscal Impact
Strategic Planning
Capital Access
Litigation Consulting
Workout Projects
MAI Valuation
Economic Analysis
London Moeder Advisors (formerly The London Group) was formed in 1991 to provide real estate advisory services to a broad range of clientele. The firm principals, Gary London and Nathan Moeder, combine for over 60 years of experience. We have analyzed, packaged and achieved capital for a wide variety of real estate projects. Clients who are actively pursuing, developing and investing in projects have regularly sought our advice and financial analysis capabilities. Our experience ranges from large scale, master planned communities to urban redevelopment projects, spanning - all land uses and development issues of all sizes and types. These engagements have been undertaken principally throughout North America and Mexico.

A snapshot of a few of the services we render for both the residential and commercial sectors:

Market Analysis for mixed use, urban and suburban properties. Studies concentrate on market depth for specific products. detailed recommendations for product type, absorption and future competition. It also includes economic overviews and forecasts of the relevant communities.

Financial Feasibility Studies for new projects of multiple types. including condominium, apartment, office, and master-planned communities. Studies incorporate debt and equity needs, sensitivity analyses, rates of return and land valuations.

Litigation support/expert witness services for real estate and financial related issues, including economic damages/losses, valuations, historic market conditions and due diligence. We have extensive deposition, trial, mediation and arbitration experience.

Investment studies for firms acquiring or disposing of real estate. Studies include valuation, repositioning projects and portfolios, economic/real estate forecasts and valuation of partnerships. Often, the commercial studies include the valuation of businesses.

Estate Planning services including valuation of portfolios. development of strategies for disposition or repositioning portfolios, succession planning and advisory services for high-net-worth individuals. We have also been involved in numerous marriage dissolution assignments where real estate is involved.

Fiscal Impact. Job Generation and Economic Multiplier Effect Reports, traditionally prepared for larger commercial projects and in support of Environmental Impact Reports. We have been retained by both developers and municipalities for these reports. The studies typically relate to the tax revenues and employment impacts of new projects.

London Moeder also draws upon the experience of professional relationships in the development, legal services, financial placement fields as well as its own staff. Clients who are actively investigating and investing in apartment projects, retail centers, commercial projects, mixed use developments and large master plans have regularly sought our advice and financial analysis capabilities.

San Diego: 825 10th Ave I San Diego, CA 92101 I (619) 269-4010 Carlsbad: 5946 Priestly Drive #201 I Carlsbad, CA 92008 I (619) 269-4012 City of Santee - Feasibility Analysis Page 40 of 41
london moeder
advisors
Contact Information
This analysis was prepared by London Moeder Advisors.

Research for this project was completed in December 2023. Conclusions and recommendations are strictly those of London Moeder Advisors. Users of this information should recognize that assumptions and projections contained in this report will vary from the actual experience in the marketplace. Therefore, London Moeder Advisors is not responsible for the actions taken or any limitations, financial or otherwise, of property owners, investors, developers, lenders, public agencies, operators or tenants.

This assignment was completed by the staff of London Moeder Advisors. Nathan Moeder, Principal, served as project director. Paul Kerby, Investment Analyst, conducted analysis and prepared exhibits in this report. Gary London, Senior Principal, provided strategic consultation and recommendations. For further information or questions contact us at:

London Moeder Advisors
San Diego: 825 10th Ave I San Diego, CA 92101 I (619) 269-4010 Carlsbad: 5946 Priestly Drive #201 I Carlsbad, CA 92008 I (619) 269-4012 www.londonmoeder.com
City of Santee - Feasibility Analysis Page 41 of 41