Douglas County Community Center Financing Plan Board of County Commissioners Meeting June 7, 2012 6/7/2012 1
Community Center Project History Date Summary of Board of County Commissioners Actions 2/9/2011 BOCC Strategic Planning Workshop: Added Community Center (including a Senior Center) as a top priority project 3/3/2011 BOCC approved funding of $250,000 to begin site analysis 3/17/2011 BOCC confirmed Valley Community Center as a top priority 6/2/2011 Presentation to BOCC by Parks & Recreation Commission and Senior Advisory Council with recommendations re: need, location, operation/maintenance funding plan and construction funding plan 7/21/2011 BOCC approved Community Center Capital Improvement Project plan 8/4/2011 BOCC first reading of Ordinance 2011 ‐ 1343 to fund Community Center operation/maintenance and construction 8/12/2011 BOCC Strategic Planning Workshop: Reconfirmed project as top priority 8/18/2011 BOCC approved business impact statement and second reading of Ordinance 2011 ‐ 1343 authorizing funding via a Utility Operator Fee for the operation/maintenance and construction of Community Center 6/7/2012 2
Community Center Project History Date Summary of Board of County Commissioners Actions 9/19/2011 BOCC Strategic Planning Workshop reconfirmed Community Center as number one priority and directed staff to begin planning Design Build process for construction 12/1/2011 BOCC approved Resolution 2011 ‐ R ‐ 089 calling on Debt Management Commission for the issuance of bonds 12/12/2011 Debt Management Commission authorizes bond issuance 12/15/2011 BOCC approved contract with Collaborative Design Studio for development of design build specifications 1/5/2012 BOCC approved Resolution 2012 ‐ R ‐ 002 of intent to issue bonds 1/16/2012 BOCC recommended start up funding for a newly formed non ‐ profit foundation in support of the Community Center 6/7/2012 3
Community Center Project Cost Project Component Estimated Cost (non ‐ engineered) Construction Management and Administration $60,000 Preliminary Design, Conceptual, Bid Package 350,000 Waterloo Lane Widening 590,000 Site Preparation, Grading, Pad 1,000,000 Fees, Permits, Hook ‐ ups 500,000 Construction: Parking, Driveway, Building and Grounds 16,000,000 Total $18,500,000 6/7/2012 4
Community Center Financing Plan Source Amount Net proceeds from bond financings $14,000,000 Medical Indigent Fund 3,500,000 Room Tax Fund Reserves 1,000,000 Total $18,500,000 • Estimated total par amount of bonds $14.4 million • Estimated cost of issuance $400,000 6/7/2012 5
Community Center Financing Plan • New Approach: • Pursue two separate bond issues totaling $14.4 Million • Bank Qualified Financing: • Issuers limited to $10 M per calendar year • Bank purchases bond issue, receives tax advantage • Estimated interest rate savings to County = 0.5% over term of bonds • 1 st Issue July 2012 ‐ General Obligation Bonds: • Not to exceed $7.5 M authorized to issue • Consolidated Tax pledge, term of 20 years • 2 nd Issue February 2013 ‐ Medium Term Bonds: • Ad Valorem Capital Projects Tax pledge • Medium term financing, maximum term of ten years 6/7/2012 6
Community Center Financing Plan Revenues Available for Debt Service • Utility Operator Fees – For 4 years prior to operations (2012 ‐ 2015) • Room Tax Fund Revenues – From reserves – Ongoing revenue after existing debt is paid off in 2014 • Ad Valorem Capital Projects Tax: Per NRS 354.89815 – Can be used to repay medium term, 10 year bonds (2014 ‐ 2023) – Cannot be used to repay 20 year term general obligation bonds (2013 ‐ 2033) – Can be used to directly fund capital improvements • Other Resources Swap – General Fund revenues ($0.05) transferred to the Regional Transportation Fund for capital improvements to roads will instead be transferred to debt service (2024 ‐ 2033) – Like amount of Ad Valorem Capital Projects Tax ($0.05) will be transferred to Regional Transportation Fund for capital improvements to roads 6/7/2012 7
Community Center Financing Plan Estimated Available Resources Estimated Debt Service Utility Room Tax Other Ad Valorem C ‐ Tax Medium Term Total Year Opertor Fee Fund Resources Capital Projects Tax Total Avail Pledged Issue Financing Issue Debt Service 2012 225,000 1,500,000 1,725,000 2013 450,000 2,175,000 122,877 122,877 2014 450,000 40,000 2,542,123 245,753 224,373 470,126 2015 200,000 80,000 2,351,998 344,973 224,373 569,346 2016 80,000 1,100,000 2,962,652 343,333 1,099,373 1,442,706 2017 80,000 1,100,000 2,699,947 341,523 1,099,948 1,441,471 2018 80,000 1,100,000 2,438,476 240,573 1,098,468 1,339,041 2019 80,000 1,100,000 2,279,436 240,573 1,094,952 1,335,525 2020 80,000 1,100,000 2,123,911 240,573 1,099,053 1,339,626 2021 80,000 1,100,000 1,964,285 240,573 1,095,199 1,335,772 2022 80,000 1,100,000 1,808,513 240,573 1,098,420 1,338,993 2023 80,000 1,100,000 1,649,520 240,573 1,098,160 1,338,733 2024 80,000 700,000 1,090,787 776,717 776,717 2025 80,000 700,000 1,094,070 778,312 778,312 2026 80,000 700,000 1,095,758 778,497 778,497 2027 80,000 700,000 1,097,261 777,280 777,280 2028 80,000 700,000 1,099,981 779,674 779,674 2029 80,000 700,000 1,100,307 775,734 775,734 2030 80,000 700,000 1,104,573 775,422 775,422 2031 80,000 700,000 1,109,151 778,576 778,576 2032 80,000 700,000 1,110,575 775,231 775,231 2033 80,000 700,000 1,115,344 775,352 775,352 $ 1,325,000 $ 3,060,000 $ 7,000,000 $ 8,800,000 $ 10,612,692 $ 9,232,316 $ 19,845,008 6/7/2012 8
Community Center Financing Actions and Next Steps 6/7/2012 9
Community Center General Obligation Bonds Schedule Date Action 12/01/2011 BOCC adopted Debt Management Commission Notice Resolution 12/13/2011 Debt Management Commission adopted approval resolution 1/5/2012 BOCC adopted Resolution of Intent to issue bonds 1/11/2012 Notice of Intent published; 90 day petition period begins 4/10/2012 End of 90 day petition period 5/27/2012 Notice of Public Hearing published 6/7/2012 • Public Hearing • Adoption of General Obligation Bond Ordinance 6/26/2012 Rating received 7/12/2012 Bond Sale 7/17/2012 Post Official Statement 8/1/2012 Closing 6/7/2012 10
Community Center General Obligation Bond Ordinance • Authorizes issuance of the bonds • Sets forth: – Form, terms and conditions of the Bonds – Manner and terms of issuance and execution – Method of payment and security therefor – Details of the Bonds, project, County, including covenants and agreements 6/7/2012 11
Community Center Medium Term Bonds Preliminary Schedule Date Action June 7, 2012 BOCC reviews Community Center Financing Plan September 2012 Publish Notice of Public Hearing October 2012 Public Hearing BOCC adopts Authorization Resolution Department of Taxation Approval TBD Issuance Steps February 7, 2013 BOCC adopts Bond Ordinance TBD Closing 6/7/2012 12
Recommended Action: Allow for public comment on General Obligation Bonds issuance 6/7/2012 13
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