Seminole County Sports Complex Seminole County, Florida Credit Presentation Special Obligation Bonds, Series 2014
Table of Contents TAB Page I. Introductions and Purpose ……………………………………………………………….3 II. Overview of Seminole County, Florida …………………………………………… . 6 A. Economic Overview………………………………………………………………… 10 B. Financial Overview …………………………………………………………………… 25 III. Series 2014 Financing and Legal Provisions ……………………………………44 IV. Closing Comments …………………………………………………………………………. . 50 2
Introductions • Seminole County, Florida: Issuer Bob Dallari, Commissioner - Chairman Joe Pennisi , Director of Resource Management Angela Singleton , Financial Administrator, Resource Management Dept. • First Southwest Company: Financial Advisor Gary Akers , Senior Vice President Joel Tindal , Vice President • Citigroup Global Markets: Lead Underwriter Michael Baldwin, Director George Leung , Managing Director 3
Purpose X Provide Overview of Countywide Financial Status X Review merits of the Sports Complex Development and Park Renovation 12 – 15 full sized baseball/softball fields with removable outfield fencing to allow for other sports Renovation of existing facility to include 8 competition, fast-pitch softball fields with removable outfield fencing Anticipated Economic Impact from Baseball and Softball # of Room Estimated Economic Year Events Days Attendees Visitors Nights Impact 2016 26 84 62,988 25,195 35,163 $10,292,595 2017 33 110 75,204 33,842 47,691 $14,123,987 2018 36 119 79,956 39,978 55,992 $16,606,594 2019 40 131 92,772 51,025 72,980 $21,396,066 2020 43 139 97,860 58,716 81,814 $24,363,293 4
Purpose X Seeking ratings for Special Obligation Bonds March issuance of Special Obligation Bonds, Series 2014 Review of finance plan and security for the Series 2014 Bonds 5
Seminole County Sports Complex Credit Presentation II. Overview of Seminole County, Florida 6
Introduction: Strong Fundamentals Support County's Financial Position Healthy Economic Base Diversified and stable tax base Above average wealth Sound Financial Condition Favorable record of operations Adequate reserves maintained Conservative Fiscal Management Practices Focus on fiscal sustainability through long-range planning Institutionalized financial policies Favorable Debt Factors Well structured for rapid retirement which allows flexibility for future debt Modest debt levels 7
Characteristics of Seminole County Government Charter Form of Government Strong Citizen Input Strong Elected Official/Management Relations Focus on Infrastructure and Essential Community Services Strong Voter Support 8
Seminole County Government 9
Seminole County Sports Complex Credit Presentation IIA. Economic Overview 10
Seminole County’s Economy: Population/Age Healthy population and job Population 1993 - 2012 growth has transformed 500,000 Seminole County from a 400,000 rural to a diverse 300,000 community 200,000 100,000 1.7% average annual 0 increase in population over the last 20 years Source: Bureau of Economic and Business Research, University of Florida. Favorable mix of Age Distribution population, development 0 to 19 24% 20 to 29 14% and industry growth 30 to 44 20% Forward looking 45 to 64 28% 65+ 13% management and planning County Median Age: 38.9 Favorable Demographics State of Florida Median Age: 40.5 Source: U.S. Census Bureau Population Division, 2012 estimate. 11
Seminole County’s Economy: Income Median Household Income Median Household Income $60,000 $54,901 $51,371 5 th highest among Florida $50,000 $45,006 $40,000 counties $30,000 Consistently in the top 5 $20,000 over the last 10 years $10,000 $0 122% of Statewide median Seminole County State of Florida U.S. Median 107% of U.S. median Source: US Census Bureau, Small Area Income and Poverty Estimates Program, 2012 data Per Capita Income Per Capita Income $35,000 $29,364 $28,051 $30,000 111% of Statewide median $26,451 $25,000 $20,000 105% of U.S. median $15,000 $10,000 $5,000 $0 Seminole County State of Florida U.S. Median Source: US Census Bureau, 2010 United States Census Data and the 2008-2012 American Community Survey 5-Year Estimates 12
Seminole County’s Economy: Employment County’s unemployment rate is lower than the region (Orlando MSA), state and nation Unemployment Rates Orlando Metropolitan Statistical Area (MSA) Seminole Orange Osceola Lake Volusia Brevard Statewide U.S. 2012 Annual 7.8% 8.3% 9.3% 9.0% 8.8% 9.2% 8.6% 8.1% Average November 5.3% 5.7% 6.5% 6.3% 6.3% 6.8% 6.4% 7.0% 2013 Source: U.S. Department of Labor, Bureau of Labor Statistics, Florida Department of Economic Opportunity 13
Seminole County’s Economy: Industry The County is a regional employment center with a diversified mix of high-value, high-wage industry sectors No one dominant employer or industry Construction & information services are projected as fastest growing industries Jobs by Industry Self-Employed Construction Agriculture/Mining 8% 7% 0% Manufacturing Government 3% 9% Other Services (Except Trade Government) 20% 5% Leisure and Hospitality 10% Information 3% Professional and Business Services 16% Financial Activities Education and Health 8% Services 11% Source: Florida Department of Economic Opportunity, Labor Market Statistics Center – January 2013 14
Seminole County’s Economy: Employment Private sector employment grew 3.5% in 2012 surpassing 2009 levels Employment mix has improved as average salaries have increased from $38,434 to $40,010 over the last 5 years Private Sector Employment 170,000 150,000 130,000 110,000 90,000 70,000 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Average Employment Source: Florida Department of Economic Opportunity, Bureau of Labor Market Statistics, Quarterly Census of Employment and Wages Program (QCEW), in cooperation with the U.S. Department of Labor, Bureau of Labor Statistics. 15
Seminole County’s Economy : Employment Seminole County is home to various long-standing and established companies Seminole County’s Economic Development efforts relocated or expanded existing operations of several businesses to the County FY 2011/12 FY 2012/13 13 New Businesses/Expansions 9 New Businesses/Expansions 802 Jobs 1,631 Jobs $15.5 Million Capital Investment $99.2 Million Capital Investment 163,070 Square Footage Leased or Purchased 560,125 Square Footage Leased or Purchased $52,651 Average Annual Salary of the new jobs $43,578 Average Annual Salary of the new jobs 16 Source: Seminole County Economic Development
Seminole County’s Economy : Employment 17 Source: Seminole County Economic Development
Seminole County’s Economy : Economic Development Seminole County has consistently created new jobs over the last 7 years The County’s Economic Development efforts have been a key catalyst to job creations/expansions and capital investment Economic Development: New Jobs & Average Salary Fiscal # of Jobs Average Capital Square Year Projects Created Salary Investment Footage 2012-13 9 1,631 $43,578 $99.2M 560,125 2011-12 13 802 $52,651 $15.5M 163,070 2010-11 4 136 $30,584 $2.2M 52,768 2009-10 7 1,151 $49,843 $15.2M 104,300 2008-09 11 902 $55,416 $22.9M 520,361 2007-08 11 1,060 $52,066 $44.3M 327,353 2006-07 16 1,355 $35,987 $54.9M 595,197 18 Source: Seminole County Economic Development
Seminole County’s Economy: Strong Growth Metrostudy reports strong growth for the Orlando Metropolitan Statistical Area (MSA), annual housing starts through the 3 rd Quarter of 2013 are up 49.7% year-over-year The Orlando Regional Realtor Association reports the median price of existing homes sold in the Orlando MSA during 2013 is $150K, a 24% increase above the 2012 median price of $121K Approximately 64% of all sales are now considered “normal” compared to 45% in 2012 Seminole County sales of existing homes in 2013 are up 5% compared to 2012 sales Days on the market in 2013 averaged 67 days, a 21% decrease compared to 2012 57% of homes currently being sold in Seminole County are over $140K; average sales price $191K 19 Source: Metrostudy Report and the Orlando Regional Realtor Association
Seminole County’s Economy: Residential History of Residential Sales Price Data 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Single Family $223,400 $280,300 $312,400 $305,800 $267,200 $216,000 $203,634 $195,248 $196,400 $226,194 Average Sales Price % Change - 25% 11% -2% -13% -19% -6% -4% 1% 15% Multi-Family Average $109,800 $150,700 $165,200 $170,500 $135,400 $75,500 $54,128 $60,659 $63,819 $76,997 Sales Price % Change - 37% 10% 3% -21% -44% -28% 12% 5% 21% Source: Seminole County's Property Appraiser 20
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