Ten year Capital Improvement Program and Preliminary Bond Information Land Development Committee...
-
Upload
randolf-haynes -
Category
Documents
-
view
224 -
download
6
Transcript of Ten year Capital Improvement Program and Preliminary Bond Information Land Development Committee...
Ten year Capital Improvement Programand
Preliminary Bond Information
Land Development CommitteeSeptember 2011
Areas of Discussion• Ten Year CIP
– Graphic Summary– Detailed cash flow(handouts)
• Summary Slides– Fairbanks, Maslin Maulin Statewide Survey– LAO Infrastructure Study (handouts)
• Preliminary Bond Information– RBC Capital Markets
• Continuation of August 3, 2011 discussion on Revenue and Entrepreneurial Activities
• Project Delivery Models– Legal Framework– Technical Overview
2
3
1.31%
54.83%18.75
%
8.20%
11.38%
5.53%
New BuildingsBuilding ReplacementRenovation/ModernizationEquipment (Technology)Facility InfrastructureOther
Capital Improvement Program Spending
4
New BuildingsProject Total Project Cost (6/11 est.) External Funding Local FundingOCC Maritime Academy $8,444,040 $6,533,305 $1,910,735CCC Garden Grove Joint Use Student Center TBD TBD TBDSubtotal $8,444,040 $6,533,305 $1,910,735
Building ReplacementProject Total Project Cost (6/11 est.) External Funding Local FundingGWC Science & Math $77,627,802 $53,487,463 $24,140,339GWC Criminal Justice Training Center $18,415,801 $10,338,684 $8,077,117GWC Language Arts Complex $33,571,588 $19,242,956 $14,328,632GWC Business & Social Science Building $44,776,982 $22,388,491 $22,388,491GWC Cosmetology Building $15,760,875 $0 $15,760,875GWC Campus Safety Building $1,495,728 $1,495,728 $0OCC Language Arts Center $44,725,021 $32,793,767 $11,931,254OCC Business, Math, Computing Center $43,629,000 $0 $43,629,000OCC Student Union Complex $46,602,674 $0 $46,602,674OCC Administration Building $14,416,178 $0 $14,416,178OCC Planetarium $9,800,000 $9,800,000 $0OCC Recycling Enterprise $1,972,000 $1,972,000 $0Subtotal $352,793,649 $151,519,089 $201,274,560
Proposed Capital Improvement Projects
5
Proposed Capital Improvement Projects (cont.)Renovation/ModernizationProject Total Project Cost (6/11 est.) External Funding Local FundingCCC Le-Jao Student Learning Support Center $3,485,241 $1,848,844 $1,636,397CCC Garden Grove Learning Support Center $2,259,180 $1,807,344 $451,836CCC Garden Grove Classroom Renovation $1,912,464 $956,232 $956,232CCC College Center Student Support Center $8,341,212 $4,170,606 $4,170,606CCC Newport Beach Student Support Center $1,021,140 $816,912 $204,228GWC Student Services Center $20,826,073 $16,100,857 $4,725,216GWC Technology Building Renovation $13,187,567 $7,912,540 $5,275,027GWC Design Technology Renovation $1,836,000 $0 $1,836,000GWC Community Center Renovation $4,184,547 $0 $4,184,547GWC Rehabilitation Center Renovation $980,536 $0 $980,536GWC Central Warehouse Renovation $4,532,038 $0 $4,532,038OCC Chemistry Renovation $21,104,511 $15,078,385 $6,026,126OCC Skill Center Renovation $8,856,785 $5,314,071 $3,542,714OCC Adaptive P.E./Pool/Gym $22,423,835 $0 $22,423,835OCC College Support Center $5,651,016 $0 $5,651,016Subtotal $120,602,145 $54,005,791 $66,596,354
EquipmentProject Total Project Cost (6/11 est.) External Funding Local FundingDistrict-wide Technology Refresh $52,786,760 $0 $52,786,760Subtotal $52,786,760 $0 $52,786,760
6
Proposed Capital Improvement Projects (cont.)
Building InfrastructureProject Total Project Cost (6/11 est.) External Funding Local FundingCCC $8,583,152 $0 $8,583,152GWC $35,332,045 $0 $35,332,045OCC $29,288,125 $0 $29,288,125Subtotal $73,203,322 $0 $73,203,322
Other ProjectsProject Total Project Cost (6/11 est.) External Funding Local FundingOCC Parking Structure $29,400,000 $0 $29,400,000CCC NBLC Photovoltaic System $1,200,000 $0 $1,200,000DIST Housing/Mixed Use Development TBD TBD $0GWC Housing/Mixed Use Development TBD TBD $0OCC Mixed Use Development TBD TBD $0GWC Physical Education Outdoor Labs $4,950,000 $2,475,000 $2,475,000GWC Boys & Girls Club Gymnasium TBD TBD $0Subtotal $35,550,000 $2,475,000 $33,075,000
7
The Bottom Line:Project Total Project Cost External Funding Local FundingNew Buildings $8,444,040 $6,533,305 $1,910,735 Building Replacement $352,793,649 $151,519,089 $201,274,560 Renovation/Modernization $120,602,145 $54,005,791 $66,596,354 Equipment (Technology) $52,786,760 $0 $52,786,760 Building Infrastructure $73,203,322 $0 $73,203,322 Other Projects $35,550,000 $2,475,000 $33,075,000 Site Acquisition
CCC Le-Jao Site Acquisition $4,862,500 $0 $4,862,500CCC Newport Beach Site Acquisition $8,320,000 $0 $8,320,000Debt RepaymentCCC NBLC Debt Repayment $20,000,000 $0 $20,000,000District-wide ContingencyInfrastructure $31,765,882 $0 $31,765,882Parking/Vehicular Circulation $7,025,000 $0 $7,025,000Pedestrian Circulation $14,215,000 $0 $14,215,000Site Improvements $6,925,000 $0 $6,925,000Demolition $3,630,000 $0 $3,630,000Swing Space $4,235,000 $0 $4,235,000Equipment/Furnishings $15,410,250 $0 $15,410,250Construction Management $33,449,016 $0 $33,449,016Total CIP Estimate (Present Value) $793,217,564 $214,533,185 $578,684,379
Escalated Local Cost (3.6% annually) $610,598,821
8
Why Move Now?
• Time Value of MoneyTotal program cost escalates to $655,230,311 if delayed two years and $703,256,072 if delayed four years.
• Secure required local match fundsIn the event of a State-wide facilities bond in 2012, District would need:
- local commitment of $24M to secure $53M in State funds in 2012- local commitment of $20M to secure $43M in State funds in 2013- local commitment of $29M to secure $59M in State funds in 2014
9
Board Room6:30 PM
10
11
12
13
September 6, 2011
Coast Community College District
Bond Information
15
Coast CCD – Assessed Valuation Chart
Source: CalMuni
43.245.5
49.253.7
58.262.7
67.772.5
78.8
87.0
93.997.3 97.9 98.4 99.7
8.38%
9.08%
8.17%
5.28%
3.15%
7.90% 7.85%
7.16%
8.62%
10.48%
7.84%
3.64%
0.52%
1.29%0.65%
$0
$20
$40
$60
$80
$100
$120
Billio
ns
0.00%
2.00%
4.00%
6.00%
8.00%
10.00%
12.00%
Assessed Value Actual Growth Rate
16
$40 Million Project – Lease Revenue Bonds Scenario
Assumptions:Project Amount: $40,000,000Term: 30 Years
Annual Debt Service
0
500,000
1,000,000
1,500,000
2,000,000
2,500,000
3,000,000
3,500,000
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30
Years
An
nu
al
Deb
t S
erv
ice (
US
D$)
Year Debt Service
1 $2,909,562.502 2,908,962.503 2,905,112.504 2,905,662.505 2,908,862.506 2,908,062.507 2,906,512.508 2,906,937.509 2,909,037.50
10 2,905,037.5011 2,909,637.5012 2,904,800.0013 2,905,050.0014 2,907,550.0015 2,907,050.0016 2,908,550.0017 2,906,800.0018 2,906,800.0019 2,908,300.0020 2,906,050.0021 2,905,050.0022 2,906,550.0023 2,907,825.0024 2,908,600.0025 2,908,600.0026 2,907,550.0027 2,905,175.0028 2,906,200.0029 2,905,075.0030 2,906,525.00
$87,211,487.50
17
Measure C and 2012 Election – Tax Rate Combination
2005-06 8.62% Actual
2006-07 10.48% Actual
2007-08 7.84% Actual
2008-09 3.64% Actual
2009-10 0.65% Actual
2010-11 0.52% Actual
2011-12 1.29% Actual
2012-13 2.00% Estimated
2013-14 3.00% Estimated
Thereafter 4.00% Estimated
Assumed A.V. Growth Rate:
0.0
5.0
10.0
15.0
20.0
25.0
30.0
2002 Election Series 2003A 2005 G.O. Refunding Bonds 2002 Election Series 2006B 2002 Election Series 2006C
2012 Election Series 2013A 2012 Election Series 2016B 2012 Election Series 2019C 2012 Election Series 2022D
Coast Community College DistrictGeneral Obligation Bonds, 2002 Election and 2012 Election
Tax Rate per $100,000 of AV
Tax Rate Per $100,000 A.V. Series Dated 2002 Election Refunding 2012 Election2010-11 $17.50 A 05/06/03 $110,000,000Maximum $25.00 Refunding 04/05/05 74,893,867
B 07/19/06 149,859,831 C 07/19/06 110,140,169 D 08/01/13 143,500,000 E 08/01/16 99,000,000 F 08/01/19 103,400,000 H* 08/01/22 187,500,000
Total $370,000,000 $74,893,867 $533,400,000
*Issued under the Government Code with a Final Maturity in 30 Year
18
Standalone 2012 Election – Tax Rates per $100,000 Assessed Value
2005-06 8.62% Actual
2006-07 10.48% Actual
2007-08 7.84% Actual
2008-09 3.64% Actual
2009-10 0.65% Actual
2010-11 0.52% Actual
2011-12 1.29% Actual
2012-13 2.00% Estimated
2013-14 3.00% Estimated
Thereafter 4.00% Estimated
Assumed A.V. Growth Rate:
Coast Community College District
General Obligation Bonds, Proposed Election in 2012
Series Dated $15 per $20 per $25 perA 08/01/13 $175,000,000 $225,000,000 $300,000,000B 08/01/16 150,000,000 200,000,000 250,000,000 C 08/01/19 140,000,000 200,000,000 225,000,000 D* 08/01/22 130,000,000 172,500,000 215,000,000
$595,000,000 $797,500,000 $990,000,000
*Issued under the Government Code with Final Maturity in 30 Years
Tax Rate Per $100,000 A.V.
0.0
5.0
10.0
15.0
20.0
25.0
30.0
Series A (2013) Series B (2016) Series C (2019) Series D (2022)
Coast Community College DistrictGeneral Obligation Bonds, Election of 2012
Tax Rate of $15 per $100,000 of AV