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HomeMy WebLinkAboutSS3 - Facilities Finance Planning Program (FFPP)CITY OF NEWPORT BEACH CITY COUNCIL STUDY SESSION Agenda Item No. SS3 July 23, 2013 TO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL FROM: Finance Department Dan Matusiewicz, Finance Director (949) 644 -3123, DanM @newportbeachca.gov SUBJECT: OVERVIEW OF FACILITIES FINANCIAL PLANNING PROGRAM (FFPP) ABSTRACT: City Council Policy F -28, Facilities Financial Planning Program (FFPP), requires that staff prepare an update to the long -term facilities replacement plan in conjunction with the annual budget process for review, modification and approval by the City Council. Staff has reviewed the Facilities Financial Planning Tool (FFPT) at three previous Finance Committee meetings and briefly reviewed FFPT highlights during the May 28 Budget Study Session. Council members indicated it would be appropriate to have a more in -depth review of the FFPT at a future Study Session. RECOMMENDATION: Staff welcomes input on the FFPT and its proposed schedule QF- 101113419701 The FFPP is a long term financial plan to fund the construction or renovation of important community serving facilities. The FFPT is an Excel -based model used to analyze expected cash flows and funding requirements in order to meet the objectives of the FFPP. Staff regularly updates the assumptions in the FFPT and reviews it with the Finance Committee. Members of the Finance Committee reviewed the FFPT at the March 25, 2013, April 22, 2013 and June 24, 2013 Finance Committee meetings. Staff has prepared an update of the FFPT to reflect FY 2012 -13 activity, the FY 2013 -14 adopted budget and suggestions made by the Finance Committee. KEY PLANNING HIGHLIGHTS: o The revised FFPT relies mostly on cash funding, and very little new proposed debt issuance over the 30 -year planning period. The new debt issuance may not be needed at all (see FFPT). Overview of Facilities Financial Planning Program (FFPP) July 23, 2013 Page 2 As an important reminder, the FFPP relies on three primary funding sources to accomplish its goals — these are: • Savings reserved for facilities purposes. When the City can save resources due to operational efficiencies during the year, the Council has generally directed those savings to the FFP Reserve, helping to seed the cash - funding of many projects. For example, on May 28, 2013, Council approved a FY 2012 -13 one -time cash infusion of $10.5 million from the General Fund and other sources. • General Fund Contributions (from sales taxes, property taxes, hotel bed taxes, and more). Including operational savings and one -time payments, the City expects to contribute a total of approximately $315 million over the 30 -year planning period, $46 million of which is expected to be contributed over the next five years. • Development fee contributions are a key funding source and are accounted for in the FFPT. The City expects to receive a total of approximately $125 million over the 30 -year planning period, $68 million of which is expected to be received in the next five years. • Priority near -term projects, including Marina Park, Sunset Ridge Park, Corona del Mar Fire Station, and the Lifeguard Headquarters remodel are planned to be cash funded. • The Police Facility project is assumed to start in 2020 and can be funded by cash contributions and a new debt issuance of $20 million, which is significantly less than the estimated $64 million project cost. However, it is still possible that the Police Facility will be completely cash funded with no additional debt issuance required. If so, the money borrowed for the Civic Center Project could be the only borrowing associated with a 30 -year plan to rehabilitate key City facilities. • City Council Policy F -6, Debt Management Policy, restricts debt service as a percentage of General Fund revenues to remain below 8 %. Debt service reaches a maximum of 4.9 %, and averages 3.7% over the 30 -year planning period. • The remaining debt capacity based on current General Fund revenue estimates, net of current debt service obligations, is approximately $81 million. • Over the 30 -year planning period, the maximum annual General Fund contribution to the FFP reserve fund is 4.8% and averages 4.3% of General Fund revenues. • The FFP reserve fund minimum target fund balance is maintained above the Maximum Annual Debt Service (MADS) of $8.8 million over the 30 -year planning period. Overview of Facilities Financial Planning Program (FFPP) July 23, 2013 Page 3 KEY ASSUMPTIONS: Projects Included in the Analysis By and large, only General Fund projects are addressed by the FFPP. Potential expenditures for dredging are not included and are addressed as part of the ongoing annual Tidelands Improvement Master Plan (TIMP). Water, wastewater and street infrastructure projects are addressed by separate master improvement plans. Building maintenance and operation costs are not included and will be addressed in a forthcoming Building Maintenance Master Plan. Developer Contributions and other Income Sources The precise timing of developer contributions is difficult to predict and is based on the most current information to date. For example, the FFPT has just been updated to reflect the Council's decision to negotiate with a hotel operator for the "old" City Hall site — but this negotiation is yet to occur. As such, a conservative income amount is placed at that line item in the spreadsheet. General Fund Revenue General Fund revenues are assumed to increase modestly between 2% and 2.5% to be consistent with a conservative approach. Protect Costs Estimated project costs are based on current time -frame estimates by Public Works. Construction costs are projected to increase 2.5% annually. Project and cost projections are revised periodically and are assumed to include project /construction management expenditures. Debt Service Levels Debt Service will be maintained at less than 8% of General Fund revenues. This is consistent with Council Policy (F -6) - Debt Management Policy. Submitted by: (94X�t /o/( Dan e Finance Di rector Attachments: Facilities Financial Planning Tool (FFPT) 90,000,000 80,000,000 70,000,000 60,000,000 50,000,000 40,000,000 30,000,000 20,000,000 10,000,000 FACILITIES FINANCIAL PLANNING TOOL (FFPT) DASHBOARD Project Expenditures ei N m V vl tD h M Of O N N m O t0 h W Of O .-1 N m V N ,O h cO m O N N ti '1 N '1 'i ti N N N N N N N N N N M m m m M m m M M m V e1 0 0 0 0 0 0 N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N .+ry mMti N�mm ONNmv.n �onmmo m`�m °m �mNmm °aa 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 N N N N N N N N N N N N N N N N N N N N N N N N N N N I'll ■Cash Funded 90,000,000 80,000,000 70,000,000 60,000,000 50,000,000 40,000,000 30,000,000 20,000,000 10,000,000 FFP Reserve Balance 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 N N N N N N N N N N N N N N N N zola zols 2016 2017 2018 GF Contribution to FFP as a Percent of GF Revenue Ln w m o m a ,o n m m o 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 °o N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N ■ Debt Serv 10.00% 9.00% 8.00% 7.00% 6.00% 5.00% 4.00% 3.01% 2.00% No is 11 go IN 11 so IN 1.00% - - - - - - 111111-11 - U11 1111 11H 0.00% Itil N ry m N 0 b N 9 N N N N' N° N N N N O1 om m m m °m m 1p m m m oa a O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N ■ GF Contribution % Budget ■Debt Service -as %of Revenues 1 3 5 Debt Service Capacity 30,000,000 25,000,000 20,000,000 15,000,000 10,000,000 5,000,000 N N N ■ Max Debt Service -8 %of Revenues ■Debt Service 7 120,000,000 100,000,000 80,000,000 60,000,000 40,000,000 20,000,000 Project Funding 1 20,000,000 15,000,000 10,000,000 5,000,000 $16,000,000 $14,000,000 $12,000,000 $10,000,000 $8,000,000 $6,000,000 $4,000,000 $2,000,000 $0 .aN main �c NOOmo.+Nma�n �e NOOmo.+Nma�n �e NCamo.+ r1 .y r1 .-1 .-1 N ,-1 r1 •-1 N N N N N N N N N N m m m m m V O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O N N N ry N N N N ry ry N N N N N N N N ry N N N N N N N N N ry N N ■ GF Contribution to FFP ■Debt Service Construction ■Debt Funded Construction Cash Contributions 30,000,000 25,000,000 GF Contribution to FFP Compared to Debt Service � rr•. rr•. i r rr Debt Service as % of GF Revenues ice - as %of Revenues 2 4 6 Priority Projects 07/17/2013 Start Est. Project Date Yrs to Cost (Fiscal Vr) Start Marina Park 30,000,000 2014 Q 0 Sunset Ridge 11,000,000 2014 Q 0 FS S -CDM 4,225,000 2014 D Lifeguard HQ Remodel 1,500,000 2014 L) 0 City Hall Demo 100,000 2014 Q 0 West Newport Comm Ctr 10,000,000 2015 Q 1 FS 2 -Lido 4,225,000 2015 Q 1 Bonita Creek - Artificial Turf 2,000,000 2015 O 1 Big Canyon Aux. Yard 1,000,000 2015 Q 1 Utilities /Corporate Yard Merge - 2015 ® 1 FS 1 - Peninsula 4,225,000 2019 5 Police Station @Current Site 64,375,000 2020 6 Total 332,650,000 Scenario Highlights Marina Park - 2014 Sunset Ridge - 2014 Lifeguard Head O,trs - 2014 Fire Station S -CDM - 2014 West Newport Comm Ctr - 2015 Police Station - 2020 Predicated on $27 million of developer contributions in FY 2014 $20 million debt issue in 2021 for Police Station Key Metric Debt Svc as %of Revenues Minimum FFP Reserv e Balance (000'5) Key Statistics GF Contribution to FFP (000'5) Debt Service (000'5) GF Contributions to FFP as %Rev Debt Svc as % of Revenues FFP Balance (000'5) Project Balance (000'5) Key Statistics GF Contribution to FFP (000'5) Debt Service (000'5) GF Contributions to FFP as %Rev Debt Svc as % of Revenues FFP Reserve Balance (000'5) Project Balance (000'5) Council Debt Mgmt Policy (F -6) Target Max N A <8.0% > 846 NA 15 Year Min Max Avg 4,676 10,239 8,471 7,967 8,846 8,376 2.88% 4.8% 4.4% 3.86 %Q 4.9 %4 4.4% %$ 9,336 (&$ 62,649 Q $ 24,229 Q $ 947 ®$ 23,183 ©$ 5,561 30 Year Min Max Avg 4,676 14,006 10,161 1,326 8,8461 8,298 0 2.88 %® 4.8 %® 4.3% 0.40% 4.9 3.7% _ $ 9,336170$ 99,455 (S $ 37,114 $ 947 $ 23,183 [ _ $ 4,763 Remaining Deb[ Capacity (Dbt. Svc < or = 8% of GF Rev): 80,834,025 Page 1 of 6 i ......................... i 60,000,000 40,000,000 20,000,000 Project Funding 1 20,000,000 15,000,000 10,000,000 5,000,000 $16,000,000 $14,000,000 $12,000,000 $10,000,000 $8,000,000 $6,000,000 $4,000,000 $2,000,000 $0 .aN main �c NOOmo.+Nma�n �e NOOmo.+Nma�n �e NCamo.+ r1 .y r1 .-1 .-1 N ,-1 r1 •-1 N N N N N N N N N N m m m m m V O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O N N N ry N N N N ry ry N N N N N N N N ry N N N N N N N N N ry N N ■ GF Contribution to FFP ■Debt Service Construction ■Debt Funded Construction Cash Contributions 30,000,000 25,000,000 GF Contribution to FFP Compared to Debt Service � rr•. rr•. i r rr Debt Service as % of GF Revenues ice - as %of Revenues 2 4 6 Priority Projects 07/17/2013 Start Est. Project Date Yrs to Cost (Fiscal Vr) Start Marina Park 30,000,000 2014 Q 0 Sunset Ridge 11,000,000 2014 Q 0 FS S -CDM 4,225,000 2014 D Lifeguard HQ Remodel 1,500,000 2014 L) 0 City Hall Demo 100,000 2014 Q 0 West Newport Comm Ctr 10,000,000 2015 Q 1 FS 2 -Lido 4,225,000 2015 Q 1 Bonita Creek - Artificial Turf 2,000,000 2015 O 1 Big Canyon Aux. Yard 1,000,000 2015 Q 1 Utilities /Corporate Yard Merge - 2015 ® 1 FS 1 - Peninsula 4,225,000 2019 5 Police Station @Current Site 64,375,000 2020 6 Total 332,650,000 Scenario Highlights Marina Park - 2014 Sunset Ridge - 2014 Lifeguard Head O,trs - 2014 Fire Station S -CDM - 2014 West Newport Comm Ctr - 2015 Police Station - 2020 Predicated on $27 million of developer contributions in FY 2014 $20 million debt issue in 2021 for Police Station Key Metric Debt Svc as %of Revenues Minimum FFP Reserv e Balance (000'5) Key Statistics GF Contribution to FFP (000'5) Debt Service (000'5) GF Contributions to FFP as %Rev Debt Svc as % of Revenues FFP Balance (000'5) Project Balance (000'5) Key Statistics GF Contribution to FFP (000'5) Debt Service (000'5) GF Contributions to FFP as %Rev Debt Svc as % of Revenues FFP Reserve Balance (000'5) Project Balance (000'5) Council Debt Mgmt Policy (F -6) Target Max N A <8.0% > 846 NA 15 Year Min Max Avg 4,676 10,239 8,471 7,967 8,846 8,376 2.88% 4.8% 4.4% 3.86 %Q 4.9 %4 4.4% %$ 9,336 (&$ 62,649 Q $ 24,229 Q $ 947 ®$ 23,183 ©$ 5,561 30 Year Min Max Avg 4,676 14,006 10,161 1,326 8,8461 8,298 0 2.88 %® 4.8 %® 4.3% 0.40% 4.9 3.7% _ $ 9,336170$ 99,455 (S $ 37,114 $ 947 $ 23,183 [ _ $ 4,763 Remaining Deb[ Capacity (Dbt. Svc < or = 8% of GF Rev): 80,834,025 Page 1 of 6 i ......................... Total 332,650,000 Scenario Highlights Marina Park - 2014 Sunset Ridge - 2014 Lifeguard Head O,trs - 2014 Fire Station S -CDM - 2014 West Newport Comm Ctr - 2015 Police Station - 2020 Predicated on $27 million of developer contributions in FY 2014 $20 million debt issue in 2021 for Police Station Key Metric Debt Svc as %of Revenues Minimum FFP Reserv e Balance (000'5) Key Statistics GF Contribution to FFP (000'5) Debt Service (000'5) GF Contributions to FFP as %Rev Debt Svc as % of Revenues FFP Balance (000'5) Project Balance (000'5) Key Statistics GF Contribution to FFP (000'5) Debt Service (000'5) GF Contributions to FFP as %Rev Debt Svc as % of Revenues FFP Reserve Balance (000'5) Project Balance (000'5) Council Debt Mgmt Policy (F -6) Target Max N A <8.0% > 846 NA 15 Year Min Max Avg 4,676 10,239 8,471 7,967 8,846 8,376 2.88% 4.8% 4.4% 3.86 %Q 4.9 %4 4.4% %$ 9,336 (&$ 62,649 Q $ 24,229 Q $ 947 ®$ 23,183 ©$ 5,561 30 Year Min Max Avg 4,676 14,006 10,161 1,326 8,8461 8,298 0 2.88 %® 4.8 %® 4.3% 0.40% 4.9 3.7% _ $ 9,336170$ 99,455 (S $ 37,114 $ 947 $ 23,183 [ _ $ 4,763 Remaining Deb[ Capacity (Dbt. Svc < or = 8% of GF Rev): 80,834,025 Page 1 of 6 i ......................... 4,676 14,006 10,161 1,326 8,8461 8,298 0 2.88 %® 4.8 %® 4.3% 0.40% 4.9 3.7% _ $ 9,336170$ 99,455 (S $ 37,114 $ 947 $ 23,183 [ _ $ 4,763 Remaining Deb[ Capacity (Dbt. Svc < or = 8% of GF Rev): 80,834,025 Page 1 of 6 i ......................... Remaining Deb[ Capacity (Dbt. Svc < or = 8% of GF Rev): 80,834,025 Page 1 of 6 i ......................... PROJECT PLANNING SK Function Project YR Current Repl Est $ Age Useful Years to Cost Est. Built Sq Ft Sq Ft /Sq Ft 2013 Life Start Date FY FV Project Start Cost Est @ Estimate Date 2.5% Growth Net Private Proposed Contribtions Cost u Est. Debt Svc @ 5% 1 Gen Gov Civic Center 2013 1 50 -3 Jan -12 140,000,000 2011 140,000,000 140,000,000 9,107,201 1 Gen Gov City Hall Demo 2015 -1 50 0 Jan -12 100,000 2014 100,000 100,000 6,505 2 Combo Police /Rec Combo @ Corp Yrd 1973 47,964 60,000 650 41 50 N/A - - - - Police Police Station @ Corp. Yrd. 1973 47,964 60,000 650 41 50 N/A - - 2 Police Police Station @ Current Site 1973 47,964 60,000 650 41 50 6 Jan -12 64,375,000 2020 74,655,264 74,655,264 4,856,432 4 Fire FS 1 - Peninsula 1962 1 3,423 6,500 1 650 52 50 5 I Jan -12 4,225,000 2019 4,780,200 4,780,200 310,959 4 Fire FS 2 - Lido 1952 9,953 6,500 650 62 50 1 Jan -12 4,225,000 2015 4,330,625 2,219,446 2,111,180 137,335 4 Fire FS 3 - Santa Barbara 1971 13,605 6,500 650 43 50 7 Jan -12 4,225,000 2021 5,022,197 5,022,197 326,701 4 Fire FS 4 - Balboa Island 1994 4,400 6,500 650 20 50 30 Jan -12 4,225,000 2044 8,862,223 8,862,223 576,500 4 Fire FS 5 - CDM 1950 2,095 6,500 650 64 50 0 Jan -12 4,225,000 2014 4,225,000 4,225,000 274,842 4 Fire FS 6 - Mariners 1957 2,965 6,500 650 57 50 8 Jan -12 4,225,000 2022 5,147,752 5,147,752 334,869 4 Fire FS 7 - SAH 2007 11,027 6,500 650 7 50 43 1 Jan -12 4,225,000 2057 12,216,672 12,216,672 794,712 4 Fire FS 8 - Npt. Coast 1995 6,975 6,500 650 19 50 31 Jan -12 4,225,000 2045 9,083,779 91083,779 590,913 4 Fire Lifeguard HQ Remodel 1958 7,725 7,725 180 56 50 0 Jan -12 1,500,000 2014 1,500,000 1,500,000 97,577 5 Fire Newport Jr. Guard Building 0 2014 50 6 May -12 1,200,000 2020 1,391,632 1,043,724 347,908 22,632 5 Library Library - Central Clerestory & Repai 0 2014 -3 1,405,305 2,011 1,405,305 1,405,305 91,417 5 Library Library - Balboa 1962 5,566 5,000 52 50 48 Jan -12 2,250,000 2062 7,360,852 7,360,852 478,834 5 Library Library -CDM 1958 4,323 4,000 56 1 50 48 Jan -12 3,000,000 2062 9,814,469 9,814,469 638,445 5 Library Library- Mariners 2006 15,305 8 50 42 Jan -12 6,845,355 2056 19,310,714 19,310,714 1,256,190 5 Library Library - Central 1997 50,930 65,000 400 17 50 38 Jan -12 26,000,000 2052 66,447,743 66,447,743 4,322,521 6 Rec Facility Marina Park Girl Scout House 1956 5,500 4,000 58 50 0 Jan -12 - 2014 - - - - 6 Rec Facility Marina Park NA NA 50 0 Jan -12 30,000,000 2014 30,000,000 30,000,000 1,951,543 6 Rec Facility Newport Coast Ctr 2007 1 16,865 16,865 1 602 7 50 43 1 Jan -12 9,984,797 2057 28,871,241 28,871,241 1,878,116 6 Rec Facility Newport Thearter Arts Center 1973 8,042 12,000 500 41 1 50 36 Jan -12 6,000,000 2050 14,595,212 7,297,606 7,297,606 474,720 6 Rec Facility OASIS Sr. Ctr 2010 36,467 43,232 360 4 60 46 Jan -12 15,577,116 2060 48,504,816 48,504,816 3,155,308 6 Rec Facility Sunset Ridge 2014 595,465 0 50 0 Jan -12 11,000,000 2014 11,000,000 11,000,000 715,566 6 Rec Facility West Newport Comm Ctr 2016 20,000 -2 50 1 Jan -12 10,000,000 2015 10,250,000 10,250,000 666,777 6 Rec Facility Bonita Creek - Artificial Turf 15 1 2,000,000 2015 2,050,000 2,050,000 133,355 6 Rec Facility West Newport Land Purchase 2013 217,800 1 1 1 -1 1 Jan -12 4,308,199 2013 4,203,121 4,203,121 273,419 3 MOD Utilities /Corporate Yard Merge 1 0 1 50 1 1 May -12 - 2015 - - - 3 MOD Big Canyon Aux. Yard 1 0 1 50 1 1 May -12 1,000,000 2015 1,025,000 1,025,000 66,678 Page 2 of 6 AFFORDABILITY 4,016,812 4,676,143 8,000,000 7,613,556 7,370,346 7,554,604 8,198,968 8,403,942 8,614,040 8,829,391 9,050,126 9,276,379 9,508,289 27,500,000 1,040,773 10,543,503 917,589 12,256,236 13,243,437 1,562,607 1,717,094 1,717,094 1,739,074 2,609,647 23,182,613 4,654,519 3,920,884 CASH FUNDING FROM FFP 5,266,982 - General Fund Revenues 2,686,768 150,735,324 14,544,434 156,100,457 11,551,190 162,324,124 4,740,000 165,872,691 1,000,000 169,190,144 1,000,000 173,419,898 275,381 177,755,395 348,072 182,199,280 233,014 186,754,262 595,147 191,423,119 756,755 196,208,697 1,252,972 201,113,914 230,308 206,141,762 31,575,381 211,295,306 Growth Assumption 36,740,128 0.00% 21,256,083 3.56% 9,917,186 3.99% 38,356,021 2.19% 10,467,832 2.00% 10,695,010 2.50% (8,165,374) 2.50% (8,011,446) 2.50% (7,990,221) 2.50% (7,990,321) 2.50% (7,967,030) 2.50% (8,837,733) 2.50% (8,818,923) 2.50% (25,645) 2.50% GF Annual Contribution % - 2.52% 41 2.57% 0 2.88% 40 4.82% 0 4.50% 0 4.25% (17,762,614) 4.25% 40 4.50% 0 4.50% 0 4.50% 0 4.50% 40 4.50% 0 4.50% 0 4.50% Debt Service as %of GF Revenues (7,990,221) 0.45% 0 5.23% 0 4.93% 0 4.83% 0 4.74% 0 4.61% 18,641,154 0 4.50% 0 4.39% 0 4.27% 0 4.16% 0 4.51% 0 4.39% 0 4.28% 0 4.17% Beginning FFP Balance Sources Annual GF Contributions Periodic GF or One -time Transfers Private Contributions Interest Earnings Total Sources: Uses Debt Service Other Fiscal Charges Less: Cash Proj Funding Total Uses: Projected FFP Balance 25,625,644 33,149,725 25,633,176 18,641,154 16,491,471 29,757,333 35,910,903 37,837,768 43,259,584 62,648,575 20,885,304 11,515,403 9,336,080 3,800,000 4,016,812 4,676,143 8,000,000 7,613,556 7,370,346 7,554,604 8,198,968 8,403,942 8,614,040 8,829,391 9,050,126 9,276,379 9,508,289 27,500,000 1,040,773 10,543,503 917,589 12,256,236 13,243,437 1,562,607 1,717,094 1,717,094 1,739,074 2,609,647 23,182,613 4,654,519 3,920,884 CASH FUNDING FROM FFP 5,266,982 - 13,545,000 2,686,768 27,598,913 14,544,434 13,597,136 11,551,190 1,000,000 4,740,000 28,876,789 1,000,000 1,000,000 1,000,000 1,000,000 275,381 343,796 348,072 223,626 233,014 288,601 595,147 718,218 756,755 865,192 1,252,972 417,706 230,308 186,722 31,575,381 18,946,381 18,254,486 36,740,128 22,391,005 21,256,083 19,700,941 9,917,186 13,900,697 38,356,021 11,082,363 10,467,832 10,506,687 10,695,010 (682,755) (8,165,374) (8,008,421) (8,011,446) (8,011,921) (7,990,221) (7,990,221) (7,990,321) (7,978,881) (7,967,030) (8,845,634) (8,837,733) (8,830,613) (8,818,923) - - (25,645) - - - - - 2021 Police Facility COPS - - - - - - - - (5,266,982) (3,231,283) (17,762,614) (35,720,705) (16,528,766) - (5,557,150) - (500,000) (11,000,000) (44,000,000) (11,000,000) (3,855,398) (1,846,756) (5,949,737) (11,422,300) (25,771,035) (43,732,151) (24,540,687) (7,990,221) (13,547,371) (7,990,321) (8,478,881) (18,967,030) (52,845,634) (19,837,733) (12,686,011) (10,665,679) 0 25,625,644 0 33,149,725 0 25,633,176 18,641,154 0 16,491,471 0 29,757,333 0 35,910,903 0 37,837,768 0 43,259,584 0 62,648,575 41 20,885,304 V 11,515,403 iJ 9,336,080 V 9,365,411 PROJECTSOURCES Beginning Balance (2,081,147) 111,595,841 36,452,639 947,087 12,256,236 13,243,437 1,562,607 1,717,094 1,717,094 1,739,074 2,609,647 23,182,613 4,654,519 3,920,884 CASH FUNDING FROM FFP 5,266,982 3,231,281 17,762,614 35,720,705 16,528,766 - 5,557,150 500,000 11,000,000 44,000,000 11,000,000 3,855,398 1,946,756 PRIVATE CONTRIBUTIONS FOR SPECIFIC PROJECTS - - 1,360,385 - - - - - - - - - - - BETFUNDCONTRIBUTIONSFORSPECIFICPROJECTS - - 500,000 DEBT FUNDING 2010 Civic Center COPS 123,000,000 - - - - - - - - - - - - - 2021 Police Facility COPS - - - - - - - - - - 20,000,000 - - - Traunch 3 - - - - - - - - - - - - - - Traunch 4 - - - - - - - - - - - - - - Traunch 5 - - - - - - - - - - - - - - TOTALDEBTFUNDING 123,000,000 - - - - - - - - - 20,000,000 - - - Interest on Debt Proceed 209,314 399,778 49,725 - TOTAL PROJECT RESOURCES 126,395,149 4P 115,226,900 56,125,362 49 36,667,792 0 28,785,002 40 13,243,437 0 7,119,757 0 1,717,094 _i 2,217,094 12,739,074 40 66,609,647 0 34,182,613 0 8,509,917 40 5,767,640 2024 Civic Center ;city Hall Dema - - - -- - -� -� - - -_� -� Police /Rec Combo @ Police Station @ Curr�F 74,fi5 ,�21�i---- - - - - -� (7,465,5214$1;080;395) (26,129,342) �- FS 1- Peninsula �L 4,780,8 z01 - - - - -� - - - -� (2,629,11W_ (1,673,070) - _�- FS2 -Lido 2,111,18( "- z01'•.� - - - -- 81,14 - - -�_ - - �- FS 3 -Santa Barbara 5,022,197 (502,220) (2,762,209) (1,757,70 - FS4- Balboa Island 8,862,223 204 - - - - -� - - - - -`� - �- FS5-CDM -r 4,225,000 -�- FS6- Mariners 5,147,752 (514,775) (2, M® FS7 -SAH - 12,216,672 205 - - - - -� - - - - - -� - �- FS 8 - Npt. Coast - ,083,779 2q - - - - -� - - - - - -- a- LifeguardHQRemodel ----- - - - - -! - �- Newport Jr. Guard Building --------- - - - - -` (121,768) i- 1111ILCantral Cleres---------------- �lboa ---------------- �1"1 ----------------- i Iariners ---------------- 0 ntral ---------------- ---------------- ---------------- ---------------- NewportThearter ---------------- 0ASI55[, Ct[---------------- ---------------- ---------------- -Big Onyon Am. Yard' -� _ _ ---- - - - - -- TOTAL PROJECT EXPENDITURES 515,593,040 (14,799,309) (78,774,261) (55,178,276) (24,411,556) (15,541,565) (11,680,830) (5,402,663) - (478,020) (10,129,427) (43,427,034) ENDING BALANCE OF PROJECT RESOURCES 111,595,841 0 36,452,639 0 947,087 0 12,256,236 13,243,437 1,562,607 1,717,094 1,717,094 _ 1,739,074 _i 2,609,647 i 23,182,613 (29,528,094) (4,589,033) (1,801,713) 4,654,519 3,920,884 _ 3,965,927 Page 3 of 6 DEBT SERVICE Project Total Interest Debt Service Description Year Proceeds COl Issue Rate Term Maturity Avg 1 2 3 4 5 6 7 8 9 10 Debt 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Service (Net) 2010 Civic Center COPS 2011 123,000,000 1,289,442 124,289,442 4.4% 30 2041 (7,598,450) (8,008,421) (8,011,446) (8,011,921) (7,990,221) (7,990,221) (7,990,321) (7,978,881) (7,967,030) (7,519,886) (7,511,985) 2021 Police Facility COPS 2021 20,000,000 380,000 20,380,000 5.0% 30 2051 (1,325,748) - - - - - - - - (1,325,748) (1,325,748) Traunch 3 0 0 0 0 5.0% 30 30 - - - - - - - - - - Traunch 4 0 0 0 0 5.0% 30 30 - - - - - - - - - - - Traunch 5 0 0 0 0 5.0% 30 30 - - - - - - - - - - - Traunch 6 0 0 0 0 5.0% 30 30 - - - - - - - - - - - Traunch 7 0 0 0 0 5.0% 30 30 - - - - - - - - - - - Traunch 8 1 01 01 01 01 5.0%1 30 30 - - - - - - - - - - - Traunch 9 1 0 0 0 0 5.0% 30 30 - - - - - - - - - - - Traunch 10 0 0 0 0 5.0% 30 30 - - - - - - - - - - - Traunch 11 01 01 01 01 5.0%1 301 30 - - - - - - - - - - - TOTAL DEBT (8,924,198) (8,008,421) (8,011,446) (8,011,921) (7,990,221) (7,990,221) (7,990,321) (7,978,881) (7,967,030) (8,845,634) Page 4 of 6 (8,837,733) Hoag OA515 Pledge 4.1 May 12, 2009 Pledge Letter Payment Schedule 500,000 - - 500,000 - 500,000 Hoag OA515 Pledge 4.1 May 12, 2009 Pledge Letter Payment Schedule 500,000 - - 500,000 - 500,000 Hoag OASIS Pledge 4.1 IMay 12, 2009 Pledge Letter I Payment Schedule 1,500,000 - - 1,500,000 - 1,500,000 North Newport Center 4.2 Public Benefit Fee -430 Units @ $31,500 Issuance of First Building Permit 2,500,000 - - 2,500,000 - 2,500,000 Friends of Oasis Pledge I 10asis Construction IRestricted for Oasis OnIV 2.000.000 - - 2.000,000 - 2,Ooo OGO North Newport Center 4.1 in Lieu Park Fees Paid within 5 Days of Award of OASIS Contract - 5,600,000 600,875 5,600,000 600,875 5,600,000 North Newport Center 4.1 In Lieu Park Fees 430 $$26,046.51 Milestone Pmts - 5,600,ODD - 5,600,000 Via Lido Mixed Use(2 units) (PA2010 -081) 5,600,000 North Newport Center T2 4.1 94 Units x$26,046.51 Milestone Pmts 1 1,500,000 2,448,371 - 2,448,371 Plaza CDM(6 Units) (PA2010 -061) 2,448,371 North Newport Center 4.2 Public Benefit Fee -430 Units @ $31,500 Issuance of First Building Permit 13,545,000 - 1 13,545,000 214 Narcissus (1 Units) (PA2011 -192) 13,545,000 North Newport Center 4.2 Public Benefit Fee -430 Units @ $31,500 Issuance of remaining 430 Residential Building Permits 13,545,000 - (270,900) 13,274,100 6D4 Acacia Ave(PA2012 -005) 13,274,300 North Newport Center T2 Amended Agrmt Public Benefit Fee -94 Units @ $63,ODD Issuance of431 st permit -524 th permit 5,922,000 26,125 (118,440) 5,803,560 2017 5,803,560 North Newport Center 4.4 Street Widening and Traffic Signals Within 30 Days of Reimbursement Request - - 2,500,000 2,500,OGO North Newport Center Amended Agrmt Bayside Drive Walkway Connection Within 90 Days of written notice after award of contract 200,000 37,250 200,000 36,505 200,000 37150.76336 33,212,000 13,648,371 (389,340) 1 46,471,031 2,500,000 48,971,031 The Dart Development (24 units)(PA2012 -146) 8.2 Ser iuk Slough Study - 600,875 - 600,875 - 600,875 Newport Bay Marina Project (27 units) (PA2001 -210) H..8 DA 8.2 - 186,147 - 186,147 - 186,147 Via Lido Mixed Use(2 units) (PA2010 -081) 1,500,000 Hoag DA 85 1 8.2 - 52,250 1 1,500,000 52,250 - 52,250 Plaza CDM(6 Units) (PA2010 -061) 1,500,000 Hoag DA 85 1 8.4 - 156,750 I - 156,750 1 156,750 214 Narcissus (1 Units) (PA2011 -192) 150,000 Issuance of Building Permit 50,000 - 26,125 - 26,125 49,000 26,125 6D4 Acacia Ave(PA2012 -005) 10,550,389 - 26,125 26,125 26,125 1,048,272 1,048,272 1,048,272 Hoag DA 85 8.2 Ser iuk Slough Study $2001 Fee Eliminated with with DA amendment in 2008 - - - - - - H..8 DA 8.2 Reimb City CIP related to Superior Ave Medians,Newport Blvd Completion of Project Expenditures - - - - 1,500,000 1,500,000 Hoag DA 85 1 8.2 jPublic Benefit (Park or Pub Safety) I Paid June 2009 Xfred to Facilities Reserve 1 1,500,000 1 - 1,500,000 - 1,500,000 Hoag DA 85 1 8.4 Isunset View Park, Shrub & Groundcover lPending Improvements I - 1 150,000 1 150,000 - 150,000 1,500,000 150,000 1,650,000 1,500,000 31150,000 Santa Barbara Condos $32,500 /Unit -1,244 Units 5,000,000 2,057,674 - - - - Santa Barbara Condos ection 3.3 of MO Unrestricted Public Benefit Concurrent with Certificate of Occupancy 1,fi45,566 - (32,911) 1,612,655 - 1,612,655 Santa Barbara Condos jection 3.3 of MO Unrestricted Public Benefit IConcurrentwith Certificate of Occupancy 1 3,354,434 1 1 (67,089)1 3,287,345 1 1 3,287,345 Santa Barbara Condos jection 3.2 of MO 79 Units x $26,125 IFee due at building permit issue 1 1 2,057,674 1 - 1 2,057,674 1 1 2,057,674 Newport Uptown $32,500 /Unit -1,244 Units 5,000,000 2,057,674 (100,000) 6,957,674 - 6,957,674 - 2020 Section C(f) F Phase l- 680 Units Issuance of Building Permit 1 22,100,000 - ( (442,000) 21,658,000 Banning Ranch I Section 3.1 11375 x30 ,909 - Coastal Commission Status? lEach Building Permit 42,499,875 - - - ( 42,499,875 - 42,499,875 631,456 17,957,856 In Lieu Park Fees- Phase I Recordation of Map Less Park Credits - 10,143,361 10,143,361 Newport Uptown $32,500 /Unit -1,244 Units - - - - - 2020 Section C(f) F Phase l- 680 Units Issuance of Building Permit 1 22,100,000 - ( (442,000) 21,658,000 966,665 22,624,665 2015 -2C Phase ll -544 Units Prior to Occupancy 4 17,680,000 - ( (353,600) 17,326,400 631,456 17,957,856 In Lieu Park Fees- Phase I Recordation of Map Less Park Credits - 10,143,361 10,143,361 Section C(e) 10,143,361 Issuance of Building Permit 50,000 In Lieu Park Fees- Phase II Recordation of Map Less Park Credits - 10,550,389 49,000 10,550,389 10,550,389 2009 2010 2010 9,10,11 2009 14 13 2012 14 14 NA NA NA 2009 2015 2015 2016 2014 City Hall ReUSe Concord Estimated Annual Financial Benefit Boutique Hotel - Conservative Estimate 1,000,000 1,000,000 - 1,000,000 Police Facility Concord Estimated Annual Financial Benefit Upon Occupancy 1,706,000 1,706,000 - 1,706,000 West Newport Comm Center Sale Concord Sale of Property Upon Sale 3,540,000 3,540,000 - 3,540,000 6,246,000 - - 6,246,000 - 6,246 ,000 2019? 133,855,327 37,598,067 (1,307,289) 170,146,105 5,598,121 175,744,226 GRAND TOTAL Page 5 of 6 - - - 2020 Section C(f) F Family Inn I Issuance of Building Permit 1 100,000 - - ( (2,000) 9 98,000 - - 9 96,000 2015 -2C Prior to Occupancy 4 410,402 - - ( (8,208) 4 402,194 - - 4 402,194 2020 39,780,000 20,693,750 (795,600) 59,678,150 1,598,121 61,275,271 NB Country Club 1 3.1 154,800 x 10.00 Golf Club Clubhouse Issuance of First Building Permits 54,800 - (1,096) 53,704 - 53,704 2014 Dunes Settlement Section C(e) Restaurant on Parcel BZ Issuance of Building Permit 50,000 (1,000) 49,000 49,000 2017 2017 Dunes Settlement Section C(g) Family Inn 2017 560,402 - (11,208) 549,194 - 549,194 Golf Reality Fund (GRF) 3.1 Tennis Club Reconstruction 3,725 x$10.00 Issuance of Building Permit 37,250 (745) 36,505 - 36,505 2017 Golf Reality Fund (GRF) 3.1 Single Family Homes $5 x$93,000 Single Family Homes 465,000 (9,300) 455,700 - 455,700 2017 502,250 - (10,045) 492,205 - 492,205 Land Re Use Decisions City Hall ReUSe Concord Estimated Annual Financial Benefit Boutique Hotel - Conservative Estimate 1,000,000 1,000,000 - 1,000,000 Police Facility Concord Estimated Annual Financial Benefit Upon Occupancy 1,706,000 1,706,000 - 1,706,000 West Newport Comm Center Sale Concord Sale of Property Upon Sale 3,540,000 3,540,000 - 3,540,000 6,246,000 - - 6,246,000 - 6,246 ,000 2019? 133,855,327 37,598,067 (1,307,289) 170,146,105 5,598,121 175,744,226 GRAND TOTAL Page 5 of 6 - - - Dunes Settlement S Section C(f) F Family Inn I Issuance of Building Permit 1 100,000 - - ( (2,000) 9 98,000 - - 9 96,000 Prior to Occupancy 4 410,402 - - ( (8,208) 4 402,194 - - 4 402,194 Comm Center Sale Concord Sale of Property Upon Sale 3,540,000 3,540,000 - 3,540,000 6,246,000 - - 6,246,000 - 6,246 ,000 2019? 133,855,327 37,598,067 (1,307,289) 170,146,105 5,598,121 175,744,226 GRAND TOTAL Page 5 of 6 ,000 2019? 133,855,327 37,598,067 (1,307,289) 170,146,105 5,598,121 175,744,226 GRAND TOTAL Page 5 of 6 of Oasis Pledge ewport Center ewport Center ewport Center T2 ewport Center Dart Developmei vport Bay Marina Lido Mixed Use(2 :a CDM (6 Units) ( Narcissus (1 Unit Acacia Ave (PAN 37150. Hoag DA Ifs May 12, 2009 Pledge Letter Semeniuk Slough Study May 12, 2009 Pledge Letter May 12, 2009 Pledge Letter Oasis Construction 800,000 4.1 in Lieu Park Fees 4.1 In Lieu Park Fees 430 $$26,046.51 4.1 94 Units x $26,046.51 4.2 Public Benefit Fee -430 Units @$3 4.2 Public Benefit Fee -430 Units @$3 led Agrmt Public Benefit Fee -94 Units @ $63 4.4 Street Widening and Traffic Signal! led Agrmt Bayside Drive Walkwav Connection 37150. Hoag DA Ifs 8.2 Semeniuk Slough Study 800,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 Hoag DAp5 8.2 Reimb City CIP related to Superior Ave Medians,Newport Blvd Hoag DAp5 8.2 jPublic Benefit (Park or Pub Safety) I I I I I I 1 1 3,540,000 Hoag DAp5 8.4 Isunset View Park, Shrub & Groundcover 150,000 Santa Barbara Condos Santa Barbara Condos ection 3.3 of MO Unrestricted Public Benefit 1,612,655 Santa Barbara Condos jection 3.3 of MO Unrestricted Public Benefit 3,287,345 Santa Barbara Condos jection 3.2 of M0179 Units x $26,125 2,057,674 Banning Ranch I Section 3.1 11375 x 30,909 - Coastal Commission Status? Newport Uptown $32,500 /Unit -1,244 Units Phase I -680 Units 8,918,000 6,370,000 6,370,000 Phase II -544 Units 17,326,400 In Lieu Park Fees - Phase) 3,863,779 3,139,791 3,139,791 In Lieu Park Fees- Phase II 10,550,389 NB Country Club 1 3.1 154,800 x 10.00 Golf Club Clubhouse 53,704 Dunes Settlement Section C(e) Iliestaurant on Parcel B2 49,000 Dunes Settlement I Section C(f) lFamily Inn 98,000 Dunes Settlement I Section C(g) IFamily Inn 402,194 Golf Reality Fund (GRF) 1 3.1 ITennis Club Reconstruction 3,725 x $10.00 36,505 Golf Reality Fund (GRF) 3.1 Single Family Homes $5 x $93,000 455,700 Land Re Use Decisions City Hall ReUSe Concord IlEstimated Annual Financial Benefit 800,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 Police Facility I Concord lEstimated Annual Financial Benefit West Newport Comm Center Sale I Concord ISale of Property I I I I I I 1 1 3,540,000 2,000,000 13,545,000 2,686,768 27,598,913 14,544,434 13,597,136 11,551,190 1,000,000 4,740,000 28,876,789 1,0001000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 Page 6 of 6