downtown debt allocations
DESCRIPTION
Downtown Debt Allocations . Commissions have a history of non-voted public debt. Meant only for capital improvements that benefit the health of the City – now and in the future Cannot be spent for operating expenses. Non-Voted Debt Borrowing for Improvements. - PowerPoint PPT PresentationTRANSCRIPT
Downtown Debt Allocations
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Meant only for capital improvements that benefit the health of the City – now and in the future
Cannot be spent for operating expenses
Commissions have a history of non-voted public debt
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1996: Airport $283,000 1998: Golf Course and Marina $727,000 1999: Marina $611,111 2000: Rec Land and PD Bldg. $2,244,000 2001: Marina $191,000 2003: Utility Bond for WW $32,985,000 2004: Marina and WW bond $7,380,000 2005: GC, Marina, and refi. $9,005,000 2007: Airport Hangars $850,000 2008: Golf Carts $292,631 2009: Marina $1,300,000 2010: Water Futures and refi. $11,811,000 2011: F2 $1,884,000 TOTAL without refinancing $57,600,242
Non-Voted Debt Borrowing for Improvements
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November 2011 Debt Issue 1,884,000.00$
Spent to date (thru 8/28/2012)Financing Costs (31,566.47)
Available proceeds 1,852,433.53
Alachua Sidewalk300-3000-541.6311* ZC Task Order #5 (17,686.64)
Front Street300-3000-572.6503* BCG Inc. Appraisals (3,000.00) * ZC Task Order #6 (58,765.21) * AI Graphics (11.20) * Manzie (675.00)
Land Acquisition - Rayonier300-3000-572.6580* Manzie Survey (1,325.00) * US Realty Title Search (1,000.00) * UES, Inc Envirnomental Assessment (2,000.00)
Spent to date (84,463.05)
Proceeds remaining at 8/28/2012 1,767,970.48$
City of Fernandina BeachForward Fernandina Financing
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Total of $1,848,000 borrowed at 2.4% for a limited number of projects
$98,004.33 currently uncommitted A very small portion (<0.55%, or <55 cents
on $100) of franchise fees goes to repaying the debt service
Disposition of F2 Money
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CommitmentsZC PO 121158 Task Order #5 (7,566.36) ZC PO 121159 Task Order #6 (92,399.79) $ Available
1,668,004.33 Rayonier Land Purchase ?
FY 12/13 Budgeted Uses* Library (600,000.00) 1,068,004.33 * RR Depot (125,000.00) 943,004.33 * Waterfront Parks (95,000.00) 848,004.33 * RR Crossings (750,000.00) 98,004.33
ZC PO 121158 Task Order #5
ZC PO 121159 Task Order #6
Design, permitting and bidding assistance for Alachua RR Crossing improvement (Front to 2nd Street)
Design, stormwater permitting, wetland permitting, geotech & wetland survey
The City’s Depot commitment will be matched by the TDC and Restoration Foundation
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Borrowed: $1,884,000◦ Less spent to date: $84,463◦ Less total commitments: $99,966◦ Less 12/13 Budgeted Uses: $1,570,000◦ Leaves $98,004
Forward Fernandina in a Nutshell
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Of the $750,000 for crossings◦ $225,000 for Centre Street◦ $225,000 for Ash Street◦ $300,000 for Alachua Street
Only $75,000 more for opening the street
The Cost of Crossings
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The Current State of Downtown
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Centre Street Crossing
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Ash Street Crossing
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Alachua Street Crossing, with Prep Work
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The Depot