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CC 1999-08-16 Agendas
CITY OF NORTH RICHLAND HILLS CITY COUNCIL WORK SESSION AUGUST 16, 1999 — 6:OOpm AGENDA The City Council of the City of North Richland Hills will hold a work session on Monday, August 16, 1999 at 6:00 p.m. at the North Richland Hills City Hall in the Pre - Council Room, 7301 Northeast Loop 820, North Richland Hills, Texas. AGENDA: 1. Call to Order 2. *Executive Session — The Council will enter into closed executive session for deliberation regarding Real Property as authorized by Government Code §551.052 A. Park Land Acquisition 3. Discussion of Recreation Center and Presentation and Discussion of Natatorium 4. Discussion of Library Facility 5. Financing Options for Library, Recreation Center and Natatorium 6. Discussion of Possible Facilities in South Side of City 7. Reminders of Upcoming Meetings 8. Adjournment *Closed due to subject matter as provided by the Open Meetings Law. If any action is contemplated, it will be taken in open session. P0Sa �1 9 Dat.. Q. tK Time - - - - -__ City Secretary Agenda City Council Work Session Monday, August 16, 1999 6:00 pm, Pre - Council Room 1. Executive Session 2. Recreation Center / Natatorium Presentation / Discussion • Location • Costs • Options — size 3. Library • New location • Costs 4. Financing Options — Library, Recreation Center, Natatorium 5. South Side Considerations a. Possible Sale • proceeds for new facility • replace existing south side facility b. Conversion — Multi- purpose • Modified Library (Kiosk; Study Center) • Expand Municipal Court • Expand Citicable • Modified Recreation Center • Fine Arts/ Historical Center C. Branch Library d. Financing — incomplete 6. Reminders of Upcoming Meetings CITY OF NORTH RICHLAND HILLS CITY COUNCIL WORK SESSION AUGUST 16, 1999 — 6:00pm AGENDA The City Council of the City of North Richland Hills will hold a work session on Monday, August 16, 1999 at 6:00 p.m. at the North Richland Hills City Hall in the Pre - Council Room, 7301 Northeast Loop 820, North Richland Hills, Texas. AGENDA: 1. Call to Order 2. *Executive Session — The Council will enter into closed executive session for deliberation regarding Real Property as authorized by Government Code §551.052 A. Park Land Acquisition 3. Discussion of Recreation Center and Presentation and Discussion of Natatorium • Location • Costs • Option - size 4. Discussion of Library Facility • New Location • Costs 5. Financing Options for Library, Recreation Center and Natatorium 6. Discussion of Possible Facilities in South Side of City a. Possible Sale • Proceeds for new facility • Replace existing south side facility b. Conversion — Multi- purpose • Modified Library (Kiosk; Study Center) • Expand Municipal Court • Expand Citicable • Modified Recreation Center • Fine Arts / Historical Center C. Branch Library d. Financing — incomplete 7. Reminders of Upcoming Meetings 8. Adjournment *Closed due to subject matter as provided by the Open Meetings Law. If any action is contemplated, it will be taken in open session. INFORMAL REPORT TO MAYOR AND CITY COUNCIL No. IR 99 -110 Date: August 16, 1999 Subject: Work Session — New Library, New Recreation Center, Natatorium and Public Facilities South of 820 The Mayor, City Council, city staff and our citizens have some very exciting, yet challenging opportunities before us as we look at how to provide for an expanded Library, the possible addition of another Recreation Center to include a Natatorium, and also to consider the future of the existing public facilities on the south side of Loop 820. Financing of these public facilities will also be an interesting and challenging issue. We would like to discuss each of these items at the work session along with funding possibilities. If at all possible we would like to obtain a consensus of Council as to direction on which items to proceed with and which areas need further consideration. We are including projects and facility cost estimates in your work session packets, but we will supplement this with some presentations at the work session to give a better overview of these issues. Since the idea of a Recreation Center and Natatorium at the Town Center site has only been discussed in a general sense, we would like to spend time at the work session explaining ideas that were presented in the Leland Study when the entire feasibility of the Town Center Project was prepared. We are prepared to discuss with you the options of sizes and types of uses that such a Recreation Center would have and also the Natatorium. We will also discuss with you whether or not a cooperative venture for funding and operating the Natatorium should be explored with the Birdville Independent School District. As we all look at the issues of a new Recreation Center, Natatorium and Library as well as the remaining facilities south of Loop 820, a number of questions are generated. • Should the main Library be relocated to the Town Center, and if so should we plan and finish out all the space that will be ultimately needed or plan to reserve some of the space as unfinished shell for future expansion? • Should we plan to maintain a presence for Library Services south of Loop 820, and if so, what is the "acceptable" balance of service versus costs. Building a branch Library facility or renovating the existing facility as a branch would make it possible to deliver highly accessible Library service in the area. If we provide a high quality facility, a well- trained staff and a substantial collection tailored to the neighborhood, it will be a very popular service. But it will also involve substantial initial and ongoing cost of duplicating facilities, Library collections and staff. • Would Council be amenable to a modified Library on the south side that would include a kiosk and study center but not a full branch? • Are we ready and willing to commit for a new Recreation Center at Town Center and if so what size facility? ISSUED BY THE CITY MANAGER NORTH RICHLAND HILLS, TEXAS 2 • What should be the philosophy regarding cost recovery of the Recreation Center and Natatorium? The response to this question directly relates to the types of facilities within the center and the scope of the project. • Should a Natatorium be included at the new Recreation Center? Should we solicit the school district's participation in constructing and operating a Natatorium for their athletic programs? • Should our existing facilities on the south side be sold for private redevelopment that could likely result in some type of sales tax generating use — retail or restaurant? • If the current Library / Recreation Center complex is sold, do we replace it with another public facility in the southern part of the city? • If we retain the existing facilities on the south side, would other purposes in addition to a Recreation Center, Municipal Court, and Citicable be acceptable if the Library is relocated? • Would Council be receptive to creating a TIF District even if the city is the only participant in order to fund the public improvements at the Town Center Project? • If we commit to a Recreation Center / Natatorium in the Town Center area, should this be done prior to any single - family housing development? When the Park Master Plan was developed some time ago it included two Recreation Centers -- the existing one on the south side and a second one in the northern part of the city. It was contemplated that when a Recreation Center was built to the north, the Recreation Center to the south would remain as is. Therefore, should Council decide to sell the property on 820, an alternate recreation center or facility probably should be considered. On the other hand, with regard to the Library, a full branch Library for a city of our size would be marginally needed. It would also be very costly to operate and maintain, as it would provide many duplicate services. At the work session we would like to discuss with Council the possibility of a study center and kiosk that would interface with the Library system as well as other possible city facilities and functions. This could provide a workable alternative. If we were to dispose of the current 820 building, it would be necessary to relocate Municipal Court and Citicable along with the Recreation Center and Library. The existing site could possibly sell for between $8 to $14 a foot, therefore generating between $2.3 million and $4.1 million. This is a wide range but it depends on the use it is purchased for. The existing building has about 80,000 square feet. A former retail building in the area consisting of 38,000 sq. ft. is on the market for $2.2 million. To build another facility on the south for a Recreation Center, court, Citicable, and study center consisting of 50,000 sq. ft. could cost in excess of $5 million. As we have reviewed various options and costs for these remaining facilities (Court, Citicable, Recreation Center), on the south side either acquire another building and renovate it or building a new building would be necessary. It seems worth further consideration to retain the south side facility and possibly retrofit it with the expansion of Loop 820 and continue using the Recreation Center with the modified uses and programs. This would then give us an opportunity to expand Municipal Court, as we currently need to do with the space needs that they have. It would also give us an opportunity to take the 3 existing Library space for not only expansion of the Municipal Court but also to consider the possibility of a study center, perhaps a fine arts center, and a part of it could be used for historical preservation materials. It would also maintain a Recreation Center on the south side. We should point out, however, that there are still many unknowns about Loop 820 expansion and how our parking will be impacted. Therefore, the types of public uses for the existing 820 facility (with reduced parking) will need to be carefully evaluated to assure adequate parking is available. As we work with the Arcadia Group on the Town Center site, we also believe we need to give serious thought to the timing of public improvements, whether they be the Library or the Recreation Center, to coincide with Arcadia's commitment and construction of single- family housing. It would seem to us that the first priority for public improvements should be to address the Library situation and perhaps constructing it first in the Town Center Project. We recommend tying the initiation of construction for a Recreation Center to the construction of the first 150 single - family housing. We definitely need to relocate the Library and even if the Town Center Project did not develop as expected the Library in that area would be beneficial. On the other hand it appears that a Recreation Center of the type and magnitude proposed, needs to be tied to specific single - family development milestones. If the residential development does not occur as planned, questions could be raised about the placement of the facility. This approach helps ensure a commitment from the developers that the single - family housing starts at an early stage. The enclosures to this work session agenda are not intended to be final recommendations or final figures. These are only intended to give you a general idea of costs and possible option of sizes of facilities and operating costs. We are submitting some ideas with regards to financing but we are not ready to make a definite recommendation on a TIF or pay this through some other means. It is obvious that long term financing will be needed to accomplish these projects and after we receive direction from Council on priority and importance, we can develop more definitive options regarding financing. In summary, we are seeking direction from Council on the following: 1. Do we want to relocate and build a new main Library? 2. Do we want to build a new Recreation Center in the Town Center Project? 3. Do we want to build a Natatorium? 4. Do we want to solicit a partnership for financing a Natatorium with BISD? 5. Do we want to provide a full service branch Library or are we willing to consider a modified study center / kiosk approach? 6. Do we want to maintain the present community service center on the south allowing for modified uses as Recreation Center, Municipal Court, Citicable, Study Center, Fine Arts, and Historical Room? 7. What type of financing options are we willing to consider: property tax, sales tax, TIF or a combination? We look forward to discussing these important issues with you on Monday evening. Respectfully submitted, (, Larry J. nningham City Manager execu ivesumma recreation keo natatorium towncenter r.. /f /fIJG. r WO i ■ ■ a L � - ����� / � ■ � i 1111 / Eta WON: * � ON � n' iii ii �iiiHi�� ��II;;111 � ��� ;'� —'���� — ■ " �! T! / ! I Town Center Recreation Center Executive Summary The 1991 Park System Master Plan and Citizen Survey demonstrated the need for an additional Recreation Center. Additionally, the existing Recreation Center has experienced noticeable overuse and overcrowding. The Public Attraction Facility Market and Economic Analysis prepared by Leland Consulting Group, quantitatively and statistically demonstrates this demand for services. National Recreation and Park Association standards indicate the need for one centrally located citywide facility and two smaller community -based facilities. In as much as a Recreation Center in the North Richland Hills Town Center provides for the "Quality of Life" founded in the City Council's Goals, this facility has also been determined to be a "critical element" leading to the ultimate success of the Town Center. Arcadia Realty, after thorough research and analysis, ensured that the Recreation Center was designed integrally to be a "focal point" within the development. The design and construction of the Recreation Center should be approached with respect to the level of quality for our community, deriving all the benefits exemplified with NRH2O, Richland Tennis Center, and Iron Horse Golf Course. The following recreational features are essential to the operation and function of a "state -of- the -art" recreation center, and were included in the Public Attraction Facility Market and Economic Analysis, prepared by the Leland Consulting Group: • Double Gymnasium • Banquet /Meeting Room Space • Fitness Center • Indoor Pool /Leisure Pool • Weight Room • Rock Climbing Walls • Classrooms • Instruction Kitchen • Dance Rooms • Concession Area • Aerobic Rooms • Ceramic /Art Rooms with Kiln • Pre - school /Day Care Room • Lockers and Showers • Game Room • Administrative Offices • Indoor Running and Walking Track • Attached Outdoor Amphitheater PAGE 2 Additional amenities, which should be considered and evaluated, include: • Indoor Soccer Facility • Racquetball /Handball • Playground _;':..... • Photography /Dark Room 1 a. • Gymnastics Room These recreational amenities work together to provide a variety of leisure pursuits. Reducing or eliminating certain amenities will impact the feasibility and marketability of the facility. During the Town Center design charette meetings, Sony Environmental Consultants prepared the conceptual rendering of the recreation center employing these amenities. All successful "state of the art" recreation centers are designed around a combination of these recreational amenities. The Public Attraction Facility Market a� and Economic Analysis, prepared by the Leland Consulting Group, g , p calculated anticipated construction and operating costs and revenue projections for an 80,000 square foot facility with and without an amphitheater and for a 100,000 square foot facility with and without an amphitheater. The construction and operating cost implications for these t scenarios are attached. Open space to develop an amphitheater within the Town Center is available within the lakes and park area proposed for dedication to the City. Therefore, the potential for developing an amphitheater can be considered independently from the Recreation Center /Natatorium. Staff evaluated the data presented in these scenarios and concluded that the preferred option would be a 100,000 square foot facility with approximately 75,000 square feet of "recreation center " amenities, and 25,000 square feet of indoor swimming. The costs associated with developing and operating this option are also attached. PAGE 3 FACILITY DEVELOPMENT COSTS Option 1 — 80,000 square foot facility without an amphitheater Land Acquisition $0 Site Improvements $570,738 parking, utilities, etc. Facility Construction $11,000,000 Soft Costs $1,650,000 design, testing, misc. Total Project Cost $13,220,739 Option 2 — 80,000 square foot facility with an amphitheater Land Acquisition $0 Site Improvements $1,874,658 parking, utilities, etc. Facility Construction $12,100,000* Soft Costs $1,815,000 design, testing, misc. Total Project Cost $15,789,658 *at $125 per square foot will most likely not allow for indoor swimming 3 1 3 . PAGE 4 FACILITY DEVELOPMENT COSTS Option 3 — 100,000 square foot facility without an amphitheater Land Acquisition $0 f Site Improvements $715,673 3 parking, utilities, etc. Facility Construction $17,600,000* Soft Costs $2,640,000 design, testing, misc. Total Project Cost $20,955,673 Option 4 — 100,000 square foot facility with an amphitheater Land Acquisition $0 Site Improvements $2,019,593 parking, utilities, etc. Facility Construction $18,700,000* Soft Costs $2,805,000 design, testing, misc. Total Project Cost $23,524,593 *at $160 per square foot will allow for indoor swimming PAGE 5 REVENUE AND OPERATING COSTS Options 1 and 3 - 80,000 — 100,000 square foot facility without an amphitheater Year 1 Year 5 Operating Costs $1,143,687 $1,337,952 Revenue $898,760 $1,312,231 Recreation Center Cost Recovery ($244,927) ($25,721) 78% recovery 96% recovery Options 2 and 4 - 80,000 — 100,000 square foot facility with an amphitheater Year 1 Year 5 Operating Costs $1,656,046 $1,937,339 Revenue $1,441,883 $2,081,390 Recreation Center Cost Recovery ($214,163) $144,051 87% recovery 107% recovery PAGE 6 PREFERRED OPTION — 100,000 square foot facility 75,000 square feet of "recreation center" amenities 25,000 square feet of "indoor swimming" Facility Development Costs Land Acquisition $0 Site Improvements $715,673 parking, utilities, etc. Facility Construction Recreation Center $13,200,000 soft costs (design, testing...) $1,980,000 Indoor Swimming $4,400,000 soft costs (design, testing...) $660,000 Total Project Cost $20,955,673 Operating Costs Year 1 Year 5 Recreation Center $777,707 $909,807 r Indoor Swimming $365,980 $428,145 Total $1,143,687 $1,337,952 Revenue Year 1 Year 5 Recreation Center $620,144 $905,439 Indoor Swimming $278,616 $406,792 Total $898,760 $1,312,231 Recreation Center Cost Recovery Year 1 Year 5 Recreation Center ($157,563) ($4,358) 80% recovery 99% recovery Indoor Swimming ($87,364) ($21,353) 76% recovery 95% recovery Total 78% 96% CAPITAL COST ESTIMATE FOR LIBRARY IN TOWN CENTER Key Assumptions: Build 60,000 sf on 2 floors, finishing 40,000 sf and reserving 20,000 sf on second floor as unfinished shell space for future expansion. Site Acquisition $200,000. Site Development - Shared Parking 300,000 Construction of shell — 60,000 sf @ $75 4,500,000 Finish -out 40,000 sf @ $35 1,400,000 Furniture, Fixtures & Equipment @ $19.40 /sf 776,000 Fees at 10% 697,600 Information Technology @ $10 /sf 400,000 Owner Costs at 2% 153,500 Contingency @ 10% 767,000 CAPITAL - GRAND TOTAL $9,194,100 Add Alternate to locate Citicable in facility: Additional costs to incorporate Citicable into facility within shell space: Finish and equip 4,500 sf @ $40 /sf 180,000 Projected Annual Operating Costs (FY 2001 -2002) Detail of Operating cost projections on following page Personnel 1,167,138 Library Materials 220,000 Other 185,000 Utilities 156,750 Building Maintenance unknown TOTAL ANNUAL OPERATING 1,728,888 Plus annual cost of maintenance Operational Cost Projections - Town Center Library North Richland Hills Public Library Cost to operate a single new library, approximately 57,000 SF on 2 floors. Open 7 days, 69 hours per week. Costs for FY 2001 -2002 Current Projected Current Projected FTE FTE Cost Cost Personnel (Salaries and Benefits) 22.4 31 754,043 1,167,138 Materials Budget (Acquire 13,750 volumes at $16 avg cost per volume) General Fund amount (not including donations) 198,000 220,000 Other Operating 172,000 185,000 TOTAL LIBRARY 1,124, 043 1,572,138 Utility Costs (estimated at $2.75 per SF) 156,750 Maintenance unknown TOTAL ESTIMATED ANNUAL OPERATING COST: 1,728,888 Plus the cost of maintenance by Building - .Services (8/99) CAPITAL COST ESTIMATE - SOUTH BRANCH LIBRARY RANGE OF OPTIONS FOR PROVIDING LIBRARY SERVICE Service options include a continuum of service levels and costs. - Electronic Kiosk — access to library catalog and information sources - Study Center - 1,800 — 2,500 sf in a multipurpose facility - Free - standing pre - engineered compact library — portastructure - Mini - Branch in leased space (3,500 — 5,000 sf) - Small Branch, 8,000 sf in multipurpose facility or leased space - Freestanding new branch library, 8,000 sf To serve an estimated population of 12,000 living south of 1 -820, a small branch of approximately 8,000 sq. ft. would be recommended. Such a library could house a collection of 30,000 volumes tailored to the neighborhood, state- of -the- art electronic information access, seating for 50-60, and a small meeting room. CAPITAL COST ESTIMATE - 8,000 sf BRANCH IN MULTIPURPOSE FACILITY: Building acquisition (based on former Food Lion) 8,000 sf /36, 800 sf in total facility = 21.7 % 22% X 2,200,000 asking price $485,000 Renovation 8,000 sf @ $35 /sf 280,000 Furniture Fixtures and Equipment @ $19.40/sf 155,200 Fees at 10% 43,500 Technology Costs at $10 /sf 80,000 Contingency @ 10% 48,000 FACILITY SUBTOTAL $1,091,700 Recommended Opening Day Library Collection 15,000 volumes @ $16 avg. cost per volume Plus $3.50 /vol. to process — labor & materials $292,500 (More than a normal year's workload for library staff) GRAND TOTAL $1,384,200 Operational Cost Projections - South Branch Library North Richland Hills Public Library Annual costs to operate a small branch library, 8,000 SF Collection size - 30,000 volumes Open Approximately 39 hours per week, M T W Th F S Assumptions: Open 6 days /week, 39 hours Annual Circulation approximately 65,000 volumes Current Projected Current Projected FTE FTE Cost Cost Personnel (Salaries and Benefits) Branch Librarian 0 1 53,000 Children's Librarian 0 1 46,000 Senior Library Clerk 0 1 38,000 Circulation Clerks 0 2.5 59,250 Library Pages 0 0.5 7,800 TOTAL FTE STAFF: 6 204,050 Library Materials ( purchase 3,500 volumes at $16 per volume avg cost) 56,000 Other 15,000 Plus estimated administrative support costs 16,000 Subtotal, Branch 291,050 Utility Costs (estimated at $2.50 /SF) 20,000 Maintenance unknown ESTIMATED ANNUAL OPERATING COSTS 311,050 plus the cost of maintenance by Building Services (8/99) CAPITAL COST ESTIMATE - STUDY CENTER / LIBRARY CAPITAL COST ESTIMATE - 2,500 sf NEIGHBORHOOD STUDY CENTER: Building acquisition (based on former Food Lion) 2,500 sf/36,800 sf in total facility = 6.8 % 6.8% X 2,200,000 asking price $150,000 Renovation 2,500 sf @ $35 /sf 87,500 Furniture Fixtures and Equipment @ $19.40/sf 48 Fees at 12.5% 17,000 Technology Costs at $10 /sf 25,000 Contingency @ 10% 17,800 FACILITY SUBTOTAL $345,800 Recommended Opening Day Library Collection 7,500 volumes @ $22 avg. cost per volume Plus $3.50 /vol. to process — labor & materials $191,250 Notes: Avg. per volume costs higher due to larger proportion of general reference and research materials GRAND TOTAL $537,050 Projected Annual Operating Costs Not Yet Available Operating costs projections are not yet available. Accurate estimates of costs will be heavily dependent on the proposed: • Hours of operation, • Range of services offered, and • Staffing configuration of a Study Center. These issues are currently under study. If Council wishes to purs.ue, this_o -.tign a more complete proposal can be developed. MOM 0100\ Public Library Construction Costs $160.00 773 977777 7 777 7 77 7 7T 77 2 $140.00 t� $120.00 r $100.00 y ♦ Construction $80.00 ■ Equipment IL O U $60.00 s i S $4000 $20.00 r < 1 � l 3 � r 2 < a' 1980 1985 1990 1995 2000 2005 Year Data from 1,722 Public Library Construction Projects, 1981 - 1998 City Facilities .,dshflow Analysis Option 1 TOWN (,INTER FACILITIES Assumptions: 1. Revenues from Property Taxes on Town Center /Crgssing 2. Operations of Facilities begins 2 years after debt is sold. 3. Debt is 20 Year Maturity @ 5.25 %, Level Principal 4. Library built first, Rec Center 2 years later, bond sales spaced out over 4 years Yr 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 CASH INFLOWS: Projects Beginning Balance 0 $ 6,587,614 $ 10,140,986 $ 4,700,205 $ 1,771,310 $ (5,394,130) $ (6,815,500) Property Tax Revenues: t.2:......:: :: :::3 8 asa:: : 5 >::: 3q 74 761: :::-::�o siii:. -::: 1 5 5 .. 9 3 :_5.: :.:.:. : To�nri: enterlG s :::1 02 92: ..:::::::::::.. 2 ... ...._ _ _ ................... . . . . . . . . . . . . . . . . . . . . ...... ................ .. .......... ,.G . .,,.......... 3......'....... . .. ... 5 ...::.............. S 1� ,................ ............................I.. . - -... ..33,389::: :..... ; Rec Center Town Center Revenues from Operations $ 898,760 $ 987,952 Proceeds from Debt (Facilities Construction): Rec Center Town Center ($21 Mil) $ 10,000,000 $ 6,000,000 $ 5,000,000 Library Town Center $ 9,375,000 Total Proceeds from Debt Issuanc $ 9,375,000 $ 10,000,000 $ 6,000,000 $ 5,000,000 $ - $ - $ - W ` :::: ::..: 9 4 766 0 58464:: 6 534 7 0 5 7 1 2 TOTAL.INELO 3 :< :.S:? > S S 6 9 3 $ ::::: 'I 025 920: ::. .851 543 :> 3 265 8 ::: .. ....... ..$:. ..,3... .,.... 2,....,. S.. 4 Yr 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 CASH OUTFLOWS: Rec Center Town Center Construction $ - $ - $ 10,000,000 $ 6,000,000 $ 5,000,000 Rec Center Town Center Operations $ 1,143,687 $ 1,189,435 Library Town Center Construction $ 3,125,000 $ 6,250,000 Increase in Library Operations Expenses $ 188,615 $ 203,704 $ 220,001 $ 237,601 $ 256,609 Annual Debt Service $ - $ 960,938 $ 1,961,328 $ 2,525,469 $ 2,971,359 $ 2,891,625 $ 2,811,891 Issuance Costs as a % of Issue $ 93,750 $ 100,000 $ 60,000 $ 50,000 $ - $ - $ - 5:::: 0 ... 20 :.. 9.943::`:�:�:> ,..:4i25T;934:�: Inflows over (under) Outflows $ 6,259,016 $ 9,635,141 $ 4,465,753 $ 1,682,955 $ (5,394,130) $ (6,815,500) $ (7,807,560) Interest Earnings $ 328,598 $ 505,845 $ 234,452 $ 88,355 $ - $ - $ - ........... .................. ...... ...... .........,: ......:...... ... :B T61A ' 1U ................................ ............................... .................... T3:F_A1 ... ;PROJEG©ING BALANCE ...::' S . :: ....... {.�. $ .... . .. . . . 1),986.?. .:. ;700 -:: 1;771.31Q $ .::. (5;39A,13t1).;: $, .... (6;815.;5.00 (7 ;807,560) City Facilities �_ashflow Analysis Option 2 TOWN (,r-NTER FACILITIES Assumptions: 1. Revenues from Property Taxes on Town Center /Crossing & Park Sales Tax 2. Operations of Facilities begins 2 years after debt is sold. 3. Debt is 20 Year Maturity @ 5.25 %, Level Principal 4. Library built first, Rec Center 2 years later, bond sales spaced out over 4 years Yr 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 CASH INFLOWS: Projects Beginning Balance 0 $ 7,536,969 $ 12,065,224 $ 7,626,195 $ 5,727,331 $ (628,508) $ (1,263,378) Property Tax Revenues: Town Center /Crossing $ 102,766 $ 358,464 $ 534,710 $ 761,923 $ 1,025,920 $ 1,233,389 $ 1,474,397 Parks Sales Tax ::::.. .:... t) ::::.::::: .::::::....:...: 902 Ot)::::: 8.. 90 .. 55 80IJ 83 .... Ottierxtedfcat .. ...... ............................•... S .............. :.. > ...... S ..•....... 2, .. 0 .. .. - ..... $0 7$6,500 .. S ........x6 ,400 ... ... .. I...... 8 ! Rec Center Town Center Revenues from Operations $ 898,760 $ 987,952 Proceeds from Debt (Facilities Construction): Rec Center Town Center ($21 Mil) $ 10,000,000 $ 6,000,000 $ 5,000,000 Library Town Center $ 9,375,000 Total Proceeds from Debt Issuanc $ 9,375,000 $ 10,000,000 $ 6,000,000 $ 5,000,000 $ - $ - $ - :....3 9 7 fi::. ::1 23 64:: > .:.. 9 51 ................ TQTALaF1FLOWS >::':':: >'... ... $.....:'1.0,.7. $....�...t,.. $.......3..0, ..O... ?':.:.:b,594;623 $.::..9;8 $ .....3; .....4:;029;274:: Yr 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 CASH OUTFLOWS: Rec Center Town Center Construction $ - $ - $ 10,000,000 $ 6,000,000 $ 5,000,000 Rec Center Town Center Operations $ 1,143,687 $ 1,189,435 Library Town Center Construction $ 3,125,000 $ 6,250,000 Increase in Library Operations Expenses $ 188,615 $ 203,704 $ 220,001 $ 237,601 $ 256,609 Annual Debt Service $ - $ 960,938 $ 1,961,328 $ 2,525,469 $ 2,971,359 $ 2,891,625 $ 2,811,891 Issuance Costs as a % of Issue $ 93,750 $ 100,000 $ 60,000 $ 50,000 $ - $ - $ - 218 50 1 .:::.:::.::;:::::::� :::: 3 >12�2 9 9 3 :�:�: $779 1 3 191 TQTAk�4UTF.l.O. S .. . ............ ..... $ . ;:� .........., .......$....7� .. ,9.. $.. $ ......, .0.., $: .... ,.....�....... S ...... ,.... ,364 -: 3 ... >4;2?�913:�'.S 4,2¢7,934::: Inflows over (under) Outflows $ 7,161,016 $ 11,463,396 $ 7,245,791 $ 5,441,645 $ (628,508) $ (1,263,378) $ (1,492,038) Interest Earnings $ 375,953 $ 601,828 $ 380,404 $ 285,686 $ - $ - $ - .... .. .. ... ; PROJECTS ENDING: BALANCE ..::5 :> 7,.536,969 : $ . 1 ,065;224 S 7;626;195 .: S .. 5,727,.331. (628,5Q8) $ (x;263,378) S. ( AW,038 }. City Facilities _ _shflow Analysis Option 3 TOWN %-NTER FACILITIES Assumptions: 1. Revenues from Property Taxes on Town Center /Crossing & Park Sales Tax 2. BISD pays for 1/2 Cost of Natatorium $4.4mil ($2.2mil) 3. Operations of Facilities begins 2 years after debt is sold. 4. Debt is 20 Year Maturity @ 5.25 %, Level Principal 5. Library built first, Rec Center 2 years later, bond sales spaced out over 4 years Yr 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 CASH INFLOWS: Projects Beginning Balance 0 $ 7,536,969 $ 12,065,224 $ 7,626,195 $ 5,727,331 $ 1,653,995 $ 1,072,629 ............................................................................................................................................ ............................... ........................................................................................................................................... ............................... .... ......................................................................................................................._................. ............................... :s:fo�: 9l2 Nafaf�tiiirt = $ : : :......................................•.... .....•..................'...... $'.'.:20�;Oda ............. y.............................................................................................................................. ............................... Property Tax Revenues: Town Center /Crossing $ 102,766 $ 358,464 $ 534,710 $ 761,923 $ 1,025,920 $ 1,233,389 $ 1,474,397 Parks Sales Tax: Other Dedicated $ 902,000 $ 878,900 $ 855,800 $ 832,700 $ 809,600 $ 786,500 $ 763,400 Rec Center Town Center Revenues from Operations $ 898,760 $ 987,952 Proceeds from Debt (Facilities Construction): Rec Center Town Center ($21 Mil) $ 10,000,000 $ 6,000,000 $ 5,000,000 Library Town Center $ 9,375,000 Total Proceeds from Debt Issuanc $ 9,375,000 $ 10,000,000 $ 6,000,000 $ 5,000,000 $ - $ - $ - ".... ... > 10 79 7G6 > :: j 1237 364 '7 390 51 S 4 6 IN 0 TOTAL LOWS 2T4 ::: ::?:: '`::' >::'`: 5::. .. •3. .• ......5...... ► 5..'.'.'...,.....•. 0 ..'....... :. fi� . , 23 $ ..:: 4;035,520 :S ...:..3,. 38� 43 :::.:.:: 4;0 9; Yr 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 CASH OUTFLOWS: Rec Center Town Center Construction $ - $ - $ 10,000,000 $ 6,000,000 $ 5,000,000 Rec Center Town Center Operations $ 1,143,687 $ 1,189,435 Library Town Center Construction $ 3,125,000 $ 6,250,000 Increase in Library Operations Expenses $ 188,615 $ 203,704 $ 220,001 $ 237,601 $ 256,609 Annual Debt Service $ - $ 960,938 $ 1,961,328 $ 2,525,469 $ 2,971,359 $ 2,891,625 $ 2,811,891 Issuance Costs as a % of Issue $ 93,750 $ 100,000 $ 60,000 $ 50,000 $ - $ - $ - 1 4,257,934::: Inflows over (under) Outflows $ 7,161,016 $ 11,463,396 $ 7,245,791 $ 5,441,645 $ 1,571,492 $ 1,019,125 $ 843,969 Interest Earnings $ 375,953 $ 601,828 $ 380,404 $ 285,686 $ 82,503 $ 53,504 $ 44,308 PROJECTS END.fNG BALANCE ....: $ . ; 7. 536,9&9 ::5...12.065,224 S 7�626�19S: .E. .. :5;727;331.5::: . '1,653,995 :$ <:'' :: ,t)7.2�629 $ : 888,277: