city of victoria city council workshop december 23, …

CITY OF VICTORIA CITY COUNCIL WORKSHOP COUNCIL CHAMBERS

7951 ROSE - VICTORIA, MINNESOTA 5:30 P.M.

December 23, 2013

Mayor Tom O’Connor Lani Basa Jim Crowley Joe Pavelko Tom Strigel General Meeting Rules: No person in the audience at a Council Meeting shall engage in disorderly or boisterous conduct including the utterance of loud, threatening or abusive language, whistling, stamping of feet, applauding or other acts which disturb, disrupt or otherwise impede the orderly conduct of any Council meeting. The presiding officer may enforce this rule. Portions of this meeting may be closed by the City Council to discuss pending or threatened litigation, real estate strategies, personnel issues and other non-public information DEPT. NO. ITEM

1 Review overall costs 2 Public Works 3 City Hall 4 Financing implications 5 Next steps

Public Works/City Hall City Council Workshop

Monday, December 23rd

5:30 p.m.

1

Public Works/City Hall WorkshopAgenda

•Review overall costs• Public Works• City Hall • Financing implications•Next steps

2

Public Works/City Hall WorkshopOverall Building Costs

3

Public Works/City Hall WorkshopOverall Land Costs

4

Public Works/City Hall WorkshopOverall Costs

• Current estimates – approx. 10% over budget

• Estimates are preliminary – design contingency included

• Estimates account for construction costs trending upward

• Bid prices could be higher

5

Public Works/City Hall WorkshopPublic WorksReductions incorporated into the current plan (cost reduction of approximately $700,000):

• Use of pre‐engineered metal building versus concrete tip‐up panels

• Reduced building size (now at 16,800 sf)• Use of manual fueling station (versus computerized)• Changed from in‐ground hoist to portable hoist• Minimal windows – office and break room only

6

Public Works/City Hall WorkshopPublic WorksReductions incorporated into the current plan (cont.):

• Eliminated following items from scope:• In ground vacuum cleaner/steam cleaners from wash bay• Alarm system• Brine system• Perimeter fence

• Moved building closer to Bavaria road – reduced grading, utility lengths, attempt to avoid poorer soils

• Eliminated Cold Storage building

7

Public Works/City Hall WorkshopPublic WorksStaff recommendations for cost reductions:

• Reduce site grading and yard area $100,000• Reduce landscaping allowance $ 20,000• Eliminate all exterior concrete $ 33,000• Reduce driveway widths $ 15,000• Reduce design contingency $110,000

Estimated Savings: $278,000

Medin is reviewing opportunities for additional reductions through revisions to the mechanical and electrical systems.

8

Public Works/City Hall WorkshopPublic Works

Reduce grading/yard limitsEliminate concrete pads

Reduce driveway widthsEliminate curb and gutter

9

Public Works/City Hall WorkshopPublic Works

• Additional storage in Mezzanine above office space • Plow 4 (2014), Plow 5 and Vac truck (future) will be parked in maint bay/wash bay • Reduction in building size will result in vehicles outside of warm storage

Current Floor Plan/Current Equipment

10

Brine Tank

Storage

Tool Storage

Signs

Public Works/City Hall WorkshopPublic WorksThe following items will remain stored in the existing building:• Hot patch trailer• Gas portable generator• 5 snowplows for pick‐up trucks • 3 snowplows and wings for dump trucks • Sanders for three dump trucks and one pick‐up truck • 2 brine systems for pick‐up trucks • Toro lawnmower• Kubota lawnmower• Kawasaki ATV• AERA‐vator aerator • 2 drags for ball fields• 10 Bobcat attachments (brooms, buckets, slow blowers, etc.)

11

Public Works/City Hall WorkshopPublic WorksFuture Needs:

Cold storage on PW Site• Approximately 8,000 sf• Eliminate inefficiencies due to traveling between multiple sites

Phase 2 – Building Expansion• Space available on site• Will require additional site work• Growth driven

12

Public Works/City Hall WorkshopCity Hall• Estimates are conceptual • Wood frame construction materials• Siding only on three sides of building• Slightly over budget ‐ $40,000• Includes Design Contingency (10%) ‐ $170,000

Staff recommendations for cost reductions:

• Eliminate landscaping allowance $ 10,000• Reduce building size by 1,000 sf $100,000• Reduce design contingency $ 70,000

Estimated Savings: $180,00013

Public Works/City Hall WorkshopFinancing Impact• Issuance of $6.875 million of Lease Revenue bonds

– Requires Debt Reserve Fund– Annual Payment $40k higher than CIP bonds

• LTFP updated from Dec. Budget Presentation– Tax rates stay around 38.2 %– City tax increase on Median Value Home remains about $30/year

• Any cost reductions (in bond type or in building) improves the financing plan

14

Public Works/City Hall WorkshopNext Steps

• Staff Recommendations

• Direction to Medin/Brunton

• Neighborhood Meeting

15

CITY HALL / PUBLIC WORKS/DOWNTOWN REDEVELOPMENTCITY OF VICTORIA, MINNESOTA

SUMMARY OF PROBABLE/POSSIBLE COSTS

DATE: DECEMBER, 2013

CITY HALLPUBLICWORKS

TOTAL

Building Construction Costs $1,694,000 $1,556,000 $3,250,000Site Work $33,000 $635,000 $668,000Misc Contractor Costs $101,000 $118,000 $219,000Construction Contingency (5%) $91,000 $115,000 $206,000Sewer/Water extension to site $60,000 $60,000Storm Sewer Construction/Relocation $9,000 $9,000Misc Costs (Furniture, Equipment, Tech, Moving) $192,000 $265,000 $457,000Fees (SAC, Building surcharge) $16,000 $18,000 $34,000Professional Fees (Architect, Const Manager, other) $229,000 $189,000 $418,000Professional Fees (to date including Arch. Alliance) $57,000 $146,000 $203,000

TOTAL BUILDING PROJECT COSTS: $2,422,000 $3,102,000 $5,524,000Budget $5,000,000Overbudget $524,000

Land Acquisition Johnson Property $184,000 $184,000Land Acquisition Hartman Property $703,250 $703,250Trees Purchase (Hartman Property) $72,810 $72,810

Victoria Drive Site Improvements (Land trade) $254,000 $254,000

TOTAL LAND COSTS: $438,000 $776,060 $1,214,060

CITY HALL / PUBLIC WORKS/DOWNTOWN REDEVELOPMENTCITY OF VICTORIA, MINNESOTA

SUMMARY OF PROBABLE/POSSIBLE COSTS

Item Description CITY HALLPUBLICWORKS

TOTAL

Construction Costs (Site Work and Building Construction)1 Building Construction Costs $1,694,000 $1,556,000 $3,250,0002 Site Work $33,000 $635,000 $668,0003 Misc Contractor Costs $101,000 $118,000 $219,0004 Construction Contingency (5%) $91,000 $115,000 $206,0005 Sewer/Water extension to site $0 $60,000 $60,0006 Storm Sewer Construction/Relocation $9,000 $9,000

Subtotal Construction Costs $1,928,000 $2,484,000 $4,412,000

Misc Costs1 Furniture, Signage, Window Treatments $92,000 $25,500 $117,5002 Equipment, Moving Costs $5,000 $217,000 $222,0003 Technology $95,000 $22,500 $117,500

Subtotal Misc Costs $192,000 $265,000 $457,000

City/MCES Fees2 SAC/WAC $15,000 $17,000 $32,0003 Permit Fees (Bldg permit waived) $1,000 $1,000 $2,000

Subtotal Total Fees $16,000 $18,000 $34,000

Professional Fees1 Architect/Engineering $100,000 $61,200 $161,2002 Construction Manager $99,000 $99,000 $198,0003 Traffic Study $5,400 $0 $5,4004 Environmental $8,900 $10,000 $18,9005 Legal Fees $5,000 $5,000 $10,0006 Survey $2,500 $2,500 $5,0007 Special Inspections/Testing $3,500 $5,000 $8,5008 Soil Borings $5,000 $6,000 $11,0009 Professional Fees to date $57,000 $146,000 $203,000

Subtotal Professional Fees $286,300 $334,700 $621,000

TOTAL BUILDING PROJECT COSTS: $2,422,300 $3,101,700 $5,524,000


Page 1 of 2

Item Description CITY HALLPUBLICWORKS

TOTAL


1 Land Acquisition Johnson Property $184,000 $184,0002 Land Acquisition Hartman Property $703,250 $703,250

Trees Purchase (Hartman Property) $72,810 $72,8103 Victoria Drive Site Improvements

Demolition of Existing City Hall $40,000 $40,000Construction of parking lot $26,000 $26,000Removal and Abatement of Johnson Home $50,000 $50,000Soil correction (Victoria Drive Site) $80,000 $80,000Sewer/Water extension to Victoria Dr site $10,000 $10,000Storm Sewer Construction (Parking lot) $20,000 $20,000Private Utility Extension $3,000 $3,000Burying OH Power Lines $25,000 $25,000

Subtotal Land Acquisition $438,000 $776,060 $1,214,060

TOTAL COSTS: $2,860,300 $3,877,760 $6,738,060

Page 2 of 2

CONCEPTUAL DESIGN ESTIMATE City of Victoria Public Works FacilityVictoria, MN

DESCRIPTION QUANTITY UNIT UNIT PRICE TOTALS

CONSTRUCTION ADMINISTRATION -$

Pre-construction services - LS 3,750.00 - Construction services - MOS 18,300.00 - Reimbursable jobsite expenses - MOS 750.00 -

CLEAN-UP 38,153$

Laborer / continuous clean 5 MOS 5,200.00 26,000 Final clean 17,580 SF 0.35 6,153 Dumpsters 15 EA 400.00 6,000

TEMPORARY FACILITIES 27,600$

Temporary electric 5 MOS 1,200.00 6,000 Temporary toilets 5 MOS 360.00 1,800 Temporary heat / cover // winter conditions 1 LS - - Temporary fence 1,800 LF 6.00 10,800 Temporary signage 1 LS 1,500.00 1,500 Barriers / traffic control 1 LS 2,500.00 2,500 Site staging / access roads 1 LS 5,000.00 5,000

VERTICAL / HORIZONTAL TRANSPORTATION 9,250$

Pick-up truck 5 MOS 850.00 4,250 Hoisting / forklift / storage 5 MOS 1,000.00 5,000

MISCELLANEOUS CONDITIONS 25,000$

Building / site layout 1 LS 7,500.00 7,500 Small tools 1 LS 5,000.00 5,000 Blue printing 1 LS 6,500.00 6,500 Project sign 1 LS 1,000.00 1,000 Safety 5 MOS 1,000.00 5,000

PERMITS / INSURANCE 7,200$

Building permit - LS 28,700 - General liability insurance 1 LS 4,000 4,000 Professional liability insurance 1 LS 600 600 Builders-risk insurance 1 LS 2,600 2,600

EXISTING CONDITIONS 8,500$

Pavement sawcutting 75 LF 20.00 1,500 Street restoration 200 SF 35.00 7,000

SITE GRADING 293,570$

Clear / grub 6 ACRES 3,500.00 21,000 Rough grading 49,667 CY 2.80 139,067 Finish grading 1 LS 25,000.00 25,000 Backfill curbs 1,600 LF 3.00 4,800 Infiltration pond -- excavation 7,407 CY 4.00 29,630 Infiltration pond -- soils 7,407 CY 10.00 74,074

1 December 12, 2013



ROADS / WALKS 144,000$

Asphalt paving -- heavy-duty -- 10" base / 4" asphalt 2,667 SY 26.00 69,333 Yard surfacing -- class 5 aggregate -- 10" 4,167 SY 10.00 41,667 Curb / gutter - LF 15.00 - Concrete paving -- 6" 5,200 SF 6.50 33,000

SITE IMPROVEMENTS 30,000$

Landscaping 1 ALLOW 30,000 30,000 1 ALLOW -

SITE UTILITIES 101,000$

Storm sewer 1 ALLOW 50,000.00 50,000 Sanitary sewer 300 LF 50.00 15,000 Sanitary structures 1 EA 3,500.00 3,500 Water main 300 LF 50.00 15,000 Hydrants 1 EA 3,500.00 3,500 Site lighting -- light poles 4 EA 3,500.00 14,000

STRUCTURAL EXCAVATION 20,680$

Excavation -- wall footings -- foundation wall 544 LF 15.00 8,160 Excavation -- thickened slab -- interior masonry partitions 190 LF 10.00 1,900 Excavation -- column footings 81 CY 75.00 6,075 Sand cushion -- slab-on-grade -- 6" 303 CY 15.00 4,545

FOUNDATION 157,280$

Wall footings -- foundation wall 544 LF 30.00 16,320 Wall footings -- interior masonry partitions 190 LF 25.00 4,750 Column footings 81 CY 300.00 24,300 Slab-on-grade -- 6" 16,380 SF 6.50 106,470 Drain tile -- building perimeter 544 LF 10.00 5,440

STRUCTURE 392,376$

Metal building package (frame / skin) erected (per quote) 16,380 SF 18.00 294,840 Precast wall panels 4,352 SF 18.00 78,336 Mezzanine -- 8" precast plank / 2" concrete topping 1,200 SF 16.00 19,200

BUILDING ENCLOSURE 29,360$

Aluminum windows 144 SF 40.00 5,760 Doors / frames / hardware 2 EA 1,800.00 3,600 Overhead doors -- 16' x 16' 2 EA 10,000.00 20,000

INTERIOR CONSTRUCTION 67,770$

Partitions -- metal stud / drywall 1,500 SF 7.00 10,500 Partitions -- masonry 1,840 SF 18.00 33,120 Doors / frames / hardware 6 EA 1,600.00 9,600 Architectural woodwork 12 LF 450.00 5,400 Mezzanine stair 1 EA 3,500.00 3,500 Mezzanine railings 70 LF 45.00 3,150 Miscellaneous metals 1 LS 2,500.00 2,500

2 December 12, 2013



INTERIOR FINISHES 49,290$

Wall finishesPaint masonry 1,840 SF 1.50 2,760 Paint drywall 3,510 SF 1.00 3,510 Ceramic tile 200 SF 12.00 2,400

Floor finishesPolished concrete 690 SF 4.00 2,760 Ceramic tile 510 SF 12.00 6,120 Sealed concrete 16,380 SF 1.50 24,570

Ceiling finishesAcoustical 690 SF 3.00 2,070 Drywall 510 SF 10.00 5,100 Exposed -- unfinished 17,580 SF - -

SPECIALTIES / EQUIPMENT / FURNISHINGS 71,580$

Specialties 17,580 SF 1.00 17,580 Personnel lockers 15 EA 400.00 6,000 Residential appliances 1 ALLOW 3,000 3,000 Vehicle lift 1 ALLOW 25,000 25,000 Chain hoist / rail system 1 ALLOW 20,000 20,000

BUILDING SYSTEMS 625,770$

Fire protection 17,580 SF 2.50 43,950 Plumbing

Plumbing fixtures 20 EA 3,500.00 70,000 Water heater 1 EA 4,000.00 4,000 Shower unit 1 EA 3,500.00 3,500 Flammable waste trap 1 EA 10,000.00 10,000 Floor drain -- garage 6 EA 5,000.00 30,000 Air piping 1 ALLOW 10,000.00 10,000

Hydronic piping -- in-floor heat 16,380 SF 10.00 163,800 HVAC

Office HVAC -- residential furnace w/ air exchanger 1,200 SF 12.00 14,400 Garage exhaust system 1 ALLOW 30,000.00 30,000 Temperature controls 17,580 SF 2.00 35,160

Electrical / low-voltage 17,580 SF 12.00 210,960

SUBTOTAL 2,098,379$

DESIGN CONTINGENCY 10% 209,838$

TOTAL BUDGET 2,308,217$

3 December 12, 2013

1 December 17, 2013

CONCEPTUAL DESIGN ESTIMATECity of Victoria City Hall FacilityVictoria, MN


CONSTRUCTION ADMINISTRATION -$

Pre-construction services - LS 3,750.00 - Construction services - MOS 18,300.00 - Reimbursable jobsite expenses - MOS 750.00 -

CLEAN-UP 38,065$

Laborer / continuous clean 5 MOS 5,200.00 26,000 Final clean 12,130 SF 0.50 6,065 Dumpsters 15 EA 400.00 6,000

TEMPORARY FACILITIES 14,800$

Temporary electric 5 MOS 1,200.00 6,000 Temporary toilets 5 MOS 360.00 1,800 Temporary heat / cover // winter conditions 1 LS 0.00 0 Temporary fence 500 LF 6.00 3,000 Temporary signage 1 LS 1,500.00 1,500 Barriers / traffic control 1 LS 2,500.00 2,500 Site staging / access roads LS - -

VERTICAL / HORIZONTAL TRANSPORTATION 9,250$

Pick-up truck 5 MOS 850.00 4,250 Hoisting / forklift / storage 5 MOS 1,000.00 5,000

MISCELLANEOUS CONDITIONS 22,500$

Building / site layout 1 LS 5,000 5,000 Small tools 1 LS 5,000 5,000 Blue printing 1 LS 6,500 6,500 Project sign 1 LS 1,000 1,000 Safety 5 MOS 1,000 5,000

PERMITS / INSURANCE 7,000$

Building permit - LS - General liability insurance 1 LS 4,500 4,500 Professional liability insurance 1 LS 600 600 Builders-risk insurance 1 LS 1,900 1,900

EXISTING CONDITIONS 4,725$

Street restoration 135 SF 35.00 4,725

SITE GRADING 8,320$

Strip topsoil 200 CY 10.00 2,000 Finish grading 1 LS 5,000.00 5,000 Backfill curbs 132 LF 10.00 1,320

2 December 17, 2013



ROADS / WALKS 8,710$

Asphalt paving SY - Curb / gutter LF - Concrete Sidewalk -- 4" 1,340 SF 6.50 8,710

SITE IMPROVEMENTS -$

Landscaping -

SITE UTILITIES 8,000$

Storm sewer - - Sanitary sewer 20 LF 50.00 1,000 Water main 20 LF 50.00 1,000 Site lighting -- exterior lights 4 EA 1,500.00 6,000

STRUCTURAL EXCAVATION 14,861$

Excavation -- wall footings -- foundation wall 365 LF 15.00 5,475 Excavation -- thickened slab -- interior masonry partitions 24 LF 10.00 240 Excavation -- column footings 13 CY 75.00 972 Backfill foundations 649 CY 10.00 6,489 Sand cushion -- slab-on-grade -- 6" 112 CY 15.00 1,685

FOUNDATION 93,214$

Wall footings -- foundation wall 365 LF 30.00 10,950 Wall footings -- interior masonry partitions 24 LF 25.00 600 Foundation walls -- 4' 183 LF 80.00 14,600 Foundation walls -- 8' 183 LF 160.00 29,200 Column footings 13 CY 300.00 3,889 Slab-on-grade -- 4" 6,065 SF 5.00 30,325 Drain tile -- building perimeter 365 LF 10.00 3,650

STRUCTURE 262,590$

Exterior wall framing -- 2x6 w/exterior sheathing/drywall 6,336 SF 9.00 57,024 Exterior wall framing -- 2 hr rated 2x8 w/ 2 ply ext shtg & drywa 2,400 SF 12.00 28,800 Masonry walls at core area 576 SF 22.00 12,672 Floor beam 132 LF 10.00 1,320 Roof beam 132 LF 12.00 1,584 Steel columns 7 EA 500.00 3,500 Floor framing system 6,065 SF 12.00 72,780 Roof framing system 6,065 SF 10.00 60,650 Gypcrete topping at 2nd flr 6,065 SF 4.00 24,260

BUILDING ENCLOSURE 266,390$

Aluminum windows 480 SF 40.00 19,200 Storefront 1,380 SF 50.00 69,000 Aluminum doors 4 EA 1,500.00 6,000 Doors / frames / hardware -- exterior 2 EA 1,800.00 3,600 EIFS 1,584 SF 25.00 39,600 Masonry / stone veneer 1,056 SF 20.00 21,120 Cement bd siding 6,296 SF 7.50 47,220 TPO membrane roofing system 6,065 SF 10.00 60,650 Rooftop screening - SF 25.00 -

3 December 17, 2013



INTERIOR CONSTRUCTION 160,332$

Partitions -- wood stud / drywall 7,920 SF 8.00 63,360 Partitions -- masonry 576 SF 22.00 12,672 Doors / frames / hardware 32 EA 1,400.00 44,800 Architectural woodwork 1 ALLOW 25,000.00 25,000 Stairs 2 EA 3,500.00 7,000 Miscellaneous metals 1 LS 7,500.00 7,500

INTERIOR FINISHES 89,935$

Wall finishesPaint drywall -- see library finishes below 19,500 SF 1.00 19,500 Ceramic tile 496 SF 12.00 5,952

Floor finishesCarpet -- see library finishes below 7,558 SF 5.00 37,790 Ceramic tile 424 SF 12.00 5,088 Sealed concrete 100 SF 1.50 150

Ceiling finishesAcoustical -- see libraary finishes below 7,782 SF 2.50 19,455 Drywall 200 SF 10.00 2,000 Exposed -- unfinished 100 SF 0.00 0

SPECIALTIES / EQUIPMENT / FURNISHINGS 27,260$

Specialties 12,130 SF 1.00 12,130 Furnishings 12,130 SF 1.00 12,130 Residential appliances 1 ALLOW 3,000 3,000

LIBRARY FINISHES AND SPECIALTIES 79,240$

Wall finishes -- library 3,640 SF 1.00 3,640 Carpet -- library 4,048 SF 5.00 20,240 Ceilings -- library 4,048 SF 2.50 10,120 Casework allowance 1 ALLOW 20,000.00 20,000 Upgraded lighting and power/data 4,048 SF 5.00 20,240 Wall book drop 1 EA 5,000 5,000

BUILDING SYSTEMS 546,680$

Elevator 1 EA 60,000.00 60,000 Fire protection 12,130 SF 4.00 48,520 Plumbing

Plumbing fixtures 18 EA 2,000.00 36,000 Water heater 1 EA 2,000.00 2,000 Roof drains 4 EA 3,000.00 12,000

HVACRooftop units 49 Tons 2,000.00 97,040 Ductwork distribution 12,130 SF 3.00 36,390 Temperature controls 12,130 SF 3.00 36,390

Electrical / low-voltage 12,130 SF 18.00 218,340

SUBTOTAL 1,661,872$

DESIGN CONTINGENCY 10% 166,187$

TOTAL BUDGET 1,828,059$

Memorandum DATE: December 20, 2013 TO: Mayor Tom O’Connor, Council Members Lani Basa, Jim Crowley, Joe

Pavelko, & Tom Strigel, City Manager Don Uram CC: PW/P&R Director Ann Mahnke, Consulting Engineer Cara Geheren FROM: Kelly Grinnell, Finance Manager RE: Financing Implications of New Facilities ATTACHMENTS: Schedule of Cash Inflows and Outflows for New City Hall and Public

Works Facilities; 2014-2023 Long-Term Financial Plan (LTFP) The updated LTFP and the expected cash flows show that the current projects as estimated can be done with minimal impact to the taxpayer when compared to the LTFP that was presented to the Council as part of the budget approval process. Tax rates and actual City Taxes paid are similar in both scenarios through 2021. To illustrate the effect of the current construction estimates on the City’s taxpayers, a cash flow forecast was prepared and the LTFP was updated. The cash flow schedule incorporates $5,524,000 for construction estimates for both buildings and assumes the City will issue Economic Development Authority (EDA) Lease Revenue Bonds that total $6,785,000. The LTFP has the projections out to 2023 to show the effect when the full amount of the debt service must be levied. The cash inflows and outflows are categorized as:

MISC REVENUES – Amounts transferred in from prior years and projected interest earnings.

LOAN TO TIF DIST. 2 – Loan and repayment plus interest earned on this interfund loan. TIF DIST. 5 – Outflow of funds to purchase the Johnson property and the cost of the

Victoria Drive site improvements per the land swap agreement. A new TIF district will be created with TIF inflows of $25,000 expected annually beginning in 2018.

CITY HALL – Current construction estimate plus the receipt of a PEG grant from Mediacom.

PUBLIC WORKS – Current construction estimate plus the purchase of the Hartman land and trees. It also includes inflows from the sale of the Rhapsody and 89 acre sites.

BOND ISSUE – Current bond issue of $6,785,000, less issuance costs of $262,745 and $2,210 for rounding. A debt service reserve of $520,045 is required since these are lease revenue bonds, which will be held in escrow accruing interest until the bonds mature.

These escrow funds will be used to make the final payment and about half of the second to last payment.

DEBT SERVICE ON BONDS – Annual debt service payment of $478,000 and the amount to levy for debt service. Cash reserves from the fund will be used to reduce the levy amount each year. This subsidy gradually reduces to $25,000 per year, or the amount of revenue received from TIF 5.

Here is a comparison of tax rates for the current LTFP versus the plan presented on December 9, 2013:

Tax Rates LTFP 2013-12-20 LTFP 2013-12-09 2015 37.99% 37.99%

2016 38.07% 38.07% 2017 38.11% 38.11% 2018 38.19% 38.19% 2019 38.23% 38.03% 2020 38.22% 38.12% 2021 38.23% 38.20%

2022 38.68% not calculated 2023 38.51% not calculated Here is a comparison of taxes on the median valued home under each plan:

City Taxes LTFP 2013-12-20 LTFP 2013-12-09 2015 $1,161 $1,161 2021 $1,377 $1,378

2022 $1,432 not calculated 2023 $1,465 not calculated The tax rate and taxes will decrease if the City issues Capital Facilities Bonds. The annual debt service savings is $40,000 for these bonds, which results in an average tax rate reduction of .40% and average tax savings of about $14 annually on the median value home. A decrease in the bond amount due to a reduction in construction expenses would also result in some level of savings.

CITY OF VICTORIASCHEDULE OF CASH INFLOWS AND OUTFLOWS FOR NEW

CITY HALL AND PW FACILITIES

CITY HALL AND PW CASH INFLOWS AND OUTFLOWS

YE 2009 YE 2010 YE 2011 YE 2012 PROFORMA 2013

PROFORMA 2014 PROFORMA 2015

PROFORMA 2016

PROFORMA 2017

PROFORMA 2018

PROFORMA 2019

PROFORMA 2020

PROFORMA 2021

PROFORMA 2022

PROFORMA 2023

TOTAL FOR 2009 - 2023

MISC REVENUES

Transfers from Gen Fund 400,000$ 747,000$ 204,650$ 371,751$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ 1,723,401$ Interest Earned -$ 1,597$ 14,874$ 15,084$ 10,018$ 13,292$ 18,178$ 14,802$ 12,063$ 8,887$ 6,009$ 3,678$ 2,350$ 758$ 16$ 121,606$ TOTAL MISC REVENUES 400,000$ 748,597$ 219,524$ 386,835$ 10,018$ 13,292$ 18,178$ 14,802$ 12,063$ 8,887$ 6,009$ 3,678$ 2,350$ 758$ 16$ 1,845,007$

LOAN TO TIF 2Original Loan -$ -$ -$ -$ (370,000)$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ (370,000)$ Loan Principal Repaid -$ -$ -$ -$ 50,000$ 50,000$ 50,000$ 50,000$ 50,000$ 60,000$ 60,000$ -$ -$ -$ -$ 370,000$ Loan Interest Earned -$ -$ -$ -$ 6,167$ 12,800$ 10,800$ 8,800$ 6,800$ 4,800$ 2,400$ -$ -$ -$ -$ 52,567$ NET FROM TIF 2 LOAN -$ -$ -$ -$ (313,833)$ 62,800$ 60,800$ 58,800$ 56,800$ 64,800$ 62,400$ -$ -$ -$ -$ 52,567$

TIF 5Victoria Dr Improvements -$ -$ -$ -$ -$ (254,000)$ -$ -$ -$ -$ -$ -$ -$ -$ -$ (254,000)$ Purchase of Johnson Property -$ -$ -$ -$ (183,347)$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ (183,347)$ TIF Revenues -$ -$ -$ -$ -$ -$ -$ -$ -$ 25,000$ 25,000$ 25,000$ 25,000$ 25,000$ 25,000$ 150,000$ NET FROM TIF 5 -$ -$ -$ -$ (183,347)$ (254,000)$ -$ -$ -$ 25,000$ 25,000$ 25,000$ 25,000$ 25,000$ 25,000$ (287,347)$

CITY HALLConstruction Expense -$ -$ -$ -$ (57,225)$ (2,364,775)$ -$ -$ -$ -$ -$ -$ -$ -$ -$ (2,422,000)$ Mediacom PEG Fees -$ -$ -$ -$ -$ 60,000$ -$ -$ -$ -$ -$ -$ -$ -$ -$ 60,000$ NET CITY HALL -$ -$ -$ -$ (57,225)$ (2,304,775)$ -$ -$ -$ -$ -$ -$ -$ -$ -$ (2,362,000)$

PUBLIC WORKS FACILITYConstruction Expense -$ -$ -$ -$ (146,071)$ (2,955,929)$ -$ -$ -$ -$ -$ -$ -$ -$ -$ (3,102,000)$ Purchase of Hartman Property -$ -$ -$ -$ (703,250)$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ (703,250)$ Purchase of Trees -$ -$ -$ -$ -$ (72,810)$ -$ -$ -$ -$ -$ -$ -$ -$ -$ (72,810)$ Sale of Rhapsody PW Site -$ -$ -$ 248,554$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ 248,554$ Sale of 89 Acres -$ -$ -$ 719,381$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ 719,381$ NEW PUBLIC WORKS -$ -$ -$ 248,554$ (129,940)$ (3,028,739)$ -$ -$ -$ -$ -$ -$ -$ -$ -$ (2,910,125)$

BOND ISSUEPar Amount of Bond Issue -$ -$ -$ -$ -$ 6,785,000$ -$ -$ -$ -$ -$ -$ -$ -$ -$ 6,785,000$ Less Issuance Costs -$ -$ -$ -$ -$ (262,745)$ -$ -$ -$ -$ -$ -$ -$ -$ -$ (262,745)$ Rounding Amount -$ -$ -$ -$ -$ (2,210)$ -$ -$ -$ -$ -$ -$ -$ -$ -$ (2,210)$ Required for Debt Serv Reserve* -$ -$ -$ -$ -$ (520,045)$ -$ -$ -$ -$ -$ -$ -$ -$ -$ (520,045)$ NET BOND PROCEEDS -$ -$ -$ -$ -$ 6,000,000$ -$ -$ -$ -$ -$ -$ -$ -$ -$ 6,000,000$

DEBT SERVICE ON BONDSAnnual Debt Service Payment -$ -$ -$ -$ -$ -$ (478,000)$ (478,000)$ (478,000)$ (478,000)$ (478,000)$ (478,000)$ (478,000)$ (478,000)$ (478,000)$ (4,302,000)$ Levy for Debt Service -$ -$ -$ -$ -$ -$ 61,500$ 130,500$ 91,500$ 91,500$ 151,500$ 316,500$ 291,500$ 378,000$ 453,000$ 1,965,500$ NET DEBT SERVICE -$ -$ -$ -$ -$ -$ (416,500)$ (347,500)$ (386,500)$ (386,500)$ (326,500)$ (161,500)$ (186,500)$ (100,000)$ (25,000)$ (2,336,500)$

ENDING CASH BALANCE 400,000$ 1,148,597$ 1,368,121$ 2,003,510$ 1,329,183$ 1,817,761$ 1,480,239$ 1,206,341$ 888,704$ 600,891$ 367,800$ 234,978$ 75,828$ 1,586$ 1,602$ 1,602$

#N/A

Updated: 12/20/13

*EDA Lease Revenue Bonds required the City keep a debt service reserve. The debt service reserve accrues interest and is held until the bond matures. This effectively allows for the final payment and half of the second to last payment to be paid from this reserve.

CITY OF VICTORIA ‐ LTFP BUDGET, LEVY, AND TAX RATE PROJECTIONS SCENARIO ‐ 75 PERMITS/YR AND $478,000 (6.785M) EDA LEASE REVENUE BOND PAYMENT 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Actual Actual Budget/Proj Projection Projection Projection Projection Projection Projection Projection Projection Projection ProjectionGENERAL FUNDREVENUESCollected/Projected Levy 3,032,795$ 2,976,641$ 2,854,646$ 2,887,000$ 2,988,000$ 3,021,000$ 3,166,000$ 3,291,000$ 3,446,000$ 3,531,000$ 3,691,000$ 3,806,000$ 4,036,000$ Proj Bldg Permit Revenue A 308,893$ 347,592$ 262,881$ 358,001$ 364,823$ 366,741$ 374,076$ 381,557$ 389,188$ 396,972$ 404,912$ 404,912$ 404,912$ Proj Other Revenues B 516,413$ 544,274$ 494,203$ 547,401$ 550,685$ 564,452$ 578,563$ 593,028$ 607,853$ 623,050$ 638,626$ 654,591$ 670,956$ Total Revenues 3,858,101$ 3,868,507$ 3,611,730$ 3,792,402$ 3,903,508$ 3,952,193$ 4,118,639$ 4,265,585$ 4,443,042$ 4,551,022$ 4,734,537$ 4,865,503$ 5,111,868$

EXPENDITURES & TRANSFERSProj Operating Expenditures C 2,964,484$ 2,827,867$ 3,043,101$ 3,171,961$ 3,325,941$ 3,442,349$ 3,617,831$ 3,744,455$ 3,935,511$ 4,073,254$ 4,280,818$ 4,430,647$ 4,650,719$ Capital Expenditures D 56,107$ 38,128$ 80,100$ 75,400$ 81,000$ 29,000$ 34,000$ 29,000$ 44,000$ 29,000$ 59,000$ 59,000$ 59,000$ Total Transfers E 1,445,548$ 935,158$ 458,529$ 489,135$ 474,135$ 424,135$ 430,000$ 430,000$ 430,000$ 380,000$ 363,319$ 330,000$ 330,000$ Total Oper Exp and Transfers 4,466,139$ 3,801,153$ 3,581,730$ 3,736,496$ 3,881,076$ 3,895,484$ 4,081,831$ 4,203,455$ 4,409,511$ 4,482,254$ 4,703,137$ 4,819,647$ 5,039,719$

Difference between Rev & Exp (608,038)$ 67,354$ 30,000$ 55,906$ 22,432$ 56,709$ 36,808$ 62,130$ 33,531$ 68,768$ 31,401$ 45,857$ 72,149$ End Year Unassigned GF Balance 914,011$ 936,960$ 966,960$ 1,022,866$ 1,045,298$ 1,102,007$ 1,138,815$ 1,200,945$ 1,234,475$ 1,303,243$ 1,334,644$ 1,380,500$ 1,452,649$ End Year FB as % of NY Oper Exp ‐$ 30.00% 29.78% 30.02% 30.11% 30.18% 30.18% 30.18% 30.09% 30.03% 30.00% 30.00% 30.09%

RECREATION CENTERCollected/Projected Levy 250,000$ 250,000$ 250,000$ 225,000$ 225,000$ 225,000$ 225,000$ 225,000$ 225,000$ 225,000$ 225,000$ 225,000$ 225,000$

DEBT SERVICETotal Outstanding Debt 38,955,000$ 32,930,000$ 32,835,000$ 38,545,000$ 36,885,000$ 35,206,350$ 32,924,441$ 31,547,704$ 30,371,616$ 29,192,695$ 28,147,506$ 28,147,506$ 28,147,506$ Net Tax Supported Debt 13,189,005$ 13,124,806$ 13,180,102$ 13,063,233$ 12,743,951$ 12,521,243$ 12,369,587$ 12,234,520$ 12,234,520$ 12,234,520$ Net Tax Supported Debt as a % of EMV 1 1.29% 1.22% 1.17% 1.11% 1.04% 0.97% 0.92% 0.87% 0.83% 0.80%Collected/Projected Levy F 799,400$ 839,800$ 843,000$ 849,000$ 968,300$ 1,129,397$ 1,182,071$ 1,266,757$ 1,324,925$ 1,454,223$ 1,519,182$ 1,699,473$ 1,687,078$ Debt Levy as a % of Total Levy 2 19.47% 20.73% 21.35% 21.43% 23.16% 25.81% 25.85% 26.49% 26.52% 27.91% 27.95% 29.66% 28.36%TOTAL LEVY 4,106,550$ 4,050,492$ 3,947,646$ 3,961,000$ 4,181,300$ 4,375,397$ 4,573,071$ 4,782,757$ 4,995,925$ 5,210,223$ 5,435,182$ 5,730,473$ 5,948,078$ LEVY LIMIT 4,156,000$ TAXABLE MARKET VALUE G 1,034,593,300$ 965,925,800$ 947,435,800$ 989,041,900$ 1,041,960,226$ 1,090,894,381$ 1,141,624,019$ 1,194,208,329$ 1,248,708,340$ 1,305,186,972$ 1,363,709,092$ 1,424,341,576$ 1,487,153,367$ NET TAX CAPACITY 10,483,234$ 9,713,982$ 9,508,194$ 9,958,607$ 10,523,798$ 11,018,033$ 11,530,403$ 12,061,504$ 12,611,954$ 13,182,388$ 13,773,462$ 14,385,850$ 15,020,249$ TAX CAPACITY RATE 37.42% 39.55% 39.57% 37.91% 37.99% 38.07% 38.11% 38.19% 38.23% 38.22% 38.23% 38.68% 38.51%MEDIAN VALUED HOME H 341,800$ 317,900$ 302,100$ 306,900$ 314,573$ 322,437$ 330,498$ 338,760$ 347,229$ 355,910$ 364,808$ 373,928$ 383,276$ TAX ON MEDIAN VALUED HOME 1,279$ 1,257$ 1,156$ 1,127$ 1,161$ 1,196$ 1,231$ 1,268$ 1,305$ 1,340$ 1,378$ 1,432$ 1,465$ Tax on Home Valued at $200,000 in 2014 702$ 685$ 707$ 730$ 753$ 777$ 801$ 824$ 848$ 883$ 905$ Tax on Home Valued at $413,800 in 2014 1,611$ 1,569$ 1,611$ 1,655$ 1,698$ 1,744$ 1,790$ 1,834$ 1,881$ 1,950$ 1,990$ Tax on Home Valued at $500,000 in 2014 1,927$ 1,896$ 1,978$ 2,063$ 2,148$ 2,238$ 2,327$ 2,416$ 2,508$ 2,629$ 2,716$ Tax on Home Valued at $600,000 in 2014 2,562$ 2,525$ 2,624$ 2,726$ 2,828$ 2,935$ 3,043$ 3,149$ 3,260$ 3,405$ 3,509$ Tax on Home Valued at $700,000 in 2014 3,198$ 3,154$ 3,270$ 3,388$ 3,507$ 3,633$ 3,758$ 3,882$ 4,012$ 4,181$ 4,302$ Tax on Home Valued at $800,000 in 2014 3,833$ 3,783$ 3,915$ 4,051$ 4,187$ 4,330$ 4,473$ 4,616$ 4,763$ 4,957$ 5,095$ Tax on Home Valued at $900,000 in 2014 4,469$ 4,412$ 4,561$ 4,714$ 4,867$ 5,028$ 5,189$ 5,349$ 5,515$ 5,733$ 5,889$ Tax on Home Valued at $1Million in 2014 5,104$ 5,041$ 5,207$ 5,376$ 5,546$ 5,725$ 5,904$ 6,082$ 6,267$ 6,509$ 6,682$

NUMBER OF NEW HOME PERMITS 65 77 92 75 75 75 75 75 75 75 75 75 75NUMBER OF HOUSEHOLDS I 2,613 2,686 2,778 2,853 2,928 3,003 3,078 3,153 3,228 3,303 3,378 3,453 3,528 POPULATION J 7,532 7,943 8,210 8,427 8,645 8,862 9,080 9,297 9,515 9,732 9,950 10,167 10,385

ASSUMPTIONS:A ‐ Projected Building Permit Revenue Amount per new home: 4,700$ Inc 1% each yr. F ‐ Projected Debt Service Levy See attached worksheet for detailB ‐ Projected Other Revenues Projected annual growth: 2.50% G ‐ Taxable Market Value Based on new homes and increase in existing home valuesC ‐ Projected Operating Expenditures Projected annual growth: 3.50% Add 1 PW Even Yrs H ‐ Median Valued Home Projected annual growth: 2.50%D ‐ Capital Expenditures From Capital Improvement Plan I ‐ Number of Households Based on new home permitsE ‐ Total Transfers See attached worksheet for detail J ‐ Population Based on persons per household: 2.9POLICY LIMITS:1 ‐ Net Tax‐Supported Debt as a % of EMV Per policy cannot exceed 1.5% 2 ‐ Debt Levy as a % of Total Levy Per policy cannot exceed 30%

C:\Users\clg\AppData\Local\Temp\Temp1_workshopmaterials.zip\2014-2021 LTFP 2013-12-20REPORT 2014-2021 Page 1 of 1 12/21/2013 11:49 AM

city of victoria city council workshop december 23, …

Documents