presentation to orange county board of county commissioners november 29, 2011 long-term effective...
TRANSCRIPT
Presentation to Orange County Board of County Commissioners
November 29, 2011
Long-term effective biosolids solution High-value slow-release fertilizer Proven technology and experienced team Sustainable business Substantial financial support from Denham Capital
Key Milestones
• Strategic agreement with Shelley’s Environmental Services of Zellwood 25 year history in Central Florida Service provider to Orange County, Daytona, etc 20 year biosolids supply contract with VitAg
• 62 acre site with rail (Jones Avenue)
• 3 plant build-out over time
• Environmentally & community friendly
• Year-round fertilizer marketing nearby
VitAg’s Zellwood Biosolids-to-Fertilizer Project VitAg’s Zellwood Biosolids-to-Fertilizer Project
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VitAg’s AM Plant Design For Zellwood
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3 X 14 permanent green jobs for
operating plants
cutting edge/green biosolids technology
3 X $70M totalinvestment
engineering &constructiondone locally
3 X 160,000 labor hours for plant construction
3 X $30M in annual economic
activity/benefit
ZellwoodOrange County 3 X10 local
service hires
addition to local tax base
odor controltechnology
US made equipment
VitAg Impacts 4
Key Aspects of Business Model
• Zellwood total project costs of approximately $70 million Up to $55 million of tax-exempt bonds Approximately $18 million of equity (minimum 25%) Company is the borrower; no financial support of proposed bond issue by
Orange County or any municipality
• Tax-exempt bonds will be: Eligible for Municipal Solid Waste exemption Unrated (below Investment Grade) Have a minimum projected Debt Service Coverage Ratio of 1.25x
• Bonds will be sold In minimum denominations of $250,000/$100,000 Only to Sophisticated Investors
VitAg Florida Financing Plan VitAg Florida Financing Plan
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Key Aspects of Business Model
Significant progress obtaining permits/approvals
Finalizing construction cost
OC IDA will be conduit
Citigroup selected as lead bond underwriter\
K&L Gates is bond counsel
SAIC/RW Beck retained as independent engineer
Targeting 12/11-2/12 financial closing
VitAg Zellwood Project Status VitAg Zellwood Project Status
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Key Aspects of Business Model
Approval and execution of the TEFRA resolution
entitled “Resolution Approving the Issuance of
Orange County Industrial Development Bonds
(VitAG Florida, LLC Project) Series 2011/2012, in
an Aggregate Principal Amount not to Exceed
$55,000,000.”
Requested Action Requested Action
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THANK YOU!