Dir e c tion on Possible 2019 Bond Pr ogr am April 16, 2019 - PowerPoint PPT Presentation

Dir e c tion on Possible 2019 Bond Pr ogr am April 16, 2019

Bac kgr ound • At the April 1, 2019 City Co unc il lunc he o n me e ting , sta ff pre se nte d o n future c a pita l ne e ds a nd po ssib le 2019 Bo nd Pro g ra m: • Re vie we d sta tus o f 2005, 2012, a nd 2014 Bo nd Pro g ra ms • Pre se nte d c urre nt ne e ds a nd pro po se d pro je c ts fo r o Pub lic Sa fe ty F a c ilitie s o Ro a dwa ys a nd I nfra struc ture • Re vie we d fina nc ia l impa c ts • Re vie we d po te ntia l b o nd c o mmitte e , pub lic a rt, a nd o the r o ptio ns April 16, 2019 ID 19‐698 2

Pote ntial 2019 Bond Pr ogr am • T wo pro po sitio ns fo r Co unc il c o nside ra tio n pre se nte d o n April 1: • Pr oposition 1: Public Safe ty F ac ilitie s ($54.11M) • On F e b . 4, City Co unc il disc usse d the pro po se d Po lic e City Ha ll E a st (CHE ) a nd sub sta tio n pro je c ts, a nd the po ssib ility o f c a lling a c ity-wide b o nd e le c tio n in No ve mb e r 2019. • Pr oposition 2: Roadways and Infr astr uc tur e ($136.7M) • I n Aug . 2018, City Co unc il he ld a g o a l se tting se ssio n whic h prio ritize d de ve lo ping o ptio ns to fund a nd c o mple te tra nspo rta tio n pro je c ts • Addre ss e xisting tra nspo rta tio n infra struc ture de fic ie nc ie s suc h a s c a pa c ity, c o ng e stio n, a nd sa fe ty; a ddre ss future c a pa c ity ne e ds b a se d o n pro je c t g ro wth; a nd fund future pha se s o f o ng o ing pro je c ts • T otal: $190.81M April 16, 2019 ID 19‐698 3

Ne e d for Str e e ts • Addre ss the g re a te st e xisting ro a dwa y infra struc ture de fic ie nc ie s b a se d o n: • Ca pa c ity; • Co ng e stio n; • Sa fe ty; a nd • F uture c a pa c ity ne e ds • Ove ra ll Co nditio n I nde x (OCI ) • Curre nt: 64 • I nc re a se 1 po int fo r e ve ry $5M o f b o nd funding fo r stre e ts 4

Ne e d for Public Safe ty F ac ilitie s • Ne w Po lic e HQ will a ddre ss unde rsize d wo rk a re a s, ine ffic ie nt spa c e c o nfig ura tio ns, o utda te d fixture s, a nd la c k o f pa rking • Po lic e sub sta tio n will pro vide a dditio na l spa c e fo r the Po lic e HQ • F ire Sta tio n # 8 a nd the Po lic e Sub sta tio n will a llo w a c o ntinuo us po lic e pre se nc e in the fa st-g ro wing a re a s o f De nto n a nd po sitive ly impa c t: • Ca ll re spo nse time s • I SO Ra ting 5

Pr oposition 1: Public Safe ty F ac ilitie s Pr oposition 2: Roadways/ Infr astr uc tur e T otal Proje c t E xisting City T otal Proje c t Othe r City Proje c t Proje c t Cost F unding F unding Cost F unding F unding $4.0M Ryan Road $43.4M $6.4M $37M PD CHE pr oje c t $22.88M $26.88M $160M $126M $34M $11.42M Hic kory Cre e k PD Substation $11.42M $12.3M $12.3M $15.00M Robinson Road PD F ir ing Range $15.00M $0.50M $16.8M $15.4M $1.4M F ir e Station 8 $5.31M Jim Chr istal $4.81M $111.5M $84.5M $27M Bonnie Br ae (V, VI, VII) T otal $58.61M $4.5M $54.11M $44M $44M F M 428 $15M $15M Str e e t Re hab Pr ogr am Side walks $10M $10M T otal $413M $276.3M $136.7M A 4- ye ar imple me ntation c ould r e sult in an ove r all additional le vy of $.04 to r e tir e the de bt. April 16, 2019 ID 19‐698 6

Counc il Disc ussion and F ollow- up • During the April 1 pre se nta tio n, City Co unc il inq uire d a b o ut: • Co st a nd a lte rna tive s fo r the PD F iring Ra ng e • Mo ving fro m a pro po se d 4-ye a r b o nd pro g ra m to a 6-ye a r b o nd pro g ra m, inc luding e nha nc ing inve stme nt in the lo c a l stre e t re ha b pro g ra m a nd side wa lks/ pe de stria n pa thwa ys • Additio na l pro je c ts tha t c o uld b e inc lude d: • Stre e t L ig hting • Ope n Spa c e • Ho using / Ho me le ssne ss I nitia tive s April 16, 2019 ID 19‐698 7

4 Ye ar vs. 6 Ye ar Bond Pr ogr am April 16, 2019 ID 19‐698 8

Bond Sale Sc he dule As pr oposed Apr il 1 (4-year bond pr ogr am) Pr oje c t F Y 2020 F Y 2021 F Y 2022 F Y 2023 T OT AL Pr oposition 1: Public Safe ty F ac ilitie s $0.90M $21.98M $22.88M PD CHE pr oje c t $1.02M $10.40M $11.42M PD Substation $1.50M $13.50M $15.00M PD F ir ing Range $4.81M $4.81M F ir e Station 8 w/ E ngine Pr oposition 2: Roadways and Infr astr uc tur e $4.00M $33.00M $37.00M Ryan Road $3.60M $30.40M $34.00M Hic kory Cre e k $1.25M $11.05M $12.30M Robinson Rd $1.40M $1.40M Jim Christal $3.00M $24.00M $27.00M Bonnie Bra e (V, VI, VII) She r man (F M 428) - $7.50M $7.50M $15.00M Str e e t Re hab Pr ogr am $3.00M $3.00M $2.00M $2.00M $10.00M Side walks T otal $22.98M $91.28M $56.00M $20.55M $190.81M April 16, 2019 ID 19‐698 9

T ax Rate Histor y & Pr oje c tion • De bt F or e c ast Assumptions: F isc al Ye ar T ax Rate • 4% a sse sse d va lue g ro wth. 2014 $0.68975 • 20 ye a r te rm b o nds. • 4.5% inte re st ra te . 2015 $0.68975 • $4 millio n dra wdo wn o f de b t se rvic e 2016 $0.68975 fund re se rve s ($5.5 millio n a t 9/ 30/ 18). 2017 $0.683340 • $5 millio n a nnua lly in COs fo r ve hic le s 2018 $0.637856 a nd fa c ility impro ve me nts. • $1.1 millio n in a nnua l de b t 2019 $0.620477 re tire me nt. $0.620477 2020 $0.620477 2021 $0.620477 2022 • Up to 4 c e nt o ve ra ll inc re a se po ssib le F Y ’ 21 - F Y ’ 23. $0.620477 2023 $0.620477 2024 April 16, 2019 ID 19‐698 10

T ax Rate Impac ts Ave r age Ave r age Pr oje c t T ax Rate T axable Value Pr ope r ty T ax 2014 $0.68975 $166,728 $1,150 2015 $0.68975 $179,149 $1,236 2016 $0.68975 $195,882 $1,351 2017 $0.68334 $214,136 $1,463 2018 $0.63786 $233,241 $1,488 2019 $0.62048 $242,571 $1,505 2020 $0.62048 $252,273 $1,565 T a xa b le Va lue 2021 $0.62048 $262,364 $1,628 b a se d o n pro je c tio ns 2022 $0.62048 $272,859 $1,693 2023 $0.62048 $283,773 $1,761 2024 $0.62048 $295,124 $1,831 11

Bond Sale Sc he dule Adjustme nts • Mo ve d fro m a 4-ye a r pro g ra m to a 6-ye a r pro g ra m • PD F iring Ra ng e b udg e t re duc e d fro m $15M to $5M • L o c a l Stre e t Re ha b Pro g ra m inc re a se d fro m $15M to $35M • $5M to re c o nstruc t e xisting lo w OCI stre e t se g me nts a t va rio us lo c a tio ns a nnua lly fo r the ne xt five ye a rs (a ppro x. 40 la ne mile s – 110 se g me nts) • Side wa lks/ Pe de stria n Pa thwa ys inc re a se d fro m $10M to $12M • $2M to c o nstruc t side wa lks de sig ne d a t va rio us lo c a tio ns (41 se g me nts); And a dditio na l $2M pe r ye a r fo r ne xt 5 ye a rs (6 ye a rs to ta l) April 16, 2019 ID 19‐698 12

Bond Sale Sc he dule As r ecommended Apr il 16 (6-year bond pr ogr am) Pr oje c te d tax r ate r e mains the same at $0.620477 Pr oje c t F Y 2020 F Y 2021 F Y 2022 F Y 2023 F Y2024 F Y2025 T OT AL Pr oposition 1: Public Safe ty F ac ilitie s $0.90M $21.98M PD CHE pr oje c t $22.88M $1.02M $10.40M PD Substation $11.42M $1.50M $3.50M PD F ir ing Range $5.00M $4.81M F ir e Station 8 w/ E ngine $4.81M Pr oposition 2: Roadways and Infr astr uc tur e $4.27M $1.15M $13.78M $7.02M $12.80M $5.24M Ryan Road $44.26M $9.20M $8.51M $8.25M Hic kory Cre e k $25.96M $1.73M $5.71M $3.13M Robinson Rd $10.57M $1.65M Jim Christal $1.65M $11.03M $6.52M $3.55M $7.87 $4.72M $2.25 Bonnie Bra e (V, VI, VII) $35.94M - She r man (F M 428) Str e e t Re hab Pr ogr am $.50M $6.00M $6.00M $6.00M $6.00M $10.50M $35.00M $2.00M Side walks $2.00M $2.00M $2.00M $2.00M $2.00M $12.00M T otal $37.11M $63.77M $40.21M $22.89M $25.52M $13.99M $209.49 13

Bond Sale Sc he dule As r ecommended Apr il 16 (6-year bond pr ogr am) Pr oje c te d tax r ate r e mains the same at $0.620477 Pr oje c t F Y 2020 F Y 2021 F Y 2022 F Y 2023 F Y2024 F Y2025 T OT AL Pr oposition 1: Public Safe ty F ac ilitie s $0.45M $0.45M $6.98M $15.00M PD CHE pr oje c t $22.88M $0.51M $5.91M $5.00M PD Substation $11.42M $1.50M $3.50M PD F ir ing Range $5.00M $4.81M F ir e Station 8 w/ E ngine $4.81M Pr oposition 2: Roadways and Infr astr uc tur e $4.27M $1.15M $13.78M $7.02M $12.80M $5.24M Ryan Road $44.26M $9.20M $8.51M $8.25M Hic kory Cre e k $25.96M $1.73M $5.71M $3.13M Robinson Rd $10.57M $1.65M Jim Christal $1.65M $11.03M $6.52M $3.55M $7.87 $4.72M $2.25 Bonnie Bra e (V, VI, VII) $35.94M - She r man (F M 428) Str e e t Re hab Pr ogr am $.50M $4.00M $4.00M $8.00M $8.00M $10.50M $35.00M $2.00M Side walks $2.00M $2.00M $2.00M $2.00M $2.00M $12.00M T otal $36.15M $35.75M $50.19M $39.89M $27.52M $19.99M $209.49 14

Additional Pr oje c ts and Que stions fr om Counc il April 16, 2019 ID 19‐698 15

Example Priority Projects Str e e t L ighting FM 2499 FM 2181 • I nsta ll upg ra de d lig hting a lo ng a rte ria l University Drive a nd c o lle c to r ro a dwa ys a s pa rt o f the Carroll at Hickory City’ s CI P; de ve lo ping a prio ritize d Carroll at Oak pro g ra m to se le c t stre e ts Bell at Hickory • I nve st $0.8M - $2.5M pe r ye a r fo r the Fry Street ne xt six ye a rs Oak at Oakland • T otal Cost: $5M - $15M Mulberry at Ave A Locust at Coronado • City Cost: $5M - $15M Emerson at Glenwood April 16, 2019 ID 19‐698 16