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

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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

slide-1
SLIDE 1

Dir e c tion on Possible 2019 Bond Pr

  • gr

am

April 16, 2019

slide-2
SLIDE 2

Bac kgr

  • und
  • 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
  • Pub lic Sa fe ty F

a c ilitie s

  • 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
  • ptio ns

2

April 16, 2019 ID 19‐698

slide-3
SLIDE 3

Pote ntial 2019 Bond Pr

  • gr

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
  • position 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
  • position 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

  • 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
  • tal: $190.81M

3

April 16, 2019 ID 19‐698

slide-4
SLIDE 4

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

slide-5
SLIDE 5

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

slide-6
SLIDE 6

Pr

  • position 1: Public Safe ty F

ac ilitie s

6 Proje c t T

  • tal Proje c t

Cost E xisting F unding City F unding PD CHE pr

  • je c t

$26.88M

$4.0M

$22.88M PD Substation $11.42M $11.42M PD F ir ing Range $15.00M $15.00M F ir e Station 8 $5.31M

$0.50M

$4.81M

T

  • tal

$58.61M $4.5M $54.11M

April 16, 2019 ID 19‐698

Proje c t T

  • tal Proje c t

Cost Othe r F unding City F unding Ryan Road

$43.4M $6.4M $37M

Hic kory Cre e k

$160M $126M $34M

Robinson Road

$12.3M $12.3M

Jim Chr istal

$16.8M $15.4M $1.4M

Bonnie Br ae (V, VI, VII)

$111.5M $84.5M $27M

F M 428

$44M $44M

Str e e t Re hab Pr

  • gr

am

$15M $15M

Side walks

$10M $10M T

  • tal

$413M $276.3M $136.7M

Pr

  • position 2: Roadways/ Infr

astr uc tur e A 4- ye ar imple me ntation c ould r e sult in an

  • ve r

all additional le vy of $.04 to r e tir e the de bt.

slide-7
SLIDE 7

Counc il Disc ussion and F

  • llow- 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

7

April 16, 2019 ID 19‐698

slide-8
SLIDE 8

4 Ye ar

  • vs. 6 Ye ar

Bond Pr

  • gr

am

8

April 16, 2019 ID 19‐698

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SLIDE 9

Bond Sale Sc he dule

As pr

  • posed Apr

il 1 (4-year bond pr

  • gr

am)

Pr

  • je c t

F Y 2020 F Y 2021 F Y 2022 F Y 2023 T OT AL Pr

  • position 1: Public Safe ty F

ac ilitie s PD CHE pr

  • je c t

$0.90M $21.98M $22.88M

PD Substation

$1.02M $10.40M $11.42M

PD F ir ing Range

$1.50M $13.50M $15.00M

F ir e Station 8 w/ E ngine

$4.81M $4.81M

Pr

  • position 2: Roadways and Infr

astr uc tur e Ryan Road

$4.00M $33.00M $37.00M

Hic kory Cre e k

$3.60M $30.40M $34.00M

Robinson Rd

$1.25M $11.05M $12.30M

Jim Christal

$1.40M $1.40M

Bonnie Bra e (V, VI, VII)

$3.00M $24.00M $27.00M

She r man (F M 428)

  • Str

e e t Re hab Pr

  • gr

am

$7.50M $7.50M $15.00M

Side walks

$3.00M $3.00M $2.00M $2.00M $10.00M

T

  • tal

$22.98M $91.28M $56.00M $20.55M $190.81M

9

April 16, 2019 ID 19‐698

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SLIDE 10

T ax Rate Histor y & Pr

  • je c tion

F isc al Ye ar T ax Rate 2014 $0.68975 2015 $0.68975 2016 $0.68975 2017 $0.683340 2018 $0.637856 2019 $0.620477 2020

$0.620477

2021

$0.620477

2022

$0.620477

2023

$0.620477

2024

$0.620477

  • Up to 4 c e nt o ve ra ll inc re a se

po ssib le F Y ’ 21 - F Y ’ 23.

10

  • De bt F
  • r

e c ast Assumptions:

  • 4% a sse sse d va lue g ro wth.
  • 20 ye a r te rm b o nds.
  • 4.5% inte re st ra te .
  • $4 millio n dra wdo wn o f de b t se rvic e

fund re se rve s ($5.5 millio n a t 9/ 30/ 18).

  • $5 millio n a nnua lly in COs fo r ve hic le s

a nd fa c ility impro ve me nts.

  • $1.1 millio n in a nnua l de b t

re tire me nt.

April 16, 2019 ID 19‐698

slide-11
SLIDE 11

T ax Rate Impac ts

Pr

  • je c t

T ax Rate Ave r age T axable Value Ave r age Pr

  • pe 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 2021 $0.62048 $262,364 $1,628 2022 $0.62048 $272,859 $1,693 2023 $0.62048 $283,773 $1,761 2024 $0.62048 $295,124 $1,831

11

T a xa b le Va lue b a se d o n pro je c tio ns

slide-12
SLIDE 12

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
  • 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)

12

April 16, 2019 ID 19‐698

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SLIDE 13

Bond Sale Sc he dule

As r ecommended Apr il 16 (6-year bond pr

  • gr

am)

Pr

  • je c t

F Y 2020 F Y 2021 F Y 2022 F Y 2023 F Y2024 F Y2025 T OT AL Pr

  • position 1: Public Safe ty F

ac ilitie s PD CHE pr

  • je c t

$0.90M $21.98M

$22.88M PD Substation

$1.02M $10.40M

$11.42M PD F ir ing Range

$1.50M $3.50M

$5.00M F ir e Station 8 w/ E ngine

$4.81M

$4.81M Pr

  • position 2: Roadways and Infr

astr uc tur e Ryan Road

$4.27M $1.15M $13.78M $7.02M $12.80M $5.24M

$44.26M Hic kory Cre e k

$9.20M $8.51M $8.25M

$25.96M Robinson Rd

$1.73M $5.71M $3.13M

$10.57M Jim Christal

$1.65M

$1.65M Bonnie Bra e (V, VI, VII)

$11.03M $6.52M $3.55M $7.87 $4.72M $2.25

$35.94M She r man (F M 428)

  • Str

e e t Re hab Pr

  • gr

am

$.50M $6.00M $6.00M $6.00M $6.00M $10.50M

$35.00M Side walks

$2.00M $2.00M $2.00M $2.00M $2.00M $2.00M

$12.00M T

  • tal

$37.11M $63.77M $40.21M $22.89M $25.52M $13.99M $209.49

13

Pr

  • je c te d tax r

ate r e mains the same at $0.620477

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SLIDE 14

Bond Sale Sc he dule

As r ecommended Apr il 16 (6-year bond pr

  • gr

am)

Pr

  • je c t

F Y 2020 F Y 2021 F Y 2022 F Y 2023 F Y2024 F Y2025 T OT AL Pr

  • position 1: Public Safe ty F

ac ilitie s PD CHE pr

  • je c t

$0.45M $0.45M $6.98M $15.00M

$22.88M PD Substation

$0.51M $5.91M $5.00M

$11.42M PD F ir ing Range

$1.50M $3.50M

$5.00M F ir e Station 8 w/ E ngine

$4.81M

$4.81M Pr

  • position 2: Roadways and Infr

astr uc tur e Ryan Road

$4.27M $1.15M $13.78M $7.02M $12.80M $5.24M

$44.26M Hic kory Cre e k

$9.20M $8.51M $8.25M

$25.96M Robinson Rd

$1.73M $5.71M $3.13M

$10.57M Jim Christal

$1.65M

$1.65M Bonnie Bra e (V, VI, VII)

$11.03M $6.52M $3.55M $7.87 $4.72M $2.25

$35.94M She r man (F M 428)

  • Str

e e t Re hab Pr

  • gr

am

$.50M $4.00M $4.00M $8.00M $8.00M $10.50M

$35.00M Side walks

$2.00M $2.00M $2.00M $2.00M $2.00M $2.00M

$12.00M T

  • tal

$36.15M $35.75M $50.19M $39.89M $27.52M $19.99M $209.49

14

Pr

  • je c te d tax r

ate r e mains the same at $0.620477

slide-15
SLIDE 15

Additional Pr

  • je c ts and

Que stions fr

  • m Counc il

15

April 16, 2019 ID 19‐698

slide-16
SLIDE 16

Str e e t L ighting

  • I

nsta ll upg ra de d lig hting a lo ng a rte ria l a nd c o lle c to r ro a dwa ys a s pa rt o f the City’ s CI P; de ve lo ping a prio ritize d pro g ra m to se le c t stre e ts

  • I

nve st $0.8M - $2.5M pe r ye a r fo r the ne xt six ye a rs

  • T
  • tal Cost: $5M - $15M
  • City Cost: $5M - $15M

16

April 16, 2019 ID 19‐698

Example Priority Projects FM 2499 FM 2181 University Drive Carroll at Hickory Carroll at Oak Bell at Hickory Fry Street Oak at Oakland Mulberry at Ave A Locust at Coronado Emerson at Glenwood

slide-17
SLIDE 17

Ope n Spac e

  • F
  • r la nd a c q uisitio n fo r pa rk a nd o pe n spa c e ne e ds
  • Sta ff ha s c re a te d a ma ste r list o f po te ntia l pro pe rty

prio ritize d a nd sc o re d o n fa c to rs suc h a s tre e c a no py, uniq ue la nd fe a ture s, c o nne c tio ns to tra ils, a c c e ssib ility via the 10-min wa lk, e tc .

  • T
  • tal Cost: $5M to $15M
  • City Cost: $5M to $15M

17

April 16, 2019 ID 19‐698

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SLIDE 18

Housing/ Home le ssne ss Initiative s

  • Ho using b o nds c a n b e use d to inc e ntivize a nd fund the c re a tio n a nd pre se rva tio n
  • f a ffo rda b le ho using (e .g . fo r la nd a c q uisitio n, c a pita l c o sts, ho me le ss a ssista nc e fa c ilitie s

inc luding tra nsitio na l ho using o r suppo rtive c e nte rs)

  • T

he City do e s no t ha ve a via b le pla n o r po lic y a t this time fo r ho using b o nds

  • A ho using a sse ssme nt a nd po lic y is a c ritic a l first ste p to unde rsta nd the ne e ds
  • f the c o mmunity, de fine ho using g o a ls, ide ntify a nd a na lyze a ll a va ila b le

to o ls, a nd de ve lo p po lic ie s a nd pro g ra ms

  • Sta ff is de ve lo ping a b udg e t supple me nta l (e stima te o f $100k) to pe rfo rm the

a sse ssme nt

  • Sta ff is sc he dule d to pre se nt to Co unc il o n Ma y 21 fo r o ptio ns to stre ng the n the

ho using c risis re spo nse syste m, inc luding she lte r e nha nc e me nts a nd visio n

18

April 16, 2019 ID 19‐698

slide-19
SLIDE 19

19

E stima te d T a x Ra te I mpa c t E a c h $12.5 Millio n I nc re a se in Bo nd F unding o ve r $210M e q ua te s to a n a dditio na l 1 c e nt inc re a se in the ta x ra te . T a x ra te impa c t is a lso de pe nde nt

  • n pro je c t timing .

Proje c t T

  • tal Proje c t Cost

Staff Re c omme nde d City Bond F unding Pr

  • position 1: Public Safe ty F

ac ilitie s PD CHE Pr

  • je c t

$22.88M $22.88M

PD Substation Pr

  • je c t

$11.42M $11.42M

PD F ir ing Range $5M $5M F ir e Station 8

$5.31M $4.81M

Pr

  • position 2: Roadways and Infr

astr uc tur e Ryan Road

$47.66M $44.26M

Hic kory Cre e k

$160M $25.96M

Robinson Road

$12.3M $10.57M

Jim Chr istal

$16.8M $1.65M

Bonnie Br ae (V, VI, VII)

$111.5M $35.94M

F M 428

$44M

  • Str

e e t Re hab Pr

  • gr

am $35M $35M Side walks $12M $12M Othe r Proposition Re que sts Str e e t L ighting $5M - $15M $0 Ope n Spac e $5M - $15M $0 Housing/ Home le ssne ss $5M $0 T

  • tal

$493M - $513M $209.49M

slide-20
SLIDE 20

Dir e c tion on Bond Pr

  • gr

am and Pr

  • je c ts

20

April 16, 2019 ID 19‐698

slide-21
SLIDE 21

Dir e c tion: 2019 Bond Pr

  • gr

am

Sho uld the City ha ve a 2019 Bo nd E

le c tio n?

  • Ho ld a b o nd e le c tio n in No ve mb e r 2019
  • I

f ye s, the ne xt slide s will disc uss the me nu o f pro po se d b o nd pro je c ts a nd c o mpo ne nts

  • Do no t issue a dditio na l de b t a t this time b e yo nd b o nds in c urre nt

CI P, a nd re c o nside r b o nd e le c tio n fo r No ve mb e r 2020.

  • Co nside r COs fo r re q uire d de sig n se rvic e s fo r No ve mb e r 2020 pro je c ts.

21

April 16, 2019 ID 19‐698

slide-22
SLIDE 22

Dir e c tion: Bond Pr

  • gr

am Pr

  • je c ts

I

f ye s, wha t pro je c ts sho uld b e inc lude d in the 2019 b o nd pro g ra m?

  • As Pr
  • pose d and Re c omme nde d: A 6-ye a r b o nd pro g ra m

with 2 pro po sitio ns: (1) Pub lic Sa fe ty F a c ilitie s a nd (2) Ro a dwa ys a nd I nfra struc ture

  • Me nu Se le c tion: Additio n o r re mo va l o f pro je c ts a s se le c te d

b y Co unc il

  • An a dditio na l c e nt o n the ta x ra te wo uld purc ha se $12.5M in inc re a se d

b o nd c a pa c ity (20 ye a r te rm b o nd)

22

April 16, 2019 ID 19‐698

slide-23
SLIDE 23

23

E stima te d T a x Ra te I mpa c t E a c h $12.5 Millio n I nc re a se in Bo nd F unding o ve r $210M e q ua te s to a n a dditio na l 1 c e nt inc re a se in the ta x ra te . T a x ra te impa c t is a lso de pe nde nt

  • n pro je c t timing .

Proje c t T

  • tal Proje c t Cost

Staff Re c omme nde d City Bond F unding Pr

  • position 1: Public Safe ty F

ac ilitie s PD CHE Pr

  • je c t

$22.88M $22.88M

PD Substation Pr

  • je c t

$11.42M $11.42M

PD F ir ing Range $5M $5M F ir e Station 8

$5.31M $4.81M

Pr

  • position 2: Roadways and Infr

astr uc tur e Ryan Road

$47.66M $44.26M

Hic kory Cre e k

$160M $25.96M

Robinson Road

$12.3M $10.57M

Jim Chr istal

$16.8M $1.65M

Bonnie Br ae (V, VI, VII)

$111.5M $35.94M

F M 428

$44M

  • Str

e e t Re hab Pr

  • gr

am $35M $35M Side walks $12M $12M Othe r Proposition Re que sts Str e e t L ighting $5M - $15M $0 Ope n Spac e $5M - $15M $0 Housing/ Home le ssne ss $5M $0 T

  • tal

$493M - $513M $209.49M

slide-24
SLIDE 24

Othe r Dir e c tion on Bond Pr

  • gr

am De ve lopme nt

24

April 16, 2019 ID 19‐698

slide-25
SLIDE 25

Dir e c tion: Bond Committe e Options

 With pro je c ts ide ntifie d, the ro le o f the c o mmitte e wo uld b e to

wo rk with sta ff to e duc a te the c o mmunity

 Ho w sho uld a b o nd c o mmitte e b e struc ture d?

  • Optio n 1: Use e xisting b o nd o ve rsig ht c o mmitte e a nd a ppo int 1-2 re side nts pe r

Co unc il Me mb e r

  • Wo uld pro vide so me c o ntinuity while a dding ne w me mb e rs a nd pe rspe c tive s
  • Optio n 2: E

sta b lish ne w b o nd c o mmitte e

  • Ne w b o nd c o mmitte e c o uld b e fo rme d; with a ll ne w me mb e rs it ma y ta ke so me time

to b ring me mb e rs up to spe e d

  • Optio n 3: Othe r

25

April 16, 2019 ID 19‐698

slide-26
SLIDE 26

Dir e c tion: Public Ar t

  • I

n 2013, the City Co unc il a ppro ve d a re vise d Pub lic Art Po lic y whic h sta te s:

  • “T

he City Co unc il will c o nside r pla c ing a sta nda lo ne b o nd pro po sitio n o n future g e ne ra l purpo se c a pita l impro ve me nt b o nd a utho riza tio n e le c tio ns tha t, if a ppro ve d b y the vo te rs, will fund pub lic a rt pro je c ts. T he a mo unt o f e a c h pub lic a rt b o nd pro po sitio n will b e de te rmine d b y the City Co unc il within a ra ng e , if e xisting prio ritie s so pe rmit, o f b e twe e n 2% a nd 4% o f tho se po rtio ns o f the c a pita l impro ve me nt b o nd pro g ra m a utho riza tio n e le c tio n tha t do no t a pply to stre e ts, dra ina g e , tra ffic c o ntro l, a nd o the r re la te d infra struc ture .”

  • Prio r Pro g ra ms:
  • 2012 Bo nd Pro g ra m – Pub lic Art to ta le d $400,000 o r 2% o f a ll pro je c ts (Unde r 2006

Pub lic Art Po lic y).

  • 2014 Bo nd Pro g ra m – Pub lic Art to ta le d $535,000 o r 2% o f “ve rtic a l c o nstruc tio n”

pro je c ts in stre e ts, pub lic sa fe ty a nd pa rks.

26

April 16, 2019 ID 19‐698

slide-27
SLIDE 27

Dir e c tion: Public Ar t

 Sho uld Pub lic Art b e funde d in the upc o ming b o nd

pro g ra m?

  • Optio n 1: F

und pub lic a rt in the upc o ming b o nd pro g ra m

  • Be twe e n 2-4% o f “ve rtic a l c o nstruc tio n pro je c ts”;
  • T
  • ta l o f Pub lic Sa fe ty F

a c ilitie s pro je c ts is $44.11M

  • 2% to 4% wo uld b e $882k to $1.764M
  • Sta nda lo ne b o nd pro po sitio n o r within a pplic a b le b o nd pro po sitio n
  • Optio n 2: Do no t fund pub lic a rt in the upc o ming b o nd pro g ra m

27

April 16, 2019 ID 19‐698

slide-28
SLIDE 28

T e ntative 2019 Bond E le c tion T ime line

  • Apr

il 1: City Co unc il Wo rk Se ssio n

  • Apr

il 16: City Co uld Wo rk Se ssio n

  • May: City Co unc il Wo rk Se ssio ns; I

nitia te c o mmitte e me e ting s

  • June : Co mmitte e me e ting s
  • July: F

ina l Re po rt to City Co unc il; E sta b lish b o nd pro po sitio ns

  • August: City Co unc il c a lls No ve mb e r e le c tio n
  • A No ve mb e r 2019 b o nd e le c tio n wo uld ne e d to b e c a lle d b e twe e n

Aug . 7 a nd Aug . 19.

  • Oc tobe r

: E

a rly vo ting b e g ins

  • Nove mbe r

: E

le c tio n Da y: T ue sda y, No v. 5

28

April 16, 2019 ID 19‐698

slide-29
SLIDE 29

Que stions?

29

April 16, 2019 ID 19‐698