STONEBRIDGE Presentation Outline Overview of SNIBD Objectives - - PowerPoint PPT Presentation
Stonebridge Neighborhood Improvement and Beautification District (SNIBD) presents A New Opportunity for the Residents of STONEBRIDGE Presentation Outline Overview of SNIBD Objectives for the Plan Overview of the Plan Call to
Stonebridge Neighborhood Improvement and Beautification District (SNIBD)
presents
A New Opportunity for the Residents of
Beautification District (SNIBD):
– Created August 2016 by Jefferson Parish Council – Special taxing district of the Parish of Jefferson – A political subdivision of the State of Louisiana – HB 785 of Louisiana Legislature, 2016, R.S. 33:9099.3 – 6 board members elected October 2016 – 7th board member is President of SPOA – SNIBD is separate and distinct from SPOA
Thankful to Jennifer Steele for volunteering as our P.I.O.
3rd Thursday of every month
Stonebridge Clubhouse
6:30 – 8:30 pm
by providing a path and a vehicle to:
– Secure and enhance property values – Represent the wishes of our neighborhood – Develop a realistic & sustainable plan – Comply with all laws & regulations – Transparency and openness
– Opened 1984 – $275M of taxable property value in Stonebridge
– 1002 home sites – Approximately 72 vacant parcels – Golf course: Approximately 189 acres – Clubhouse: Approximately 36,000 sq. ft. – Current owner: Duininck Golf of Prinsburg, MN – One of the safest neighborhoods in Jefferson Parish
constructing, or providing the services, improvements, enterprises or facilities set forth therein;
required to be levied in each year on the taxable real property within the District in order to provide the funds required for the implementation or effectuation of the plan;
thereof; and
the District.
SNIBD.
was approved by the Jefferson Parish Council on June 28, 2017.
Golf Tennis Swimming Dining Fitness Events
Purchase Land, Buildings, Equip Repair/Upgrade Golf Course Repair/Renovate Clubhouse $2,000,000 Pool/Fitness Center $450,000 Tennis Court(s) and/or other $250,000 Reserve $2,000,000 ______________________________________ Total Budget $6,900,000 $2,200,000
Purchase Land, Buildings, Equip Repair/Upgrade Golf Course Repair/Renovate Clubhouse $2,066,775 Pool/Fitness Center $450,000 Tennis Court(s) and/or other $210,000 Reserve (Working Capital) $1,650,000 Finance and Closing Cost $100,000 ______________________________________ Total Budget $6,676,775 $2,200,000
Purchase Land, Buildings, Equip $1,674,000 Repair/Upgrade Golf Course $526,000 Repair/Renovate Clubhouse $2,066,775 Pool/Fitness Center $450,000 Tennis Court(s) and/or other $210,000 Reserve $1,650,000 Finance and Closing Cost $100,000 ______________________________________ Total Budget Remaining $5,002,775
– Weddings are money makers – Many brides want to get married at a country club
– Residents want to dine at the club – Catering events is profitable
– Dining at club will increase F&B revenue – Increase in golf play will increase F&B revenue – Increase in social events will increase F&B revenue – Auxiliary facilities, pool, fitness, tennis will increase F&B revenue
– Design based upon neighborhood feedback – Private party bookings
– Summer Camps (swim, tennis, etc.) – Classes/Hobbies/Games – Bingo/Bunco/Themed Events & Music Karaoke – Coffee/Sandwich Shop – Community Garden – Child/Senior Day Care/Activities – Crawfish Boils/Fish Fry – Walking/Bike Trails
10.Vibrant and active community center for adults and children 11.Stronger bond with your neighbors 12.Increase pride in our neighborhood
Bottom Line is: We are a COMMUNITY CENTER, not a PROFIT CENTER
That include Club Amenities like:
Create a vibrant & stable community for years to come!
instructions:
instructions:
“Homestead Exemption Status”
instructions:
HOA and / or Security
– Village Green $375 – Magnolia Trace $600 – Timberlane $950 – English Turn $2,700
– EVERY parcel will be impacted by this decision – A vibrant community center is a selling point
involved in a positive way.
the property owners.
vehicle whereby we may determine our future.
current owner on October 27, 2017.
– Purchase Price $1,674,000
property that currently belongs to Duininck and is associated with this facility.
January 2018.
and agronomy expertise.
– Approximately 189 acres – About 36,000 square feet of Community Center – All existing equipment to operate the facility – Multiple residential parcels – Restores Harvey nine golf holes to playable condition !!!! – Capital improvements to Golf Course on both sides
current owner
– Act of Sale date scheduled for March 1 – March 15, 2018 – Draft financial model for the facility has been developed. – Overall Business Plan under development will require additional input from the community.
the assistance of an outside CPA.
Communications
growing businesses
and variations that we might pursue.
the details through planning and advisory teams.
build conservatively over time.
Purchase Land, Buildings, Equip Repair/Upgrade Golf Course Repair/Renovate Clubhouse $2,066,775 Pool/Fitness Center $450,000 Tennis Court(s) and/or other $210,000 Reserve (Working Capital) $1,650,000 Finance and Closing Cost $100,000 ______________________________________ Total Budget $6,676,775 $2,200,000
Total Borrow Amount $6,676,775 Bond to tax receipts ratio 75% Tax Prop Request $8,902,367 Years (amortized) 15 Interest Rate 5.940% SNIBD Property Value $275,143,400 Homestead Exemption or SNIBD Tax Exempt $64,145,700 Net Taxable Value $210,997,700 Tax Receipt Rate (Based on JPSO statistics) 95.0% Millage based on $200,447,815 Millage adjusted for loan to value ratio 45.0 Annual Tax Receipts $902,015
(MILLAGE)
Shall the Stonebridge Neighborhood Improvement and Beautification District, Parish
Jefferson, State
Louisiana (the “Stonebridge District”), levy a special tax of forty-five (45) mills on all property subject to taxation within the District (an estimated $949,000 reasonably expected at this time to be collected from the levy of the tax for an entire year), for a period of twenty (20) years, beginning with the year 2018 and ending with the year 2037, for the purpose of promoting and encouraging the improvement, beautification, and overall betterment of the Stonebridge District, including, but not limited to, the acquisition, construction, improvement, operation and/or maintenance
authorized purposes of the Stonebridge District?
to further lower rates in the event bonds are callable before maturity, SNIBD could potentially refund the bonds and realize debt service savings.
necessary.
Phased Improvements to preserve working capital
Assumptions
6 years
Year Golf Crs Imprvmts Clbhse Imprvmnts Swimming Pool Tennis Crts / Fitness Other District Improvements, i.e. entrance gate, etc.
2018 $150,000 $500,000 $300,000 $80,000 $0 2019 $150,000 $900,000 $150,000 $40,000 $0 2020 $0 $600,000 $0 $0 $0 2021 $0 $50,000 $0 $0 $0 2022 $0 $0 $0 $0 $0 2023 $0 $0 $0 $0 $166,388 2024 $0 $0 $0 $0 $166,388
Stonebridge Golf Club Financials 2012-2017
2012 2013 2014 2015 2016 2017 actual actual actual actual actual estimated per year per month Revenue Golf 769,101 747,850 670,968 646,247 554,963 703,345 682,079 56,840 Food&Beverage 292,377 300,620 270,961 298,858 268,577 266,222 282,936 23,578 ProShop 167,882 131,434 123,281 132,876 114,648 86,123 126,041 10,503 Other 3,078
112,234
29,196 2,433 Total Revenue 1,232,438 1,179,904 1,120,388 1,190,215 938,188 1,060,377 1,120,252 93,354 Reverse non-recurring / non-cash revenue
1,232,438 1,179,904 1,120,388 1,097,842 938,188 1,060,377 1,120,252 93,354 Expense Total Expense 1,578,159 1,564,487 1,668,968 1,732,160 1,659,732 1,375,280 1,596,464 133,039 Depreciation 36,810 30,369 120,088 183,058 121,977 98,259 98,427 Interest Expense
99,206
36,663 37,749 38,662 38,978 46,748 39,760 39,760 Legal - BP oil claim
non-cash expense 73,473 68,118 158,750 327,908 267,931 138,019 172,367 Total est. operating exp. 1,504,686 1,496,369 1,510,218 1,404,252 1,391,801 1,237,261 1,424,098 118,675
(272,248) (316,465) (389,830) (306,410) (453,613) (176,883) (319,242) (26,603) 6 Yr Avg
Cost Revenue Margin
Facility becomes profitable and building cash
SECTION 9. Millage Adjustment. The Governing Authority shall annually analyze the expected cost of
whether the millage rate then being assessed will provide sufficient revenues to pay said expected costs and maintain adequate reserves. In the event that there are no bonds or other debt obligations of the District
reduce the rate of the special tax provided for herein.
ACCURATELY