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Home My WebLink AboutTexas Student Housing presentationTown Council update Texas Student Housing Authority January 26, 2015 ∗Original goal or why are we in business ∗Grant scholarships to deserving students from districts surrounding Westlake as well as the entire State of Texas ∗Provide incremental revenue to the Town – over the years, the town has received $950,000 from TSHA ∗Goal has Evolved ∗Grant scholarships to Texas High School graduates. ∗Since 1995,when TSHA began, a total of 1875 scholarships have been awarded ∗Incremental and Full Scholarship Offers ∗Incremental valued at $2,500/year maximum of 4 years ∗Full value varies from $3,960 at Townlake to over $9,000 at Cambridge. Overview Update to Financial Outlook Report ∗Cambridge at College Station ∗Consists of 196 Units/530 Beds ∗Financed with A/B/C/D certificates ∗Occupancy for 2013-2014 was 100% ∗Rental rates increased by 2.5% for 2013-2014 ∗2013-2014 net cash flow is projected to meet debt services payments for A & B certificate holders ∗Tax exempt status for 2005-2009 has been denied by Brazos County ∗A trial was held in Dec 2010. The presiding Judge rendered an adverse verdict. ∗THSA has filed an appeal, the appeal was heard in Amarrillo, and again an adverse verdict was rendered by the court. ∗THSA appealed to the Supreme Court and was granted a hearing. The Hearing was deld on December 10, 2014 and we are hopeful the lower court verdicts will be overturned. ∗Funds ∗Repair and Replacement and Debt Service Reserves Funds are fully funded. ∗A & B P&I Funds are fully funded. C & D are not funded. Update to Financial Outlook Report ∗Town Lake at Austin ∗Consists of 216 Units/648 Beds ∗Financed with A-1 and A-2 bonds ∗Occupancy for 2013-14 is 98.6% ∗net cash flow did not cover debt services ∗Funds ∗Repair and Replacement balance is $40,578 ∗Debt Service Reserve balance is $40,795 ∗A-2 bonds are not being paid ∗Bot A-1 and A-2 bonds had been held by Muni Mae, however in 2014 the A1 Bonds were acquired by BA Merrill/BA. Update to Financial Outlook Report ∗The Ridge at Denton ∗Consists of 288 Units/876 Beds ∗Financed with A/B bonds ∗2013-2014 Occupancy was 95.9% ∗2013-2014 net cash flow covers the Senior bond interest and partial subordinates bond interest ∗Funds ∗Repair and Replacement fund is depleted ∗Debt Service Reserve fund balance is $1.62 million ∗The 2014-2015 occupancy rate is projected to be 98.6% Asset Management Fees collected from Asset Campus Housing are deposited in the Authority Account 6 How the Funds Flow. . . Authority Account Rental Account Properties •Cambridge •Town Lake •Ballpark •The Ridge at Denton Asset Campus Housing •Asset Management Fees •Transfers from Rental Account as needed What makes up Authority Account funds: •Incremental Scholarship cost collected from scholarship recipients What makes up Rental Account funds: A portion of the student’s contribution for the incremental scholarship, as well as the payment for full scholarships are paid to the properties from the Rental Account. Property Financials 2013-2014 School Year (unaudited) Cambridge Ballpark Town Lake Denton Revenue $5,851,391 $4,083,385 $3,102,476 $4,644,782 Expense $3,470,895 $1,554,998 $1,364,450 $2,013,242 Trustee Fee 10,000 $5,000 $5,000 $5,000 Cash Flow $2,380,496 $2,528,384 $1,738,026 $2,631,540 Debt Svc – A&B $1,884,000 N/A N/A N/A Debt Svc – C&D $894,540 N/A N/A N/A Debt Svc – A N/A $2,264,644 N/A $2,398,092 Debt Svc – B N/A $192,550 N/A $220,000 Debt Svc – C N/A $330,000 N/A N/A Debt Svc – A1 N/A N/A $1,677,096 N/A Debt Svc – A2 N/A N/A $439,800 N/A 2013-2014 Scholarship Income/Expense Income Expense Cambridge $9,250 $30,100 Ballpark $84,569 $40,800 Town Lake $46,811 $38,400 Denton $59,989 $22,20 Overflow facilities N/A N/A Total $200,619 $131,500