Loading...
HomeMy WebLinkAboutEntrada Project PID Financing presentation 1,5 Town of Westlake Entrada Project PI D Financing Presentation F Presentations from Development & Finance Team y. w Decembers`2013 Jefferies LLC Member SIPC Financing Town Bond Counsel Leroy Crawunder, McCall Town Financial Advisor I Tom Lawrence, Lawrence F Thom PID Financin g Program Coordinator Developer PID Counsel Robert Miklos, Milby PLLC PID SAP Consultant r b�di Yassin Munica r Development Manager Michael Beaty, Blackard Cl Project Engineer Bobby Dollak, C A Consull J Underwriters Counsel Eric Johnson, Andrews & K j ! Jefferies LLC!December 9,2013 2 Proposed PID Debt Structure - Global Overview Land Secured Debt with NO City Guarantee or Liability Special Assessments to secure the annual debt service paymer Debt issue(s) to reflect a 3: 1 Value to Lien (33% loan) _Appraisal to assume bond funded improvements are in place ,--. No other private development is assumed in appraisal Bond Sizing based on independent MAI appraisal Jefferies LLC 1 December 9,2013 3 Debt Issuance Proposal Series 2014 Bonds will be sized at 1/3 the Appraised Value -- If this fully funds all infrastructure, no additional debt issues -- If this sizing is not adequate for 100% of qualified infrastruc Property Owner will fund required balance in cash at bond closing This cash advance will be subject to reimbursement via a parity be when property values have increased Jefferies LLC/December 9,2013 4 Debt Issuance Proposal Future Parity Bond issue will: ­­ Fully reimburse Property Owner 2014 cash advance ----Will be issued as parity (equal senior lien) to the 2014 bond! ,--Will only be issued once substantial development has occurr( property values have increased --An Additional Bonds Test governing the issuance of the parit, will be formulated as a part of the Series 2014 bonds if neCE Jefferies LLC/December 9,2013 cJ Funding Overview Supporting Funding Program One Unique Factor — Second PID to be formed for public infrac maintenance Maintenance PID will fund maintenance of the infrastructure b constructed by the PI D PID Program will fund 100% of the City Staffing & Consultant! PID Financing Program AND maintenance of the public infrast Jefferies LLC/December 9,2013 Next Presentations: N Proj Municipal Marketplace for Well Structured PID DE With 3: 1 Value to Lien and a Strong Location there will be bro; acceptance Anticipate qualifications at all major High Yield Municipal Mutual Funds Anticipate qualification at all major Municipal Private Equity Funds Expect Many Municipal Trust Funds to qualify this financing Major Market Constraints will be the desired call protection Ideal would be 5 year call protection so that debt can be refunded with substa development Many major market participants will call for 10 year call protection Jefferies LLC/December 9,2013 8 Presentation of the Cash-Flows e Reserve Fund Equal to Maximum Annual Debt Service — funde Bond Proceeds 4 Capitalized Interest for the Construction Period Debt Term at Standard 30 years All financing costs funded from the PI D bond issue Hypothetical and conservative 7.5% rate shown in cash-flows Expected average interest rate to be under 7% based on 12/2C market Jefferies LLC/December 9,2013 9 \ - » . «(y � Detailed Cash-Flows Jeff ,ESZ December«32 10 z 0 N Vl N O N W N N t—� W 'c3 P z z N Vl N � O � r w � N � N OQ (D O y O 0 y ¢ FD R H � yyn� ddd �O d �r' z� O O n G cn,-r fZ '"'t i-� O R ro W ° p C T3 v H �, d o� C C R "M ID n rD ruC7 my '� O a ° .-.P.P, a vii' � o r ' �• C. rD P' 0 ° 9 y H Vf n R) .-Y t co r ¢ o rD o o ul LO N w O r Y, N w N p N Co cn w r r OJ Cc Go O CO Co N O V V C)m w00,p W 41 G) OD r O O _C71 O , ,_C/7 ,VI O O P N N N �A O O 0 0 0 0 0 0 p rA 0 lP co 'P tP o) co 0 0000000 cn 0 Q r a) m of N O 0000000 Go p90 V W Go O C) O 0 0 0 0 0 0 0 W O w O O O O 0) O 0000000 4P O P O O O b N ry rD r z 0 C N _G!7 N O N W F-, N LU W 'CS ro ro ro ro rZo n � p o �y �i'ro a ro � n m ¢ rD o G a rD b y p d rt CD rD ti d t7 n n G N N N N Oo GO 1 W W ->� Otv ON V O O 'Cf '` Co W N O O N r, O O 0 0 O ~ O O O O O N t v c O O C O O 00 O r�F-'f O , O tP ,A 4 t-+ c0 O 00 N O O O O O O O O O O O 00 O O O O cc 'd Oq N NET DEBT SERVICE Town of Westlake,Texas 2014 Phase 1 Improvement Area Bonds Period Total Cash-Flow Prepayment Capitalized Debi Ending Principal Interest Debt Service Reserve Reserve Interest Reser Sep 1, 2014 762,666.67 762,666.67 30,506.67 20,337.78 -762,666.67 Sep 1, 2015 2,145,000.00 2,145,000.00 85,800.00 57,200.00 -2,145,000.00 Sep 1, 2016 - 2,145,000.00 2,145,000.00 85,800.00 57,200.00 -172,791.67 Sep 1, 2017 40,000 2,145,000.00 2,185,000.00 85,800.00 57,200.00 Sep 1,2018 75,000 2,142,000.00 2,217,000.00 85,680.00 57,120.00 Sep 1, 2019 115,000 2,136,375.00 2,251,375.00 85,455.00 56,970.00 Sep 1, 2020 155,000 2,127,750.00 2,282,750.00 85,110.00 56,740.00 Sep 1,2021 195,000 2,116,125.00 2,311,125.00 84,645.00 56,430.00 Sep 1, 2022 245,000 2,101,500.00 2,346,500.00 84,060.00 56,040.00 Sep 1, 2023 295,000 2,083,125.00 2,378,125.00 83,325.00 55,550.00 - Sep 1,2024 350,000 2,061,000.00 2,411,000.00 82,440.00 - Sep 1, 2025 410,000 2,034,750.00 2,444,750.00 81,390.00 Sep 1, 2026 480,000 2,004,000.00 2,484,000.00 80,160.00 Sep 1, 2027 550,000 1,968,000.00 2,518,000.00 78,720.00 Sep 1, 2028 630,000 1,926,750.00 2,556,750.00 77,070.00 Sep 1, 2029 715,000 1,879,500.00 2,594,500.00 75,180.00 - Sep 1, 2030 805,000 1,825,875.00 2,630,875.00 73,035.00 - Sep 1, 2031 910,000 1,765,500.00 2,675,500.00 70,620.00 - Sep 1, 2032 1,015,000 1,697,250.00 2,712,250.00 67,890.00 - Sep 1, 2033 1,135,000 1,621,125.00 2,756,125.00 64,845.00 - Sep 1, 2034 1,265,000 1,536,000.00 2,801,000.00 61,440.00 - Sep 1, 2035 1,400,000 1,441,125.00 2,841,125.00 57,645.00 - Sep 1,2036 1,550,000 1,336,125.00 2,886,125.00 53,445.00 - Sep 1, 2037 1,715,000 1,219,875.00 2,934,875.00 48,795.00 - Sep 1, 2038 1,890,000 1,091,250.00 2,981,250.00 43,650.00 - Sep 1, 2039 2,080,000 949,500.00 3,029,500.00 37,980.00 - Sep 1,2040 2,290,000 793,500.00 3,083,500.00 31,740.00 - Sep 1, 2041 2,515,000 621,750.00 3,136,750.00 24,870.00 - Sep 1, 2042 2,755,000 433,125.00 3,188,125.00 17,325.00 - Sep 1, 2043 3,020,000 226,500.00 3,246,500.00 9,060.00 - 28,600,000 48,337,041.67 76,937,041.67 1,933,481.67 530,787.78 -3,080,458.34 -2,1 Nov 25, 2013 12:13 pm z 0 C N Y, N O Y W Y f�6 O N ry ¢ rD rD rt a oZ a rD i f y� 0,ti Ip H !�-t O fP d rD °f G r) dim r7 d C7,rD V)o.' N N n CO n O O O O O O nCi "'d O O m a; Y b NW Mm 00 00 O mN CO CO Wmm 0 ra N�PWOWOO CocnOOOOO N W O Y Y Y 0 0 V O C CO O V V V 0 0 cn � � H A> N N 9 N N rp W W W Vl Y q rh (p rD Vl Vl (p N OG rD iA