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Home My WebLink About- SS-1 - Attachment 4 - 10/13/2015Attachment 1 C City of Costa Mesa 4,000,000 4,000,000 Library/Community Center/Park Improvement Project 472,000 Funding Options Gas Tax 300,000 300,000 COP or Bond Financing Community 4,000,000 5,978,000 520,000 7,030,000 ; 29'728 0, 00 Library Center Park Street Front Other Total Estimated Cost $ 16,200,000 4,000,000 6,450,000 820,000 7,030,000 $ 34,500,000 1. Funding Without Debt: Existing Funds 4,000,000 Existing Funds 4,000,000 4,000,000 FY 16-17: Park Fees 472,000 Park Fees Gas Tax 472,000 300,000 472,000 Gas Tax CIP 5% Funds (partial) 300,000 300,000 CIP 5% Funds Cap. Facil. 1.5% Funds 1,676,201 5,587,335 5,587,335 Cap. Facil. 1.5% Funds 1,676,201 10,523,799 4,000,000 3,184,332 520,000 1,676,201 FY 17-18: Total Funding $ 16,200,000 4,000,000 6,450,000 820,000 7,030,000 $ Park Fees 500,000 500,000 CIP 5% Funds 4,936,464 650,871 5,587,335 Cap. Facil. 1.5% Funds - 1,676,201 1,676,201 FY 18-19: CIP 5% Funds - 1,672,928 3,914,407 5,587,335 Cap. Facil. 1.5% Funds - 1,563,593 112,608 1,676,201 FY 19-20: CIP 5% Funds 4,113,549 407,392 4;520,941„ Cap. Facil. 1.5% Funds 233,536 1,442,665 1,676,201 Funds formerly used for 2003 Bonds 1,240,250 1,240,250 Total Funding $ 16,200,000 4,000,000 6,450,000 820,000 7,030,000 $ 34,500,000 2. Funding With Debt: Existing Funds 4,000,000 4,000,000 Park Fees 472,000 472,000 Gas Tax 300,000 300,000 COP or Bond Financing 12,200,000 4,000,000 5,978,000 520,000 7,030,000 ; 29'728 0, 00 Total Funding $ 16,200,000 4,000,000 6,450,000 820,000 7,030,000 $ 34,500,000 3. Front -Load one year to Reduce Debt Existing Funds 4,000,000 4,000,000 FY 16-17: Park Fees 472,000 472,000 Gas Tax 300,000 300,000 CIP 5% Funds (partial) 2,79308 2,793,668 Cap. Facil. 1.5% Funds 1,676,201 1,676,201 COP or Bond Financing 10,523,799 4,000,000 3,184,332 520,000 7,030,000 25,258,131 Total Funding $ 16,200,000 4,000,000 6,450,000 820,000 7,030,000 $ 34,500,000 City of Costa Mesa Library/Community Center/Park Improvement Project Funding Options Simple Loan Calculator Loan amount Annual interest rate Monthly interest rate Loan period in years Start date of loan Monthly payment Number of payments Total interest Total cost of loan Annual payment Library/NCC/Park Fire Station 1 Enter values Attachment 1D Tota I $ 29,728,000 $ 6,823,799 $ 36,551,799 4.500% 4.500% $ 5,623,268 0.375% 0.375% 12,447,067 30 30 2,222,431 01/01/2017 01/01/2017 $ 150,627 $ 34,575 $ 185,203 360 360 $ 24,497,867 $ 5,623,268 $ 30,121,136 54,225,867 12,447,067 66,672,935 1,807,529 414,902 2,222,431 Fire Station 1 Total Estimated Cost Project 8,500,000 FY 15-16 Budgeted Funds 1,676,201 Net amount needed: 6,823,799 Amount of debt needed with FY 16-17 start: Loan amount Annual interest rate Monthly interest rate Loan period in years Start date of loan Monthly payment Number of payments Total interest Total cost of loan Annual payment Library/NCC/Park $ 25,258,131 4.500% 0.375% 30 01/01/2017 $ 127,979 360 $ 20,814,395 46,072,526 1,535,751 City of Costa Mesa Library/Community Center/Park Improvement Project Debt Repayment Options Annual Payment: Repayment Options: Capital Funds (1) Early start project Attachment 1E Reduced Debt Add Fire Station #1 $ 1,807,529 1 $ 1,535,751 $ 1,950,653 1.5% Capital Facilities funds $ 1,676,201 $ 1,676,201 $ 1,676,201 Portion of 5% Capital Improvement Program 131,328 $ (140,450) $ 274,452 Fire Fees TBD Total 1,807,529 1,535,751 1,950,653 CIP Funds remaining for other projects (131,328) - (274,452) (1) Note: would be replaced by $1,240,250 in 2003 COP funds in FY 19-20 Transient Occupancv Tax Current amount at 8% $ 8,000,000 $ 8,000,000 $ 8,000,000 Additional 2% 2,000,000 2,000,000 2,000,000 General or capital funds needed to balance (192,471) (464,249) (49,347) Total 1,807,529 1,535,751 1,950,653 Property Tax FY 14-15 Secured valuation $ 14,671,090,170 Current amount at 15% of the base 1.0% (.0015) 24,700,000 Additional property tax rate 0.0123% 0.0105% 0.0133% OR Number of parcels (resid. & Comm./Indust.) 23,437 23,437 23,437 Annual parcel tax required 77 66 83 Sales Tax Current amount at 1.0% $ 50,000,000 $ 50,000,000 $ 50,000,000 Additional 0.125% 6,250,000 6,250,000 6,250,000 Amount needed 1,807,529 1,535,751 1,950,653 Amount over funded 4,442,471 4,714,249 4,299,347