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Home My WebLink About26 - NB-1 - Attachment 4 - 11/17/2015Attachment ] C City of Costa Mesa Library/Community Center/Park Improvement Project Funding Options Community 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. Fundine Without Debt: Existing Funds FY 16-17: Park Fees Gas Tax CIP 5% Funds Cap. Facil. 1.5% Funds FY 17-18: Park Fees CIP 5% Funds Cap. Facil. 1.5% Funds FY 18-19: CIP 5% Funds Cap. Facil. 1.5% Funds FY 19-20: CIP 5% Funds Cap. Facil. 1.5% Funds Funds formerly used for 2003 Bonds Total Funding 2. Fundine With Debt Existing Funds Park Fees Gas Tax COP or Bond Financing Total Funding 3. Front -Load one vear to Reduce Debt Existing Funds FY 16-17: Park Fees Gas Tax CIP 5% Funds (partial) Cap. Facil. 1.5% Funds COP or Bond Financing Total Funding 4,000,000 472,000 1,676,201 500,000 4,936,464 650,871 - 1,676,201 1,672,928 3,914,407 1,563,593 4,113, 549 233,536 1,240,250 300,000 112,608 407,392 5,587,335 1,442,665 4,000,000 472,000 300,000 5,587,335 1,676,201 500,000 5,587,335 1,676,201 5,587,335 1,676,201 4,520,941 1,676,201 1,240,250 $ 16,200,000 4,000,000 6,450,000 820,000 7,030,000 $ 34,500,000 4,000,000 4,000,000 472,000 472,000 300,000 300,000 12,200,000 4,000,000 5,978,000 520,000 7,030,000 29,728,000 $ 16,200,000 4,000,000 6,450,000 820,000 7,030,000 $ 34,500,000 4,000,000 4,000,000 472,000 472,000 300,000 300,000 2,793,668 2,793,668 1,676,201 1,676,201 10,523,799 4,000,000 3,184,332 520,000 7,030,000 25,258,131 $ 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 $ 29,728,000 $ 6,823,799 $ 4.500% 4.500% 0.375% 0.375% 30 30 01/01/2017 01/01/2017 $ 150,627 $ 34,575 $ 360 360 $ 24,497,867 $ 5,623,268 $ 54,225,867 12,447,067 1,807,529 414,902 Fire Station 1 Total Estimated Cost Project FY 15-16 Budgeted Funds Net amount needed: Amount of debt needed with FY 16-17 start: Library/NCC/Park Loan amount $ 25,258,131 Annual interest rate 4.500% Monthly interest rate 0.375% Loan period in years 30 Start date of loan 01/01/2017 Monthly payment $ 127,979 Number of payments 360 Total interest $ 20,814,395 Total cost of loan 46,072,526 Annual payment 1,535,751 8,500,000 1,676,201 6,823,799 Attachment 1D Tota I 36,551,799 185,203 30,121,136 66,672,935 2,222,431 Attachment 1E City of Costa Mesa Library/Community Center/Park Improvement Project Debt Repayment Options Early start project Reduced Debt Add Fire Station #1 Annual Payment: $ 1,807,529 1 $ 1,535,7511 $ 1,950,653 Repayment Options: Capital Funds (1) 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 Occupancy 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