Agenda 04-15-04COMMUNITY REDEVELOPMENT AGENCY
Workshop Meeting
Thursday, April 15, 2004
6:30 p.m. City Library Program Room
Boynton Beach
I. Call to Order.
II.
Work Shop
A. Cash Flows, Budgets, and Financial Projections for Board Direction.
III. Other Items:
IV. Adjournment.
Any person who decides to appeal any decision of the Community Redevelopment Board with respect to any matter considered at
this meeting will need a record of the proceedings and for such purpose may need to ensure that a verbatim record of the
proceedings is made, which record includes the testimony and evidence upon which the appeal is to be based.
The CRA shall furnish appropriate auxiliary aids and services where necessary to afford an individual with a disability an equal
opportunity to participate in and enjoy the benefits of a service, program, or activity conducted by the CRA. Please contact Douglas
Hutchinson at 561-737-3256 at least twenty-four hours prior to the program or activity in order for the CRA to reasonably
accommodate your request.
7 Members - 4 Yr. terms
COMMUNITY REDEVELOPMENT AGENCY - 2003
LAST NAME FIRST EXPIRES ADDRESS PROFESSIONAL
NAME ASSOC~'ATION
Barretta ]ames 1/10/08 74 BAYTREE LN Architect
,~ BOYNTON BEACH 33436
i-) (561) 740-0041
DeMarco Alexander 6/20/06 1o817 QUAIL COVEY RD Arvida Realty
BOYNTON BEACH 33436 901 N Congress Ave - Ste. B-102
(561) 732-6789 Boynton Beach, FL 33426
(561) 736-2400 Ext. 107
Fax (561) 736-1560
cristale@bellsouth.com
Fenton Don 1/10/06 2556 SW 23RD CRANBROOK DR Edward Jones & Company
.~, BOYNTON BEACH 33436 901 N Congress Avenue, Ste B-101
./ (561) 737-0793 Boynton Beach, FL 33426
(561) 737-1442
Fax (561) 364-1536
Finkelstein Larry 1/10/05 LAMAR REALTY CORPORATION Lamar Realty Corporation
114 N FEDERAL HWY, STE 202 114 N Federal Hwy., Ste 202
~ BOYNTON BEACH 33435 Boynton Beach, FL 33435
,,,/ (561) 736-9790
t Fax (561) 423-2432
Ifgi@aol.com
Fisher Charles 6/20/04 8069 STIRRUP CAY COURT Image Solutions
BOYNTON BEACH 33436 Boynton Beach, FL
A (561) 364-8717
c.m.fisher~att, net
Heavilin Jeanne 1/10/05 PO BOX 3693 (734 NE 9TM AVE) Sailfish Realty
BOYNTON BEACH 33424 532 E Ocean Avenue
£'~ (561) 731-4474 Boynton Beach, FL 33435
/ ? (561) 738-6613
Chair t Fax (561) 738-7911
jheavilin@msn.com
lillman Henderson 1/10/05 54 BENTWATER CIR Spanish River High School
BOYNTON BEACH 33426-7646 5100.log Road
./~,~ (561) 965-6776 Boca Raton, FL 33496
Vice
Chair
(561) 241-2200, Ext. 2540
S:\CCXWP~BOARDS\LISTS\CRA Board.doc - bg - 04/15/2004
Memo:
To: CRA Board
From:
Douglas Hutchinson, CRA Executive Director
Re: Boynton Beach Boulevard Extension, Promenade and Riverwalk
Design and Probable Project Cost
Date: March 1, 2004
The CRA Director, Jonathan Ricketts and Dennis Haynes have worked all week to go
over the Boynton Beach Boulevard Project which included a major design change for
the Promenade construction cross section design that saved about $3,000,000. The
resulting project is actually better as it impacts less environmental resources. However,
with 100% drawings on the BBB Extension, 30% completed on the Promenade and
30% on the Riverwalk, the cost (excluding additional land costs) is estimated
approximately $18,301,970 or roughly twice the initial concepts (this was a preliminary
cost estimate performed prior to start of design).
The team recommends the project be adjusted by focusing on two elements of the three
and to complete them in a manner that they "stand alone" in finish quality. This
recommendation includes phasing the Riverwalk construction to a later time. However,
the team strongly suggests that the Riverwalk be permitted at this time. The permitting
will clear the way for future construction. The Riverwalk would be reviewed in two or
three years for potential second level debt funding, grants and underwriting along side
the proposed museum.
The team recommends that every effort be made to include "Art Items." The Gateway
elements are not included in the revised $7,237,366 budget (this includes $1,000,000
for land), however, it is felt that the project has potential funds in contingencies and
other miscellaneous items that could cover the 2 sets (BBB and Fed. and BBB Ext. at
4775
Promenade) of Gateway features costing an estimated $295,000 per set. The next
major public element to be considered is the public art at either end of the Promenade.
The center piece art has a budget of $1,500,000 which we propose as being
underwritten from grants and pdvate donations. Other "Public" art would be added as
donors are secured and a system for selection and review is created.
The Promenade project does feature public restrooms, an information kiosk, EMS
equipment storage and a police center (total building size 600 to 800 sq. ft.) at the entry.
A "Day Deck" for fishing, boat drop-off and pick-up and water linkage is proposed at the
Intracoastal. These are key elements to the function of the project as an area for
events, security and public enjoyment.
The project cost backup is presented as two columns; one with the entire project and
the other with team recommendations. Please note that the CRA has paid
approximately $384,000 toward the project to date, therefore, the balance to be spent
reflects these draws; i.e. $7,237,366 total cost - $384,000 paid to date = $6,853,366
plus projected additional land cost of $1,000,000 plus construction management of
$200,000 for a project total of $8,053,366 for the team's alternative proposal and
$18,301,920 total cost - $384,000 paid to date = $17,445,088 plus $1,000,000 for land
and $295,000 for construction management for a total cost of $18,740,088. The team
does not need exact approvals but a direction to proceed.
4776
From:
To:
Project:
Cap Sheet
Updated Through March 1, 2004
Burkhardt Construction, Inc.
1400 Alabama Ave. #20
West Palm Beach, FI. 33401
Att: Dennis E. Haynes
Tel: (561) 659-1400
Fax: (561) 659-1402
Boynton Beach Community Redevelopment Agency
639 East Ocean Ave., Suite #107
Boynton Beach, FL. 33435
Att: Douglas Hutchinson, Director
Tel: 737 - 3256
Fax: 737 - 3258
C.R.A. Project # BBB2003-1, Design Build Procurement
Boynton Beach Blvd. Extension, Promenade And Riverwalk
Cap Sheet Of All Costs
Engineer:
Plans:
Kimley - Horn And Associates, Inc.
4431 Embarcadero Drive
West Palm Beach, FI. 334070
Sheets 1, 9.1, 9.2, 9.3, 9.4, 9.5, 10.1, 10.2, 11.1, 12.1, 12.2, 12.3, 12.4, 12.5, 13.1,
13.2, 13.3, 13.4, 13.5 Dated 01/08/04
Item DescrlpUon. Amount
Subtotal Team Recommendation
Re-Lax Inn Site Improvements
RE.LAX INN SITE IMPROVEMENTS SUBTOTAL
$ 104,752.00
$
104,752.00 $ 104,752.00
Boynton Beach Blvd. Extension Contract Proposal
Boynton Beach Blvd. WeUand Mitigation EsUmata
Boynton Beach Blvd. Extension Architectural Features (Add Alt.)
Boynton Beach Blvd. Undergrounding of FPL Utilities (Add Alt.)
BOYNTON BEACH BLVD EXTENSION SUBTOTAL
$3,028,076.45
$ 400,000.00
$1,057,000.00
$ 550,000.00
5,035,076.45
$2,988,076.45
$200,000.00
$o.oo
$550,000.00
$3,738,076.45
4777
Cap Sheet 1 of 2
Promenade Initial Opinion of Probable Cost
Promenade Wetland Mitigation Estimate
Promenade Architectural Features (Add Alt.)
Promenade Undergrounding of FPL Utilities (Add Alt.)
PROMENADE SUBTOTAL
$1,402,538.35
$
$3,691,000.00
$ 375,000.00
$ 5,468,538.35
$1,402,538.35
$0.00
$1,317,000.00
$375,0O0.00
$3,094,538.35
Rlverwalk Initial Opinion of Probable Cost
Riverwalk Wetland Mitigation Estimate
Rlverwalk Architectural Features (Add Alt.)
RIVERWALK SUBTOTAL
$6,496,603.85
$ 200,000.00
$ 997,000.00
$ 7,693,603.85
$300,000.00
$0.00
$0.00
$300,000.00
TOTAL OPINION OF PROBABLE COST
Currently Approved Contract and Work Authorizations
100% Design/Permitting for Blvd Extension
30% Design/Perrnittlng for Promenade
30% Design/Permitting for Rlverwalk
Re-Lax Inn Site Improvements
Paid to Date
Grand Total of Remaining Balance to be paid
-$856,882.00
-$468,050.00
-$142,040.00
-$142,040.00
-$104,752.00
$384,796.70
$472,085.30
$ 18,301,970.65
$7,237,366.80
GRAND TOTAL REMAINING FOR APPROVAL
$ 17,445,088,65
4778
Cap Sheet 2 of 2
Boynton Beach Blvd Extension Contract
Proposal
Updated through March 1, 2004
From:
Burkhardt Construction, Inc.
1400 Alabama Ave. #20
West Palm Beach, FI. 33401
Att: Dennis E. Haynes
Tel: (561) 659-1400
Fa,,c (561) 659-1402
To:
Boynton Beach Community Redevelopment Agency
639 East Ocean Ave., Suite #107
Boynton Beach, FL. 33435
Att: Douglas Hutchinson, Director
Tel: 737 - 3256
Fa.,c 737 - 3258
Project:
C.R.A. Project # BBB2003-1, Design Build Procurement
Boynton Beach Blvd. Extension, Promenade And Riverwalk
Phase I
Boyonton Beach Blvd Extension
From Federal Highway To Cul De Sac/Promenade Entry
Engineer:
Kimley - Horn And Associates, Inc.
4431 Embarcadero Drive
West Palm Beach, FI. 334070
Plans:
Sheets 1,2.1, 3.1, 4.1, 4.2, 4.3, 5.1, 5.2, 5.3, 6.1, 6.2, 6.3, 6.4, 6.5, 6.6, 7.1,7.2, 7.3, 7.4, 7.5, 8.1
Dated 02/09/04
Sheets 9.1, 9.2, 10.1, 10.2, 11.1, 11.2, 12.1, 12.2, 12.3, 12.4, 12.5, 12.6, 12.7, 13.1, 13.2, 13.3, 13.4,
14.1, 14.2, 14.3, 15.1, 15.2, 15.3, 16.1, 16.2, 16.3, 17.1, 17.2, 18.1, 18.2, 18.3, 18.4, 18.5, 18.6, 18.7,
18.8 Dated 02/06/04
Geotechnical Engineering Services Repot/By Tiera, Dated Nov. 20, 2003
Item Description Quantity Unit Price Amount Team Recommendation
Mobilization/General Conditions
1 Total Includes All Of The Following;
Move-In, Move-Out
Layout & As-Built Drawings
Supervision & Project Manager
Standard Insurance Overhead
Design/Build Insurance
Field Office
Construction Water
Performance & Payment Bond
Testing Costs
Job Toilet
Aerial Progress Phtos
Small Tools
ILS
1 LS
ILS
ILS
ILS
1 LS
ILS
ILS
1 LS
1 LS
1 LS
1 LS
ILS
$ 300,150.00 $300,150.00
$300,150.00 $ 300,150.00
4779
Boynton Beach Blvd Ext Sheet 1 of 5
Maintenance of Traffic
1 Maintenance Of Traffic
1 LS $ 36,120.00
$ 36,120.00 $36,120.00
$ 36,120.00
$ 10,100.00 $10,t00.00
$ 10,100.00
$ 136,316.00 $136,3t6.00
Clearing and Grubbing
Site Clearing Grubbing And Disposal
1 LS $ 10,100.00
Grading
Staked Silt Fence
Excavate & Re-use Overburden
Excavate Organics & Dispose
Roadway Fill/Compaction
Roadway Grading
Excavate/Grade Landscaping Areas
Fine Grading/Final Dressing/Cleanup
1 LS $ 4,625.00
42O0 CY $ 4.45
5300 CY $ 4.40
9760 TCY $ 7.35
1 LS $ 5,880.00
1 LS $ 3,340.00
I LS $ 8,725.00
$ 4,625.00
$ 18,690.00
$ 23,320.00
$ 71,736.00
$ 5,880.00
$ 3,34O.OO
$ 8,725.00
Storm Drainage
P-9 Curblnlet 9 EA $ 2,300.00
C Catch Basin 3 EA $ 2,220.00
Valley Gutter lnlet 2 EA $ 2,300.00
Manhole 2 EA $ 2,220.00
Core Ex~sting Structure ' 2 EA $ 1,680.00
New Top On Exist. St.#SD-I, SD-11 2 EA $ 1,200.00
Exist MH Adjustments 13 EA $ 775.00
French Drain 315 LF $ 110.00
15" HDPE 436 LF $ 55.00
$ 110,865.00 $110,865.00
20,700.00
6,660.00
4,600.00
4,440.00
3,360.00
2,400.00
10,075.00
34,650.00
23,980.00
Subgmde & Base & Asphalt
4" Limerock Base 4075 SY $ 8.55
8" Limerock Base 4945 SY $ 11.30
12" Stabilized Subgrade 5530 SY $ 4.75
Asphalt 314 TON $ 70.50
$ 139,124.25 $139,124.25
$ 34,841.25
$ 55,878.50
$ 26,267.50
$ 22,137.00
Concrete Work
Type "F" Curb & Gutter/Valley Gutter 2224 LF $ 14.00
Type "D" Curb 1620 LF $ 14.00
12" Elliptical Header 578 LF $ 20.00
12" x 6" Footer at Coping 2612 LF $ 20.00
6" Band Curb at Walk 1990 LF $ 20.00
Handicap Ramps W/Tactile Warning Surfac 1 LS $ 10,500.00
Caulk Joints ILS $ 7,600.00
Concrete Pad 280 SF $ 3.50
$ 176,496.00 $176,496.00
$ 31,136.00
$ 22,680.00
$ 11,560.00
$ 52,240.00
$ 39,800.00
$ 10,500.00
$ 7,60O.00
$ 98O.0O
Surface Treatment
Precast Roadway Pavers 16221 SF $ 8.00
Roadway Paver Modifications (U.S.1) 1 LS $ 70,000.00
Precast Sidewalk Pavers 36651 SF $ 4.85
$ 345,083.35 $346,083.35
$ 97,326.00
$ 70,000.00
$ 177,757.35
4780
Boynton Beach BlYd Ext Sheet 2 of 5
Hardscape
1
Tree Pits
Cylindrical Planter Edging
Seat Wails
6' Precast Screen Walls
Retaining Walls
Handrail
40EA
0 LF
420 LF
240 LF
250 LF
250 LF
125.00
225.00
300.00
300.00
160.00
250.00
305,500.00 $305,$00.00
5,000.00
126,000.00
72,000.00
40,000.00
62,500.00
Furnishings
Socrates Bench (Incl. Conc. Pad)
Socrates Cube Benches (Incl. Conc. Pad)
Litter Bin (Includes Conc. Pad)
Removeable Bollards
Lighted Bollards
Modular Bench (includes Conc. Pad)
Persidio Bench (Incl. Conc. Pad)
7 Ea $ 2,060.00
12 Ea $ 850.00
7 Ea $ 1,435.00
2 Ea $ 1,500.00
9 Ea $ 895.00
4 Ea $ 1,735.00
2Ea $ 3,340.00
59,340.00 $ 59,340.00
14,420.00 $14,420.00
10,200.00 $10,200.00
10,045.00 $10,045.00
3,000.00 $3,000.00
8,055.00 $8,055.00
6,940.00 $6,940.00
6,680.00 $6,680.00
Electrical & Street Lighting
Street Lighting Pole #1 (25'Ht.)
Street Lighting Pole #2 (13' Ht.)
Uplighting
Sculpture Lighting
Vendor Power Outlets
Electrical Set, ce Points
Conduit, Wiring, Pull Boxes
Lighted Bollards
12 Ea $ 4,550.00
7 Ea $ 4,250.00
100 Ea $ 800.00
24 Ea $ 800.00
15Ea $ 850.00
3 Ea $ 13,500.00
1LS $121,500.00
5EA $ 1,500.00
$ 365,800.00 $365,800.00
54,600.00 $54,600.00
29,750.00 $29,750.00
80,000.00 $80,000.00
19,200.00 $19,200.00
12,750.00 $12,750.00
40,500.00 $40,500.00
121,500.00 $121,500.00
7,500.00 $7,500.00
Landscaping
Sweet Acacia
Gumbo Limbo Trees
Lignum Vitae
Jatropha
Wild Tamarind
Live Oak Trees
Maghogany
Veitchia Palm Trees
MedJool Date Palm Trees
Florida Royal Palm
7-Gal. Plants/Shrubs
3-Gal. Plants/Shrubs
1-Gal. Plants/Ground Cover/Flowering Plant~
Relocate/Transplant Existing Sabals
Sod
Root Barrier
Planting Soil
Mulch
Fertilizer
Tree Bracing
4 Ea $ 400.00
8 Ea $ 750.00
10 Ea $ 750.00
15Ea $ 600.00
7 Ea $ 725.00
34 Ea $ 550.00
19 Ea $ 600.00
60 Ea $ 350.00
7 Ea $ 4,500.00
19 Ea $ 2,500.00
52 Ea $ 15.00
3485 Ea $ 10.50
2000 Ea $ 7.00
17 Ea $ 175.00
5000 SF $ 0.40
1450 LF $ 11.00
750 CY $ 30.00
100 CY $ 30.00
1 LS $ 2,000.00
1LS $ 5,000.00
$ 264,072.50 $264,072.50
1,600.00
6,000.00
7,500.00
9,000.00
5,075.00
18,700.00
11,400.00
21,000.00
31,500.00
47,500.00
780.00
36,592.50
14,000.00
2,975.OO
2,000.00
15,950.00
22,500.00
3,000.00
2,000.00
5,000.00
4781
Boynton Beach Blvd Ext Sheet 3 of 5
Irrigation
Piping, Main Lines, Zone Lines & Heads
Valves, Controller & Time Clock
Electrical Service/Connection
Water Service/Connection
1 LS
1 LS
1 LS
1 LS
17,500.00
6,500.00
4,000.00
2,500.00
$ 30,500.00 $30,500.00
$ 17,500.00
$ 6,500.00
$ 4,000.00
$ 2,500.00
Building Features
Trolley Shelters
1 Ea
$ 40,000.00
$ 40,000.00 $0.00
$ 40,000.00 $0.00
$ 6,950.00 $6,950.00
$ 3,200.00
$ 3,750.00
$ 10,500.00 $10,$00.00
$ 7,500.00
$
$
$ 3,000.00
$ 250,000.00 $250,000.00
$ 250,000.00
$ 441,159.35 $44t,159.35
$ 441,159.35
Signing & Striping
Striping
Signage
Signalization Modifications ~ U.S.# 1
I Mast Arm Poles (Paint Exist. Poles)
I ControJler Cabinets
1 Widng and Electrical Connection
Loop Detectors
Contingency
10% Of Construction Value
Deslgnl Permit Fees
Design/Permits
1 LS
ILS
1 LS
0 LS
0 LS
ILS
1 LS
1 LS
$ 3,200.00
$ 3,750.OO
$ 7,500.00
$ 30,000.00
$ 5,500.00
$ 3,000.00
$250,000.00
$441,159.35
~AL CONSIDERATIONS
Wetland Mitigation
Wetland Mitigation Estimate
Architectural AJtsmate Impmvementa
Architectural Entry Feature
Landmark Architectural Feature
Subtotal Contract Value $3,028,076.45. $2,988,076.45
1 LS $400,000.00
Wetland Mitigation Subtotal
1 EA $295,000.00
1 F_A $762,000.00
$ 400,000.00 $200,000.00
$ 400,000.00 $200,000.00
$1,057,000.00 $0.00
$ 295,000.00 $0.00
$ 762,000.00 $0.00
$ 550,000.00 $550,000.00
$ 550,0O0.00
Electrical Undergroundlng Altsmate Improvements
Undergrounding for FPL Utilities
1 LS $550,000.00
Altamate Improvements Subtotal
Total Considerations
$1,607,000.00 $550,000.00
$5,035,076.45 $3,738,076.45
4782
Boynton Beach Blvd Ext Sheet 4 of 5
Special Provisions
Price Is For Extension Of Boynton Beach Blvd. From Federal Highway To Cul-De-Sac/Entry To
Promenade Only.
Alternates Include Cost Of Custom Architectural Features Such As; Gateway Entry Features,
and Landmark Architectural Features.
Price Does Not Include Costs Associated With City Utility Installations Within The RAN
Alternate Price Includes Relocation Or Undergrounding Of Franchise Utilities. Upon Receipt
Of F.P.L./Beil South Design O.P.C. Shall be Prepared.
Price Does Not Include Temporary Improvements For "Relax-Inn" Site Or Temporary Construct/on
Access Road. See Separate Proposal For These Items.
All Items Noted "1" In The Left Margin Were Modified As A Result Of Budget Discussions 2/23/04
Alternate Improvement totals include Mobilization/General Conditions/Permiting/and Design/Build fees
4783
Boynton Beach Bird Ext Sheet 5 of 5
Promenade Initial Opinion Of Probable Cost
Updated Through March 1, 2004
From:
Burkhardt Construction, Inc.
1400 Alabama Ave. #20
West Palm Beach, FI. 33401
Att: Dennis E. Haynes
Tel: (561) 659-1400
Fa~c (561) 659-1402
To:
Boynton Beach Corn m unity Redevelopment Agency
639 East Ocean Ave., Suite #107
Boynton Beach, FL. 33435
Att: Douglas Hutchinson, Director
Tel: 737 - 3256
Fa)c 737 - 3258
Project:
C,R./L Project # BBB2003-1, Design Build Procurement
Boynton Beach Blvd. Extension, Promenade And Riverwalk
Phase II
Promenade
Engineer:
Plans:
Kimley - Horn And Associates, Inc.
4431 Embarcadero Ddve
West Palm Beach, FI. 334070
Sheets 1, 9.1, 9.2, 9.3, 9.4, 9.5, 10.1, 10.2, 11.1, 12,1, 12.2, 12.3, 12.4, 12.5, 13.1, 13.2, 13.3, 13.4,
13.5 Dated 01/08/04
Item Description Quantity Unit Price Amount Team Recommendation
Mobilization/General Conditions
1 Mobilization/General Conditions
$ 150,000.00 $ 150,000.00
1 LS $150,000.00 $ 150,000.00
Maintenance of Traffic
None Required
$
15,000.00 $ 15,000.00
Clearing and Grubbing
Site Clearing Grubbing And Disposal
$
1 LS $ 15,000.00 $
15,000.00
Grading
Roadway Grading 1 LS
Unsuitable Subsoil Excavation & Removal 3000 CY
Roadway Fill/Compaction ILS
Excavation For Landscaping ILS
Fine Grading 1 LS
Final Dressing/Cleanup ILS
32,500.00
7.50
50,000.00
5,000.00
3,500.00
7,000.00
120,500.00 $ 120,500.00
32,500.00
22,500.00
50,000.00
5,000.00
3,500.00
7,000.00
4784
Promenade Sheet 1 of 4
Water & Sewer Utilities
1 Water & Sewer Utilities
$ 75,000.00 $ 75,000.00
1 LS $ 75,000.00 $ 75,000.00
Subgrade & Base & Asphalt
8" Limerock Base
12" Stabilized Subgrade
Geotextile
Concrete Work
12" Header Curb
Color Concrete
Standard Gray Concrete
6" Band w/Salt Rock Finish
5867 SY $ 11.30
5867 SY $ 4.75
16500 SF $ 0.50
$
820 LF $ 20.00 $
380 LF $ 25.00 $
1200 SF $ 3.50 $
1320 LF $ 20.00 $
102,415.35 $ 102,415.35
66,297.10
27,868.25
8,250.00
56,500.00 $ 56,500.00
16,400.00
9,500.00
4,200.00
26,400.00
Surface Treatment
I Precast Sidewalk Pavers
7500 SF $ 6.00
45,000.00 $ 45,000.00
45,000.00
Site Retaining Walls
Retaining Walls
$
330 LF $ 225.00 $
74,250.00 $ 74,250.00
74,250.00
Furnishings
Socrates Bench
Socrates Cube
Litter Bin
Handrail
Architectural Features
See Separate Cost Proposal
$
14 Ea $ 2,060.00 $
2 Ea $ 850.00 $
3 Ea $ 1,435.00 $
330 LF $ 250.00 $
117,345.00 $ 117,345.00
28,840.00 $ 28,840.00
1,700.00 $ 1,700.00
4,305.00 $ 4,305.00
82,500.00 $ 82,500.00
$ $
182,400.00 $ 182,400.00
Electrical & Street Lighting
Street Lighting Pole #1 (25'Ht.)
Uplighting
Electrical Service Points
Conduit, Wiring, Pull Boxes
$
6 Ea $ 4,550.00 $
12 Ea $ 800.00 $
3 Ea $ 13,500.00 $
ILS $105,000.00 $
27,300.00
9,600.00
40,500.00
105,000.00
Landscaping
1
Additional Landscaping Allowance
Crepe Myrtle
Purple Crinum Lily
Indian Hawthorn
Sod
Root Barrier
Planting Soil
Mulch
Fertilizer
1LS $ 65,000.00
12 Ea $ 30.00
12 Ea $ 30.00
172Ea $ 12.00
5000 SF $ 0.40
250 LF $ 11.00
30 CY $ 3O.0O
7 CY $ 30.00
ILS $ 200.0O
73,844.00 $ 73,844.00
65,000.00 $ 65,000.00
350.00 $ 360.00
360.00 $ 360.00
2,064.00 $ 2,064.00
2,000.00 $ 2,000.00
2,750.00 $ 2,750.00
900.00 $ 900.00
210.00 $ 210.00
200.00 $ 200.00
4785
Promenade Sheet 2 of 4
Irrigation
Piping, Main Lines, Zone Lines & Heads
Valves, Controller & Time Clock
Electrical Service/Connection
Water Service/Connection
$ 17,000.00 $ 17,000.00
I LS $ 7,500.00 $ 7,500.00
1 LS $ 3,000.00 $ 3,000.00
1 LS $ 4,000.00 $ 4,000.00
I LS $ 2,500.00 $ 2,500.00
Building Features
See Separate Cost Proposal
$ $
160,000,00 $ 160,000.00
Contingency
1 15% Of Construction Value
$
1 LS $160,000.00 $
160,000.00
Design/Permit Fees
Design/Permits
1 LS $ 213,284.00
$ 213,284.00 $ 213,284.00
$ 213,284.00
Subtotal Promenade
Wetland Mitigation
I See Separate Cost Proposal
ADDITIONAL CONSIDERATIONS
ILS $0
Wetland Mitigation Subtotal
Architectural Alternate Improvements
Multi-Use Restroom/Ticket Booth/E.M.S./S~
Storage Bldg.
Canopy Shade Structure
Day Dock
Architectural Entry Feature
Landmark Architectural Feature
1 LS $ 375,000.00
4 LS $173,000.00
1 LS $ 250,000.00
I EA $ 295,000.00
1EA $ 762,000.00
$ 1,402,538.35 $ 1,402,538.35
$ $
$ $
$ $
$ 3,691,000.00 $ 1,317,000.00
$ 375,000.00 $ 375,000.00
$ 692,000.00 $ 692,000.00
$ 250,000.00$ 250,000.00
$ 295,000.00$
$ 762,000.00$
Electrical Undergrounding Alternate Improvements
Undergrounding for FPL Utilities
$ 375,000.00 $ 375,000.00
1 LS $375,000.00 $
Alternate Improvements Subtotal $
Total Considerations $
375,000.00
4,066,000.00 $ 1,692,000.00
5,468,538.35 $ 3,094,538.35
Special Provisions
Alternate Price Includes Cost Of Custom Architectural Features Such As; Gateway Entry Features,
Sculptural Art Displays Or Landmark Architectural Features.
Alternate Price Includes Relocation Or Undergrounding Of Franchise Utilities. Upon Receipt
Of F.P.L./Bell South Design O.P.C. Shall be Prepared.
Price Does Not Include Temporary Improvements For "Relax-Inn" Site Or Temporary Construction Access
Road, See Separate Proposal For These Items.
All Items Noted "1" In The Left Margin Were Modified As A Result Of Budget Discussions 2/23/04
4786
Promenade Sheet 3 of 4
5 Alternate Improvement totals include Mobilization/General Conditions/Permiting/and Design/Build fees
4787
Promenade Sheet 4 of 4
Riverwalk Initial Opinion Of Probable Cost
Updated Through March 1, 2004
From: ·
Burkhardt Construction, Inc.
1400 Alabama Ave. #20
West Palm Beach, FI. 33401
Att: Dennis E. Haynes
Tel: (561) 659-1400
Fa,,c (561) 659-1402
To.'
Boynton Beach Community Redevelopment Agency
639 East Ocean Ave., Suite #107
Boynton Beach, FL. 33435
Att: Douglas Hutchinson, Director
Tel: 737 - 3256
Fa~ 737 - 3258
Project:
C.R.A. Project # BBB2003-1, Design Build Procurement
Boynton Beach Blvd. Extension, Promenade And Riverwalk
Phase III
Riverwalk
Engineer:
Plans:
Kimley - Horn And Associates, Inc.
4431 Embarcadero Drive
West Palm Beach, FI. 334070
Sheets 1, 9.1, 9.2, 9.3, 9.4, 9.5, 10.1, 10.2, 11.1, 12.1, 12.2, 12.3, 12.4, 12.5, 13.1, 13.2, 13.3, 13.4,
13.5 Dated 01/08/04
Item Description Quantity Unit Price
Amount Team Recommendation
Mobilization/General Conditions
Mobilization/General Conditions
Maintenance of Traffic
None
$ 550,000.00 $
ILS $ 550,000.00 $ 550,000.00
$ $
$
$ $ .
$ t52,500.00 $
Clearing and Grubbing
None
Grading/Rock Revetment
Rock Revetment
Final Dressing/Cleanup
1 LS
1 LS
$ 150,000.00
$ 2,500.00
$ 150,000.00'
$ 2,500.00
4788
Riverwalk Sheet 1 of 3
Storm Drainage
None
$ $
$
- $
Subgrade & Base & Asphalt
None
0 SY $
$
5.00 $
Concrete Work
Standary Gray Concrete
12" Color Concrete Header w/Salt Rock Finish
1 Concrete Riverwalk Pier Structure (Built In
Conjunction With Balance Of Project)
Surface Treatment
Precast Sidewalk Pavers
10192 SF
722 LF
1 LS
$ 3.00
$ 20.00
$ 3,500,000.00
7365 SF $ 5.50
$ 3,545,016.00 $
$ 30,576.00
$ 14,440.00
$ 3,500,000.00
40,507.50
40,507.50
387,025.00
18,655.00
60,120.00
308,250.00
411,000.00
Hardscape
None
Furnishings
Lifter Bin (Incl. Conc. Pad)
Presidio Bench (Incl. Conc. Pad)
Handrail (Alt. Design)
Architectural Features and Sculpture
See Separate Cost Proposal
13 Ea
18 LF
2466 LF
1,435.00
3,340.00
125.00
Electrical & Street Lighting
Street Lighting Pole #1 (25'Hr.)
Architectural features Lighting
Vendor Power Outlets
Electrical Service Points
Conduit, Widng, Pull Boxes
14 Ea
2 LS
40 Ea
3 Ea
ILS
$ 4,750.00
$ 50,000.00
$ 850.00
$ 13,500.00
$ 170,000.00
$ 66,500.00
$ 100,000.00
$ 34,000.00
$ 40,500.00
$ 170,000.00
Landscaping
None
$ $
4789
Riverwalk Sheet 2 of 3
Irrigation
None
$ $ -
$ $
$ $
$
Building Features
None
Signing & Striping
None
Contingency
1 15% Of Construction Value
$ 765,000.00 $
1 LS $ 765,000.00 $ 765,000.00
Design/Permit Fees
Design/Permits
$ 646,555.35 $ 300,000.00
I LS $ 645,555.35 $ 645,555.35
Wetland Mitigation
Wetland Mitigation Estimate
Alternate Improvements
Canopy Shade Structure
Subtotal Rlverwalk
ADDITIONAL CONSIDERATIONS
I LS $ 200,000.00
Wetland Mitigation Total
$ 6,496,603.85 $ 300,000.00
$ 200,000.00 $
$ 200,000.00
$ 200,000.00
$ 997,ooo.oo $
1 LS $ 997,000.00 $ 997,000.00
Alternate Improvements Total $ 997,000.00 $
Total Considerations $ 7,693,603.85 $
300,000.00
Special Provisions
Price Is For Riverwalk Construction Only. Price representative
of 30% drawings for Promenade/Riverwalk.
Alternate Pdce Includes Cost Of Custom Architectural Features Such As; Gateway Entry Features,
Sculptural Art Displays Or Landmark Architectural Features.
Price Does Not Include Costs Associated With City Utility Installations Within The PJW
Price Does Not Include Temporary Improvements For "Relax-Inn" Site Or Temporary Construction Access
Road. See Separate Proposal For These Items.
All Items Noted "1" In The Left Margin Were Modified As A Result Of Budget Discussions 2/23/04
4790
Alternate Improvement totals include Mobilization/General Conditions/Permiting/and Design/Build fees
Riverwalk Sheet 3 of 3:
· · · · · ·
I
el. ml
el. mi
0
Draft
PRELIMINARY
CAPITAL FUNDING AND INVESTMENT OPTIONS
PREPARED FOR THE
BOYNTON BEACH COMMUNITY REDEVELOPMENT
AGENCY
BEACH
APmL 12, 2004
RB.C
Da~n Rauscher
Draft
As Financial Advisor to the Boynton Beach Community Redevelopment Agency (the "CRA"), RBC Dain
Rauscher (" RBC Dain") was asked to review the capital funding and inveslment options available to the CRA.
Specifically, we were asked to review the following areas related to developing the CRA's Capital Plan:
· Capital Funding Options
· Short-term and long-term funding options for projects utilizing projected cash available and
potential debt financings
· Debt capacity over thc next six years based upon the CRA's current budget
· Financing alternatives if debt is considered
· Investment Options
· Cash management
· Short-term investments
Following is a preliminary discussion of these alternatives utili2ing the information provided to us by the CRA.
Based on policy guidance fi'om the CRA on short-term vs. long-term funding preferences, a more detailed
analysis and specific recommendations will be provided.
T,~x INCREMENT PROJECTIONS
The CRA's Budget Projections include projections for the current year's budget, FY 2004/2005, and
projections for the next 5 years, FY 2005/2006 through FY 2008/2009. The CRA's tax increment projections
are stmmiariz~ as follows:
CRA BUDGET PROJECTIONS
TAX INCREMENT VALUE PROJECllONS
Curre~t
FY 2003/2OO4
NEW CONSTRUC'T1ON PROJECTS
Marano Bay - Southern Buildeca $
S~ulhem 8uiktm* fi2 ( South Fedend
Marirm Village
Arches
The Harbora
MLK Village
Tuscany 24,000,000
Kenaington
Villa Del So~ 16.000.000
Misc. Projects 3~828~460
TOTAL GONSIRIt~TION INCREASE $
TIF APPRECIATION % 11%
PRIOR YEAR'S VALUATION $ 407.644.247
31F APPREClA31ON INCREASE $ 44,540.1~7
CURRENT 'llF INCREMENT 11517381078
NEW PROJECTED INCRF:MEN1' $
T1F iNCOME P~K)JECtlONS
Cit3t of Boynton Beech $ 1.575.243
Peim Beach County ~ 9,24,333
TOTAL GROSS TIF I~-'VENUE $ 2.499.576
NET TIF · 95% $ 2.374.~9~
Yem I Y~lr 2 Y~m 3 Year 5
2004/200S 21X~/200~ 200~2~)? ~
$ 6,600,G00 S S $
2.500.000 10.000.000
2007/2~
$
~5,000,000
2.000.000
2.000.000 2.000.000 2.000.000 2.000.000 1.000.000
21000,000 2,000,000 2,000,000 2,0004000
18A00,000 S 20,500,OGO S 24,000,04)0 S M, SO0,O00 $
8% 4% 4% 4% 4%
497,313.574 $ 5~5,688,~60 $ 598,4L~,~07 $ ~t~,,3B3.671 $ 758,718,218
3e,'t~a~ s ~,~,7,~ s =3,~?,~4 s m~,a.n4,547 s
263,792,4~ S 306,S20,43~ S 354.4S7.5Q2 S 4~,812,0# $ S87,M0,777
2.004,823 S 2.329.555 $ 2,~93,8T/ $ 3,547,772 $ 4,466,222
11187,066 ~ 11579,342 $ 1.59S.0S9 ~; 2,100,654 $ 2T644,473
3.191.889 $ $.70~,897 $ 4,288.936 $ 5,648,426 $ 7,110.69~
3,03~,~ S 3, S23,4~2 $ 4,O74,489 $ S, 3~,004
TaM!
75.000.000
10.000.000
10.000.000
75.OOO.OOO
12.000.000
10.000.000
30.000.000
13,828,460
6%
186,994,239
11'~73~T078
16.617.492
9,830,928
26.448.419
26,126,e~e
l)ain U..~,
Draft
The CRA's historical tax increment revenue growth is summarized in the following table:
Boynton Beach CRA Assessed Value
Final Base Year Statutory
Taxable Taxable Reduction Millage Rates Available
Year Valuation Valuation Increment Factor ¢.95~ Countv Citv Incremen~
1989/90 $ 39,466,737 $ 25,024,468 $ 14,442,269 $ 13,720,156 13.3770 183,535
1990/91 74,997,745 59,767,752 15,229,993 14,468,493 13.7957 199,603
1991/92 77,257,229 59,767,752 17,489,477 16,615,003 12.3051 204,449
1992/93 73,396,553 59,767,752 13,628,801 12,947,361 4.3178 7.9518 158,859
1993/94 70,614,592 59,767,752 10,846,840 10,304,498 4.3278 7.9518 126,535
1994/95 71,929,663 59,767,752 12,161,911 11,553,815 4.2931 7.9251 141,167
1995/96 73,498,930 59,767,752 13,731,178 13,044,619 4.2177 7.9251 158,398
1996/97 74,712,938 59,767,752 14,945,186 14,197,927 4.2358 7.9251 172,660
1997/98 75,719,530 59,767,752 15,951,778 15,154,189 4.6000 7.9251 189,808
1998/99 78,410,383 59,767,752 18,642,631 17,710,499 4.6000 7.8160 219,894
1999/00 81,928,346 59,767,752 22,160,594 21,052,564 4.6000 7.8160 261,389
2000/01 317,835,353 291,906,169 25,929,184 24,632,725 4.6000 7.8160 305,840
2001/02 372,405,731 291,906,169 80,499,562 76,474,584 4.5500 7.8160 945,685
2002/03 407,644,247 291,906,169 115,738,078 109,951,174 4.5000 7.6000 1,330,409
2003/04 511,268,089 291,906,169 219,361,920 208,393,824 4.5000 7.5000 2,500,726
Average % Change
% ~han~g
*
* 2%
-22%
-20%
12%
12%
9%
10%
16%
19%
17%
209%
41%
**
29%
* Combined millages of several agencies before determined to be exempt (Children's Services, Health Care)
** Preliminary Evaluations
The projections for future tax increment growth appear to be conservative given the CRA's recent history.
However, in FYE 1992, the CRA experienced only 2% growth and in FYEs 1993 and 1994, the CRA
experienced significant losses in incm-nent revenues of-22% and -20°,4 respectively. Due to the inherent
economic vulnerability of tax increment revenues, the CRA must be extremely cautious in beginning the
construction of capital projects which require future growth for funding. Any such projects should be planned
in phases so that if growth does not occur or is delayed, the current phase of the project has sufficient funds to
complete construction and stand on its own.
CAPITAL FUNDING OPTIONS
Utilizing the Budget Projections provided by the CRA, RBC Dain reviewed the following potential funding
scenarios for CRA capital projects:
1. Cash Only
2. Short-term Financing Through Bank Line of Credit
3. Long-term AAA-Rated, Insured Debt Financing in FY 2004/2005 (Backup City Pledge)
4. Long-term Non-Rated Debt Financing in FY 2004/2005 (No Backup City Pledge)
A comparison of the costs and benefits associated with each scenario is provided below.
RBC
Draft
Scenario
Interest lncmne md Expenses ~or
~ ¥~ar l~o~ectfon Period
Lowest Tatlet Endin~
~ Net Fund Balance Reserve
Amount of Annual Debt Finencing Term of Interest Interest Incomo/ During 5 Ye~ ($ Year
Borrowln~) Service Cost (°4) Financing lncmnem Expense (Expense) Periodm Period)
CashO~d¥ $ $ - $ (2~3,520) $ - $ (283,520) $ (6,085,120) $ ~,9o4,432
~ of Credit 6,102,300 Varies 3.80% 5 Ye~s 3d 1,896 675,737 (313,840) 22 2,844,112
Debt w/Back-up
Pledge 6,975,00/] 570,000 4.85% 20 Years 770,604 1,490,/]61 (719,457) 2,528 %977,753
Non-Rated Debt
(No Back-up
Pledge)
7,175,000 660,000 6.31% 20 Years 7°/4,483 2,136,900 (1,342,417) 5,102 %745,1°/8
At the CRA's request, we analyzed the funding needs on a quarterly basis assuming level quarterly project
draws. This assumption will need to be refined once the projects are determined to account for the actual
required project draws. The scenarios are depicted on an annual basis in this discussion for ease of comparison
and the quarterly detail for each scenario is included as Appendix A.
RBC Dain recommends that the CRA establish a ~u'get fund balance policy to maintain a fired balance of at
least 20% of the prior years' tax increment revenues. This is a conservative target fund balance, as most
governments target a fund balance of 10% of the prior year's revenues. The target fund balance was considered
in each of these scenarios, which are summarized below.
I. Cash Only
Based upon the revenue, expense and other assumptions in the CRA's Budget Projections, fimding all of the
projects in cash alone results in significant annual deficits beginning in FY 2004/2005. This scenario is
illustrated on the following page.
gRBC
I)ain ra,,,{ I~er
I
~ §, oo
Z
Ill
I11
__.
°° §~
· otrethoos lxou Otll m. [.rm, op Jolea~ m. possnos!p am suo.tlmop!suoo qonS 'amlnj Otll m. ~uoumo. nAuo
olin m~alm. JO~.rq ~m. sxo.~oq o; p~.nlrm m.. ptm sloo.fold spp~ V/t9 oql J! ~Im. olin ~sa. tolm. ol V}ID Otll sloo.fqns
OSl~ ~I 'splo!,~ ~o1 ,qWo.uols.at jo ou~. s.atl i~n. p suo.n.tpuoo lo~nu ~uatmojo o~treAp~ o~[m ol V}ID otIl a~O[l~
~ou soop ~. 'slsoo lsoJolm. ~uatmo ~ .ms.ms.ms.ms.ms.msg~qoom 8u~. o. uoq tmol-l~oqs 'olin olq~., n ~ ~ .ur.~.l~n OlglA~
(sim. od s!s~ 09 snld ltOflI'-I ,(~O-0[Jo o~aoA~ ,rook g) Jabrm~l p~ £ ~A ~ %0I'~
(s~..od s!s~q 09 mid }I0~II'I ,~0-0£ Jo ~aA~ :n~,(~) Z ~rOX m. %09'£
(s;~od s!s~q 09 mid ~IOfll~I ~3-0£Jo ~.n~,~ £) I ~eaX ~ %Og'Z
:~ .U~OllOJ oql uo pornI am suo.tldumss~ lsoa lsa~lm, oq, L 'o~ld
dmlcmCi * moql.~ l.rlxua jo om.I ~ saumss-e ommoas .spLL 'slsoa lsa~u! ~~ al.rq~ o.tmuaas ~luO qs~D
at9 ~ s~t.o§op ~o[j qs~o oql are~.~.nu o; l.qxuo jo om.i ~lutq ~ qgno~ :~m. otreutj uum-~oqs ~ paz~tuut oso~
;!paJDjo auvI ~[u;qt qanoJql, au!au~u!d mlal-;aoqs 'Z
,(lluom..,Clu&.s a~o¥ ol pa~u plnom o%qp. unf qans '.ta,~,~o¥ '~luo qs~ moxj slvo.fo~d qans punj o; paqs.t~
~! j! saoo.fo~d ~ O00'OOL"9I $ XlamU~X. o~dd~ punj ol olq~ ~q plnOA~ Vd:) a~ 'suo.~dumsve luauno uo
g°gggg~, g~
Draft
3. LonR-term AAA-Rated, Insured Debt in FY 2004/2005 (Backup City Pledge)
Due to the current extremely low interest rate environment, many governments are preserving portions of their
cash for future financial flexibility and borrowing at current low yields for capital projects. The Bond Buyer
Revenue Bond Index, which is composed of bonds rated "A l"with a 30-year maturity, is currently at 5.0% and
has averaged 6.8% over the past 20 years. In addition to current low yields, longer-term financing for capital
projects more equitably spreads the cost of improvements with longer average lives over the future taxpayers
who will be enjoying the benefits of such projects. Following are charts which illustrates interest rate trends
over the past 20 and 25 years.
Historical Long-Term Interest Rates
14.0
~2.o
10.0
6.0
4.0
0.0 4
Bond B~'er Revenue Bond Index Bond Buyer Rev Index Average (6.8%)
Ilo-Year US Trealury R~te~ (Paat 2~ y~am)l
-- H~-todcal f O Yr Tmasu~ -- Cun~nt l~e A v~ Ra~ . ~
RBC
l raft
Over the past 25 years, the benchmark 10-Year US Treasury yield has been below current yields only 5.14% of
the time. Furthermore, the majority of the inslances that the 10-Year Treasury yield has been below the current
yield have occurred over the past year.
Locking in today's low yields removes the interest rote risk present if the CRA utilizes it's cash for projects
today and determines that it needs to borrow for additional projects in the future.
This scenario assumes that the CRA issues AAA-rated, insured bonds with a backup pledge of City revenues
and a 20-year amortization. We utilized an interest rate of 4.63%, which is current market rates plus 50 basis
points. If the CRA were to issue such bonds today, the interest rate would be 4.13%.
The debt issue is sized at a minimum borrowing amount to ensure adequate target fund balance on a qtmaerly
basis. Based on the amount of borrowing, for which a bond issue is typically more cost-effective, the sizing
also assumes the fimding of a cash funded debt service reserve fund in the amount of maximum annual debt
service. This debt service reserve fund is required by investors in a bond financing and typically is able to earn
interest at the borrowing cost over the life of a borrowing. If the CRA were to issue long-term debt through a
bank loan, this debt service reserve fired would not be required. The maximum debt capacity of this scenario
based on current assumptions is approximately $17 million in proceeds for projects.
This long-term debt scenario with a backup City pledge is summarLzed on the following page.
RBC
Draft
4. Lone-term Non-Rated Debt Financing in FY 2004/2005 (No Backup City Pledge)
If the CRA determines that it would like to issue long-term debt and a backup City pledge is not available, such
debt would most likely be non-mteck The debt issue in this non-rated financing scenario is sized to produce a
minimum amount of proceeds to ensure adequate target fund balance on a quarterly basis and includes the
funding of a debt service reserve fund. This debt issue assumes a 20-year amortization at a 6.00% interest rate
and is summarized on the following page.
Based on the FY 2003/2004 TIF revenues of approximately $2.4 million, the CRA has a maximum borrowing
capacity of approximately $9,250,000 in proceeds for projects fi'om a non-rated debt issue in FY 2004/2005.
This capacity is based on a 22-year amortization at a 6.00% interest rate with a 2.00x coverage requirement of
revenues over debt service.
l0
RBC
I=-
I.l.I
a
0
Draft
Additional Debt Capacity
Based on the projections, by FY 2006/2007 the CRA could have addMonal debt capacity to produce proceeds
for projects due to growth in TIF revenues. Once the CRA determines the method it would like to finance its
current projects, we would be pleased to calculate additional capacity in future years upon request.
Financing Alternatives
If the CRA determines that it would like to incur debt to fund projects, there are several short-karo and long-
term financing options that we will analyze for the CRA. These include:
Short-term Financing Options: · Bank lines of credit
· Commercial paper through pooled bond programs (would require hack-up City pledge)
Long-term Financing Options: · Bank loans
· Bond issues through private placement or public offering
· Pooled bond financing programs (would require hack-up City pledge)
Typically, bank loans are more economical for financings under $3 million and bond issues are more
economical for financings in excess of $3 million. However, once we have policy direction on whether the
CRA would like to issue short-term or long-term debt, we will analyze all options for the type of debt selected
to determine the most cost-effective and flexible structure for the CRA. A bank or private investor with a local
presence may have more understanding of the CRA's characteristics, which may be reflected in the terms
available to the CRA. The credit enhancement that may be available to the CRA will dramatically affect the
type and cost of the financing alternatives available. We look forward to discussing these altematives with the
CRA in greater detail as we develop a Capital Plan.
INVESTMENT OPTIONS
The CRA has adopted an investment policy to provide guidance and permitted investments for its available
funds. This is a recommended practice by the Government Finance Officer's Association (GFOA), which
enhances the entity's awareness of its invested funds. Once a Capital Plan is developed, RBC Dain Rauscher
will work with the CRA to determine the suitable mix of cash and short-term investments which is compliant
with its investment policy and appropriate given the cash requirements and timing of the project needs.
Cash Management
RBC Daln recommends that the CRA consider immediately depositing its liquid fimds in the Slate Board of
Administration's Local Government Pooled Fund to increase its current interest earnings on cash. The SBA's
yield for the month of January, 2004 was 1.24%. The CRA's current Business Money Market account only
yielded 1.00% for that same time period. Following is a comparison of the CRA's recent yields versus the SBA
yields.
12
rB¢
I)ain R;m',¢ h~r
Draft
CRA's Current Business Money Market Yields vs. SBA
Month of January, 2004
CRA
Business Amount of
Money Increased
Market SBA Yield
1.00% 1.24% 0.24%
12 Months Average Ending
Janultly, 2004
1.17% 1.39% 0.22%
The SBA is a state agency which manages approximately $I 8.1 billion in Florida governmental funds in the
pool, with approximately 800 local government participants. The objectives of the Local Government Pooled
Fund, as stated by the SBA, are as follows:
· Provide a short-te~m, very liquid, high quality investment vehicle to participating local governments
· Purchase securities consistent with the Florida Statutes (Ch. 215.47)
· Operate the pool as a money market-like fund using the SEC investment requirements for 2a-7 Money
· Follow all accounting and reporting requirements of Governmental Accounting Standards Board
(GASB) Statement No. 31
· Provide liquidity to the participants on a daily basis
· Add incremental income by participating in securities lending program
The following charts provide additional information about the SBA pool's asset allocation and performance
compared to its benchmark:
55%
Local Government Pool Asset
Allocation
As of December 3:i, ;~003
8%
· US Treasuries
27%
· Agencies · Comm. Paper [] F RN's
13
RBC
I)iJin Rilt~',c
Local Government Pool Returns
10.0% · Managed Return
~ a [] Benchmark Return
8.0%
·
4.0% ' I~
2.0% .i ' .
0.0%
Dec-gg Dec-0O Dec-01 Dec-02 Dnc-03
~2 Months Ending
Short-Term Investments
There are several opportunities for the CRA to increase its investment earnings by investing in permitted
investments for longer-term periods, for example with a duration of 1-2 years. A short-term portfolio for the
CRA could include investments such as:
· Laddered Treasury or Agency bonds
· Invesmaent Agreements such as Repurchase Agreements and Guaranteed Investment Contracts
Such investments would enable the CRA to lengthen its maturity for funds which are not currently required for
capital projects and increase its earnings. Laddered short-term investments help the CRA attain a market rate of
return throughout all economic cycles, as securities would be maturing on a regular basis. Investment
agreements allow the CRA to lock in longer-term returns while allowing for permitted construction draws
without penalties.
Once the CRA's projects are determined, we will discuss specific investment structures to increase its returns
while maintaining construction draw flexibility.
CONCLUSION
There are numerous capital funding and investment options available to the CRA to assist in accomplishing its
economic development goals. With direction from the CRA its preference for short-term vs. long-term
financing considering any future project needs, RBC Dain Rauscher will work the CRA to develop a Capital
Plan to most cost-effectively fund these projects. We look forward to incorporating suitable investment types
and maturities to create a complete Capital Plan for the CRA.
14
RBC
CRA Current Budget 2003/2004
CRA BUDGET - Page I
Beginning Balance
Revenues & Available Funds
TIF Taxes
Recapture of TIF Loan Principle
Interest Income at 2% on Reserves
Other Income
Total Revenue
TOTAL AVAILABLE FUNDS
2003-2004
Current YTD
Budget Totals
$ 5,207,162 $ 5,207,162
$ 2,374,597 $ 2,517,635
$ $
$ 75,000$ 30,080
$ $
$ 2,449,597 $ 2,547,715
$ 7,656,759 $ 7,754,877
2003-2004
Remaining
Budget
%
Remaining
Budget
$ - N/A
$ - N/A
$ 44,920 6O%
$ N/A
$ 44,920
$ 44,920
EXPENDITURES
OPERATING EXPENSES
Personnel Cost
Salaries $ 207,500 $ 103,219 $ 104,281
Payroll Taxes $ 15,563 $ 6,014 $ 9,549
Retirement Match 5% $ 9,375 $ 400 $ 8,975
Workers Comp $ 1,824 $ 1,522 $ 302
Health Insurance $ 16,800 $ 7,528 $ 9,272
Disability $ 2,000 $ 877 $ 1,123
Life Insurance $ 540 $ 209 $ 331
Total Personnel Cost $ 253,602 $ 119,769 $ 133,833
Professional Services
Legal $ 76,742 $ 35,101 $ 41,641
City Staff $ 6,000 $ 2,288 $ 3,712
Contracted Services $ 219,511 $ 119,542 $ 99,969
Audit $ 7,500 $ 5,975 $ 1,525
Maint. & Cleaning $ 2,800 $ 1,840 $ 960
I.T. Support $ 13,360 $ 7,445 $ 5,915
Total Professional Services $ 325,913 $ 172,191 $ 153,722
Office
$ 14,112 $ 7,840
$ 7,800 $ 2,883
$ 1,875 $ 886
$ -
$ 23,787 $ 11,609
$ 4,356 $ 2,177
$ 1,438 $ 1,377
$ 350 $ 372
$ 3,900 $ 2,910
$ 5,688 $ 4,659
5O%
61%
96%
17%
55%
56%
61%
53%
54%
62%
46%
20%
34%
44%
47%
Rent Expense
Phone Expense
Electric Expense
Water / Sewer / Trash
Total Office
Equipment Leases Expenses
Insurance
Property / general
Bond
Professional
Total Insurance
6,272 44%
4,917 63%
989 53%
12,178 51%
2,180 50%
61 4%
(22) -6%
990 25%
1 ,O29 18%
CRA Current Budget 2003/2004
CRA BUDGET - Page 2
EXPENDITURES; Continued
Operating Expenses; Continued
Travel/Entertainment Expense
Promotional / Business Meetings
Promotional/Business Meetings
CRA Meeting / Events
Association Meeting
Seminars
Mileage & Delivery Services
Car Allowance - Director
Total Travel Expenses
Office Supplies
Office Expense
Office Supplies
Total Office Supplies
Licenses, Books, Publication
Licenses, Fees, Permits
Memberships, Subscriptions
Books & Publication
Total Licenses, Books, Publication
Advertising & Public Notices
Career Development
Office Printing Expense
Miscellaneous Expense
Debt Service
Loan Payment
Bond / Payments
Issue 1
Sinking Fund for Debt @ 10% of Payts
Issuance Costs @ 3% of Principle
Total Debt Service
TOTAL OPERATING EXPENSE
2004/2005
Current
Budget
YTD
Totals
$ 4,800 $ 681
$ 3,000 $ 920
$ 504 $ 123
$ 6,735 $ 4,542
$ 1,080 $ 388
$ 3,600 $ 1,800
$ 19,719 $ 8,453
$ 1,5OO $ 49O
$ 7,500 $ 5,620
2003-2004
Remaining
Budget
%
Remaining
Budget
$ 4,119 86%
$ 2,O8O 69%
$ 381 76%
$ 2,193 33%
$ 692 64%
$ 1,800 50%
$ 11,266
57%
$ 1,010 67%
$ 1,88O 25%
$ 9,000 $ 6,110 $ 2,890
$ 1,250 $ 2O4
$ 3,316 $ 1,941
$ 500 $ 195
32%
$ 1,046 84%
$ 1,375 41%
$ 306 61%
$ 5,066 $ 2,339 $ 2,727
$ 4,000 $ 635 $ 3,366
$ 4,000 $ 1,357 $ 2,643
$ 4,500 $ 266 $ 4,234
$ 500 $ 133 $ 367
$ 317,298
$ 20O,O00
$ 20,OO0
$ 60,000
$ 166,420
$ 2OO,OOO
$ 2O,OOO
$ 60,000
$ 446,420
$ 776,854
$ 597,298
$ 1,257,429
$ 150,878
$ -
$ -
$ -
$ 150,878
$ 480,575
54%
84%
66%
94%
73%
52%
I O0%
100%
100%
75%
62%
CRA Current Budget 2003/2004
CRA BUDGET- Page 3
EXPENDITURES; Continued
Year
20O4/2005
Current
Budget
PROGRAMS
Office Equipment / Furniture
Office Leasehold Improvements
Web Site - Update Expansion
Printing Programs
Police
Central Business District
Heart of Boynton
Transportation / Trolley
Festivals/Events/Bus. Pro/Banners/D~co
Fa(~ade Grants
Eco Business Grant Match
SUBTOTAL PROGRAMS $ 756,500
PROJECTS
YTD
Totals
$ 2,50O $ 1,568
$ 1,500 $
$ 35,000 $ 9,950
$ 17,500 $
$ 175,000 $
$ 175,000 $
$ 150,000 $
$ 50,000 $ 22,638
$ 100,000 $
$ 50,000 $ 9,750
BBB/Riverwalk/Promenade Project** $ 5,903,098
HOB Commercial Land Acquisition $ 846,600
HOB Street Improvements $
Way-Finding Signage $ 60,451
Marina Parking Garage $ 1,050,000
CBD Parking Site $ 1,750,000
Town Square- Old High School $
Misc. Projects $ 50,000
Savage Creatures Complex (option) $ 75,000
SUBTOTAL PROJECTS $ 9,735,149
TOTAL PROGRAMS & PROJECTS $ 10,491,649
TOTAL EXPENSES $ 11,749,078
ENDING FUND BALANCE (DEFICIT) $ (4,092,319)
Proposed Bonds $ 2,000,000
TARGET FUND BALANCE SURPLUS (DEFICIT) $ (2,000,132)
$ 43,906
669,767
20,338
10,000
2003-2004
Remaining
Budget
$ 932
$ 1,500
$ 25,050
$ 17,500
$ -
$ 175,000
$ 175,000
$ 150,000
$ 27,362
$ 100,000
$ 40,250
$ 712,594
5,233,331
846,6OO
40,113
1,050,000
1,750,000
40,000
75,000
$ 700,105 $ 9,035,044
$ 744,011 $ 9,747,638
$ 1,224,586
$ 6,53O,29O
** Assumes the CRA Board passes Work Order #5 and Under grounding of the Utilities
$ 10,524,492
%
Remaining
Budget
37%
100%
72%
100%
100%
100%
100%
55%
100%
81%
94%
89%
100%
66%
1 O0%
100%
8O%
100%
93%
93%
90%
CRA Staff will bring a Budget Transfer Request in May to cover all approved CRA Board
contracts and projects