Loading...
O91-48Rev. 7/16/91 ORDINANCE NO O91-~ AN ORDINANCE OF THE CITY COMMISSION OF THE CITY OF BOYNTON BEACH, FLORIDA, ESTABLISHING THE QUANTUM COMMUNITY DEVELOPMENT DISTRICT; ESTABLISHING THE BOUNDARIES OF THAT DISTRICT; APPOINTING THE INITIAL BOARD OF SUPERVISORS; PROVIDING FOR POWERS OF THE BOARD; PROVIDING FOR CONFLICTS, SEVERABILITY, CODIFICATION AND AN EFFECTIVE DATE. WHEREAS, on May 10, 1991, Quantum Associates, a Florida )eneral Partnership, QRA, Inc., and Quantum Property Owner's Association, Inc., both Florida corporations, submitted a .oetition to the City for the creation of a community development district for Quantum Corporate Park ("QUANTUM") in accordance with Section 190.005(2)(a), Florida Statutes; ~nd WHEREAS, the petition which ~xhibit "A" and made a part hereof required in Section 190.005(1)(a), is attached hereto as contains the information Florida Statutes; and WHEREAS, a public hearing on the petition was )y the City Commission on May 28, 1991 at ~ccordance with the requirements of Sections ~nd 190.005 (1)(d), Florida Statutes; and conducted City Hall in 190~005(2)(b) WHEREAS, the City Commission has reviewed the six (6) ~actors set forth in Section 1907005(1)(e) and the record of she public hearing held on May 28, 1991 in making its ~etermination as to whether to grant or deny the ~stablishment of the Quantum Community Development District; ~nd WHEREAS, the City Commission has determined that: 1. That all statements contained within 'etition have been found to be true and correct. 2. That the creation of the District inconsistent with any applicable element 3tate Comprehensive Plan or of the overnment comprehensive plan. the is not or portion of the effective local Rev. 7/16/91 Composite Exhibit "B". All of the land in the proposed District is within the City of Boynton Beach, Florida. The metes and bounds legal description of the boundaries of the District is attached as Exhibit "C". BOARD OF SUPERVISORS: The initial Board of Supervisors are as follows. Their terms, powers and duties are as described in Chapter 190~ Florida Statutes. (a) R. Scott Ireland 1125 N.Eo 125th Street North Miami, Florida 33161 (b) J. Berle Oster, Esquire 27 S.E. 24th Avenue, Ste. 5 Pompano Beach, Florida 33062 (c) Steven W. Deutsch 1900 S.E. 17th Street Ft. Lauderdaie, Florida 33316 (d) Harold C. Morrison 5841 Margate Boulevard Margate, Florida 33063 (e) Philip R. Augustyn 1900 S.E. 17th Street Ft. Lauderdale, Florida 33316 Section 3. The Board of Supervisors shall have as set forth in Florida Statutes 190.011 and 190.012. ~ection 4. That all ordinances or parts of ordinances in onflict herewith be and the same are hereby repealed. Section 5~ Should any section or provision of this )rdinance or portion hereof, any paragraph, sentence, or word be ed by a Court of competent jurisdiction to be invalid, such decision shall not affect the remainder of this ordinance. Section 6. Authority is hereby granted to codify said ~rdinance. only such Section 7. This immediately upon passage. ordinance shall become effective FIRST READING this _~ 991. day of _ ~W~ Rev. 7/16/91 3. That the land within the proposed District is of 3ufficient size, sufficiently compact and sufficiently ~ontiguous to be developable as one functional interrelated ~ommunity. 4. That the creation of the District is the best ~lternative available for delivering the community ~evelopment services and facilities to the Quantum Corporate ~ark. 5. That the proposed services and facilities to be )rovided by the District are not incompatible with the :apacity and uses of existing local and regional community ;ervices and facilities. 6. That the area identified in the Petition is ~menable to be included in the proposed District; and WHEREAS, the City Commission has determined that the :reation of the Quantum Community Development District would ~e consistent with the criteria for community development [istricts as set forth in the Uniform Community Development )istrict Act of 1980; NOW, THEREFORE, BE IT ORDAINED BY THE CITY COMMISSION )F THE CITY OF BOYNTON BEACH, FLORIDA, THAT: Section 1. Each whereas clause set forth above is ~rue and correct and herein incorporated by this reference. Section 2. In accordance with the provisions of ~hapter 190, Florida Statutes, the City Commission of the ~ity of Boynton beach, Florida hereby establishes a :ommunity development district as follows: CREATION AND NAME: There is hereby created a Community Development District to be known as the QUANTUM COMMUNITY DEVELOPMENT DISTRICT. BOUNDARIES OF DISTRICT: The land area to be served by the District comprises approximately 504 acres. It is located east of Congress Avenue immediately west of Interstate 95 and south of Miner Road. A map showing the location of the land area to be serviced by the District is attached as Rev. 7/16/91 SECOND, FINAL READING and PASSAGE this /~ day of ~TTEST: ~ Ci~rk CITY OF BOYNTON BEACH, FLORIDA Mayor Cofn~ s s loner (Corporate Seal) ~UANTUM.CDD ~EV.7/2/91 QUANTUM May 10, 1991 Honorable Mayor and City Commissioners City of Boynton Beach Palm Beach County, Florida Dear Mayor and Commissioners: Enclosed is a Petition to Create the Quantum Community Development District, submitted in accordance with Chapter 190.005, Florida Statutes. References to the potable water and sewer systems pf Quantum Corporate Park are included in this Petition because of the language contained in Florida Statutes 190.005(1)(a)(5). The Petitioners herein only intend to convey to the District whatever right, title and interest, if any, they own. Based upon the information contained in this Petition, we request that the City of Boynton Beach find the following facts, necessary to establish the District: 1. That all statements contained within the Petition have been found to be true and correct. 2. That the creation of the District is not inconsistent with any applicable element or portion of the State Comprehensive Plan or the effective local government comprehensive plan. To assist you in that determination, we have enclosed Chapter 187, Florida Statutes (which is the State Comprehensive Plan) as an exhibit to the Petition and highlight for your consideration that this Petition in fact is not inconsistent with the appropriate sections of the Plan dealing with infrastructure delivery, growth management, government efficiency and plan implementation. The specific policies addressing the above areas are 16 (land use), 18 (public facilities), 21 (governmental efficiency), and 26 (plan implementation). We also believe the creation of the District is not inconsistent with any element of your local plan. 3. That the land area within the proposed District is of sufficient size, sufficiently compact and sufficiently continguous to be developable as one functional related community. 1900 SOUTHEAST 17th STREET CAUSEWAY, FORT LAUDERDALE, FLORIDA 33316 POST OFFICE BOX 21703, FORT LAUDERDALE, FLORIDA 33335-1703 (305) 763-8888 * FAX (305) 763-8996 Honorable Mayor and City Commission May 10, 1991 Page Two 4. That the creation of the District is the best alternative available for delivering the community development services and facilities to the Quantum Corporate Park. 5. That the proposed services and facilities to be provided by the District are not incompatible with the capacity and uses of existing local and [egional community services and facilities. 6. That the area identified in the Petition is amenable to be included in the proposed District. We respectfully request the City Commission consider an ordinance for adoption t~ create the Quantum Community Development District. Bespectfully submitted, QUANTUM ASSOCIATES, a Florida general partnership By: QUANTUM-D/I, LTD., a Florida limited partnership, as General Partner By: DEUTSCH/IRErI~ND COMPANIES, L.C., Its Gener~._ ~ By: Edward B. Deutsch,~__ EBD:dlm cc: Honorable Mayor and City Commission Mr. J. Scott Miller, City Manager James A. Cherof, Esq., City Attorney Ms. Carrie Parker, Assistant City Manager Ms. Sue Kruse, City Clerk AMENDED PETITION TO ESTABLISH QUANTUM COMMUNITY DEVELOPMENT DISTRICT Petitioners, Quantum Associates, a Florida general partnership, Quantum Park Property Owners' Association, Inc., a Florida corporation not-for-profit, and QRA, Inc., a Florida corporation, petition the City of Boynton Beach, Florida, a Florida municipal corporation (hereinafter referred to as the "City"), pursuant to the Uniform Community Development District Act of 1980, Chapter 190, Florida Statutes, to adopt an ordinance to establish a Uniform Community Development District and to designate the land area for which the District would manage and finance basic service delivery, and states as follows: 1 (a). Petitioner, Quantum Associates is a Florida general partnership with iits principal place of business at 1900 Southeast 17 Street, Fourth Floor, Fort Lauderdale, Florida 33316. l(b). Petitioner, Quantum Park Property Owners' Association, Inc., is a iFIorida corporation not-for-profit, with its principal place of business at 1900 iSoutheast 17 Street, Fourth Floor, Fort Lauderdale, Florida 33316. 1 (c). Petitioner, QRA, Inc., is a Florida corporation with its principal place lof business at 1900 Southeast 17 Street, Fourth Floor, Fort Lauderdale, Florida 33316. 2. The land area to be served by the District comprises approximately 504 acres. It is located east of Congress Avenue immediately west of Interstate 95 and south of Miner Road. A map showing the location of the land area to be serviced by the District is attached as Composite Exhibit "1" and Exhibit "l-A". All of the land in the proposed District is within the City of Boynton Beach, Florida. 3. A metes and bounds legal description of the external boundaries of ~he District is attached as Exhibit "2". Exhibit "3" lists the legal descriptions and names and addresses of real property within the external boundaries of the District which are to be excluded from the District. The impact on these parcels of the District is positive in that the facilities provided by the District and perpetual maintenance of same is assured, all within an aesthetically pleasing unified development. 4. Attached as Exhibit"4" is documentation constituting written consent to the establishment of the District by all of the owners of the real properly to be included in and serviced by the District. 5. The five persons designated to serve as the initial members of the board of supervisors of the District, who shall serve in that office until replaced by elected members, as provided in Section 190.006, Florida Statutes, are: (a) (b) (c) (d) (e) R. Scott Ireland 1125 Northeast 125 Street North Miami, Florida 33161 J. Bede Oster, Esq. 27 Southeast 24 Avenue, Suite 5 Pompano Beach, Florida 33062 Steven W. Deutsch 1900 Southeast 17 Street Fort Lauderdale, Florida 33316 Harold C. Morrison 5841 Margate Boulevard Margate, Florida 33063 Philip R. Augustyn 1900 Southeast 17 Street Fort Lauderdale, Florida 33316 6. The proposed name of the District is Quantum Community Development District. 7. The major trunk water mains, sewer interceptors, and outfalls currently in existence on the property to be serviced by the District are identified on Exhibit "5," attached hereto. 8. Certain portions of the services and facilities of the District are in place and completed. Additional facilities are anticipated to be completed within eighteen (18) months. Estimated costs of construction and acquisition are set forth in Exhibit "6," attached hereto. 9. The public and private uses of land proposed within the District, as set forth in the Master Site Plan attached as Composite Exhibit"l" and Exhibit "1 -A," are consistent with the future Land Use Plan of the City of Boynton Beach and are in compliance with the local government comprehensive plan (as well as the State Comprehensive Plan). The applicable zoning designations of the subject property is PID and PCD under the City of Boynton Beach Land Use Element. 10. The statement of estimated economic impact of the granting of this Petition and the establishment of the District pursuant thereto is attached as Exhibit "7". 11. In conjunction with the filing of this Petition, the Petitioners have submitted the required filing fee to the City. WHEREFORE, Petitioners respectfully request the City to: A. Schedule a public hearing to consider this Petition within forty-five (45) days after the date of filing pursuant to the uniform procedures set forth in Section 190.005, Florida Statutes; and B. Grant the Petition and adopt an ordinance to establish the District and designate the land area to be serviced by the District, pursuant to Section 190.005, Florida Statutes, by making the following findings of fact: (1) That all statements contained within the Petition have been found to be true and correct. (2) That the creation of the District is not inconsistent with any applicable element or portion of the State Comprehensive Plan or the effective local government comprehensive plan. (3) That the land area within the proposed District is of sufficient size, sufficiently compact and sufficiently continguous to be developable as one functional related community. (4) That the creation of the District is the best alternative available for delivering the community development services and facilities to Quantum Corporate Park. (5) That the proposed services and facilities to be provided by the District are not incompatible with the capacity and uses of existing local and regional community services and facilities. (6) That the area identified in the Petition is amenable to be included in the proposed District. Respectfully submitted this 10th day of May, 1991. QUANTUM ASSOCIATES, a Florida general partnership By: QUANTUM-D/I, LTD., a Florida limited partnership, Partner as General By: DEUTSCH/IRE/E)AND COMPANIES, L.C., a Florida limited liability c,~' s General Partner Edward B. Deutsch, Mana~g Member QUANTUM PARK PROPE~WNERS' ASSOCIATION, INC., a Florida corporation not-~-pr_ofit _ Edward B. Deutsch, President QRA, INC., a Florida corpo~n By: ~ Edward B. Deutsch, President Exhibit "l-A" 4ASTER SITE DEVELOPMENT PI.Ab Quantum Associates Exhibit "2" Quantum Community Development District Master Leqal Description All of the property platted under the following described 13 Plats: 1. Quantum Park at Boynton Beach, P.I.D. Plat No. l-A, recorded in Plat Book 57, Pages 180 and 181, in the Public Records of Palm Beach County, Flor da. 2. Quantum Park at Boynton Beach, P.I.D. Plat No. 1, recorded in Plat Book 57, Pages 182 and 183, in the Public Records of Palm Beach County, Florida. 3. Quantum Park at Boynton Beach, P.LD. Plat No. 2, recorded in Plat Book 57, Pages 184 and 185, in the Public Records of Palm Beach County, Elor da. 4. Quantum Park at Boynton Beach, P.I.D. Plat No. 3, recorded in Plat Book 60, Pages 29 through 31, inclusive, in the Public Records of Palm Beach County, Florida. 5. Quantum Park at Boynton Beach, P.I.D. Plat No. 4, recorded in Plat Book 57, Pages 186 through 188, inclusive, in the Public Records of Palm Beach County, Florida; less and except that portion thereof that was replatted under R.I.D. Plat No. 10 referenced below. 6. Quantum Park at Boynton Beach, P.I;D. Plat No. 5, recorded in Plat ~ook 57, Pages 189 and 190, subject to Surveyor s Affidavit confirming error on t,,~e said Plat, recorded in Official Records Book 5486, Page 261 all in the Public Records of Palm Beach County, F orida. i7. Quantum Park at Boynton Beach, P.I.D. Plat No. 6, recorded in Plat B ok 57, Pages 191 through 193, inclusive, subject to Surveyor's Affidavit confirming error on the said Plat, recorded in Official Records Book 5510, Page 200, and Surveyor s Affidavit confirming error on the said Plat, recorded in Offic al Records Book 5486, Page 263, all in the Public Records of Palm Beach County, FlCnda; less and except that portion thereof that was replatted under P.I.D. Plat N . 9 referenced below. 8. Quantum Park at Boynton Beach, P.I.D. Plat No. 7, recorded in Plat Book 57, Pages 194 and 195, subject to Surveyor's Affidavit confirming error on the said Plat, recorded in Official Records Book 5486, Page 262, all in the Public Records of Palm Beach County, Florida; less and except that portion thereof that was replatted under P.I.D. Plat No. 11 referenced below. 9. Quantum Park at Boynton Beach, P.I.D. Plat No. 8, recorded in Plat Book 57, Pages 196 and 197, in the Public Records of Palm Beach County, Florida. 10. Quantum Park at Boynton Beach, P.I.D. Plat No. 9, recorded in Plat Book 60, Pages 32 and 33, in the Public Records of Palm Beach County, Florida. 11. Quantum Park at Boynton Beach, P.I.D. Plat No. 10, recorded in Plat Book 60, Pages 34 through 36, inclusive, in the Public Records of Palm Beach County, Florida. 12. Quantum Park at Boynton Beach, P.I.D. Plat No. 11, recorded in Piat Book 60, Page 37, in the Public Records of Palm Beach County, Florida. 13. Plat of P.C.D. Center, recorded in Plat Book 60, Pages 106 and 107, in the Public Records of Palm Beach County, Florida. Together with the following described three parcels: 1. A parcel of land lying in Section 21, Township 45 South, Range 43 E~st, CoUnty of Palm Beach, State of Florida, being more particularly described as follows: The West 40.00 feet of the Northwest one-quarter (NW 1/4) of said Section 21, bounded as follows: Oh the North: By a line 567.37' (as measured at right angles to) and parallel with thb existing North right-of-way line of the Boynton Canal, C-16, as said right-of-way line is described in Deed recorded in Official Records Book 1064, p~ge 45 of the Public Records of said County; Oh the South: By a line 421.37' North of (as measured at right angles to) and parallel with the North right-of-way of said Boynton Canal, C-16; On the East: By a line 40.00' East of (as measured at right angles to) and pa~rallel with the West line of the Northwest one-quarter (NW 1/4) of said Se~ction 21. It is intended that the North line, the East line and the South line of this parcel be a common line respectively to: The Westerly extension of the South line of that certain parcel quit claimed as Parcel "A" to Quantum Associates and described in Deed recorded in O.R.B. 5139, page 147, and The West line and the Westerly extension of the South line of that certain parcel conveyed to Nat Gould and described in Deed recorded in O.R.B. 2850, page 1598. and 2. A parcel of land lying in Section 21, Township 45 South, Range 43 East, County of Palm Beach, State of Florida, being more particularly described as follows: The West 40.00 feet of the Northwest one-quarter (NW 1/4) of said Section 21 bounded as follows: ' On the North: By a line 421.37' (as measured at right angles to) and parallel with the existing North right-of-way line of the Boynton Canal, C-16, as said right-of-way line is described in Deed recorded in Official Records Book 1064, page 45, of the Public Records of said County; O¢~ the South: By a line 367.49' North of (as measured at right angles to) and parallel with the North right-of-way of said Boynton Canal, C-16; On the East: By a line 40.00' East of (as measured at right angles to) and parallel with the West line of the Northwest one-quarter (NW 1/4) of said Section 21. It iS intended that the North line, the East line and the South line of this parcel be a ~:ommon line respectively to: The Westerly extension of the North line, the West line, and the Westerly extension of the South line of that certain parcel conveyed to George J. and Harriet Gould and described as Parcel "D" in Deed recorded in Official Record Book 5139, page 0153. and 3. A Parcel of land lying in Section 21, Township 45 South, Range 43 East, County of Palm Beach, State of Florida and more particularly described as foll~)ws: The West 40.00 feet of the Northwest one-quarter (NW 1/4) of said Section 21, lying north of the North right-of-way line of the Boynton Canal (a perpetual easement) acquired by the Central and Southern Flood Control District as recorded in Official Records Book 1064, Page 45 of the Public Records of said County, and South of a line 367.49 feet North of (as measured at right angles) to the said North right-of-way line, said line also being the North line of that certain parcel conveyed to Curt G. Joa-lnc., as described in a Deed recorded in Official Records Book 1711, Page 371 of the Public Records of said County. Exhibit "3" LESS AND EXCEPT the following described ten parcels: 1. City of Boynton Beach, a Florida municipal corporation, 100 East Boynton Beach Boulevard, Boynton Beach, Florida 33425, and F.O.P. Gold Coast Lodge #49, Inc., a Florida non-profit corporation, Post Office Box 678, Boynton Beach, Florida 33435- Lot 92 of Quantum Park at Boynton Beach, P.I.D. Plat No. 3, according to the Plat thereof recorded in Plat Book 60, Pages 29 through 31, inclusive, in the Public Records of Palm Beach County, Florida. 2. Florida Power & Light Company, Post Office Drawer D, West Palm Beach, Florida 33402 - Lot 51-B of Quantum Park at Boynton Beach, P.I.D. Plat No. 4, according to the Plat thereof recorded in Plat Book 57, Pages 186 through 188, inclusive, in the Public Records of Palm Beach County, Florida. 3. Publix Supermarkets, Inc., a Florida corporation, Post Office Box 407, Lakeland, Florida 33802 - Lot 55 of Quantum Park at Boynton Beach, P~I.D. Plat No. 5, according to the Plat thereof recorded in Plat Book 57, Pages 189 and 190, in the Public Records of Palm Beach County, Florida. 4. Safety-Kleen Corp., a Wisconsin corporation, 777 Big Timber Road, Elgin, Illinois 60123 - Lots 46-B, 46-C, 47-C, 47-D, and the South 71.53 feet of LOt 47-B, of Quantum Park at Boynton Beach, P.I.D. Plat No. 10, according to the Plat thereof recorded in Plat Book 60, Page 34, in the Public Records of Palm Beach County, Florida. 5. City of Boynton Beach, a Florida municipal corporation, 100 East BOynton Beach Boulevard, Boynton Beach, Florida 33425 - Lift Station site at the northwest corner of Water Management Tract "A" of Quantum Park at Boynton Beach, P.I.D. Plat No. 1, according to the Plat thereof recorded in Plat BOok 57, Pages 182 and 183, of the Public Records of Palm Beach County, Florida. 6. City of BOynton Beach, a Florida municipal corporation, 100 East Boynton Beach Boulevard, Boynton Beach, Florida 33425 - Tract "C" (High Ridge Road) of Quantum Park at Boynton Beach, P.I.D. Plat No. 8, according to thel Plat thereof recorded in Plat Book 57, Pages 196 and 197, of the Public ReCords of Palm Beach County, Florida. 7. Systems Control, Inc., a Delaware corporation, 12021 S.W. 144 Street, Miami, Florida 33186- Lot 89-A and a portion of Lot 89-B, of Quantum Park at Boynton Beach, P.I.D. Plat No. 8, according to the Plat thereof, as recorded in Plat Book 57, Pages 196 and 197, of the Public Records of Palm Beach County, Florida, the before said included portion of Lot 89-B, being more particularly described as follows: Beginning at the Northeast Corner of the before said Lot 89-A, thence South 88 24'22" East along the North line of said Lot 89-B 43.08 feet; thence South 01 35'38" West 241.17 feet; thence North 88 24'22" West 265.43 feet to a !point coinc'dent with the East right-of-way line of High Ridge Road as recorded in She Plat of Quantum Park at Boynton Beach, P.I.D. Plat No. 8, in Plat Book 57, on Pages 196 and 197 of the Public Records of Palm Beach County, Florida; thence Northwesterly along a curve to the right with an arc distance of 45.45 feet, delta angle of 5 47'14", radius of 450.00 feet; chord distance of 45.43 feet and chord bear ng of North 30 55'46" West to the Southwest Corner of said Lot 89-A; thence North 66 36'00" East 272.28 feet to the Southeast Corner of said Lot 89-A; thence North 01 35'38" East 87.81 feet to the point of beginning. 8. Lakeside Commons Associates, a Florida partnership, Post Office ,3ox 21703, Fort Lauderdale, Florida 33335-1703 - Lots 4, 4-A, 4-B, 5 and 5-A of 3uantum Park at Boynton Beach, P.I.D. Plat No. 2, according to the Plat thereof, recorded in Plat Book 57, pages 184 and 185, in the Public Records of Palm Beach County, Florida. 9. Acquisition & Investment Services, Inc., a Florida corporation, 6400 North Andrews Avenue, Fort Lauderdale, Florida 33309-2103- Lot 20 of (~uantum Park at Boynton Beach, P.I.D. Plat No. 2, according to the Plat thereof, r~corded in Plat Book 57, Pages 184 and 195 of the Public Records of Palm Beach County, Florida. 10. Curt G. Joa, Inc., a Wisconsin corporation, 1500 High Ridge Road, EJoynton Beach, Florida 33425- Lot 51-A of Quantum Park at Boynton Beach, F~.I.D Plat No. 10, according to the Plat thereof recorded in Plat Book 60, Pages 3~4 through 36, in the Public Records of Palm Beach County, Florida. Exhibit "4" QUANTUM COMMUNITY DEVELOPMENT DISTRICT Quantum Associates, Quantum Property Owners' Association, Inc., and QRA, Inc., owners of the property more particularly described in Exhibit "2" attached hereto, herein petition for and consent to the establishment of the Quantum Community Development District, located in the City of Boynton Beach, Palm Beach County, Florida. QUANTUM ASSOCIATES, a Florida general partnership By: QUANTUM-D/I, LTD., a Florida limited partnership, as General Partner By: DEUTSCH/IRELAND COMPANIES, L.C., a Florida (lirff~d liability company, its Edward B. Deutsch, Managing Member QUANTUM PARK PROPERTY ASSOClATIO~ INC., a Florida not-for-prefF~ .. By: ~ Edward B. Deutsch, President OWNERS' corporation QRA, INC., a FIo_Erida corporation Edward B. Deutsch, Pr~ State of Florida County of Broward The foregoing instrument was sworn to, subscribed and acknowledged before me this la day of ,,/~,~' ,1991, by Edward B. Deutsch for the purposes therein stated. I~otary Public, State of Florida--~ My commission expires: EXHIBIT "6" QUANTUM COMMUNITY DEVELOPMENT DISTRICT INFRASTRUCTURE CONSTRUCTION AND ACQUISITION TIMETABLE AND ESTIMATED COSTS Arterial Roads, streets, sidewalks, lighting, & drainage Timetable Estimated Cost 1991 $21,394,972.00 Parks, landscaping, & open space 1991 $6,287,208.00 1-95 e~ngineering & contribution to build studies & design balance 1991 TOTAL $4,346,562.00 $32,028,742.00 Exhibit "7" ECONOMIC IMPACT STATEMENT FOR QUANTUM COMMUNITY DEVELOPMENT DISTRICT Prepared for:. Quantum Associates 1900 Southeast 17th Street Causeway Miami, Florida 33316 Prepared by: Fishkind & Associates, ]{nc. 12424 Research Parkway Suite 275 Orlando, Florida 32826 May 1991 L0 Introduction 1.1 Purpose and Scope This economic impact statement is an erda/bit attached to the petition to establish the Quantum Community Development District (CDD). The Quantum CDD will be empowered to finance, construct, or acquire the: (1) surface water management system, (2) roads (main road network), co[lector streets, sidewalks, and lighting. (3) contribution to an 1-95 interchange at N.W. 22nd Avenue, and 4 'arks, . ' and landscaping/buffeting. The land is owned or controlled by th(e4)ppetitio~rp.en space, A Community Development District is an independent special-purpose District authorized by Chapter 190, F.S. to be established to plan, finance, construct, acquire, operate, and maintain community-wide infrastructure in large planned community developments. CDDs provide a "Solution to the state's planning, management, and financing needs for delivery of capital infrastructure to service projected growth without overburdening other governments and their taxpayers." (Section 190.002(1)(a), F.S.) A CDD is not a substitute for a local, general purpose, government unit, ie, the City or County in which the CDD lies. A CDD lacks the powers of permitting, zoning, police and many of the other powers possessed by general purpose governments. A C ' DD s powers are strictly limited to planning, financing, constructing or acquiring, operating and maintaining community infrastructure. The 1984 Florida Legislature revised Chapter 190, which governs community development districts, making it very clear that approval of a CDD does not constitute a development order as per Chapter 380. F.S. In addition, the 1984 Legislature decided that: "C ' ommumty development districts shall not have the power of local government to adopt a comprehensive plan, buiMing code, or land develo code, as those terms are defined in the Local Govern .... ,'~--- o, pme. nt ,,~,,, ~-omprenenslve Planning,4ct of 1975..4 distn'ct shah take no action which is inconsistent with applicable comprehensive plans, ordinances, or regulations of the applicable local general purpose government." (Section 190.004(3), F.S.) Thus, it is clear that a community development district is solely an alternative means of financing, constructing, acquiring, and operating and maintaining community infrastructure for planned developments. As a result, the scope of this Economic Impact Statement is also limited to evaluating the consequences of creating The Quantum CDD. The limitation on the scope of this economic impact statement for a proposed CDD are explicitly set out in Section 190.002(2)(d), F.S. as follows: That the process of establishing such a district pursuant to uniform ene shah be fair and based ~-t,. ^u ~ ...... g ral law · ,- -. ",,,r ~,tt tuctors material to managing and financing the servtce delivery function of the district, so that an matter concernin ermittin or lannin o the develo ment shall not be material or relevant': 1.2 1.3 The Development Quantum is a 575.2825 acre (approximately) m/xed-use economic development project Zoned for m/xed COmmercial-industrial uses. Roughly 56.79 acres of the economic development land use program will be used for parks, oen s COnservation. Another 143 21 acres for }.~-~ ........ - P pace, and · ' - ~mcvuru, streets, lanasca in ' sidewalks. The remainin,, 374 57 a ..... .,, . P g, lighting, and - ~, - ,-,~ wm serve commercial office, industrial, and reseamn and development (R&D) tenants. The Quantum project is located on an Irregular site in ~oenS_U~urb, an City of. Boynton Beach. The site is bordered by Interstate 95 and uugrcss &venue on the east and west, and by Miner Road and th~ C-16 Canal on the north and south. The Quantum Community Development District The petitioner has proposed to establish The Quantum CDD to construct or acquire and maintain some of the infrastructure and Community facilities which will be needed by the property owners and tenants of the project. Table 1 outlines the proposed plan for financing, ownership, operations and maintenance of the infrastructure in the proposed CDD. As noted in Table 1, the District plans to own, operate and/or maintain the (1) surface water management syStem, (2) arterial roads ma/ s~e~,..s!dewalks and lighting, (3] harks land .... :__~( ~n.road n.etwork), collector ['*J ~-yo Interchange Can;*~! ,-,,J*2..~',, ',- ~ oy-},mg/outrermg, and open space, and assessments ~,~,~-~ ..... ~ .~,m oe uerrayed through non-advalorem _.:_._ - '--~v ,,*,.~ tut operations and maint,~,~,,.,. ..~., maintenance assessments. ~-,-~.,~ **m Be paid through Table 2 shows the infrastructure COnstruction timetable and estimated COnstruct/on or acquisition costs for the Community facilities in the District The estimates are constant 1991 dollars. The petitioner currentl-- ~- ' · .' . ' in y envisions one Bono issue and expects to transfer the existing improvements to the CDD in one phase. The financial design of the Quantum CDD was carefully formulated to help assure that the District will be strong, stable, and can stand alone throughout its lifetime. A .detailed cash-flow model for the proposed district was COnstructed. The model, which is proprietary, was used to simulate a wide range of potential future eConomic conditions under which the proposed district might have to operate. In all cases the proposed financial structure allowed the Quantum CDD to remain financially strong and capable of carrying out its obligations. The important features of the financial design for the proposed Quantum CDD are discussed on the following page. As outlined in Table 1, Quantum CDD is projected to finance the acquisition and/or expansion of the following facilities which will serve Quantum: 1) the surface water management system, 2) arterial roads (main road network), arterial streets, sidewalks, and lighting; 3) an 1-95 interchange at N.W. 22nd Avenue; (4) parks, open space, and landscaping/buffering. The petitioner will ask the District to finance infrastructure construction and/or acquisition exclusively through issue of revenue bonds. The bonds will be repaid through special assessments levied against landowners all benefitted within the District. 2 Funds for District operations and maintenance of District facilities can be generated via maintenance assessments. Additional revenues may also come from user fees. In this way the property which receives the benefits of District serv/ces is the property which will be obligated to pay for those services. Finally, the Quantum CDD has no plans to issue general obligation debt or to charge ad valorem taxes. The financial structure of the District is such that there is no need to use ad valorem taxation. 2.0 1.4 Summary of Economic Impacts Section 120.54(2)(b), F.S. defines the elements an economic impact statement must contain: 1 An estimate of the cost to the aen of the im lementation of the ro osed action includin the estimated amount of a erwork. 2 An estimate of the cost or economic benefit to all ersons directl affected b the ro osed action. 3 An estimate of the ro osed action on eom etition and ~iled statement of the data and method used in makin each of the above estimates, and 5 An anal is of the im act on small business as defined in the Florida Small and Minori Business Act of 1985. The economic impacts of the proposed Quantum CDD are summar/zed below. Costs and Benefits of Establishing, t~uantu.~ ~ ~ ~u ~um/llulllty rtevelopment District 2.1 Agency Costs to Implement the Proposed Action Because thc Quantum CDD is smaller than 1,000 acres, it does not require review or action by the Florida Land and Water Adjudicatory Commission (the Governor and Cabinet). Because the proposed CDD is located within thc jurisdiction of the municipal corporation, the CDD can be established by thc City of Boynton Beach acting alone. There will be two types of costs incurred by the City of Boynton Beach if the proposed District is established as requested by this petition. First, the City must review and act upon this petition. This will absorb staff time and require approval by the City Commission. This petition is the first of its kind that the City has processed. Therefore the City staff will need some time to familiarize themselves with CDD's formed under Chapter 190 F.S. Second, the City will incur a small annual cost to review the CDD's budget when it is submitted for informational purposes each year. If this CDD is approved, there also will be some annual costs to State agencies. Quantum CDD will be required to submit annual financial reports to the Bureau of Local Government Finance, Office of the Comptroller, just as all other units of government must do, pursuant to Chapter 218 F.S. In fiscal year 1988-89, the Bureau of Local Government processed more than 1,000 budgets. The marginal cost of processing one additional report will be negligible. 3 2.2 2.2.1 2.2.2 Costs and Benefits to all Directly Affected Persons Section 120.54(2)(a), F.S. requires that all economic impact statements examine the costs and benefits to each person directly affected by the proposed rule, in this case establ/shment of the Quantum CDD. From an economic perspective, the persons directly affected include local and state governments, builders and developers, landowners, consumers, and taxpayers. The State of Florida and its Citizens - Costs Beyond the administrative costs outlined above, there w/Il be no cost incurred by either the State of Florida or the general citizenry due to the establishment of the Quantum CDD. Quantum CDD is designed to serve the needs of its occupants by financing, constructing or acquir/ng, operating and maintaining the infrastructure and office'industrial park serv/ces needed by Distr/ct OCCupants. The District w/Il require no subsidies from the State or its citizens. The State of Florida and its Citizens - Benefits There are several types of benefits which will flow to the State and its cit/zens !f the proposed District is established. First, approval of this CDD satisfies the ~ntent of the Legislature when it rev/sed Chapter 190, the law governing COmmun/ty development districts. "(1~ '~ ' ~ne Le lslature finds that: a There is a need for uniform focused and fair rocedures in state law to rovide a reasonable alternative for the establishment ower o eration and duration of inde endent districts to mana e and finance basic communi develo ment services, and based u on a ro er and fair determination of a licable facts an inde endent district can constitute a timel efficient effective res onsive and economic wa to deliver these basic services rovidin a solution to the States lannin ~ ne, eds for delive of canital i service ro'ected rowth~ ..... ~ruc~r.e_ ~ t a ers.' Section 190.002 F.S. - ,-,,---~cnts ana me:r The second benefit which the state and/ts citizens receive is the improved level of planning and coordination which the CDD will prov/de. This will help to minimize any potential spillovers onto other citizens or jurisdictions. It is in the ublic interest that lon ran e lannin mana ement and financin and Ion term maintenance u kee and o eration of basic services for communi develo ment districts be under one coordinated entitv." By enacting the Un/form Community Development District Act of 1980 and reenacting it in 1984, the Legislature recognized that there are substantial public benefits from well planned community developments in Florida. That ~s one of the reasons the 1984 Legislature revised and reenacted Chapter 190, F.S. The alternative of piecemeal, helter-skelter development, which typically. lacks the upfront investment in roads, proper drainage, water and wastewater systems found in planned commun/ties, is no longer encouraged in Flor/da. Quantum is just the type of well planned development envisioned in Chapter 190. 4 2.2.3 It is most difficult to place a dollar value on these benefits. However, they are .certainly substantial. Furthermore, given the small costs involved if the CDD ~s approved, the benefits clearly overwhelm such costs, y/elding significant net benefits to the State and its citizens. City of Boynton Beach and its Citizens - Costs Because Quantum CDD is smaller than 1,000 acres and it is located within the jurisdiction of a municipal corporation, the administrative costs for establishing the DLstrict are borne by the City of Boynton Beach and /ts citizens. The City of Boynton Beach has the opportunity to review and cOmment on the application to establish the Quantum CDD, and it may hold a local public hearing on the issue. Concern that District obligations, particularly debt payments, could become State or City obligations is without foundation. This point was made explicitly clear bY the Legislature when it adopted Section 190.002(3), F.S. " It is further the ur ose and intent of the le islature that no debt or obli ation of a district shall constitute a burden on an local eneral ur ose overnment w/thout its consent". Sect/on 190.002 3 F.S. Moreover, F.S. 190.016(15) provides explicitly that '... A default on the bonds or obli ations of a district shall not constitute a debt or obli ation of a local eneral ur ose overnment or the state." The relevant concern here is whether Quantum CDD will be a financially viable entity. Will it have the revenues to finance its share of COmmunity infrastructure, and will it have sufficient revenues for operating and maintaining its infrastructure? To examine this issue, a detailed cash-flow model of the proposed Quantum CDD was developed. This proprietary model was used to assess the performance of Quantum CDD under a wide variety of otentml f economic conditions i T.~; ..... .: ...... P ' uture nc..,,~ ~vttonraents ot mgn and rising interest rates with inflation, deflation, slow absorption at Quantum, and the like. The results show that the financial design of the District is strong and stable over all reasonable economic environments it may face. The results of the financial modeling also indicate that the District will be able to meet its financial obligations on an ongoing basis. As noted in section 1.3, Quantum CDD has a conservative financial structure. There are no plans to issue general obligations debt, which would be backed by the full faith and credit of the D/strict. The District does plan to issue bonds to finance the acquisition or expansion of District infrastructure, including arterial roadways, collector streets and sidewalks, parks, capital contribution to the construction of an 1-95 interchange at N.W. 22nd Avenue, landscaping and lighting, and security systems. The debt service for these bonds will be provided by special assessments. A maintenance assessment will cover other D/strict expenses for operating and maintaining District facilities. Additional revenues may also come from USer fees. Initially the developer will pay most of the assessments, becaUSe the developer will be the largest landowner. Should sales be slower than 5 2.2.4 expected, the District's maintenance budget will not suffer. Instead, the developer will pay a greater proportion of the maintenance assessments than expected. Because of this f'mancial structure, the district's revenues will not and cannot decrease. Finally, the District intends to contract with the Palm Beach County Tax Collector to collect its taxes. The cost for this service will be defrayed through the fees charged by the Tax Collector. These costs will not be borne by the residents of Palm Beach County or the City of Boynton Beach in general Instead these costs will be borne entirely by the residents and owners of property within the District. City of Boynton Beach and its Citizens - Benefits The proposed Quantum CDD will provide a number of economic benefits to the City of Boynton Beach and its citizens. First, since citizens of Boynton Beach are also citizens of the State, they receive the same benefits from planned office-industrial i~ark developments as do other citizens. In fact, since the development is to occur in the City of Boyaton Beach and in Palm Beach County its citizens benefit to a greater degree on this account than do other citizens living elsewhere in the state. Well planned and well financed communities are attractive locations for new residents and new or expanding businesses. The availability of such communities enhance the quality of life and the. economic development of the areas in which they are located. Second, the proposed D/strict is the best means of assuring that tenants in Quantum receive the services they need, while at the same time restricting the costs to Quantum occupants who receive the services. The District will be run by landowner elected representatives during its initial six years. Subsequently it will be run strictly by qualified electors of the District. This financial governance binds those who receive District services to the obligation to pay for those services. At the same time. this structure also allows Quantum occupants to control the entity which l~rovides the services and levies the assessments to pay for those services. The City or the County are not involved in any way in the operation or finance of the District. However, should the City wish to take over any CDD provided function or terminate the District, there are provisions in Chapter 190, F.S. for these capabilities. Thus, the City does not lose control over the District but, by the same token, it is not obligated in any way to provide CDD services to the properties within the District. The third benefit which accrues to the City and its citizens is that a Community Development District is the sole mechanism by which the City is completely freed from the management and administrative burden of Quantum. Since the D/strict is an independent special district, it has its own independent board and budget and must see to its own administration. This arrangement for governing and admin/strafion the D/strict means a cost savings to the City, compared to any other arrangements. Any other form of government and financial structure would make the City at least partially responsible for the District's services. 6 2.2.5 Consider the three fundamental alternatives to a CDD at Quantum: (1) a dependent d/strict like an MSTU, (2) a property owners' association, or (3) City provision. Establishment of a dependent, MSTU type of district in place of the CDD would require the City to staff the MSTU. Furthermore, any financing by the MSTU for provision of infrastructure would inure against the bonding capabilities of the City, further restricting the City's ability to prov/de needed infrastructure to the City of Boynton Beach. For these reasons the CDD is clearly a superior option. The second conceptual alternative to the CDD would be a master property owners' association. While such an association could provide the necessary staffing and decision malting for land in the District, such associations typically lack the capability to issue bonds and other forms of long-term debt. Thus, it is doubtful that an association could effectively finance, construct or acquire the necessary community infrastructure. The final alternative to the CDD is provision of infrastructure by the City. This alternative is clearly inferior to the establishment of the CDD. Without the CDD the City would have to plan, finance and build or acquire the community infrastructure using its own revenues and staff. By contrast, establishment of the proposed District avoids these costs. A final benefit, which accrues to the City and /ts citizens from the establishment of the Quantum office-industrial complex, is that by having the District finance, construct or acquire the necessary infrastructure, the development of Quantum w/II be accelerated. It will allow the potential savings in financing costs to be passed through to reduce the price of Quantum finished land. This means the jobs and the income which will be generated at the officeAndustrial park complex, and peripherally throughout Boynton Beach, will occur sooner than would otherwise be the case. In conclusion, establishing a CDD is the best way to assure that growth pays for itself. The District mechanism allows the office-industrial park and economic development process to take care of its own needs. It restricts costs to those who benefit from the services provided. Applicant - Costs The applicant will incur substantial costs if the proposed District is approved. These costs can be grouped into three categor/es: (1) planning and applying for the District; (2) contributions of management and technical ass/stance; (3) District special assessments and fees. It is costly and time consuming to plan and apply for a CDD. The applicant's Quantum CDD Task Force includes economists, attorneys, investment bankers, engineers, planners and experienced district managers. Second, the District will need managerial and technical ass/stance from the petitioner from time to time, especially in the early years of its operation. Third, the applicant will pay substantial District special assessments and fees over the life of the project. Indeed, in the early years of the Distr/ct the petitioner will be the District's largest taxpayer. 7 2.2.6 Applicant - Benefits 2.2.7 Quantum CDD will provide the applicant with three economic benefits. First, Quantum CDD would provide ,access to tax-exempt financing for a portion the office-industrial park project s infrastructure. Perhaps just as important as any cost savings is the fact that through District financing the debt obligation does not appear on the balance sheet of the petitioner. Such off-balance-sheet financing is useful and valuable. Finally, much of the benefit from the availability of tax exempt financing ultimately accrues to the end user of the land within the CDD. Lower cost infrastructure will mean lower costs for users. In addition, the District will be operated for the benefit of Quantum. This helps assure that the high standards which the applicant has set for Quantum will be preserved through the life of the project. Another benefit in establishing the CDD is that, through a District, the developer is better assured that necessary infrastructure will be in place when it is needed. This would help to satisfy growth management laws requiring concurrent availability of infrastructure to support proposed development. A final benefit to the petitioner is that, through a district, the petitioner will create a perpetual entity to manage and maintain major elements of the development. This is an aid to obtaining the necessary development permits and monitoring their environmental compliance. Consumers. Costs Consumers are people who will purchase land or rent space at Quantum. Should the proposed CDD be established, District occupants will be required to pay District special assessments and fees over and above their City and County taxes. District special assessments do not affect or offset City or County taxes. It is this increment of expense on top of City and County taxes which is the cost of the CDD to consumers. As noted above, Quantum CDD would be asked to finance and construct or acquire the surface water management system, arter/al roads, collector streets, sidewalks and lighting, parks and landscaping, and participate in the financing of the 1-95 interchange at N.W. 22nd Avenue for the benefit of its occupants. Current plans identify three categories of expenses for which District occupants pay: ( 1 ) monthly utility charges (2) taxes collected by the City and County (3) special assessments to pay for District capital costs. While the third category appears to be an additional cost to the consumer created by establishment of the CDD, this is actually not the case. The serv/ces that these fees and assessments finance must be provided for the development. No matter what the alternative method of service provision and revenue collection, ultimately the Quantum occupants will be paying for 3.0 2.2.8 these services. A CDD provides the options of having higher levels of service, financed at tax-exempt rates, and pa/d for via self-imposed assessments. Moreover district management and financing is generally less expensive than the alternative of an MSTU, property owners' association, City provision, or developer bank loan financing. Finally, the estimated budget for Quantum CDD indicates that the various charges to prospective occupants will be moderate and well within the typical for Flor/da cities with strong tax bases. Indeed, the District ranges /s not expected to charge ad valorem taxes during its first phase, and could not do so until the District's board is elected by its occupants. In addition, ad valorem taxes - other revenues will be adequate for the task. Consumers - Benefits District occupants will receive four major classes of benefits ff the CDD is approved. First, those in the District will receive a higher level of public services and amenities than would otherwise be the case. Quantum is designed as a high quality office, COmmercial, industrial, and R&D project with high service demands. To be successful the petitioner feeis that a mechanism is needed to help assure a high level of public services COns/stent with the Quantum project. A CDD is the best vehicle for this purpose. Second, the CDD is a mechanism for assuring that the community serv/ces and amenities will be COmpleted concurrently with development of the rest of the land. This satisfies the revised growth management legislation and assures that growth pays for itself without undue burden on consumers. Third, by financing its infrastructure through the CDD, Quantum can, and will, pass the benefits of off-balance sheet financing of its infrastructure to the purchasers of land in the park. Without the CDD these COsts would have to be recovered via higher land costs. Finally, a CDD is the sole form of governance which allows District landowners to fully control the type, quality, and exnense of ' ' provided they meet the City's overall requirements ~ D~stnct services, It should be clear that, on net, the formation of the Quantum CDD will benefit its owners and occupants. The District will be COntrolled by District landowners, and it will be operated for the benefit of District property Owners. The CDD will help ensure that the high standards the applicant has set for its development will be met. Competitive Effects Approval of Quantum CDD will have a moderate effect on competition in the market for °ffice/commercial/industrial/R&D space in the City of Boynton Beach and in those areas where there are projects similar to Quantum. The development is designed as a high quality, °~ffice./comm~rcial/ind~trial/R&D development As such, it corn etes wit ueve~opmenrs serving tl~e same niche The -ro ' - - P h other Quantum. - p poseu aistrict does provide a cost advantage to While establishment of Quantum CDD does provide significant competitive advantage, this same advantage can be obtained by any other landowner who wishes to go through the same petition process. In other words, no unique competitive advantage would be conferred upon Quantum which is not available to all other competitors in this market. 4.0 Small Business Impacts Establishment of the Quantum CDD can have a positive impact on small businesses by reducing the costs of land in the Quantum Park. Small businesses that decide to locate in Quantum CDD will be subject to CDD special assessments above and beyond those paid by small businesses located outside the boundaries of Quantum CDD. However, location in Quantum is completely voluntary, and small businesses can determine for themselves whether the extra charges imposed by the CDD are worth it. In exchange for the assessments, occupants will benefit from a higher level of services than those located outside the District. Furthermore, if the businesses own the land they are located on, the business will have thc right to vote in CDD elections. Finally, thc District must operate according to Horida's" · , Sunshine laws, and the District must take bids for the goods and services it will purchase. As a result, small businesses will be better able to compete for District business. 5.0 Data and Methodology The data used in this analysis, in particular the buildout schedule and timing and amount of infrastructure improvements, came from thc petitioner. In our professional opinion, the projections used by the project sponsor arc reasonable. Tables 1 and 2 outline the capital infr .astructure, timetable for construction or acquisition and responsibilities for financing, owning, and operating the various community infrastructure facilities. These data reflect est/mates of costs and timing at this time. From a methodological perspective, we developed a detailed cash-flow model for the proposed CDD in spreadsheet format. The model is quite large and complex, but it essentially tracks each source of revenue and each major CDD cost Rcm. Because the model contains proprietary information concerning the Quantum °ffice/commercial/industr/al/R&D development project, its complete contents arc not reproduced here. Facility Table 1 Quantum Community Development District Infrastructure Plan Comments Water Management System Collector streets, sidewalks, lighting systems Parks, landscaping/buffering, open space 1-95 interchange contribution Capital Costs: District Ownership: District Op/Maint: District ' Financing: Special Assessments Capital Costs: District Ownership: (1) District ~)p/Maint: (1) District Financing: Special Assessments Capital Costs: District Ownership: District Op/Maint: District Financing: Special Assessments Capital Costs: District Ownership: Florida DOT Op/Maint: Florida DOT Financing: Special Assessments Table 2 Quantum Community Development District Infrastructure Construction & Acquisition Timetable and Estimated Costs Arterial Road, streets, Sidewalks, lighting, and drainage Parks, landscaping/buffering and open space space 1-95 engineering and contribution to build studies and design balance TOTAL Timetable Estimated Cost 1991 $21,394,972.00 1991 $ 6,287,208.00 1991 $ 4,346,562.00 $32,028,742.00 12