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