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HomeMy WebLinkAboutSubmittal-Commissioner CarolloCarollo, Frank (Commissioner -Office) From: Arthur Noriega [anoriega©miamiparking.com] Sent: Thursday, July 25, 2013 4:04 PM _ To: Carollo, Frank (Commissioner); Bravo, Alice; Torre, Henry Subject: Fwd: Preliminary Potential Bonding Capacity for Miami Parking. Authority Attachments: (2013.07.25) Parking System Taxable Revenue Bonds, Series 2013. Capacity....pdf; ATT00001..htm; (2013.07.25) Parking System Taxable Revenue Bonds, Series 2013. Capacity.... pdf; ATT00002.. htm Follow Up Flag: Flag Status: Follow up Flagged Here is the summary of our current bonding capacity. As requested. Sent from my iPhone Begin forwarded message: From: Scott. Simpson <ssimpsonca,miamiparking.com> Date: July 25, 2013, 3:39:04 PM EDT TO: Arthur Noriega <anoriega@miamiparking.com> Subject: Fwd: Preliminary Potential Bonding Capacity for Miami Parking Authority Sent from my iPhone Begin forwarded message: - From: "Ed Stull" <Ed.Stull@firstsw.com> To: "Scott Simpson" <ssimpson@miamiparking.com> Cc: "Joel Tindal" <Joel.Tindal@firstsw.com>, "Andrew Mazlin" <Andrew.Mazlin@firstsw.com> Subject: Preliminary Potential Bonding Capacity for Miami Parking Authority Scott — Per your request, we have taken a look at the potential bonding capacity figures for the Miami Parking Authority based upon your FY 2012 financial statements and current market conditions. The preliminary bonding capacity figures were based upon the following ass4unptions: 1. Taxable interest rates as of July 25, 2013; 2. Thirty (30) year bond term, with interest only during the first two (2) years. • 3. Fully funded debt service reserve fund; 4. That the FY 2012 revenues and expenses showing "Income Available for 13- o- £6m;/4./_ C.ommi ssiorierC�' r0 //0 Debt Service" of $11,848,240 would be maintained for the entire 30 year period; 5. Current maximum annual debt service of $4,828,187 6. The MPA would retain ratings in the middle of the "A" category. Although the bonding capacity revenue stream is based upon the 1.50x rate and additional bonds covenant, the expectation is that the new projects would generate additional revenue to keep senior lien debt service coverage in the 2.0x or above range and that the transfer to the City's General Fund would be subordinate to the debt service. Based upon the above assumptions, the estimated preliminary potential project fund amounts are as follows: Current Market Rates - Project Fund of $37,031,255; Current Market Rates plus 1.50% - Project Fund of $31,477,817. Historical Revenues FY 2012 Per FY 2012 CAFR Income Available for Debt Service 11,848,240 Maximum Annual Debt Service 4,828,187 Debt Service Coverage Ratio (MADS) 245.4% Required Coverage 150.0% Amount in Excess of Coverage 3,070,640 Bonding Capacity (30 yrs @ Taxable Market rates) 37,031,255 2 Submitted into the public record in connection with item RE.16 on 07/25/13 Todd B. Hannon Coconut Grove Manna Timeline 09/13 10/13 11/13 12113 01/14 02/14 03/14 04/14 05/14 06/14 07/14 08/14 09/14 10/14 11/14 12/14 01I15 02M5 03l15 04115 • 05/15 O6/15 07/15 08/15 09/15 10/15 11/15 12/15 ' Design Proposal XX XX Design Selection - XX Design Phase XX XX XX XX XX Construction Solicitation XX XX GC -Selection 1 Approval XX Permitting Contraction . TCO/Delivery • CO ^ The above schedule is based on my 20 years in development and 15 years in parking. This schedule still allows for ari ap XX XX XX XX e t4urter of over obi monthsfrom the required dellvery date. XX Submitted into the public record inconnection with item RE.16 on WAWA 13 Todd B. Hannon XX XX