HomeMy WebLinkAboutBack-Up - FDFC Staff MemoStaff Memorandum
Florida Development Finance Corporation ["FDFC")
To:
From:
Date:
Subject:
Borrower:
FDFC Board of Directors
Bill Spivey, Executive Director
April 16, 2014
Project Summary and Salient Features Overview
Miami Arts, Inc. aka Miami Arts Charter School ("MACS")
Florida Irnl
Finance orporation
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REFERENCE: Florida Statutes, Chapter 159 and Chapter 288
BORROWER INFORMATION:
Company Type:
Website:
Borrower Location:
Principal Operating
Officer:
School Description:
Charter Schools
http://www.miamiartscharter.net/
3900 Biscayne Blvd. (temp)
Miami, FL 33137
Mr. Alfred De La Rosa
Director
Phone: 305.763.6257
Email: adelarosaPmiamiartscharter.net
Miami Arts Charter School is a tuition -free public charter school
located in Miami's Design District and offering a college -
preparatory academic curriculum with training in the visual and
performing arts. They are accredited by the Southern Association
of Colleges and Schools' Council on Accreditation and School
Improvement (SACS/CASI). The school was founded by veteran
public school music teachers Alfredo and Christine de la Rosa in
2008. In 2012, MACS achieved high -performing charter school
status and the charter was amended to increase enrollment and
extend for 15 years. Students are placed into their appropriate
achievement levels within one of our major arts departments:
Dance, Music (Instrumental or Vocal), Creative Writing, Visual
Arts, Photography and Theater. The school will initiate a film
program commencing in the fall of 2014.
Enrollment History:
The school serves a culturally and socioeconomically diverse
student -base from communities across Miami -Dade County
spanning from grades 6 through 12.
Historic Grade 6 Grade 7 Grade 8 Grade 9 Grade 10 Grade 11 Grade 12 Total
2009-10 123 99 115 85 52 52 43 569
2010-11 126 140 121 94 75 42 35 633
2011-12 114 135 141 83 78 73 65 689
2012-13 115 133 145 106 64 75 68 706
2013-14 115 122 139 106 98 56 68 704
Projected Grade 6 Grade 7 Grade 8 Grade 9 Grade 10 Grade 11 Grade 12 Total
2014-2015 134 130 136 140 100 100 60 800
2015-2016 165 160 155 140 130 130 120 1000
2016-2017 180 180 170 160 150 150 150 1140
2017-2018 200 200 175 175 175 165 160 1250
2018-2019 200 200 175 175 175 165 160 1250
2019-2020 200 200 175 175 175 165 160 1250
Applications Admitted Waiting List
2009-10 1,338 6411 694
2010-11 546 179 367
2011-12 664 250 414
2012-13 1,482 218 1,264
2013-14 1,723 238 1,485
2014-15* 1,042 228 814
* Additional applications still pending
Current Location: 3900 Biscayne Blvd.
PROJECT INFORMATION:
New Money Financing
a. Finance or refinance the cost of (or reimburse themselves for prior expenditures for)
acquisition, construction, and equipping of an approximately 200,000 square foot
facility to be operated as educational facilities, located at 95 NW 23rd Street in the
Wynwood Arts District of Miami.
Miami Arts, Inc.
(charter holder/pays leases)
To be determined LLC
(borrower)
(owns land/facilities)
Location mao:
Miami Arts Charter
School
• Red Dot: Existing Location (3900 Biscayne Blvd)
• Blue Dot: Proposed Location (95 NW 23rd Street)
Yellow Area: Miami Design District
Green Area: Wynwood Arts District
New Way Schools, Inc.
(mgmt. / operations)
New Location Property (current aerial view):
New Location (improved aerial view): New Location (improved front facade):
FINANCING PLAN AND STRUCTURE:
Financing Type:
[] Direct Placement
[H] Private Placement orLimited Offering
LJ Public Offering
Bond type:
TEFRANot-To-Excead:
Series A:
Series 8:
PA8Cate8nry:
FFBBPPool Type:
FFBBPSrequest:
Underlying Rating:
K8ininmUnn Demons:
Big -Boy Letter:
Credit Enhancement:
Other terms:
Maturity date:
Amortization:
Rate Type:
Uses ofFunds:
Educational Facilities Revenue Bonds
$30,000,000
$24`300,O0OTax-Exempt (Est.)
$650,UO0Taxable (Est.)
qualified 501(c)3
NA
NA
Non -rated
$1O0K
No, 10(b)(S)Opinion and Certification from Underwriter
None
NA
3Oyears through 6/O
PQ'|paid monthly over 3Oyears
Fixed Rate
estimated
&eries20IA Seriea205B
Tax Exempt Taxable
Project RmidDnpnsits:
Construction Costs
Bridge Loan Refinance
Other Fund Deposits:
Debt Service Reserve Fund
Capitalized Interest Fund
Delivery Date Expenses:
Cost of Issuance
Uodcn*zder'sDiocnnut
13J81'176J3
400,000.00
6.1000,000.00
13.78I.170J3
400.000,00
6.000000.00
21181^176J3
1,960,762.73
1/63I,690,37
51,318.53
2�012,00120
1.074.39 �07
3,592,449.18
255,790.07
248.VlY�93
94,02423 3,686,47 33
�5,358.K5
268,780.07
541,138.72
509,700.00
Other Uses otIiuido:
Additional Proceeds 3.60837
24,273'93420 650,000.00 24,923�34,20
Max. Annual Debt Service: $2.0MM (est.)
CAPI: $1.7MM (est.) through 6/01/2015
DSRF: $2.0MM
ABT: Yes
Additional Reserves: none
Repayment:
Backstop:
Gross Revenue Pledge including FEFP, Capital Outlay and other
sources
Management Fees will be subordinate to debt service
DSCR per Forecast from Applicant:
2015 2016 2017 2018 2019
Net Income available for DS
MACS $ 1,144,310 $2,190,745 $2,526,663 $2,473,593 $2,557,922
MA DS
MACS
DSCR
MACS
$ 1,707,081 $ 2, 012, 081 $ 2, 011, 831 $ 2, 010, 831 $ 2, 010, 981
0.67
CAPI Period
1.09 1.26
Lender/Underwriter: BB&T Capital Markets (Charlotte, NC)
Contact: Michael Braun
Phone: 704.954.1418
Email: mbraun@bbandtcm.com
Trustee: Regions Bank (Little Rock, AR)
Contact: Shelli Jordan
Phone: 501.371.8996
Email: shelli.jordan@regions.com
1.23 1.27
TEFRA PROCESS:
1. Jurisdiction: City of Miami
2. Bonding Limitations: New interlocal agreement
3. Estimated Timetable:
Plan A Plan B Plan C
3/28/2014 3/28/2014 3/28/2014 Application to FDFC
4/11/2014 4/11/2014 4/11/2014 FDFC Submission to City of Miami
Interlocal Agreement
TEFRA Public Hearing?
4/16/2014 4/16/2014 4/16/2014 FDFC Board - Resolution to Proceed
5/8/2014 5/22/2014 6/12/2014 Miami City Commission Meeting
5/9/2014 5/23/2014 6/13/2014 FDFC submit to Governor's Office
TEFRA Approval
6/2/2014 6/16/2014 7/14/2014 Governor's Office Sign -off
6/5/2014 6/18/2014 7/16/2014 FDFC Board - Bond Resolution
6/10/2014 6/24/2014 7/22/2014 Pricing
6/11/2014 6/25/2014 7/23/2014 BPA
6/25/2014 7/9/2014 8/6/2014 Pre -close
6/26/2014 7/10/2014 8/7/2014 Close
ECONOMIC IMPACT:
Jobs Existing: 52 Projected jobs in next 3 years: 74
Average Wage Existing: $42,500 Projected average wage: $46,000