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HomeMy WebLinkAboutSubmittal-Richard Perez-Virginia Key Harbour and Marine Center-Financial AnalysisSubmitted into the public r recor . f9r ite s) c� ) on b /IA 16 , City Clerk VIRGINA KEY HARBOUR & MARINE CENTER FINANCIAL ANALYSIS - PHASED NET OPERATING INCOME REVENUES 2017 ALL 2011 ILI4MILRL NEI L1PIIOND 2019 a usL 2020 3021 2022 2023 2024 2025 2026 2027 202E 2029 2030 2031 2032 2033 20'3A 2035 2036 EXIST! NG OPER,N1 UNS 5 7,000 5 7,000 5 5,000 $ 3,500 5 3,005) 5 3,000 $ 1.50D $ - 5 $ 5 - 5 5 $ ^ 5 $ $ - $•$ - $ • NEW MARINA y - S 750 $ 1.,419 $ 2,831 5 4,033 5 4,146 $ 42b3 5 4,382 5 4,504 $ 4,614 5 4,752 5. 4895 5 5,042 5 5•143 5 5,349 $ 5,509 $ 5,675 5 5,845 $ 5,020 5 6,201 NEW RASIN $ - 5 - $ - $ - 5 - $ - S - 5 2,350 $ 3,591 $ 4,405 $ 4,537 $ 4,673 $ 4,813 $ 4,958 $ 5,107 5 5,260 5 5,418 $ 5,560 $ 5,748 S 5,920 DRY RACK 5 - .• - 5 $ 1,208 $ 3,140 $ 5,347 $ 6,477 $ 9,130 $ 10,914 $ 12,497 5 12,872 $ 13,25E $ 13,656 5 14,065 5 14,487 $ 14,922 S 15,370 $ 15,831 $ 16,306 $ 16,795 TOTAL DOCKA6E $ 7,000 $ 7,250 $ 6,419 $ 7,539 $10,173 512,493 , 312,240 515,862 $19,009 $21,516 3 22,161 5 22,126 523,311 5 24,211 $ 24,943 $ 25,691 3 26,462 5 27,25E 5 28,073 5 21,916 FUELING - ORY RACK 120 5 120 $ 1.20 5 120 5 120 $ 280 $ 180 $ 200 5 220 $ 240 $ 240 5 240 5 240 $ 240 5 240 5 240 5 240 5 740 5 240 5 240 FUELING- MARINA 5 180 5 1E10 $ 180 5 180 5 380 5 160 5 200 5 220 $ 240 $ 280 S 280 $ 280 5 280 $ 2130 5 280 5 280 5 22280 $ 280 5 280 5 280 TOTAL FUELPROFITS $ 3V0 $ 300 $ 300 $ 300 5 300 $ 460 $ 380 $ 420 $ 460 $ 520 3 520 3 510 '$ 520 $ 520 $ 520 $ 520 $ 520. $ 520 $ 520 5 520 COMMERCIAL 5 - 5 5 - S 270 5 485 $ 729 5 926 5 1,290 $ 1567 5 1,635 5 1,584 $ 1,735 5 1,787 $ 1,840 5 1,895 $ 1,952 $ 2,011 $ 2,071 $ 2,133 5 7,197 RESTAURANTS $ - 5 - $ 273 $ 539 5 693 5 714 5 735 5 757 $ 780 5 803 $ 827 5 852 $ 877 5 904 5 931 5 959 $ 988 $ 1,017 5 1,048 $ 1,079 TOTAL UPLANDS RENTS $ $ - 5 273 5 109 5 1,178 5 1,443 $ 1,661 $ 2,047 $ 2,367 5 2,43E 5 1,511 $ 7,9511-, 5 2,664 $ 2,744 S 2,626 $ 1,911 $ 2,598 $ 3,08E $ 3.181 $ 3,276 TOTAL REVENUES $ 7,300 5 7,550 $ 6,992 5 8,64E 5 11,651 514,396 514,281 518,329 521,836 5 24,471 5 25,193 5 25,933 5 26,695 5 27,480 5 28,2619 $ 23,122 (529,980 $ 30,854 $ 31,775 $ 32,712 OPERATING EXPENSES PROFESSIONAL, PERMITTING FEES 5 1,200 5 1,000 5 600 5 200 $ 5 5 S $ $ - $ $ - $ - 5 - 5 $ 5 • 5 - 5 • GENERAL $ 3,000 $ 3,100 $ 3,20D $ 3,300 $ 3,400 5 3,600 5 3,800 5 4,000 5 4,200 5 4,410 $ 4,631 5 4,862 $ 5,105 $ 5,360 $ 5,628 $ 5,910 $ 6,205 $ 6,516 $ 6,841. $ 7,183 PAYROLL,FICA, UNIFORMS S INS. $ 600 5 600 5 600 5 700 5 800 $ 850 S 900 $ 950 5 1,100 $ 1,155 5 1,213 $ 1,273 $ 1,337 5 1,404 5 1,474 5 1,54E S 1,625 5 1,706 5 1,792 5 1,881 CREDIT CARO FEES $ 193 S 200 5 178 5 208 $ 278 5 343 5 334 $ 431 $ 515 $ 537 $ 601 $ 619 $ 637 $ 656 5 675 $ 695 5 715 $ 736 $ 758 $ 780 MANAGENT $ 480 5 480 $ 480 5 480 5 519' $ 864 5 857 5 1,100 5 1,310 $ 1,363 5 1,512 5 1,556 5 1,602 $ 1,649 5 1,697 5 1,747 5 1,799 5 1,852 5 1,906 5 1,963 RESERVES FOR REPLACErL 2.5% ..$ - $ - y - $ 5 291, $ 360 5 357 S 458 $ 546 $ 612 5 630 $ 448 $ 667 $ 667 5 707 5 726 5 750 $ 772 5 794 $ 818 TOTAL OPEARTING EXP, 8/RENT $ 5,473 $ 5,380 $ 5,058 5 4,888 $ 5,288 5 5,017 $ 6,248 $ 6,939 $ 7,672 5 8,076 5 8,586 $ 8,958 5 9,341 $ 9,755 5 10,182 510,621 511,094 $ 11,58'2 $ 12,092 $ 12,625 LESS- CITY RENT- FIKFD 47)(31 5 1,000 $ 1,000 5 1„200 5 1,500 5 1,800 5 2,492 5 2,567 5 2,644 5 2,723 $ 2,805 5 3,089 $ 3,182 $ 3,277 5 3,375 5 3,477 5 3,581 $ 3,68E 5 3,799 5 3,913 S 4,030 LESS: CITY RENT -PERCENTAGE 5 - 5 28 5 94 5 241 5 409 $ 534 5 606 5 876 $ 1,045 $ 1.177 $ 1,209 $ 1,245 $ 1,281 5 1,319 $ 1,35E $ 1,398. $ 1,439 5 1,481' 5 1,525 5 1,570 TOTAL CITY RENT $ 1,000 $ 1,078 5 1,294 5 1,741 $ 2,209 $ 3,026 5 3,173 5 3,520 $ 3,76E 5 3,982 $ 4,296 $ 4,427 5 4,559 5 4,695 5 4,835 3 4,979 5 5,127 $ 5,281 5 5,438 $ 5,601 TOTAL OPERATING EX 8E95E5 $ 6,473 $ 6,408 5 6,352 $ 6,629 $ 7,497 5 9,093 5 9,421 $10,459 $11,440 512,058 $ 12,554 513.955 5 13,907 $ 14,450 5 15,016 515,607 $ 16,221 $ 16,862 5 17,530 $ 28,226 NET PROFIT R/DFEIT SERVICE 827 5 2,142 64D $ 2,019 ,L54 $ 5,353 $ 4,560 $ 7,870 $ 10,396 512,416 $ 12,309 512.54E 5 12,768 $13,03u $ 13,273 $ 13516 $13,759 $ 14,002 $ 14,245 5 14,486 DEBT SERVICE CO LESS: MARINA DEBTSERVICE $ - 5 - 5 300 5 480 5 618 5 618. 5 618 $ 615 5 61$ $ 618 $ 618 $ 618 $ 618 S 618 5 618 5 618 5 618 $ 618 5 618 $ 618 LEAS' DRY STACK PH1 DEBT SERVICE $ - $ 5 720 $ 1,260 5 1,624 5 1,624 5 1,624 $ 1,624 5 1,624 5 1,624 $ 1,624 $ 1,624 5 1,624 5 1,624 5 1,624 5 1,624 $ 1,624 5 1,624 $ 1,624 $ 1,624 LE55: DRY STACK PH2 DEBT SERVICE $ - $ 5 5 300 5 652 5 850 5 850 $ 050 $ 850 $ 550 5 850 $ 850 $ 85D 5 850 $ 050 5 550 5 85D $ 850 5 850 $ 550 LESS: DRY STACK PH3 DEBT SERVICE $ $ - $ $ 5 $ 600 5 1090 $ 1,3c2 $ 1,392 $ 1,392 $ 1,392 $ 1,392 5 1,392 $ 1,392 5 1,392 $ 1,392 5 1,392 $ 1,392 $ 1,392 $ 1,392 1E55: RESTAURANTS 6 SHOPS $ - $ 200 $ 345 $ 445 5 445 5 445 5 445 5 445. 5 445 $ 445 $ 445 5 445 $ 445 $ 445 $ 445 $ 445 $ 445 $ 445 $ 445 $ 445 LESS: BASIN WET SLIPS $ - 5 - S - $ - $ - $ - 5 300 $ 360 5 464 $ 464 $ 464 5 464 $ 464 S 464 5 464 $ 464 $ 464 $ 464 $ 464 $ 464 CESS:GENERAL SITE $ - $ 150 $ 240 $ 310 5 31D 5 31❑ 5 31C 5 310. 5 310 $ 310 $ 310 $ 310 $ 310)11 5 310 5 310 5 310 $ 310 $ 310 $ 310 5 310 TOTAL MARINA DEBT SERVICE $ - 5 350 5 1,505 5 2,795 , $ 3,649 5 4,447 5 5,237 5 5,599 $ 5,703 5 5,703 5 5,703 5 5,703 5 5,7031 5 5,703 5 5,703 5 5,703 5 5,701 3 5,703 $ 5,703 5 5,703 NET INCOME AFTER DEBT SERVICE $ 827 $ 792 5 1965) $ (776) $ 505 $ 906 $ (377) $ 2,271 $ 4,693 $ 6,713 $ 6,606 $ 6,845 $ 7,085 $ 7,327 $ 7,570 $ 7,813 $ 8,056 $ 8.399 $ 8,542 $ 8,783 EQUITY INVESTMENT $ 3,000 $ 3,000 $ 4,000 5 4,000 $ 4,000 $ 2,000 3 2,000 $ - 03R STREAM OF EQUITY 4 CASH riows $ (2,173) $ (2,208) $ {3,965) 5 15,776) S 13,495) $ 13,0941 $ (4,377) 5 271 5 2,693 5 6,713 $ 6,606 $ 6,845 5 7,085 $ 7,327 $ 7,570 $ 7.813 5 14055 $ 8,299 3 8,542. NOTE: INTERNAL RATE OF RETURN GENERATED BY ABOVE OPERATIONS SCHEDULE = 12.7B96 (1) PROJECT TOTAL DEBT = 573,750,000., 6% INTEREST, 25 YEAR AMORTIZATION, WITH 2 YEARS INTEREST ONLY PRIOR TO COMMENCING AMORTIZATION SCHEDULE, (2) OEFFEREO MINIMUM RENT DURING YEARS 1-5 OF 54,250,000. WILL BE REPAID WITH INTEREST @ 3%AS ADDITIONAL RENT 5200,000. PER YEAR BEGINNING IN 2027 UNTIL THE END OF THE INITIAL TERM, UNLESS THE TENANT ELECTS TO PREPAY THE OUTSTANDING AMOUNT PRIOR TO THE END OF THE INITIAL. TERM. (3) THE FIXED AMOUNT OF CITY RENT INCREASES ANNUALLY BY 3.0% AND LIKEWISE THE PERCENTAGE RENT AMOUNT INCRFA545 ANNUALLY BY THE GROWTH OF THE RENTAL REVENUES DETAILEDABOVE- VIRGINIA KEY 1/28/2016 11:21 AM - Sv 1 1 -\-N\ ` �� ���eZ -Uri �v.\40z1tl \ t d4S � � � c ar� �a � �1 veer moo, S� �