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HomeMy WebLinkAboutSubmittal-Richard Perez-Virginia Key Harbour & Marine Center-Financial AnalysisSubmitted into the public T recor fQr iter s) on ( City Clerk VIRGINA KEY HARBOUR & MARINE CENTER f INANCIAL ANALYSIS - PHASED NET OPERATING INCOME -,___- --_ All NIANAEASAAi M-AtIM130 OWL REVENUES 2017 2018 2019 2020 2021 202.1 2023 2024 2025 1 x026 2027 1 2028 2029 2030 2033 2032 2033 MA 2035 2036 EXISTING OPLRAI'CNS S 7,000 5 7,000 5 5,000 5 3,500 S 3,000 S 3,000 S L500 $ $ I $ S $ $ $ $ 1 S $ $ S $ NEW MARINA 5 - S 750 $ 3.,419 $ 2,631 S 4,033 S 4,146 5 4,263 $ 4,382 S 4,504 S 4,6L4 S 4,752 S 4,885 $ 5,042 $ 5,193 5 5,349 S 5,509 $ 5,675 S 5,845 S 5,020 S 6,201 NEW BA51N 5 $ 5,360 5 $ - ; $ $ - $ - $ 2,350 $ 3,591 S 4,405 S 4,537 5 4,673 $ 4,813 $ 4,958 $ 5,107 S 5,260 $ 5,418 S 5,580 $ 5,748 S 5,920 DRY RACK B50 5 900 $ 950 S 1,100 L155 S 1,213 $ 1,273 $ 1,337 5- 5 LS4B S 1625 $ 1,706 1,792 $ 1,8'81 $ 1,208; $ 3,140 $ 5,347 S 5,477 $ 9,130 $ 10,914 $ 12,497 $ 12,872 $13,258 $ 13,656 $ 14,065 $ 14,487 $ 14,922 S15.370 $ 15,831 $ 16,306 $ 16,795 TOTAL DOCKAGE $ 7,000 $ 7,250 S 6,419 $ 1,599 10,173 S 12,493 $ 12,240 S 1SAffiW 191 009 T -21,-s- TEW TRW 23,511 24,218 24,943 25,691 ME 27,256 = 28,916 FUELING - DRY RACK 864 120 $ 1.20 S 1.20 5 120 $ 120 280 S 180 S 20n $ 220' 240 ir 240 T 240 5 245 $ 240 5 240 S 240 5 7471 5 240 5 240 S 240 FUELIMG- MARINA... S 180 5 180 $ 180 S 180 'S 180 $ 186 5 2001S -220 $ 240 S 280 S 2110 5 280 $ 290 $ 280 $ 280 S.. 280 5 280 5 280 $ 280 5 ....280 TOTAL FUEL PROFFTS $ 300 $ 3110 $ 300 $ 300 $ 3100 40 380 420 450 520 520 520 520 520 $ 520 820 T 520. $ S20 5211 $ 820 COMMERCIAL 9,756 - S - - $ 270 { 485 S 729 $ 926 S Y„290 $ 1,587 S 1,635 $ 1„684 $ 735 $ 1,840 S 1,895 IS 1.,952 $ 2,011 S 2,071 S 2,133 S 2,197 RESTAURANTS S - 5 5 -1,7871$ 273 is $39 1 5 6931$ 714 IS 7351 S 757 � $ 78DIS 8031S 827 5 852 S 977T$-904 5 9311S 959 5 988 S 1,017 $ 1,048 S 1,079 TOTAL UPLANDS RENTS S - is - 273. 90915 1,178 1A43 S 1,661 $ 2,047 2,361 S 2.4381S 2,531 S 2,5A6 5 2,664 $ 2,744 S 2,828 is 2,911 S 2,998' S 8,088 # 8,181 $ 1;275 $ 3,375 3,477 $ 3,581 $ 3,688 3,794 $ 3,913 '�4,030LESS: CITY RENT -PERCENTAGE 5 31C S 310. S 310 $ ED $ 310 S 310 5 310 5 310 S 310 $ 310 $ 310 $ - 5 28 5 94 5 241 S 409 $ 1 TOTAL REVENUES 5 1,319' S 1,358 5 1,398. S 1,439 $ 7,481' S 1525 7300 Ts 7,550 $ 6,9921S 8,648 1 S 11,651 1 $ 14,396 1 $ 14,2R1 1 $18.,329 1 $ 21,836 15 24,474 1 S 25„193 1 $ 25,933 $ 26,605 $ 27,480 S 28,289 9 29,122 1329,M I 5 30,864 1 $ 31,775 IS 32,712 OPERATING EXPENSES _ I PROFESSJONAL, PERMITTING FEES S L200 5 1,000 600 $ 2005 $ - S 5 S $ $ $ $ - - S S S $ - $ GENERAL S 3,000 $ 3,100 $ 3„200 5 3,300 $ 3,400 $ 3,600 $ 3,800 5 4,000 $ 4,200 4,410 4,631 4,862 $ 5,105 $ 5,360 S 5910 $ 6,205 $ 6,516 $ 6,841. S 7,183 PAYROLL,FICA, UNIFORMS & INS. 5 600 S 615 5 600 755 BOD B50 5 900 $ 950 S 1,100 L155 S 1,213 $ 1,273 $ 1,337 5 1,404 LS4B S 1625 $ 1,706 1,792 $ 1,8'81 CREDIT CARO FEES LESC;DRY STACK PH2 DEBT SERVICE 193 -3100 $ 178 5 208 $ 278 $ 343 5 334 S 431 $ 516 $ 537 S 601 $ 619 $ 637 $ 656 S 695 $ 715 $ 736 $ 758 S 780 MAJ4AGENT $ 480 $ 4� $ 480 $ 480, $ 519 $ 864 857 $ 1100 $ 1,3319 1,363 1,512 LS56 1602 F56.75 1,649 1;747 S 1.799 $ 1,852 5 1,906 $ 1,963 RESERVES FDR REPLACEMENT P2.5% $ 600 - - - 291. $ 360 357 456 546 $612 $ 630 $648 $ 667 $ 687 $ 726 S 750 772 $ 794 $ 818 TOTAL OPERATING EXP. R/RENT $ 5,473 $ 5,380 $ 5,658 $ 4,888 5,288 8,017 6,248 6.939 $ 7,6]2 58,076 $ 6,586 s 8,958 9,348 9,756 S 10,628 TIZO94 $ 11,582 $ 12,092 $ 12,625 445 S 445 445 ..LESS: BASIN WET SLIPS $ - $ - S $ - $ - $ 5_ 3_Ori $ 360 $ 464 $ 464 LESS'. CITY RENT- FINED d7 M $ 1;0011 $ 31,0{70 $ Y„200 1,500 1,800 2,492 5 2,567 $ 2,644 5 2,723 S 2,805 3,089 $ 3,182 $ 3,277 $ 3,375 3,477 $ 3,581 $ 3,688 3,794 $ 3,913 '�4,030LESS: CITY RENT -PERCENTAGE 5 31C S 310. S 310 $ ED $ 310 S 310 5 310 5 310 S 310 $ 310 $ 310 $ - 5 28 5 94 5 241 S 409 $ 534 5 606 S 875 5 1,045 $ 1,177 $ 1,209 $ 1,245 S 1,281 5 1,319' S 1,358 5 1,398. S 1,439 $ 7,481' S 1525 TOTAL CITY RENT $ 3,400 5 1,028 S 1,294 5 1,]41 2,209 3,626 5 3,173 3,,520 S 3,768 3,982 S 4,298 4,427 4,$59 4,645 4,835 4,479 5,127 5,281 3$ $ - $ 350 5 1,.505 2,.MS 3,649 4,447 S 5,237 5 5,599 5 5,103 5,703 5,703 $ 5.703 S,183 5,703 5,702 5,703 T 57703 7 TOTAIWERATINGE%PENSEE S 6,473 6,408 1 $ 6,352 1 5 6,629 1 $ 7,497 1 $ SIA43.1 $ 9,4211 $10,459 1 $11,440 1 $12,0581 $12,884 1 $13,385 1 S 13,907 1 $14,450 1 515,016 1 515,607 1 $16,221 1 S 36,862 17,930 $ 18,226 NET PROFi1 R/DENT SERVICE $ 827 1 $ 1,143 1 $ 640 $ 2,019 $ 4,154$ 5,353 f $ 4,860 1 $ 7,870. 510,396 1 $12„416 512,309 1 $12,548 1 $ 12,768 $13,03u I S 13,273 1 513,515 1 $13,759 IS 14,002 $ 14,245 1 S 14,406 DEBT SERVICE (1) _ tFSS. MARINA DFUTSERVICE $ - S - $ 30D 5 480 5 618 $ 618. 5 618 5 616 _ 5 618 $ 618 $ 618 $ 618 $ 6111 5 GYB $ 818 $ fi18 $ 618 $ 618 5 618 $ 618 LESS' DRY STACK PHI DEBT SERVICE $ $ S 720 $ 1,260 S 1,624 S 1,624 $ 1,624 $ 1,WJ 5 1,624 S 1,624 $ 1,624 $ 1,624 S 2,624 $ 1,524 5 1.624 S 1,624 S 1,624 5 1,624 $ 1,524 $ 1,624 LESC;DRY STACK PH2 DEBT SERVICE $ $ S S 300 $ 652 5 850 S 850 S 850 $ 850 $ 850 $ 850 $ 850 $ 850 S 850 S 850 $ 850 5 $50 $ 850 S 850 $ 850.. LESS: DRYSTACKPH3 DEBTSERVICE 5 $ - $ - $ _ S... $ 600 S 1,090 S 1.352 5 1,392 $ 1,392 $ 1,392 $ 1,392 $ 1,392 $ 1,392 S 1,392 $ 1,392 $ 1,392 $ L39Z S 1,392 $ L392 LESS: RESTAURANTS & SHOPS $ $ 200 $ 345 S 445 $ 445 $ 445 5 445 $ 445 S 445 $ 445 $ 445 $ 445 $ 445 S 445 5 445 $ 445 $ 445 $ 445 S 445 445 ..LESS: BASIN WET SLIPS $ - $ - S $ - $ - $ 5_ 3_Ori $ 360 $ 464 $ 464 $ 464 5 464 $ 464 5 464 S 464 $ 464 S 464 $ 464 $ 464 $ 464 LESS: GENERAL SITE $ - $ ISO S 240 $ 310 $ 3ID S 310 5 31C S 310. S 310 $ ED $ 310 S 310 5 310 5 310 S 310 $ 310 $ 310 $ 310 $ 310 $ 310 TOTAL MARINA OE.T SERVICE $ - $ 350 5 1,.505 2,.MS 3,649 4,447 S 5,237 5 5,599 5 5,103 5,703 5,703 $ 5.703 S,183 5,703 5,702 5,703 T 57703 7 5,763 S 5,703 $ 5,703 NET INCOME AFTER DEBT SERVICE I S 827 1 S 792 1 S 1965)1 S (776) 1 $ 505 $ 906 1 $ (3JJ) $ 2,271 4,693 1 S 6,713 t $ 6,60(1 IS6,945 $ 7,085 1 S 7.327 1 $ 7,570 $ 7,813 1 $ 8,056 1 $ 8,299 1 $ 8,542 1 $ 8,7$3 EQUITY INVESTMENT 1 $ 3,004 1 $ 3,000 1 $ 3,000 1 S 5.000 15 4,000 $ 4,000 15 4,000 1 S 2,000 1 S 2,000 is $ $ $ $ - is is is IRR STREAM OF EQUITY R CASH FLOWS 1 $ (2,173)j $ (2,208) $ {3,965) $ [5,776) $ 13,495) {3,0941 $ (4,377) 2711$ 2.693[$ 6,7131$ 6,6061$ IS NS $ 7,0851S 7,3271$ 7,5701t 7,8131$ 9.0561S 8,299 8,542.1 8,783 NOTE: INTERNAL RATE OF RETURN GENERATED BY ABOVE OPERATIOM SCHEDULE = 52.78% (1) PROJECT TOTAL DEBT - $73,750,000., 6% INTEREST, 25 YEAR AMORTIZATION, WITH 2 YEARS INTEREST ONLY PRIOR TO COMMENCI NG AMORTIZATION SCHEDULE, (2) 6EFPERETI MINIMUM RENT DURING YEARS 1-5 OF $4,250,000. WILL BE REPAID WITH INTEREST @ 3% AS ADDITIONAL RENT $200,000. PER YEAR BEGINNING IN 2027 UNTIL THE END OF THE INITIAL TERM, UNLESS THE TENANT ELECTS TO PREPAY THF 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 INCREASES ANNUALLY BY THE GROWTH OF THE RENTAL REVENUES DETAILED ABOVE_ VIRGINIA KEY 11280016 11:21 AM