HomeMy WebLinkAboutCommunity Facilities District Study kAll,
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Background
Ym Board Workshops
Board has engaged in discussions on several
occasions regarding its participation in CFDs
Request made by East West Partners to consider
CFDs
John Murphy, District's Bond Counsel has addressed
Board
Staff directed to develop cost reimbursement
agreement to study feasibility of CFDs
June 18, 2003 Fieldman, Rolapp & Associates Page I
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Background (continued)
Board Action
Approved CFD Study Funding & Reimbursement
Agreement
Staff Actions
Received $20,000 to fund study of CFDs for East
West Partners
Directed Fieldman, Rolapp & Associates to meet with
Staff and East West Partners
June 18, 2003 Fieldman, Rolapp & Associates Page 2
Development Projects
Old Greenwood
99 Single Family Lots-Custom Home sites (plus 4 existing
cabins and 1 lot for Single Family construction)-Town Staff
currently reviewing
Final Map-99 lots currently for sale-
closings beginning Sept 30th
74 Lots-Cabins-Fractional Units-(19 included in Final
Map)-first 10 to start construction July 15
100 Town homes-Fractional Units (up to 15 potentially for
whole ownership)-can be constructed when Final Map
approved—first 7 scheduled to start July 15
17,000 sf Swim Tennis Fitness Center (5,000 sf outdoor
pool and 6 tennis courts)-currently under construction
June 18, 2003 Fieldman, Rolapp & Associates Page 3
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Development Projects
m Old Greenwood (continued )
18 hole Golf Course-rough shaped-July 4, 2004 is
scheduled completion date
",_J Old Greenwood House (2 phased building-1st phase
includes cart barn, pro shop and locker room/bar/grill-2nd
phase includes front desk, 1800 sf conference facility and
property management space)-construction commences
August 15th (est.)
"Floating entitlements" 20 lodging rooms, restaurant and
2500 sf conference space)
�_J Natural Resource Management Center (2 buildings
(approx. 35,000 sf)-construction to commence by August
1 5th
Welcome Center (500 sf)-construction completed
June 18, 2003 Fieldman, Rolapp & Associates Page 4
Development Projects (Continued)
Grays Crossing —
(does not include potential density bonuses of 150 units)
410 Single Family Units*
57 Cottage Lots*
148 Attached Condominiums or Town homes
21 Residential Studio Units-located above
Retail/Office/Commercial (21 Grays Crossing
affordable)
*15 Grays Crossing affordable-will be deed restricted
June 18, 2003 Fieldman, Rolapp &Associates Page 5
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Development Projects (Continued)
Grays crossing-(continued)
1120 Unit Hotel (Lodge)
92 Unit Multi-Family Rental Complex (64 Grays
Crossing affordable/28 Old Greenwood employee
housing)
38,000 sf Retail/Office/Commercial
7,000 sf Community Use
1 ,800 sf Service Station
18 hole Golf Course (including clubhouse)
2 Church sites
June 18, 2003 Fieldman, Rolapp & Associates Page 6
me'I
Develop -10"Inent Projects (Continued)
Grays Crossing-(continued)
Draft EIR completed/currently in circulation
Construction expected to commence in Spring , 2004
(subject to EIR certification and land use approvals)
June 18, 2003 Fieldman, Rolapp & Associates Page 7
Review Process
n Meetings with Staff
Reviewed facilities proposed by East West Partners
to be included in CFDs
Discussed strategy to include other PUD capital
improvement facilities in the CFDs
Participated in discussions with Bond Counsel and
Staff of eligible improvements which could be
financed in CFDs
June 18, 2003 Fieldman, Rolapp & Associates Page 8
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�Y4 Review Process (Continued)
Meetings with East West Partners
To understand development/entitlement status of Old
Greenwood and Grays Crossing
To determine status of construction and anticipated
sales activities
To assist in the facilitation of a joint meeting with Staff
and East West Partners to articulate Staffs position on
facilities to be included in CFDs
June 18, 2003 Fieldman, Rolapp & Associates
Page 9
imti
al to form CFDs
Review of Propos
m Proposed special Tax structure (continued)
Estimated total tax burden (amount appearing
on the property tax bill) less than 1 . 5% of the
initial estimated sales price of a residential
unit
Included in annual special taxes is annual
administrative funding of $30 , 000 per CFD %
escalating 2% per year
June 18, 2003 Fieldman, Rolapp & Associates Page 14
117
MOM
I I Is:
Proponent- East West Partners
(initial due diligence)
Old Greenwood and Grays Crossing primarily owned
(approximately 80%) by East West Resort Development
V, LLP,LLLP ("EWRD V)
TWRD V is a subsidiary (approximately 90% owned) of
Crescent Real Estate Equities Company ("CEI")
CEI is a REIT publicly traded on the NYSE ($1 .677
billion market capitalization-6/17/03)
CEI is the primary funding source for the two
development projects
June 18, 2003 Fieldman, Rolapp & Associates Page 15
X
NOW
Schedule of CFDs
Proposed
n June 18
Board directs Staff and consultants to proceed to
commence pre-CFD formation activities
in August 6
Board considers adoption of local Goals and Policies
Resolution of Intention for each CFD is presented to
Board for it's consideration
June 18, 2003 Fieldman, Rolapp & Associates Page 16
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INN= ,
Proposed Schedule of C F Q s (Continued)
is September 17
F" Board conducts Public Hearing, considers formation of
one or both CM, holds landowner election-2/3 vote.
(If Grays Crossing has not received sufficient project
approvals, its Public Hearing and subsequent CFD
-1\
proceeding and financing actions will be continued)
Any JCFAs must already be approved by other
agencies of
Board considers Public Hearing and Ordinances)
Special Tax
June 18, 2003 Fieldman, Rolapp & Associates Page 17
a Maw
Momn, �V,
.*.'k'
l e of C F D s (Continued)
Proposed schedu
October 15 financing documents for
Board considers legal and fin
one or both CFDs in preparation of bond sale
+/-November 4
Bond sale
November 5
Board advised of the results of Bond sale
+/-November 18
Bond closing-Bond proceeds received
......
Page 18
Fieldman, Rolapp & Associates
June 18, 2003
8
MAIM"
Conclusions
* The proposed Financing Plan is
reasonable and consistent with industry
standards
* The proposed Special Tax Structure is
reasonable and consistent with industry
standards
June 18, 2003 Fieldman, Rolapp & Associates Page 19