Memo 022-2013 Estimated Conceptual Debt Service m MIAMI BEACH
T 2013 AUG 2b kANDUM
CITY L r Ia03
TO: Commissioner Jonah Wolfson
FROM: Jimmy L. Morales, City Manager
DATE: August 21, 2013
SUBJECT: .Estimated Conceptual Debt Service Convention Center Financing
This memo is in response to your request for the yearly estimated debt service for the public
portions of the convention center project.
The attached Conceptual Finance Plan for the .public portion of the convention center
projects reflects the costs, as proposed by the developer, of $686.6 million as well as a
Funding Plan. This plan has been prepared in collaboration with our Financial Advisor, Julie
Santamaria, RBC Capital Markets.
The Funding Plan includes as proposed sources:
1. funding provided from the Miami Dade County General Obligation Bond;
2. the new 1 % resort tax;
3. the fixed component of the land leases for the hotel and of the retail leases North
of 17th Street;
4. future revenues from the existing RDA that would be received through December
2022 that are earmarked for the convention center project in the current capital
plan;
5. funding is also included from an extension of the existing RDA for a period
sufficient to provide the required funding; and
6. funding for public parking for the convention center which would be financed by
parking bonds and repaid from parking revenues.
The second attached schedule reflects the conceptual estimated Debt Service Cash
Flows. These amounts are equivalent to the estimated annual debt service based on the
costs proposed by the developer.
The Funding Plan also includes $24 million of other RDA projects, (also in the existing
capital plan,) to be paid from the future revenues received by the existing RDA through
2022. These projects will also be part of the financing, but not part of the Total Convention
,Center Projects Cost.
Should you have any questions or need additional information please contact me.
Attachments
JLM:PDW,
Cc: Mayor and Members of the City Commission
We are committed to providing excellent public service and safety to all who live, work, and play in our vibrant, tropical, historic community.
Convention Center District
Conceptual Finance Plan
Funding Plan
amounts in millions
County G.O. $53.6
1 % Resort Tax 254.8
Fixed Land Lease (Hotel & N. of 17th) 61.5
Total Resort Tax /Lease 316.4
Parking Bonds (1,040 CC Spaces) 60.8
RDA thru 2022 in capital plan for this project 71.2 (1)
RDA Proposed Extension 184.6
Total RDA 255.8
Total 6Lr vention Genter Projects $686:6;;
Plus: Additional RDA Projects in capital plan thru 2022 $24.0 (1)
Total RDA with Additional Projects $279.8
Total Funding Sources RequiiedW 'GV V ` w 7 T7 $710.61
amounts in millions
Convention Center $506.2 -
Public Amenities 71.2
Center Parking (1,040 CC Spaces) 43.4
Developer Contribution -10.5
Net Project Cost 610.3
Cap - DSR I ` 76.3
.Convention, Cosfs
Total $fi86:6
P lus: Additional RDA Projects in capital plan thru 2022 24.0
ff �tal Convention and.RDA
(1) Reflects amounts for Convention Center project ( $71.2) and
amounts for other RDA projects ($24) in capital plan and funded by
expected annual funds from existing RDA through 2022
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