HomeMy Public PortalAbout08-20-1993 Proposed Acquisition of the Tree Farm Property.tifPROPOSED ACQUISITION
OF THE
TREE FARM PROPERTY
Located between
Crandon Boulevard & Fernwood Road
AUGUST 20, 1993
ANYONE DESIRING FURTHER INFORMATION ON THE CONTENTS OF THIS REPORT SHOULD CONTACT:
C. SAMUEL KISSINGER
VILLAGE MANAGER
VILLAGE OF KEY BISCAYNE
85 WEST MCINTYRE STREET
KEY BISCAYNE, FLORIDA 33149
(305)365-5514
MICSR IN srATEMENI " I O PROV1IM A SAIL, QUALII'1 COMMUNITY ENVIRONMENT FOR ALL ISLANDERS TIIROI GH RESPONSIBLE GOVERNMENT"
O'LEARY DESIGN ASSOCIATES
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PROPOSED AQUISITION OF THE
TREE FARM PROPERTY
TABLE OF CONTENTS
Page
Mayor & Members of the Village Council ii
Local Planning Agency Members iii
Administrative Officers and Officials iv
I. Introduction 1
II. Background 1
III. Appraisals 2
IV. Compromise Offer 3
V. Summary of Land Values 4
VI. Recommendation 4
VII. Benefits of Passive Recreation Area 6
VIII. Park Plan 7
IX. Summary & Conclusion 8
Exhibits
Exhibit A. Location Map 10
Exhibit B. Location Map 11
Exhibit C. Rejection Letter dated January 12, 1993 12
Exhibit D. O'Leary Letter dated August 3, 1993 14
Exhibit E. Bank Payment Schedules 15
Exhibit F. Bond Payment Schedules 16
Exhibit G. O'Leary Letter Dated July 26, 1993 ( Balifields) 26
Exhibit H. Operating and Capital Budget 28
Exhibit I. Time Schedule . 29
Exhibit J. Master Plan Opinion Survey Results 30
Exhibit K. Key Biscayne Park Plan 31
Exhibit L. Key Biscayne Park - Typical Nature Trail 32
VILLAGE OF KEY BISCAYNE, FLORIDA
VILLAGE COUNCIL
Rafael H. Conte, Mayor
Clifford Brody, Vice Mayor
Mortimer Fried
Michael Hill
Joe I. Rasco
Betty Q. Sime
Raymond P. Sullivan
COUNCIL - MANAGER FORM OF GOVERNMENT
Mission Statement. "To Provide a safe, quality community environment for all islanders through responsible government."
VILLAGE OF KEY BISCAYNE, FLORIDA
LOCAL PLANNING AGENCY
Betty Q, Sime, Chairman
Joe I. Rasco, Vice -Cu rman
Clifford Brody
Rafael H. Conte
Mortimer Fried
Michael Hill
Raymond P. Sullivan
Master Plan Consultant:
Robert K. Swarthout, Inc.
City Planning Consultants
400 South Dixie Highway
Suite 121
Boca Raton, Florida 33232
Mission Statement • 'To provide a safe, quality community environment for all islanders through responsible government."
VillAGE OF KEY BISCAYNE
ADMINISTRATIVE OFFICERS
C. Samuel Kissinger
Village Manager
Michael J. Flaherty
Chief of Police
Director of Emergency Services
Susan Krupnick-Gregorie
Director of Economic Development
William C. Huddleston
Chief of Fire Rescue
VILLAGE ENGINEER:
Carlos A. Penin, P.E.
President
C.A.P. Engineering
Consultants, Inc.
4848 S.W. 74th Court
Miami, Florida 33155
Mariano Fernandez
Staff Engineer
Weiss, Serota &
Helfman, P.A.
Village Attorney
DEPARTMENTS
Guido H. Inguanzo, Jr.
Village Clerk
Jack Neustadt
Director of Finance &
Administrative Services
Robin M. Sobrino, AICP
Director of Community Development
Laurie Tessler
Director of Recreation
INDEPENDENT CONTRACTORS
VILLAGE LANDSCAPE
ARCHITECTS:
William A. O'Leary, FASLA
President
O'Leary Design Associates, P.A.
Oak Plaza Professional Center
8525 S.W. 92nd Street, Suite C l l
Miami, Florida 33149
A. Gail Boorman, ASLA
President
A. Gail Boorman & Assoc.
849 7th Avenue
Suite 204
Naples, Florida 33940
Mission Statement- 'To Provide a safe, qudity community environment for dl islanders through responsible goverment."
BUILDING & CODE ENFORCEMENT DIVISION
Dan B. Nieda, RA.
Building Official
Joan Moore Paul Elledge
Code Enforcement Officer Plumbing Inspector
Leonard Gutkin Ed Stein
Electrical Inspector Mechanical Inspector
INDEPENDENT AUDITOR
Rachlin & Cohen
Certified Public Accountnats & Consultants
1320 South Dixie Highway, Penthouse
Coral Gables, Florida 33146-2964
BOND COUNSEL
Ruden, Barnett, McClosky, Smith, Schuster & Russell, P.A.
701 Brickell Avenue, Suite 1900
Miami, Florida 33131
FINANCIAL ADVISOR
Guzman & Company
Public Finance
Financial Advisory Services
701 Brickell Avenue, 11th Floor
Miami, Florida 33131
STORMWATER UTILITY
Williams, Hatfield & Stoner, Inc.
Consulting Engineers
3191 Coral Way, Suite 804
Miami, Florida 33145
COUNCIL APPOINTEES
James M. Dowd (term expires 8/1/94)
William E. Croysdale (term expires 7/31/94)
Special Masters
1fission Statement "To Provide a safe, quality community environment for all islanders through responsible government."
I. INTRODUCTION
Community Character Statement Upon Which the Master Plan is Based:
Key Biscayne should be a residential refuge from the outside would. Development
policies should be designed to protect quietude, safety and enjoyment to the
maximum extent possible. Commercial and other non-residential development
should be sized to meet the shopping needs of residents, but not to attract
large numbers of patrons from off the island. This means that there should
not be a substantial addition to existing commercial facilities. Future residential
development should be at the lowest densities consistent with protection of
reasonable property rights. Urban design improvements should make adjacent and
functionally compatible land uses better relate to each other rather than being
separated from each other by walls and dead-end streets. Pockets of new
development are not to be isolated from the fabric of the community.
II. BACKGROUND
A. At the January 28, 1992 and March 10, 1992 meetings of the Village
Board of Trustees, the acquisition of the Tree Farm property located
between Crandon Boulevard and Fernwood Road was discussed. Location
maps are enclosed and marked Exhibit A and Exhibit B found on pages
10 and 11.
B. At the June 9, 1992 meeting, the Board of Trustees authorized the
Village Manager to initiate discussions with two (2) firms to prepare
appraisals for the Tree Farm property. The firms of Slack and Johnston,
Inc. and J. Mark Quinlivan were selected and contracts were executed in
late June. The appraisal reports from these firms were both received by
mid -August.
C. At the September 29, 1992 meeting, the Board instructed the Village
Manager and the Village Attorney to open discussions with the property
owners to acquire the Tree Farm property.
D. At the October 13, 1992 meeting, the Board of Trustees authorized
the Village Manager and Attorney to negotiate with the owners to
purchase the property. At the same meeting, the Village Manager was
instructed to prepare a financial analysis to determine the feasibility of
purchasing this property.
August 20, 1993
Continued .. .
Page 2
E. A financial analysis on the debt payment schedule was presented to the
Board during their October 27, 1992 meeting. During that meeting, the
Board passed a motion to offer the owners of the Tree Farm property $5
million for its purchase.
F The $5 Million Offer was hand delivered to the owners on November 9,
1992 by the Village Attorney and Manager. The owners rejected the
offer in a letter dated November 10, 1992 to the Village Manager.
G At the November 10, 1992 Council meeting, the Village Manager
discussed the cost benefit analysis as it relates to the acquisition of the
Tree Farm Property.
H. At the November 24th Council meeting, the Council instructed the
Manager to prepare and report on the financial implications if the Village
acquires the property on future budgets.
At the December 8, 1992 meeting the Manager submitted a report that
indicated that the Village has the financial ability to acquire this
property and at the same time, institute a 2% tax reduction per year over
the next 5 years without the Village assuming the Fire/Rescue duties and
responsibilities.
J. The Village Council, at the same December 8, 1992 meeting authorized
an offer of $8.5 million to the owner of the Tree Farm property. This
offer was presented by the Village Attorney and the Manager to the
owner on December 18, 1992.
K. The offer was rejected in a letter dated January 12, 1993 from the owner
to the Village Manager. A copy of this letter is enclosed and marked as
Exhibit C found on page 12.
III. APPRAISALS:
A. Appraisals based on 445,356 square feet (10.2 acres)
1. Slack and Johnston, Inc.
a. 445,356 sq. ft. @ $18.00 = $ 8,016,408 $ 8,016,408
August 1, 1993
Continued...
b. Land -value offered by Slack and Johnston, Inc.
1) None
2. Mark Quinlivan
Page 3
a. 445,356 sq. ft. @ $19.09 = $ 8,500,000* $ 8,500,000 *
b. Land -value range offered by Mr. Quinlivan
1) 445,356 sq. ft @ $18.50 =
2) 445,356 sq. ft @ $19.09 =
3) 445,356 sq. ft @ $20.00 =
Note: *Rounded and amount of second offer
IV. COMPROMISE OFFER
$ 8,239,086
$ 8,500,000
$ 8,907,124
A. Updated survey 413,569 sq. ft.(9 5 acres)- 6% less acreage than original area
B. Cost based on 413,569 sq. ft. by Quinlivan Appraisal
1. 413,569 sq. ft. @ $18.50
2. 413,569 sq. ft. @ $19.09
2. 413,569 sq. ft. @ $20 00
4. 413,569 sq. ft. @ $22.00
$ 7,651,026
$ 7,895,032
_ $ 8,271,380
$ 9,098,518
+ $ 244,006
+ $ 376,348
+ $ 827,138
July 13, 1993
Continued ...
C. Compromise Offer
Page 4
1. The recommended compromise offer is $9,098,518 based on $22.00 per
square foot.
a. Offer is ten (10%) higher than highest square foot range
recommended by the Quinlivan appraisal which is normal for a
municipal government acquisition. ($20.00 to $22.00 per square foot)
b. Offer is more than fifteen (15%) higher than original offer on a
square foot basis.
c. Actual dollar cost over initial offer is $598,518 or 6.6% higher for
6% less land.
d. Cost per acre is $957,739.
V. SUMMARY OF LAND APPRAISALS BY AREAS
A. Cost per sq. ft. 445,456 sq.ft. 413,569 sq.ft. (6% Less)
1. $18.50 $ 8,239,808 $ 7,651,026
2. $19.09 $ 8,500,000 $ 7,895,032
3. $20.00 $ 8,907,120 $ 8,271,3 80
4. $22.00 $ 9,797,832 $ 9,098,518
VI. RECOMMENDATION
Based on the aforementioned explanation, I strongly recommend the Village
Council authorize a final counter offer of $ 9,098,518 be made to the owners of
the Tree Farm property located between Crandon Boulevard and Fernwood Road
for the following reasons:
July 13, 1993
Continued . ..
Page 5
A. The proposed Master Plan recommends 2.5 acres of public recreation and
open space per 1,000 people for a total of 25 acres. The actual acreage is
0.73 acres per 1,000 population for a total of 7.3 acres; Calusa Park has
5.0 acres and Key Biscayne Elementary School has 2.3 acres. Even if this
level of service is lowered, the Village will be deficient in open space and
recreation land.
B. The purchase of this tract will increase our public recreation and open
space to 16.8 acres or 67 2% of our goal. A very significant beginning.
C. No other sizable, centrally located, unused, underdeveloped, uninhabited,
and un-planned parcel is available where intensive plantings of vegetation
can provide a passive park with lush tree canopy. Such vegetation is
something people identify with Key Biscayne. The concept is further
explained in a letter from our Landscape Architect marked as Exhibit D
found on page 14 dated August 3, 1993.
D. To purchase another site or assembly properties will cost considerably
more because of high property values, demolition, site improvement and
relocation costs, and the strong possibility of neighborhood opposition.
E. This purchase will strengthen the existing commercial market by
limiting the availability of commercial space available for development as
per the Master Plan Consultant's report on Key Biscayne Retail Analysis
which indicates sufficient commercial space currently exists until the next
century.
F. This property would link the residential south and west areas and the retail
area core to the north.
G. When Incorporation was discussed, it was the intent of the Village
incorporators to offer a greater sophisticated level of community recreation
service than had been provided by Metro Dade County. This purchase
would assist the Village to reach this goal.
H. The revised offer is within a reasonable range (Ten Percent 10%) of the
original appraisal prepared by Mr Mark Quinlivan, the Village's appraiser.
July 13, 1993
Continued ...
Page 6
I. If the property is purchased a zoning study should be undertaken to
determine if the zoning ordinance should be amended to permit a restaurant
on the south side of The Galleria Shopping Center at 328 Crandon
Boulevard where one could enjoy a view over the proposed park. Indoor
and open air dining could be permitted under the appropriate zoning
ordinance modifications.
J. The purchase of this property will be an investment in the future of Key
Biscayne.
K. The acquisition of this property by the Village will dramatically improve
the aesthetic characteristics of the grounds and eliminate an eye -sore caused
by illegal dumping, lack of maintenance, litter, etc... If not acquired, this
condition will continue and it will remain unkept, unless sold to a private
developer and/or sub -divided by the owner.
L. In addition to the recreational and open space element, the re-establishment
and perpetuation of native vegetation environment. Where significant
loss of vegetation occurred due to Hurricane Andrew, the replanting of
vegetation at this site will benefit the community and promote the
conservation and environmental goals and objectives of the Village.
M. On July 8, 1993, a financial institution expressed an interest in providing a
$9,000,000 loan at 2/3 of the New York prime rate. Please see Exhibit E
found on page 15.
N. Exhibit F found on page 16 contains bonding scenarios for the tree farm
property if the Council decides to issue bonds.
VII. BENEFITS FOR PASSIVE RECREATIONAL AREA
A. The purchase of this tract will allow for a park which will be a community
focal point and will enhance the entrance way to the Royal Biscayne
Venture as well as the areas along a portion of Fernwood Road. It certainly
would be a welcomed addition by the Galleria Shopping Plaza. This area
could be developed into the garden spot of Key Biscayne. It would be our
central park. For example the park will provide the following benefits:
July 13, 1993
Continued . . .
Page 7
1. Preservation rather than development of the last large open space
available for passive recreation area that is centrally located to our
population. This natural resource should be protected and preserved.
2. This will be the only place which people (particularly
children) could conveniently reach by walking or biking in order to
simply throw a frisbee or football, play at a tot -lot, jog on a
pleasant and safe path or just a place to visit.
3. A location to hold community events such as July 4th activities,
Health Fair, Summerfest, fireworks, tree lighting ceremony, etc.
4. Location is accessible from schools, churches, residences, and
businesses for multi -purpose uses such as organization picnics,
parties, meetings, celebrations, plays and outdoor concerts;
5. Quiet, clean, safe park and open space environment for people of all
ages;
6. Coconut palms could be reintroduced as an historic landscape
element together with lush natural plantings. The aethestic
characteristics of the grounds will be improved. General
maintenance will greatly improve the area. Tours might be
conducted throughout the park which would be an attraction for our
hotels to market; and
7. Playfields should be developed at other sites because of the
configuration and width of the land, as well as because of
environmental considerations of this site. Neither should the Village
Center be built on this site. Please see Exhibit G found on page 26
for an explanation for this opinion.
VIII. PARK PLAN
A. When the Master Plan for the park is completed it might include the
following elements with appeal to all age groups and a multitude of
interests:
July 13, 1993
Continued...
Page 8
1 A Nature Center building where environmental educational
activities could occur. These activities could be developed in
partnership with Key Biscayne Elementary School.
2. An outdoor amphiteater and lecture area, located on a grassy knoll.
3. Small picnic pavilions where residents could enjoy the natural
setting of this park.
4. A shapped tot -lot for use by your children.
5. A meandering jogging/bicycle/ and pedestrian path under the shade
of large canopy trees.
6. An open lawn area for passive recreation.
7. Nature trails with small signs identifying the vegetation type. This
element could be used as part of the environmental education
activities.
8. The preservations of (2) 40' Kapok trees on the west side of this
site.
9. The recreation of a coastal hammock using native vegetation such
as Coconut palms, Key palms, and trees such as Gumbo Limbo,
Mahogany, Green Buttonwood, Pigeon plum, Seagrape, and Geiger
tree.
In the development of this park, a coastal hammock shall be located. A
conceptual plan is Exhibit K on page 31 and a typical nature trail is Exhibit L
on page 32.
IX. SUMMARY AND CONCLUSION
The parcel has excellent potential as a passive recreational area. Since
Hurricane Andrew hit Dade County, the natural vegetation on the site has been
substantially devastated. Its scarified condition and high visibility lend strong
incentive to re -vegetate. It is envisioned that future landscaping and
development of the site should complement and promote the beachside setting
July 13, 1993
Continued...
Page 9
of this community. Given the significant loss of tree canopy on the island due
to the hurricane (estimated at 70%) this land also has the potential of having a
positive effect on the micro -climate of Key Biscayne.
An explanation of the operating and capital costs for this project is combined in
Exhibit H found in page 28. The estimated costs to maintain the property, in
present state, when acquired is $950.00 per month. This is only grass cutting
and liter control. As improvements are made, maintenance expenditures shall
increase. Capital Improvements shall be determined by the Village Council. A
tentative time schedule is found in Exhibit I on page 29.
Based on the aforementioned reasons and the support in the recent community
survey which indicated support for this project, I am recommending an offer
of $9,098,518 be made to the owner/owners. Please see Exhibit J found on
page 30 for the survey results. This central space provides an open space at
the heart of the community.
Time could be a factor because I am aware of the fact that an offer will be or
has been made to subdivide a portion of this tract. The Village is deficient in
open space and recreation area and unless a significant land acquisition
program is undertaken this deficiency will continue. The future is now. Delay
will only increase the cost of future land acquisition for park and recreation
open space. Thank you.
Exhibit A
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Exhibit C
,RECISION VALVE CORPORATION / 700 NEPPERHAN AVENUE , PO BOX 309 / YONKERS, NEW YORK 10702
eleoncne Q14 -Q69-6500 / TLX 6818256 PREVALUW / FAX 9"4-969-1985
January 12, 1993
Mr. Samuel Kissinger
Village Manager
Village of Key Biscayne
85 West McIntyre Street
Key Biscayne, Florida 33149
Re: Key Biscayne - Condemnation
Dear Mr. Kissinger:
We have reviewed the appraisal report which you have sent us in
conjunction with the proposed purchase of our vacant land located
on the west side of Crandon Boulevard in Key Biscayne, Florida.
The appraisal report of Slack & Johnston concludes a market value
of $8,000,000 as of August 11, 1992. We note that the report
utilizes four sales. only two of which are located in Key Biscayne.
In our opinion, the use of the other two sales should not be given
any weight as they are not in fact, "comparables", being located
in a completely different location from the subject property.
With respect to the two sales located in Key Biscayne, we take
note that sale number one sold for $23.17 which was adjusted
downwards by the appraiser for a net sale price of $22.40 per
square foot. The appraiser notes in his comments that the site
was improved with an old shopping center at the time of sale and
that the shopping center was demolished. We understand that it
is basic appraisal practice to add in the cost for the demolit-
ion of the shopping center in order to arrive at the true price
per square foot for the purchase of the property located at
320-328 Crandon Boulevard. We do not see such an adjustment made
by the appraiser in his report. Sale number two located at 800
Crandon Boulevard sold for S31.78 per square foot. The two
sales which sold on Crandon Boulevard averaged a selling price of
$27.09.
The two sales sold on Miami Avenue in Miami and at 88th Place
in Dade County sold for considerably lower prices, to wit,
516.72 per square foot and $14.61 per square foot. Thus, the
average price of sales number three and four are $15.66 per
square foot. Therefore, it is manifestly clear that sales number
three and four are not truly "comparable" and should be given no
weight at all .
cago Brancn BENSENVILLE, 60106 / Tz ecnone 708-595-5151 / FAX 708-595-7966
-eTech DivIslon TRAVELERS REST, SC 29690 z eonone 803-834-8061 / FAX 803-834-4938
Mr. Samuel Kissinger
Page 2 -
.4ith all due respect, it would appear to us that the use of
the comparables located in Key Biscayne support the position
that the subject property is worth $28.00 per square foot.
A review of the Quinlivan appraisal report leads us to the
same conclusions as set forth above. In fact, in that report,
the appraiser attempts to utilize square foot parcels of
70,000 and 61,000 square feet as "comparable" sales to the
subject property (see Quinlivan sale number one and two). As
you know, the subject property is 391,170 square feet. Further-
more, sale number one and two in the Quinlivan appraisal are
dated 1979 and are too remote in time to be accorded any weight.
In summary ,therefore, we have reviewed the appraisal reports
that you have forwarded to us and we are not convinced that the
conclusions of value found by the respective appraisers are,
in fact, fair market value. As stated above, we believe that a
S28.00 square foot price is representative of fair market value.
In consideration of our discussion and in order to finalize the
matter, we would be willing to accept a value of $26.00 per
squarefoot and we would be prepared to sign a contract based on
this price if this transaction is completed within sixty (60)
days. Alternatively, we are prepared to commission an MAI to
confirm our market value assessment.
Please call me so that we can discuss this matter.
Very truly yours,
ic)/V
Robert H. Abplanalp
Chief Executive Officer
Exhibit D
CIE)A
O'LEARY DESIGN ASSOCIATES P.A.
LANDSCAPE ARCHITECTURE LAND PLANNING
URBAN DESIGN GRAPHIC DESIGN
August 3, 1993
Mr. C. Samuel Kissinger
Village Manager
Village of Key Biscayne
85 W. McIntyre Street
Key Biscayne, Florida 33149
Re: Key Biscayne Park
Tree Farm Property
Key Biscayne, Florida
Dear Mr. Kissinger:
As discussed, the above referenced property has two existing Ceiba
pentandra Kapok Tree) located in the center of the park, near
Fernwood Road. These trees are mature specimens in excess of 40'
in height with a large caliper trunk and large buttressed root
system, and may be the largest post Andrew tree specimens remaining
on Key Biscayne.
Every effort should be made to preserve these two specimen trees,
as well as the Phoenix reclinata palms which abound in the north-
west quadrant. The introduction of ballfields onto this site will
severely impact the attempt to preserve this existing tree canopy.
Key Biscayne Park should be developed as a passive nature park and
one that offers a respite to the hustle and bustle of daily urban
life. The opportunity of recreating an upland hammock using native
vegetation would allow this site to be developed as an education-
al nature center as well as a passive community park.
Please let me know if you require any additional information..
Very truly yours,
A1,1214,‘
WILLIAM A. O'LEARY FAS
WAO/cas
()AV PI A7A PR(IFFCCI(Ih1A1 f CLITFD nc1c C ‘v n,nin cr0ccr ci nrr ••1A•u ri ^1,.rr rnr rnrar
Exhibit E
$9,000,000 @ 4%
YEAR 1
YEAR 2
YEAR 3
YEAR 4
YEAR 5
YEAR 6
YEAR 7
YEAR 8
YEAR 9
YEAR 10
TOTALS
YEAR 1
YEAR 2
YEAR 3
YEAR 4
YEAR 5
YEAR 6
YEAR 7
YEAR 8
YEAR 9
YEAR 10
TOTALS
YEAR 1
YEAR 2
YEAR 3
YEAR 4
YEAR 5
YEAR 6
YEAR 7
YEAR 8
YEAR 9
YEAR 10
TOTALS
INTEREST PRINCIPAL
360,000
324,000
288,000
252,000
216,000
180,000
144,000
108,000
72,000
36,000
1,980,000
900,000
900,000
900,000
900,000
900,000
900,000
900,000
900,000
900,000
900,000
9,000,000
INTEREST PRINCIPAL
540,000
486,000
432,000
378,000
324,000
270,000
216,000
162,000
108,000
54,000
2,970,000
TOTAL P & I
1,260,000
1,224,000
1,188,000
1,152,000
1,116,000
1,080,000
1,044,000
1,008,000
972,000
936,000
10,980,000
$9,000,000 @ 6%
900,000
900,000
900,000
900,000
900,000
900,000
900,000
900,000
900,000
900,000
9,000,000
INTEREST PRINCIPAL
720,000
648,000
576,000
504,000
432,000
360,000
288,000
216,000
144,000
72,000
3,960,000
TOTAL P & I
1,440,000
1,386,000
1,332,000
1,278,000
1,224,000
1,170,000
1,116,000
1,062,000
1,008,000
954,000
11,970,000
$9,000,000 @ 8%
900,000
900,000
900,000
900,000
900,000
900,000
900,000
900,000
900,000
900,000
9,000,000
TOTAL P & I
1,620,000
1,548,000
1,476,000
1,404,000
1,332,000
1,260,000
1,188,000
1,116,000
1,044,000
972,000
12,960,000
BALANCE
$9,000,000
8,100,000
7,200,000
6,300,000
5,400,000
4,500,000
3,600,000
2,700,000
1,800,000
900,000
0
BALANCE
$9,000,000
8,100,000
7,200,000
6,300,000
5,400,000
4,500,000
3,600,000
2,700,000
1,800,000
900,000
0
BALANCE
$9,000,000
8,100,000
7,200,000
6,300,000
5,400,000
4,500,000
3,600,000
2,700,000
1,800,000
900,000
0
Exhibit F
TO: C. Samuel Kissinger
Village Manager
FROM: Percy R. Aguila, Jr
Guzman & Company
DATE: August 11, 1993
RE: Bonding Scenarios for Tree Farm Property Project
Per your request, I have run numbers based on current interest rates to determine the
annual debt service costs on bonds that would be used to finance the acquisition of the Tree
Farm Property.
The four bonding scenarios that are summarized below are based on maturity dates of 15
years, 20 years, 25 years, and 30 years, respectively, and assume the acquisition price of the
property would be $9.100.000 and that all costs of issuance of the transaction would be paid
from bond proceeds. My estimate of costs of issuance totals $180,000. (This figure does
not include the underwriter's discount (fee) or the costs associated with bond insurance on
the bonds, which are also paid out of bond proceeds.)
Scenario Scenario Scenario Scenario
I II III IV
Principal Amount of
Bonds $10,475,000 $10,320,000 $10,245,000 $10,205,000
Acquisition Cost 9,100,000 9,100,000 9,100,000 9,100,000
Maximum Annual
Debt Service 1.000.178 836.575 748.027 697.395
Final Maturity 2008 2013 2018 2023
Coverage Required 1.25X 1.25X 1.25X 1.25X
Required Utility Tax
Revenues 1,250,222 1,045,719 935,034 871,744
The enclosed debt service schedules provide you with further detail of each of the bonding
scenarios and I have also enclosed a breakdown of the costs of issuance in Exhibit A. As I
noted above, all of the Village's costs of issuance related to this project can be financed with
bond proceeds. Accordingly, for reimbursement purposes out of bond proceeds, it will be
important for the Village to document all of its expenses related to this project since it
began negotiations to acquire the property.
EXHIBIT A
Set forth below is the itemization of costs of issuance that are now estimated to total
$180,000.
Costs of Issuance
Bond Counsel 35,000
Financial Advisor 25,000
Printing/Official Statement 15,000
Paying Agent/Registrar/Escrow 3,500
Village Counsel Expenses 2,500
Title Insurance 30,000
Surveys/Appraisals 25,500
Other** 38,500
Misc. & Contingency 5,000
$180.000.
**Expenses of the Village that have been incurred to date.
-1—
$10,475,000
Village of Key Biscayne, Florida
Utility Tax Revenue Bonds (Tree Farm Property Project)
--Bonds are Rated AAA (Insured)/Retired in 15 years --
SOURCES AND USES OF FUNDS
Dated: 07/01/1993 Delivery: 07/01/1993
Par Amount of Bonds $10,475,000.00
(Discount)/Premiun
Accrued Interest from 7/01/1993 to 7/01/1993
Bond Insurance Premium Rebate
Issuer Cash Contribution
Transfers from Prior Issue DSR Funds
Transfers from Prior Issue Debt Service Fund
Total Sources $10,475,000.00
Underwriter's Discount (1.000%) $104,750.00
Costs of Issuance 180,000.00
Gross Bond Insurance Premium 89,810.25
Deposit to Debt Service Reserve Fund (DSRF) 1,000,177.50
Deposit to Project Construction Fund 9,100,000.00
Contingency 262.25
Total Uses $10,475,000.00
Guzman & Company
Public Finance Group
8/ 9/1993
3:14 PM
-2-
$10,475,000
Village of Key Biscayne, Florida
Utility Tax Revenue Bonds (Tree Farm Property Project)
--Bonds are Rated AAA (Insured)/Retired in 15 years --
DEBT SERVICE SCHEDULE
BOND YEAR
PRINCIPAL COUPON INTEREST
DEBT SERVICE
7/01/1993
7/01/1994
7/01/1995
7/01/1996
7/01/1997
7/01/1998
7/01/1999
7/01/2000
7/01/2001
7/01/2002
7/01/2003
7/01/2004
7/01/2005
7/01/2006
7/01/2007
7/01/2008
520,000.00
535,000.00
555,000.00
575,000.00
595,000.00
620,000.00
650,000.00
675,000.00
710,000.00
740,000.00
780,000.00
815,000.00
855,000.00
900,000.00
950,000.00
2.600%
3.350%
3.700%
4.000%
4.150%
4.350%
4.550%
4.650%
4.700%
4.800%
4.900%
5.000%
5.150%
5.250%
5.250%
476,620.00
463,100.00
445,177.50
424,642.50
401,642.50
376,950.00
349,980.00
320,405.00
289,017.50
255,647.50
220,127.50
181,907.50
141,157.50
97,125.00
49,875.00
996,620.00
998,100.00
1,000,177.50
999,642.50
996,642.50
996,950.00
999,980.00
995,405.00
999,017.50
995,647.50
1,000,127.50
996,907.50
996,157.50
997,125.00
999,875.00
TOTAL 10,475,000.00
4,493,375.00
14,968,375.00
YIELD STATISTICS
Average Life
Bond Year Dollars
Average Coupon
Net Interest Cost (NIC)
Bond Yield for Arbitrage Purposes
True Interest Cost (TIC)
Effective Interest Cost (EIC)
8.8129 YEARS
$92,315.00
4.8674376%
4.9809078%
4.9597320%
4.9808059%
5.3691396%
Guzman & Company
Public Finance Group
8/ 9/1993
3:13 PM
-1-
$10,320,000
Village of Key Biscayne, Florida
Utility Tax Revenue Bonds (Tree Farm Property Project)
--Bonds are Rated AAA (Insured)/Retired in 20 Tears --
SOURCES AND USES OF FUNDS
Dated: 07/01/1993 Delivery: 07/01/1993
Par Amount of Bonds $10,320,000.00
(Discount)/Premium
Accrued Interest from 7/01/1993 to 7/01/1993
Bond Insurance Premium Rebate
Issuer Cash Contribution
Transfers from Prior Issue DSR Funds
Transfers from Prior Issue Debt Service Fund
Total Sources $10,320,000.00
Underwriter's Discount (1.000%) $103,200.00
Costs of Issuance 180,000.00
Gross Bond Insurance Premium 100,048.95
Deposit to Debt Service Reserve Fund (DSRF) 836,575.00
Deposit to Project Construction Fund 9,100,000.00
Contingency 176.05
Total Uses $10,320,000.00
Guzman & Company
Public Finance Group
8/ 9/1993
3:31 PM
-2-
$10,320,000
Village of Key Biscayne, Florida
Utility Tax Revenue Bonds (Tree Farm Property Project)
--Bonds are Rated AAA (Insured)/Retired in 20 Years --
DEBT SERVICE SCHEDULE
BOND YEAR
PRINCIPAL COUPON INTEREST DEBT SERVICE
7/01/1993 - - -
7/01/1994 335,000.00 2.600% 498,155.00 833,155.00
7/01/1995 345,000.00 3.350% 489,445.00 834,445.00
7/01/1996 355,000.00 3.700% 477,887.50 832,887.50
7/01/1997 370,000.00 4.000% 464,752.50 834,752.50
7/01/1998 385,000.00 4.150% 449,952.50 834,952.50
7/01/1999 400,000.00 4.350% 433,975.00 833,975.00
7/01/2000 420,000.00 4.550% 416,575.00 836,575.00
7/01/2001 435,000.00 4.650% 397,465.00 832,465.00
7/01/2002 455,000.00 4.700% 377,237.50 832,237.50
7/01/2003 480,000.00 4.800% 355,852.50 835,852.50
7/01/2004 500,000.00 4.900% 332,812.50 832,812.50
7/01/2005 525,000.00 5.000% 308,312.50 833,312.50
7/01/2006 550,000.00 5.150% 282,062.50 832,062.50
7/01/2007 580,000.00 5.250% 253,737.50 833,737.50
7/01/2008 610,000.00 5.250% 223,287.50 833,287.50
7/01/2009 645,000.00 5.350% 191,262.50 836,262.50
7/01/2010 675,000.00 5.350% 156,755.00 831,755.00
7/01/2011 715,000.00 5.350% 120,642.50 835,642.50
7/01/2012 750,000.00 5.350% 82,390.00 832,390.00
7/01/2013 790,000.00 5.350% 42,265.00 832,265.00
TOTAL 10,320,000.00 6,354,825.00 16,674,825.00
YIELD STATISTICS
Average Life 12.02% YEARS
Bond Year Dollars $124,145.00
Average Coupon 5.1188731%
Net Interest Cost (NIC) 5.2020017%
Bond Yield for Arbitrage Purposes 5.1953105%
True Interest Cost (TIC) 5.1989464%
Effective Interest Cost (EIC) 5.5288834%
Guzman 8 Company
Public Finance Group
8/ 9/1993
3:31 PM
-1-
510,245,000
Village of Key Biscayne, Florida
Utility Tax Revenue Bonds (Tree Farm Property Project)
--Bonds are Rated AAA (Insured)/Retired in 25 Years --
SOURCES AND USES OF FUNDS
Dated: 07/01/1993 Delivery: 07/01/1993
Par Amount of Bonds $10,245,000.00
(Discount)/Premium
Accrued Interest from 7/01/1993 to 7/01/1993
Bond Insurance Premium Rebate
Issuer Cash Contribution
Transfers from Prior Issue DSR Funds
Transfers from Prior Issue Debt Service Fund
Total Sources $10,245,000.00
Underwriter's Discount (1.000%) $102,450.00
Costs of Issuance 180,000.00
Gross Bond Insurance Premium 111,830.42
Deposit to Debt Service Reserve Fund (DSRF) 748,027.50
Deposit to Project Construction Fund 9,100,000.00
Contingency 2,692.09
Total Uses $10,245,000.00
Guzman & Company
Public Finance Group
8/ 9/1993
3:37 PM
-2-
510,245,000
Village of Key Biscayne, Florida
Utility Tax Revenue Bonds (Tree Farm Property Project)
--Bonds are Rated AAA (Insured)/Retired in 25 Years --
DEBT SERVICE SCHEDULE
BOND YEAR
PRINCIPAL COUPON INTEREST DEBT SERVICE
7/01/1993
7/01/1994
7/01/1995
7/01/1996
7/01/1997
7/01/1998
7/01/1999
7/01/2000
7/01/2001
7/01/2002
7/01/2003
7/01/2004
7/01/2005
7/01/2006
7/01/2007
7/01/2008
7/01/2009
7/01/2010
7/01/2011
7/01/2012
7/01/2013
7/01/2014
7/01/2015
7/01/2016
7/01/2017
7/01/2018
230,000.00
235,000.00
245,000.00
250,000.00
265,000.00
275,000.00
285,000.00
300,000.00
310,000.00
325,000.00
345,000.00
360,000.00
375,000.00
395,000.00
420,000.00
440,000.00
465,000.00
490,000.00
515,000.00
540,000.00
570,000.00
600,000.00
635,000.00
670,000.00
705,000.00
2.600%
3.350%
3.700%
4.000%
4.150%
4.350%
4.550%
4.650%
4.700%
4.800%
4.900%
5.000%
5.150%
5.250%
5.250%
5.350%
5.350%
5.350%
5.350%
5.350%
5.500%
5.500%
5.500%
5.500%
5.500%
515,945.00
509,965.00
502,092.50
493,027.50
483,027.50
472,030.00
460,067.50
447,100.00
433,150.00
418,580.00
402,980.00
386,075.00
368,075.00
348,762.50
328,025.00
305,975.00
282,435.00
257,557.50
231,342.50
203,790.00
174,900.00
143,550.00
110,550.00
75,625.00
38,775.00
745,945.00
744,965.00
747,092.50
743,027.50
748,027.50
747,030.00
745,067.50
747,100.00
743,150.00
743,580.00
747,980.00
746,075.00
743,075.00
743,762.50
748,025.00
745,975.00
747,435.00
747,557.50
746,342.50
743,790.00
744,900.00
743,550.00
745,550.00
745,625.00
743,775.00
TOTAL 10,245,000.00
8,393,402.50 18,638,402.50
YIELD STATISTICS
Average Life 15.4705 YEARS
Bond Year Dot tars $158,495.00
Average Coupon 5.2956891%
Net Interest Cost (NIC)
Bond Yield for Arbitrage Purposes
True Interest Cost (TIC)
Effective Interest Cost (EIC)
5.3603284%
5.3652133%
5.3558779%
5.6526025%
Guzman & Company
Public Finance Group
8/ 9/1993
3:36 PM
-1—
S10,205,000
Village of Key Biscayne, Florida
Utility Tax Revenue Bonds (Tree Farm Property Project)
--Bonds are Rated AAA (Insured)/Retired in 30 Years --
SOURCES AND USES OF FUNDS
Dated: 07/01/1993 Delivery: 07/01/1993
Par Amount of Bonds S10,205,000.00
(Discount)/Premium
Accrued Interest from 7/01/1993 to 7/01/1993
Bond Insurance Premium Rebate
Issuer Cash Contribution
Transfers from Prior Issue DSR Funds
Transfers from Prior Issue Debt Service Fund
Total Sources $10,205,000.00
Underwriter's Discount (1.000%) S102,050.00
Costs of Issuance 180,000.00
Gross Bond Insurance Premium 125,051.79
Deposit to Debt Service Reserve Fund (DSRF) 697,395.00
Deposit to Project Construction Fund 9,100,000.00
Contingency 503.21
Total Uses $10,205,000.00
Guzman & Company
Public Finance Group
8/ 9/1993
3:43 PM
-2-
$10,205,000
Village of Key Biscayne, Florida
Utility Tax Revenue Bonds (Tree Farm Property Project)
--Bonds are Rated AAA (Insured)/Retired in 30 Years --
DEBT SERVICE SCHEDULE
BOND YEAR PRINCIPAL COUPON
INTEREST
DEBT SERVICE
7/01/1993
7/01/1994
7/01/1995
7/01/1996
7/01/1997
7/01/1998
7/01/1999
7/01/2000
7/01/2001
7/01/2002
7/01/2003
7/01/2004
7/01/2005
7/01/2006
7/01/2007
7/01/2008
7/01/2009
7/01/2010
7/01/2011
7/01/2012
7/01/2013
7/01/2014
7/01/2015
7/01/2016
7/01/2017
7/01/2018
7/01/2019
7/01/2020
7/01/2021
7/01/2022
7/01/2023
165,000.00
165,000.00
170,000.00
180,000.00
185,000.00
195,000.00
200,000.00
210,000.00
220,000.00
230,000.00
245,000.00
255,000.00
265,000.00
280,000.00
295,000.00
310,000.00
330,000.00
345,000.00
365,000.00
385,000.00
405,000.00
425,000.00
450,000.00
475,000.00
500,000.00
530,000.00
560,000.00
590,000.00
620,000.00
655,000.00
2.600%
3.350%
3.700%
4.000%
4.150%
4.350%
4.550%
4.650%
4.700%
4.800%
4.900%
5.000%
5.150%
5.250%
5.250%
5.350%
5.350%
5.350%
5.350%
5.350%
5.500%
5.500%
5.500%
5.500%
5.500%
5.650%
5.650%
5.650%
5.650%
5.650%
532,107.50
527,817.50
522,290.00
516,000.00
508,800.00
501,122.50
492,640.00
483,540.00
473,775.00
463,435.00
452,395.00
440,390.00
427,640.00
413,992.50
399,292.50
383,805.00
367,220.00
349,565.00
331,107.50
311,580.00
290,982.50
268,707.50
245,332.50
220,582.50
194,457.50
166,957.50
137,012.50
105,372.50
72,037.50
37,007.50
697,107.50
692,817.50
692,290.00
696,000.00
693,800.00
696,122.50
692,640.00
693,540.00
693,775.00
693,435.00
697,395.00
695,390.00
692,640.00
693,992.50
694,292.50
693,805.00
697,220.00
694,565.00
696,107.50
696,580.00
695,982.50
693,707.50
695,332.50
695,582.50
694,457.50
696,957.50
697,012.50
695,372.50
692,037.50
692,007.50
TOTAL 10,205,000.00
10,636,965.00
20,841,965.00
YIELD STATISTICS
Average Life
Bond Year Dollars
Average Coupon
Net Interest Cost (NIC)
Bond Yield for Arbitrage Purposes
True Interest Cost (TIC)
Effective Interest Cost (EIC)
19.1372 YEARS
$195,295.00
5.4466141%
5.4988684%
5.5128108%
5.4923265%
5.7700503%
Guzman & Company
Public Finance Group
8/ 9/1993
3:42 PM
U G
2 - 9 3
M O N 10 :57 O. L E H R Y DESIGN ASSOC
Exhibit G
P . 03
CJIAt
O'LEARY DESIGN ASSOCIATES P.A.
LANDSCAPE ARCHITECTURE LAND PLANNING
URBAN DESIGN GRAPHIC DESIGN
July 26,1993
Mr. C. Samuel Kissinger
Village Manager
Village of Key Biscayne
85 West McIntyre Street
Key Biscayne, Florida 33149
Re: Key Biscayne Park
Baseball Field Study
Key Biscayne, Florida
Dear Mr. Kissinger:
Pursuant to your request, enclosed please find our, baseball field
study for the above referenced project. As you can see, baseball
is a totally unsuitable use for this property because of the con-
figuration and width of the land. The baseball configurations
reflected exceed the property lines and this does not even allow
for the errant foul ball onto Fernwood Road and the adjacent res-
idential area.
It is our professional opinion that baseball/softball cannot be
accommodated in this park and I am sure that any knowledgeable
recreation planner or baseball expert would concur.
Please let me know if you require any additional information.
Very truly yours,
O'LEARY DESIGN ASSOCIATES, PA
OIL, (0
WILLIAM A. O'LEARY, FASLA
WAC/cas
27-93 T U E
9:42 O' L E A R Y DESIGN ASSOC P.03
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a / BASEBALL RELD LAYOUT AND
ce ,' DIMENSIONS COMPILED FROM
V / 'A BASEBALL FACIUTY; ITS
CONSTRUCTION AND CARE,
1980, BY THE UNITED STATES
BASEBALL FEDERATION, INC.
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JULY 28. 1993
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KEY BISCAYNE PARK
BASEBALL FIELD STUDY
Exhibit H
OPERATING AND CAPITAL BUDGET
A. Cost to maintain lot in present condition would be approximately $950.00 per
month
B. Development on Park for following with cost an estimated $1.6 Million
1. Central, passive park
2. Play meadow
3. Tot -lot
4. Biking, exercising, walking & jogging
5. Gazebo
6. Picnic pavillion
7. Amphitheater
8. Paths, trails and walkways
This could be developed as one project or staged over a period of time. I
recommend it be developed as one project. The over all cost will be less and
no inconvenience to the public.
C. When fully developed, the cost to program and maintain the park would be
between $150,000 to $250,000, depending on improvements and programs
Summary of Expenditures:
Present Projected
Maintenance $ 11,400 $ 35,000 yr.
Improvements 0 $1,600,000 est.
Operating 0 $ 200,000
Bond Payment $ 865,000 est. $ 865,000 est.
NOTE: Revenue could be generated from many of the activities held at
the park.
Exhibit I
TIME SCHEDULE
1. ACQUISITION
a. Resolution to acquire (offer)
b. Bond Ordinance
c. Title Insurance, Engineer Survey, Title Report
d. Acquire title
e. Appropriate Funds to maintain
f. Resolution to prepare RFP for Park Planner
2. PLANNING
a. Define goals and objectives of park
b. Advertise for proposals
c. Review proposals
d. Village Council selects consultant
3. DEVELOPMENT
a. Master Plan completed by consultant
b. Public presentations
c. Master Plan adopted
4. CONSTRUCTION
September 1993
October 1993
December 1993
January 1994
January 1994
February 1994
December 1993
January 1994
February 1994
April 1994
November 1994
December 1994
January 1995
a. Council authorizes plan and specifications
to be prepared February 1995
b. Advertisement March 1995
c. Bids received and opened April 1995
d. Contract awarded by Village Council May 1995
e. Construction July 1995
EXHIBIT Jr
A Partial Listing of the
Master Plan Opinion Survey Results
1. Question #11
Does anyone in your household regularly walk or bicycle for recreation and/or
exercise?
Yes, walk 27.8%
Yes, bicycle 6.2%
Yes, both 58.8%
No 7.2%
2. Question #15, a
Acquire land in heart of
Village for open space and/
or other public purposes
3. Question #15, k
Improve streets and
sidewalks for walkers and
children on bicycles
4. Question #16, g
Central playground/
tot lot for small children
First Priority 9.8%
Second Priority 6.9%
High Priority 18.3%
Desirable 25.8%
Not Desirable 21.5%
First Priority 3.4%
Second Priority 6.8%
High Priority 39.4%
Desirable 27.4%
Not Desirable 7.5%
First Priority 14.9%
Second Priority 10.1%
High Priority 18.2%
Desirable 16.5%
Not Desirable 11.6%
O'LEARY DESIGN ASSOCIATES
SANOSC n ar,,u;er _:e L. - ILLS. wa
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