midtown orlando community development district (cdd) august 19, 2008 midtown orlando community...
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Midtown Orlando
CommunityDevelopment
District(CDD)
August 19, 2008
Midtown Orlando
CommunityDevelopment
District(CDD)
August 19, 2008
BCC Public HearingBCC Public Hearing
Presentation OutlinePresentation Outline
Introduction Statutory Framework Project Background Petitioner Presentation Review Process Action Requested
Introduction Statutory Framework Project Background Petitioner Presentation Review Process Action Requested
Presentation OutlinePresentation Outline
Introduction Statutory Framework Project Background Petitioner Presentation Review Process Action Requested
Introduction Statutory Framework Project Background Petitioner Presentation Review Process Action Requested
IntroductionIntroduction
Chapter 190 Florida Statutes Infrastructure Funding Tool Not Land Use / Permitting Capital Improvements Element Policy 1.4.9
Chapter 190 Florida Statutes Infrastructure Funding Tool Not Land Use / Permitting Capital Improvements Element Policy 1.4.9
IntroductionIntroduction
Florida CDD’s - 576 Orange County CDD’s – 16
Unincorporated - 3 Falcon Trace Bonnet Creek Palazzo Del Lago
Florida CDD’s - 576 Orange County CDD’s – 16
Unincorporated - 3 Falcon Trace Bonnet Creek Palazzo Del Lago
Presentation OutlinePresentation Outline
Introduction Statutory Framework Project Background Review Process Petitioner Presentation Action Requested
Introduction Statutory Framework Project Background Review Process Petitioner Presentation Action Requested
Statutory FrameworkStatutory Framework
Consent of 100% of landowners Petition Must:
Designate board of supervisors List proposed services and
improvements Provide timetable/estimated costs Designate public and private uses of
land
Public Hearing Adoption of Ordinance
Consent of 100% of landowners Petition Must:
Designate board of supervisors List proposed services and
improvements Provide timetable/estimated costs Designate public and private uses of
land
Public Hearing Adoption of Ordinance
Creation RequirementsCreation Requirements
Statutory FrameworkStatutory Framework
Factors BCC may consider: Accuracy of Petition Consistency with Comprehensive Plan Developable as one functional community Best alternative available for delivering
services and infrastructure to area Services and infrastructure compatible
with existing services and infrastructure Amenable to CDD government
Factors BCC may consider: Accuracy of Petition Consistency with Comprehensive Plan Developable as one functional community Best alternative available for delivering
services and infrastructure to area Services and infrastructure compatible
with existing services and infrastructure Amenable to CDD government
Creation RequirementsCreation Requirements
Statutory FrameworkStatutory Framework
Ordinance may not expand, modify, or delete Uniform CDD Charter provisions May consent to certain optional powers
Ordinance may not expand, modify, or delete Uniform CDD Charter provisions May consent to certain optional powers
Creation RequirementsCreation Requirements
Statutory FrameworkStatutory Framework
Board of Supervisors 5 members Meetings subject to Sunshine Law
Board of Supervisors 5 members Meetings subject to Sunshine Law
GovernanceGovernance
Statutory FrameworkStatutory Framework
Uniform Powers under FS 190.011 No zoning or permitting power Special Assessments for
Services Capital Improvements
User Fees Issue Bonds Finance and Construct Infrastructure
Uniform Powers under FS 190.011 No zoning or permitting power Special Assessments for
Services Capital Improvements
User Fees Issue Bonds Finance and Construct Infrastructure
General PowersGeneral Powers
Statutory FrameworkStatutory Framework
Finance, construct & operate: Water and Wastewater Roads, landscaping, underground
electric utilities Transit, Parking, and Signage Environmental Clean-Up, Conservation
Areas Other projects
Finance, construct & operate: Water and Wastewater Roads, landscaping, underground
electric utilities Transit, Parking, and Signage Environmental Clean-Up, Conservation
Areas Other projects
Special PowersSpecial Powers
Statutory FrameworkStatutory Framework
Requiring Consent of County: Parks and Recreational facilities Fire prevention/control facilities School Buildings Security – but no police power Mosquito Control Waste Collection and Disposal
Requiring Consent of County: Parks and Recreational facilities Fire prevention/control facilities School Buildings Security – but no police power Mosquito Control Waste Collection and Disposal
Special PowersSpecial Powers
Statutory FrameworkStatutory Framework
Requiring Consent of County: Parks and Recreational facilities Fire prevention/control facilities School Buildings Security – but no police power Mosquito Control Waste Collection and Disposal
Requiring Consent of County: Parks and Recreational facilities Fire prevention/control facilities School Buildings Security – but no police power Mosquito Control Waste Collection and Disposal
Special Powers RequestedSpecial Powers Requested
Presentation OutlinePresentation Outline
Introduction Statutory Framework Project Background Petitioner Presentation Review Process Action Requested
Introduction Statutory Framework Project Background Petitioner Presentation Review Process Action Requested
Project BackgroundProject Background
Ruby Lake PD Approved for:
3,600 Residential/Resort Villas 900 Hotel Rooms 480,000 sf Tourist Commercial 72,000 sf Office Equivalency Matrix
Nonresidential Development 171.4 acres I-Drive Activity Center
Ruby Lake PD Approved for:
3,600 Residential/Resort Villas 900 Hotel Rooms 480,000 sf Tourist Commercial 72,000 sf Office Equivalency Matrix
Nonresidential Development 171.4 acres I-Drive Activity Center
Project Background
Project BackgroundProject Background
Infrastructure Improvements Roadway and Lighting Stormwater Improvements Potable Water Reclaimed Water Sanitary Sewer Chilled Water Fire Protection System Off-Site Improvements
Infrastructure Improvements Roadway and Lighting Stormwater Improvements Potable Water Reclaimed Water Sanitary Sewer Chilled Water Fire Protection System Off-Site Improvements
Project BackgroundProject Background
Wildwood Interchange at I-4 Potential Offsite Improvement To be included in bond validation Anticipated Partnership with other
Landowners Potential to include other partners
expansion additional CDD
Wildwood Interchange at I-4 Potential Offsite Improvement To be included in bond validation Anticipated Partnership with other
Landowners Potential to include other partners
expansion additional CDD
Presentation OutlinePresentation Outline
Introduction Statutory Framework Project Background Petitioner Presentation Review Process Action Requested
Introduction Statutory Framework Project Background Petitioner Presentation Review Process Action Requested
Buena Vista Corporation
August 19, 2008August 19, 2008
Community Development DistrictCommunity Development DistrictPresentation toPresentation to
Board of County CommissionersBoard of County CommissionersOrange County, FloridaOrange County, Florida
Guy Haggard, Esq.Gray-Robinson
CounselBVC/Buena Vista Corporation
County Staff ReviewCounty Staff Review
Dr. Hank Fishkind, Mr. Doug Sealy, Mr. Dale Dr. Hank Fishkind, Mr. Doug Sealy, Mr. Dale Fitch and Mr. Lance Bennett have provided pre-Fitch and Mr. Lance Bennett have provided pre-filed sworn testimony included in the document filed sworn testimony included in the document packages provided to each of you and placed in packages provided to each of you and placed in the record of proceedings for today’s hearingthe record of proceedings for today’s hearing
Notice of Public HearingNotice of Public Hearing
County Staff has reviewed all documents and County Staff has reviewed all documents and has recommended the establishment of the has recommended the establishment of the District and the approval of the related District and the approval of the related Interlocal Agreement and Agreement with Interlocal Agreement and Agreement with Petitioner for the CDD.Petitioner for the CDD.
Development Concept Presented by Chuck Bell
Artist Rendering
Retail Village (Phase 1)
Retail Village (Phase 2)
Night-time Spectacular Around the Lake
Luxury Resort Hotel Towers
Five Star Luxury Hotel
Artist Rendering
Connector Road
Midtown
Palm
Par
kway
Inte
rsta
te 4
Ap
op
ka V
inela
nd
Road
Future Connector Road
Proposed I-4 Interchange at “Wildwood Road”
Interstate 4
Palm Parkway
Future Wildwood Road
Future Connector
Road
Financial Analysis / Dr. Hank Dr. Hank FishkindFishkind
Artist Rendering
Employment of 2,877 during project construction period
Creation of 1,366 permanent jobs
On-going annual salaries of more than $36 million
Generation of more than $5.8 million in annual property taxes
Economic Impact of the Project
Estimated cost for onsite infrastructure $80 M
CDD to issue $100 M bonds to fund improvements
Validate $200 M bonds to provide for: Onsite infrastructure requirements Allowance for future inflation Reserve unused capacity for possible future
interchange
Agreed to limit bond debt Value to lien ratio not to exceed 3-to-1 industry norm Carefully considered concerns of Comptroller
CDD Project Financing
Request for Approval
We respectfully request that the County do the We respectfully request that the County do the following:following:
1) Grant the Petition for Establishment and 1) Grant the Petition for Establishment and adopt an Ordinance pursuant to the Act, adopt an Ordinance pursuant to the Act, establishing the Midtown Orlando Community establishing the Midtown Orlando Community Development DistrictDevelopment District
2)2)Consent to the District's exercise of its Consent to the District's exercise of its statutory powers requested in the Petition, as statutory powers requested in the Petition, as those powers are set forth in the Actthose powers are set forth in the Act
3)3)Authorize execution of the Petitioner’s Authorize execution of the Petitioner’s Agreement for CDD and Interlocal AgreementAgreement for CDD and Interlocal Agreement
On Behalf of BVC and its District Team, Thank You!
Artist Rendering
Presentation OutlinePresentation Outline
Introduction Statutory Framework Project Background Petitioner Presentation Review Process Action Requested
Introduction Statutory Framework Project Background Petitioner Presentation Review Process Action Requested
Review ProcessReview Process
Staff Review Growth Management County Attorney’s Office Fiscal and Business Services Public Works Utilities Comptroller’s Office
Staff Review Growth Management County Attorney’s Office Fiscal and Business Services Public Works Utilities Comptroller’s Office
Review ProcessReview Process
Interlocal Agreement Revisions Section 4:
Total validated debt increased from $150K to $200K
Clarified that long-term debt is any debt debt obligation with final maturity “in excess of” seven (7) years
New paragraph to address concern regarding compliance with industry standard value-to-lien ratio (3:1)
Interlocal Agreement Revisions Section 4:
Total validated debt increased from $150K to $200K
Clarified that long-term debt is any debt debt obligation with final maturity “in excess of” seven (7) years
New paragraph to address concern regarding compliance with industry standard value-to-lien ratio (3:1)
Review ProcessReview Process
Page 2Section 4. Exercise of PowersA. Bonded Indebtedness.
…..The Parties acknowledge and agree that the long-term debt of the District shall not exceed the total validated debt of $150 200,000,000….
Page 2Section 4. Exercise of PowersA. Bonded Indebtedness.
…..The Parties acknowledge and agree that the long-term debt of the District shall not exceed the total validated debt of $150 200,000,000….
Interlocal AgreementInterlocal Agreement
Review ProcessReview Process
Page 3Section 4. Exercise of PowersA. Bonded Indebtedness.
…..For the purposes of this section, long-term debt of the District shall mean any debt obligation issued by the District with a final maturity not less than in excess of seven (7) years….
Page 3Section 4. Exercise of PowersA. Bonded Indebtedness.
…..For the purposes of this section, long-term debt of the District shall mean any debt obligation issued by the District with a final maturity not less than in excess of seven (7) years….
Interlocal AgreementInterlocal Agreement
Review ProcessReview Process
Page 3, Section 4.A (new paragraph):Furthermore, the District will submit a report to the County, prior to issuing any long-term bonds, documenting its compliance with the current “industry standard” value-to-lien ratio of three-to-one. “Value” shall be measured on an as-improved basis (assuming that infrastructure is installed). “Lien” shall be measured as total District long-term bond debt outstanding at the time of the issuance of such bonds. The District will not issue bonds that do not comply with the three-to-one ratio without the prior consent of the County.
Page 3, Section 4.A (new paragraph):Furthermore, the District will submit a report to the County, prior to issuing any long-term bonds, documenting its compliance with the current “industry standard” value-to-lien ratio of three-to-one. “Value” shall be measured on an as-improved basis (assuming that infrastructure is installed). “Lien” shall be measured as total District long-term bond debt outstanding at the time of the issuance of such bonds. The District will not issue bonds that do not comply with the three-to-one ratio without the prior consent of the County.
Interlocal AgreementInterlocal Agreement
Review ProcessReview Process
Page 3, Section 4.A (new paragraph):Furthermore, the District will submit a report to the County, prior to issuing any long-term bonds, documenting its compliance with the current “industry standard” value-to-lien ratio of three-to-one. “Value” shall be measured on an as-improved basis (assuming that infrastructure is installed). “Lien” shall be measured as total District long-term bond debt outstanding at the time of the issuance of such bonds. The District will not issue bonds that do not comply with the three-to-one ratio without the prior consent of the County.
Page 3, Section 4.A (new paragraph):Furthermore, the District will submit a report to the County, prior to issuing any long-term bonds, documenting its compliance with the current “industry standard” value-to-lien ratio of three-to-one. “Value” shall be measured on an as-improved basis (assuming that infrastructure is installed). “Lien” shall be measured as total District long-term bond debt outstanding at the time of the issuance of such bonds. The District will not issue bonds that do not comply with the three-to-one ratio without the prior consent of the County.
Interlocal AgreementInterlocal Agreement
Presentation OutlinePresentation Outline
Introduction Statutory Framework Project Background Petitioner Presentation Review Process Action Requested
Introduction Statutory Framework Project Background Petitioner Presentation Review Process Action Requested
Action RequestedAction Requested
Ordinance Agreement with Petitioner Interlocal Agreement
Ordinance Agreement with Petitioner Interlocal Agreement
Action RequestedAction Requested
Grants Petition for CDD CDD Name and Boundary General and Special Powers Designates Board of Supervisors Adoption of Interlocal Agreement within 90 days Bond validation within 3 years Bond issuance within 7 years
Grants Petition for CDD CDD Name and Boundary General and Special Powers Designates Board of Supervisors Adoption of Interlocal Agreement within 90 days Bond validation within 3 years Bond issuance within 7 years
OrdinanceOrdinance
Action RequestedAction Requested
Requires Petitioner to request CDD
Approval and Execution of Interlocal Agreement within 90 days
If Interlocal Agreement not executed within 90 days, Petitioner waives right to object to repeal of ordinance
Requires Petitioner to request CDD
Approval and Execution of Interlocal Agreement within 90 days
If Interlocal Agreement not executed within 90 days, Petitioner waives right to object to repeal of ordinance
Agreement with PetitionerAgreement with Petitioner
Action RequestedAction Requested
Limits validated debt to $200K 3:1 value-to-lien ratio for bond issues Bond maturity not to exceed 33 years CDD waives right to impose taxes or assessments on residential property Public Roads and Utilities BCC Approval for any Enhanced Law Enforcement
Limits validated debt to $200K 3:1 value-to-lien ratio for bond issues Bond maturity not to exceed 33 years CDD waives right to impose taxes or assessments on residential property Public Roads and Utilities BCC Approval for any Enhanced Law Enforcement
Interlocal AgreementInterlocal Agreement
Action RequestedAction Requested
1. Approval of ordinance to create the Midtown Orlando CDD pursuant to Chapter 190, Florida Statutes.
2. Approval of Agreement with Petitioner for Community Development District between Buena Vista Corporation and Orange County.
3. Approval of Interlocal Agreement between Orange County and Midtown Orlando CDD (including revised language).
1. Approval of ordinance to create the Midtown Orlando CDD pursuant to Chapter 190, Florida Statutes.
2. Approval of Agreement with Petitioner for Community Development District between Buena Vista Corporation and Orange County.
3. Approval of Interlocal Agreement between Orange County and Midtown Orlando CDD (including revised language).
Midtown Orlando
CommunityDevelopment
District(CDD)
August 19, 2008
Midtown Orlando
CommunityDevelopment
District(CDD)
August 19, 2008
BCC Public HearingBCC Public Hearing
Action RequestedAction Requested
1. Approval of ordinance to create the Midtown Orlando CDD pursuant to Chapter 190, Florida Statutes.
2. Approval of Agreement with Petitioner for Community Development District between Buena Vista Corporation and Orange County.
3. Approval of Interlocal Agreement between Orange County and Midtown Orlando CDD (including revised language).
1. Approval of ordinance to create the Midtown Orlando CDD pursuant to Chapter 190, Florida Statutes.
2. Approval of Agreement with Petitioner for Community Development District between Buena Vista Corporation and Orange County.
3. Approval of Interlocal Agreement between Orange County and Midtown Orlando CDD (including revised language).