8-19-2008 Midtown - Orange County Comptroller

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Midtown Orlando

Community

Development
District

(CDD)


August 19, 2008

BCC Public Hearing



Presentation Outline



Introduction



Statutory Framework



Project Background



Petitioner Presentation



Review Process



Action Requested




Presentation Outline



Introduction



Statutory Framework



Project Background



Petitioner Presentation



Review Process



Action Requested



Introduction



Chapter 190 Florida Statutes



Infrastructure Funding Tool



Not Land Use / Permitting



Capital Improvements Element


Policy 1.4.9





Introduction



Florida CDD’s
-

576



Orange County CDD’s


16


Unincorporated
-

3



Falcon Trace



Bonnet Creek



Palazzo Del Lago





Presentation Outline



Introduction



Statutory Framework



Project Background



Review Process



Petitioner Presentation



Action Requested



Statutory 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


Creation Requirements



Statutory 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


Creation Requirements



Statutory Framework



Ordinance may not expand,


modify, or delete Uniform CDD


Charter provisions



May consent to certain optional


powers


Creation Requirements



Statutory Framework



Board of Supervisors


5 members


Meetings subject to Sunshine Law

Governance



Statutory 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

General Powers



Statutory Framework



Finance, construct & operate:


Water and Wastewater


Roads, landscaping, underground
electric utilities


Transit, Parking, and Signage


Environmental Clean
-
Up, Conservation
Areas


Other projects

Special Powers



Statutory 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

Special Powers



Statutory 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

Special Powers Requested



Presentation Outline



Introduction



Statutory Framework



Project Background



Petitioner Presentation



Review Process



Action Requested



Project 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



Project Background





Project Background



Infrastructure Improvements


Roadway and Lighting


Stormwater Improvements


Potable Water


Reclaimed Water


Sanitary Sewer


Chilled Water


Fire Protection System


Off
-
Site Improvements



Project 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





Presentation Outline



Introduction



Statutory Framework



Project Background



Petitioner Presentation



Review Process



Action Requested

Buena Vista Corporation

August 19, 2008

Community Development District

Presentation to

Board of County Commissioners

Orange County, Florida



Guy Haggard, Esq.

Gray
-
Robinson

Counsel

BVC/Buena Vista Corporation



County Staff Review



Dr. Hank Fishkind, Mr. Doug Sealy, Mr. Dale Fitch
and Mr. Lance Bennett have provided pre
-
filed
sworn testimony included in the document
packages provided to each of you and placed in
the record of proceedings for today’s hearing



Notice of Public Hearing



County Staff has reviewed all documents and has
recommended the establishment of the District
and the approval of the related Interlocal
Agreement and Agreement with 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

Future
Connector Road

Proposed I
-
4 Interchange at “Wildwood Road”

Future
Wildwood

Road

Future
Connector
Road

Financial Analysis /
Dr. Hank Fishkind

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
following:


1) Grant the Petition for Establishment and adopt
an Ordinance pursuant to the Act, establishing
the Midtown Orlando Community Development
District


2)
Consent to the District's exercise of its statutory
powers requested in the Petition, as those
powers are set forth in the Act


3)
Authorize execution of the Petitioner’s
Agreement for CDD and Interlocal Agreement



On Behalf of BVC and its District Team, Thank You!

Artist Rendering



Presentation Outline



Introduction



Statutory Framework



Project Background



Petitioner Presentation



Review Process



Action Requested



Review Process



Staff Review


Growth Management


County Attorney’s Office


Fiscal and Business Services


Public Works


Utilities


Comptroller’s Office



Review 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)



Review Process

Page 2

Section 4. Exercise of Powers

A.
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 Agreement



Review Process

Page 3

Section 4. Exercise of Powers

A.
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 Agreement



Review 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.

Interlocal Agreement



Review 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.

Interlocal Agreement



Presentation Outline



Introduction



Statutory Framework



Project Background



Petitioner Presentation



Review Process



Action Requested



Action Requested



Ordinance



Agreement with Petitioner



Interlocal Agreement




Action 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




Ordinance



Action 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




Agreement with Petitioner



Action 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

Interlocal Agreement



Action 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).

Midtown Orlando

Community

Development
District

(CDD)


August 19, 2008

BCC Public Hearing



Action 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).