Form
revised April 13, 2004
FISCAL NOTE FOR
CAPITAL PROJECTS ONLY
|
Department: |
Contact
Person/Phone: |
DOF Analyst/Phone: |
|
Parks and Recreation |
Korie Voorheis 684-4135 |
Jan Oscherwitz 684-8510 |
|
Legislation Title: AN ORDINANCE relating to the Woodland Park Zoo; authorizing the Superintendent of Parks and Recreation to amend the Operations and Management Agreement between the City of Seattle and the Woodland Park Zoological Society. |
|
|
Summary and background of the Legislation:
|
The amendments to the Operations and Management Agreement between the City of Seattle and the Woodland Park Zoological Society (WPZS) that are addressed by this legislation do the following:
· Change the date by which the City must adopt the Long-Range Plan from April 1, 2002 to December 31, 2004. In the event that such a Plan is not adopted by December 31, 2004, the amendments allow WPZS to terminate the Agreement, provided that such termination must occur prior to March 31, 2005. This is companion legislation to the resolution that adopts the Long Range Physical Development Plan. In that plan, future parking needs and a proposed parking solution for the Zoo are identified. As early as 1988, the City and the Zoo recognized that existing Zoo parking was inadequate and that the overflow of Zoo patrons mixed with the increased housing development on Phinney Ridge was having an impact on neighborhood streets. The pedestrian safety and other parking improvements provided in the 1985 King County Zoo bond issue added approximately 30 additional spaces, bringing the total number of visitor parking spaces to 654 today. Parking and access was a key element of the 1995 Zoo Commission report and in the subsequent development of a new Long-Range Plan for the Zoo. In 2002, the City of Seattle approved an Operations and Management Agreement (“Agreement”) effective March 1, 2002 which provided for the transfer of operational and management responsibility for Woodland Park Zoo (Zoo) for a twenty year period (Ordinance 120697). Section 8 of that Agreement provided for the financing, construction and management of a parking structure to meet the Zoo’s current and future parking needs, subject to the adoption of a new long-range plan for the Zoo. Section 1.27 anticipated that the new Parking Garage would bring the Zoo’s visitor parking spaces to a total of 1,450. The revised Long-Range Plan states that there will be no fewer than 1,360 visitor spaces. In 2002, DPR and WPZS developed a Long Range Physical Development Plan for the Zoo and an Environmental Impact Statement (EIS) for this Plan. Subsequently, the City of Seattle Hearing Examiner concluded that this EIS was not adequate, and the City and WPZS prepared a revised draft EIS, which was followed by a 45-day public comment period where both written and verbal comments on the document were accepted. The revised draft EIS examined the impacts of three different long-range zoo development scenarios, and seven different parking facility locations and configurations. In response to public comment, a number of changes were made to the revised draft EIS and to the Long Range Physical Development Plan, and a Revised Final EIS was published in December 2003. The Hearing Examiner rejected the only appeal of the Revised Final EIS, and further appeals were not pursued. The Zoo’s original parking proposal as outlined in the Final Revised Environmental Impact Statement (FREIS), was estimated to be in the $30 - $45 million range. Subsequently, WPZS, in collaboration with City staff, agreed upon a different parking proposal, one of the other alternatives examined in the Final Revised EIS. WPZS revised the Long Range Physical Development Plan to reflect this new agreement regarding parking and alternative transportation. The revised Long-Range Physical Development Plan is ready for review by the Seattle City Council, and the Revised Final EIS is available to assist the Council in considering environmental impacts. The proposed new parking structure will be located north of the existing West entrance to the Zoo on Phinney Avenue, and would provide approximately 700 additional spaces for Zoo visitors bringing the total number of visitor parking spaces to at least 1,360. These additional parking spaces are anticipated to be available as soon as practicable but in no event later than December 31, 2010. The City will refrain from instituting a restricted parking zone around the Zoo until the new parking structure opens except by mutual agreement with WPZS. WPZS will continue to work with KC/Metro and SDOT to identify incentives and opportunities for increased transit, bicycle and pedestrian access to the Zoo, in addition to the Zoo employee trip reduction program already in place. The parties will also study short-term and long-term RPZ options for the neighborhood around the Zoo. If an RPZ is established, WPZS will pay for one permit fee per household within the RPZ for the first two years of the RPZ. WPZS and the City will share the cost of debt service in excess of that covered by parking revenues as described in the original Agreement. The debt-sharing ratio in the original Agreement was City (75%) and WPZS (25%). For planning purposes, we have assumed that in the first full year of operation, the Zoo will generate $1,560,667 in parking revenues. Of this amount, per the original agreement $537,713 will go toward Zoo general operations, $462,364 will go toward operations and maintenance of the parking structures, leaving $560,590 to allocate toward debt service. Under these assumptions, the City would pay $712,138 toward debt service and WPZS will pay $237,379. There are a number of outstanding issues on what is included in O&M costs related to parking. The amendment stipulates that the parties must come to agreement on O&M costs by May 1, 2005 or WPZS may terminate the Agreement. WPZS will be responsible for the design, construction and operation of the parking improvements consistent with an adopted Long-Range Plan. |
Project Name: |
Project I.D. |
Project Location: |
Start Date: |
End Date |
|
Woodland Park Zoo Parking Garage |
TBD |
5500 Phinney Avenue N. |
March, 2007 |
2008 |
·
Please check any
of the following that apply:
_X__ This legislation creates, funds, or anticipates a new CIP Project. (Please note whether the current CIP is being amended through this ordinance, or provide the Ordinance or Council Bill number of the separate legislation that has amended/is amending the CIP.) This CIP project will be included in the Mayor’s Proposed 2005-2010 CIP.
____ This
legislation does not have any financial implications. (Stop here and delete the remainder of this
document prior to saving and printing.)
_X___ This legislation has financial implications. (Please complete all relevant sections that follow.)
Appropriations:
|
Fund Name and Number |
Department |
Budget Control Level* |
2004 Appropriation |
2005 Anticipated Appropriation |
|
TBD |
Department of Parks and Recreation |
K72440 |
$0 |
$0 |
|
TOTAL |
|
|
$0 |
$0 |
Notes: Appropriation won’t be needed until at least 2007.
Spending Plan and Future Appropriations for Capital Projects: .
|
Spending Plan and Budget |
2004 |
2005 |
2006 |
2007 |
2008 |
2009 |
Total |
|
Spending Plan |
$0 |
$0 |
$0 |
$17.8 M |
$0.2 M |
$0 |
$18.0 M |
|
Current Year Appropriation |
$0 |
|
|
|
|
|
|
|
Future Appropriations |
|
$0 |
$0 |
$17.8 M |
$0.2 M |
$0 |
$18.0 M |
Notes: For planning purposes, the City has assumed
it will issue 20-year debt in early 2007, for the amount equal to $16.2 Million
(plus the accumulated inflation to that point as determined by the ENR 20 City
Construction Cost Index, and issuance costs).
In this scenario, the City’s issuances costs are 3% and the total amount
provided to WPZS is $17.5M plus inflation on the remaining balance through
project completion.
WPZS intends to build a parking garage with approximately 700 spaces with three levels above grade and one level at grade, and plans to open it in 2008. WPZS has estimated that this garage would cost $16.2M if it were built today (See Attachment 1 – Garage Development Costs). WPZS intends to begin design of the garage in Fall 2005 and assumes it will obtain a construction line-of-credit for approximately $2 million for its use on the project until March 1, 2007 when the City makes its first payment.
If WPZS has incurred costs prior to March 1 2007, the City will pay those costs and the interim financing expense on March 1 2007. The interim financing does not add to the City's total contribution, but comes out of the total of $16.2 million plus construction inflation. The City will make monthly progress payments thereafter. The amount of the City contribution will continue to escalate with construction inflation, with the inflation applied to the unpaid balance. If the City's contribution limit is reached before the garage is finished, any remaining costs will be borne by WPZS. If the garage is finished but the City's contribution limit has not been reached, the balance will be used to pay a portion of the overall project's debt service in the first year. The following table shows how the City payment and inflation calculation works (the numbers provide an example of payments to WPZS and do not represent the expected spending schedule for garage construction).
|
Payment
Date |
before
Payment (1) |
Payment |
Balance after Payment (3) |
|
|
1-Mar-07 |
16,200,000 |
17,503,739 |
2,000,000 |
15,503,739 |
|
1-Apr-07 |
15,503,739 |
15,542,499 |
1,000,000 |
14,542,499 |
|
1-May-07 |
14,542,499 |
14,578,855 |
1,000,000 |
13,578,855 |
|
1-Jun-07 |
13,578,855 |
13,612,802 |
1,000,000 |
12,612,802 |
|
1-Jul-07 |
12,612,802 |
12,644,334 |
2,000,000 |
10,644,334 |
|
1-Aug-07 |
10,644,334 |
10,670,945 |
3,000,000 |
7,670,945 |
|
1-Sep-07 |
7,670,945 |
7,690,122 |
3,000,000 |
4,690,122 |
|
1-Oct-07 |
4,690,122 |
4,701,847 |
2,000,000 |
2,701,847 |
|
1-Nov-07 |
2,701,847 |
2,708,602 |
1,000,000 |
1,708,602 |
|
1,708,602 |
1,712,874 |
1,500,000 |
212,874 |
|
|
1-Jan-08 |
212,874 |
213,406 |
213,406 |
0 |
|
Total |
|
|
17,713,406 |
|
|
1) Assumes inflation begins August 1,
2004 |
|
2) Assumes 3% inflation per year |
|
3) If any balance is available after
final payment for garage, remaining funds go to pay debt service on the
project |
Funding source ( in $000s):
Funding Source (Fund Name and Number, if applicable) |
2004 |
2005 |
2006 |
2007 |
2008 |
2009 |
Total |
TBD (Bonds) – Includes 3% debt issuance
costs on $16.2 M inflated from August 1, 2004
|
$0 |
$0 |
$0 |
$18,046 |
$0 |
$0 |
$18,046 |
Parking Revenue
|
$0 |
$0 |
$0 |
$0 |
$561 |
$571 |
$1,132 |
WPZS
|
$0 |
$0 |
$0 |
$124 |
$237 |
$235 |
$596 |
City Debt Service
|
$0 |
$0 |
$0 |
$372 |
$712 |
$704 |
$1,788 |
TOTAL |
$0 |
$0 |
$0 |
$18,542 |
$1,510 |
$1,510 |
$21,562 |
Notes:
Bond
Financing Required:
Type |
Amount |
Assumed Interest Rate |
Term |
Timing |
Expected Annual Debt Service/Payment |
General
Obligations Bonds
|
$17,503,739 + $542,616 (3% Issuance) |
5.5% |
20 Years |
1st Qtr, 2007 |
$1,510,107 Split between City (75%) and WPZS (25%) after deducting
net parking revenues |
TOTAL |
$18,046,355 |
|
|
|
$1,510,107 |
We’ve assumed for planning purposes that the City will issue 20-year general obligation debt for $17.5M plus issuance costs in early 2007. We’ve also assumed level debt service with an interest only payment in 2007. The term and structure of the debt are to be determined closer to the financing date. The City may consider issuing debt for a longer period or modifying the debt structure to better match the revenue stream. Attachment 2 provides the financing assumptions that are the basis for the 20 year operating pro-forma.
Uses and Sources for Operation
and Maintenance Costs for the Project
O&M |
2004 |
2005 |
2006 |
2007 |
2008 |
2009 |
Total |
Uses |
|
|
|
|
|
|
|
Start Up
|
0 |
0 |
0 |
0 |
0 |
0 |
0 |
On-going
|
0 |
0 |
0 |
0 |
$462,364 |
$473,920 |
$936,284 |
Sources (itemize) |
|
|
|
|
|
|
|
Parking Garage Revenue
|
0 |
0 |
0 |
0 |
$462,364 |
$473,920 |
$936,284 |
Notes: This legislation assumes that the O&M for the Parking Garage will be paid for with revenues from the Parking Garage. See Attachment 3 – Zoo Parking Garage 20 Year Operating Statement. O&M costs include estimates for labor, utilities, insurance, supplies, ongoing repairs and maintenance, and sales tax on parking receipts. The labor costs assume that there will be an attendant on site during all hours that the garage is open. The O&M cost estimates shown here are subject to change based on future negotiations between WPZS and the City which will be completed by May 2005.
Periodic Major Maintenance costs for the project: Estimate
capital cost of performing periodic maintenance over life of facility. Please identify major work items, frequency.
|
Major Maintenance Item |
Frequency |
Cost |
Likely Funding Source |
|
NA |
NA |
NA |
NA |
TOTAL |
|
|
|
We assumed there would be no major maintenance costs in the pro forma because these costs were not addressed in the original Operations and Management Agreement, and are subject to future negotiations between WPZS and the City. For planning purposes, WPZS has assumed a cost of $0.37 per square foot per year ($92,750) as an estimate for major maintenance costs, which is based on the mid-range of the national experience as reported in “Parking”, Weant and Levinson, Eno Foundation, 1990, p.84.
|
Funding sources for replacement of project: |
|
The anticipated life of the garage is 50 years, with periodic major maintenance over this time. We anticipate that project replacement costs would be included as part of a future contract for Zoo operations. |
Total Regular Positions Created Or Abrogated
Through This Legislation, Including FTE Impact: There will be no increase in City FTE’s as a result of this project.
|
Position
Title and Department* |
Fund Name |
Fund
Number |
Part-Time/
Full Time |
2004 Positions |
2004 FTE |
2005
Positions** |
2005 FTE** |
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TOTAL |
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· Do positions sunset in the future? NA
· What is the financial cost of not implementing the legislation: Section 8.2 of the original Operations and Management Agreement required that the City provide financing for the Parking Garage by September 1, 2004, or WPZS could terminate the Agreement. Without this amendment to the Agreement, WPZS may terminate the Agreement and return the Operations of the Zoo to the City.
If a Parking Garage is not built, there will not be enough parking for visitors and the Zoo will lose revenue. See Attachment 4 – Comparison of Garage Options Considered for estimated revenue impacts.
The proposed parking structure construction will also
generate sales tax revenue to the City.
· What are the possible alternatives to the legislation that could achieve the same or similar objectives?
With the 1995 Zoo Commission, the Zoo began the process of examining its future, resulting in the governance change to non-profit management in 2002. In 1999, the Zoo began an update to the 1976 Long-Range Plan. Numerous community meetings and hearings were held, two environmental impact statements were produced and supporting traffic and transportation studies were conducted. The result is the updated Long-Range Plan. In conjunction with the revised Long-Range Plan, the FREIS examined seven parking mitigation alternatives to address the Zoo’s long-standing parking and transportation issues. These alternatives and their impacts are clearly outlined in the Final EIS issued on December 31, 2003.
In the spring of 2004, WPZS approached the City with a proposal to build a garage at the South end of the Zoo that would be five stories below the ground, one story at ground level and one story above ground. The cost of this garage was estimated to be $28.3 Million.
Staff from the City’s Departments of Finance, Transportation, and Parks and Recreation evaluated this proposal and as well as two other larger, more costly, garage alternatives and did not recommend any of them due to the cost in comparison to the projected need and potential revenues associated with a larger garage. These garage alternatives ranged from $28 to $41 million in construction costs. Staff also considered one smaller garage costing $15.6 million, but did not consider it cost effective given its size and the projected need and potential revenue. (See Attachment 4 - Comparison of Garage Options Considered).
In addition, the Executive contemplated alternatives to a garage, with City transportation planners evaluating commute trip alternatives to solve the community congestion problems. However, in the long term and with the projected growth at the Zoo, such measures could mitigate congestion and allow for the smaller sized garage proposed in this agreement, but were not sufficient to eliminate the need to construct a garage.
· Is the legislation subject to public hearing requirements: Yes, this legislation is subject to a public hearing because it involves a capital project that will cost more than $5 million. This hearing will be scheduled by the City Council, following a 10-day public notice period.
In addition, the City and WPZS have held numerous public hearings regarding the Long-Range Plan and the Environmental Impact Statement, both of which address the environmental impacts of various alternative parking garage locations and configurations. Prior to construction of the garage, project-specific permitting and appropriate SEPA review would also take place.
·
What are the
public benefits associated with this project?
Many public benefits of the Operations and Management Agreement are already being realized. The City has been relieved of the increases in operating and maintenance costs for the Zoo. The Zoo has continued to be a cherished community resource and offers award-winning education programs. It offers recreation programs from wildlife adventures to summer day camps. It provides a safe and unique venue for a variety of family and community celebrations, including concerts, public picnics, weddings and family reunions. The Zoo remains a leader in quality animal care; exhibit design, and wildlife conservation. The City accrues the direct economic benefits of increased tourism; visitor expenditures, tax revenues and job creation, estimated in a recent economic analysis at $292 million over a five-year period, not including induced or indirect economic benefits. In spite of the general economic downturn, the Zoo has been able to maintain its workforce of family wage employees. The corporate and philanthropic community continues to support the Zoo’s efforts to create new attractions and education programming.
In order to keep up with rising costs, increase its programs
and improve exhibits, the Zoo must accommodate the expected increase in
visitors that parallels the growth expected in the region. Without this
proposed parking structure, not only would the Zoo neighborhood continue to
experience adverse impacts, the Zoo would suffer economically. Without adequate
parking, the Zoo would stagnate financially and find it difficult to maintain
its current level of programming, maintenance and positive visitor experience.
·
Other Issues
(including long-term implications of the
legislation):
This amendment requires the adoption of a new Long-Range Plan for Woodland Park Zoo that allows for the construction of a parking structure. Failure to adopt a plan with a garage has the potential to jeopardize the Operations and Management Agreement between the City and WPZS.
This amendment also requires the City and WPZS to study
short and long-term RPZ options for the Zoo neighborhood. To help relieve overflow parking in the
neighborhood, WPZS will continue to develop an alternative transportation plan
in conjunction with King County Metro and the Seattle Department of
Transportation.
Please list attachments to the fiscal note below:
Attachment 1 – Zoo Parking Garage Development Costs
Attachment 2 – Woodland Park Zoo Parking Garage Structure Assumptions Related to 20-Year Debt Arrangement and the Impact for 2008 (Garage Opening Year)
Attachment 3 – 20 Year Operating Statement
Attachment 4 – Comparison of Garage Options Considered
ATTACHMENT 1
ATTACHMENT 1 (of the Fiscal Note)
|
ZOO PARKING GARAGE DEVELOPMENT
COSTS |
|||
|
|
WEST 4 LEVELS ABOVE GRADE |
||
|
CONSTRUCTION
HARD COSTS |
|
||
|
CONTRACTOR
CONSTRUCTION COSTS |
$ 11,492,083 |
||
|
|
|
SALES TAX
ON CONTRACTOR CONSTRUCTION |
$ 1,011,303 |
|
OTHER
HARD COSTS |
|
||
|
DESIGN,
ESCALATION & CONST. CONTINGENCY (@ 11.5% OF CONTRACTOR CONSTRUCTION
COST) |
$ 1,321,590 |
||
|
AUTOMATED
PARKING EQUIPMENT |
$ 250,000 |
||
|
WAYFINDING,
SIGNAGE & MONUMENT SIGNS |
$ 150,000 |
||
|
FURNITURE,
FIXTURES & EQUIPMENT |
$ 30,000 |
||
|
SALES TAX
ON OTHER HARD COSTS |
$ 154,140 |
||
|
TESTING
& INSPECTIONS |
|
||
|
|
GEOTECH |
$ 40,000 |
|
|
|
STRUCTURAL
ENGINEER |
$ 50,000 |
|
|
|
|
|
$ 1,995,729 |
|
TOTAL HARD COSTS |
$ 14,499,116 |
||
|
ARCHITECTURAL AND ENGINEERING |
|
||
|
ARCHITECTURAL
DESIGN SERVICES @ 5% |
$
574,604 |
||
|
STRUCTURAL
ENGINEER @ 1.5% |
$ 172,381 |
||
|
MECHANICAL
ENGINEER @ .75% |
$ 86,191 |
||
|
PLUMBING |
$ 50,000 |
||
|
ELECTRICAL
ENGINEER @ .5% |
$ 57,460 |
||
|
CIVIL
ENGINEER @.7% |
$ 80,445 |
||
|
ARCHITECTURAL
& ENGINEERING REIMBURSABLE |
$ 60,000 |
||
|
|
|
|
$ 1,081,081 |
|
SPECIALTY CONSULTANTS |
|
||
|
ACOUSTICAL BASELINE NEIGHBORHOOD TESTING |
$ 10,000 |
||
|
PUBLIC
INVOLVEMENT |
$ 25,000 |
||
|
LANDSCAPE
DESIGN |
$ 60,000 |
||
|
GEOTECH
ENGINEER |
$ 45,000 |
||
|
ENVIRONMENTAL
ASSESSMENTS FOR PERMITS |
$ 25,000 |
||
|
SIGNAGE/GRAPHICS
DESIGN |
$ 60,000 |
||
|
SITE
SURVEY |
$ 20,000 |
||
|
TRAFFIC
& TRANSPORTATION STUDY UPDATE & TMP |
$ 30,000 |
||
|
|
|
|
$ 275,000 |
|
OTHER SOFT COSTS |
|
||
|
PREDEVELOPMENT
EXPENSES |
$ 45,000 |
||
|
PERMITS
& FEES |
$ 35,000 |
||
|
PROJECT
MANAGEMENT FEES |
$ 285,000 |
||
|
OWNER
REIMBURSEMENTS |
$ 50,000 |
||
|
LEGAL: AGREEMENTS & CONTRACTS |
$ 25,000 |
||
|
INSURANCE
(BUILDER'S RISK) |
$ 30,000 |
||
|
COMMISSIONING
& START-UP COSTS |
$ 30,000 |
||
|
|
|
|
$ 500,000 |
|
PLANNING & DESIGN CONTINGENCY @ 5% |
92,804 |
||
|
TOTAL SOFT COSTS |
$ 1,703,885 |
||
|
TOTAL
DEVELOPMENT COSTS |
$ 16,203,001 |
||
ATTACHMENT 2
Attachment 2 to DPR Zoo Amendment MOA FISC
Woodland Park Zoo Parking Garage Assumptions Related to 20 Year Debt Arrangement
|
|
|
|
INTEREST RATE |
5.5% |
|
DEBT SERVICE TERM (20 YEARS) |
20 |
|
PARKING LEVELS BELOW GRADE: |
0 |
|
PARKING LEVELS AT GRADE: |
1 |
|
PARKING LEVELS ABOVE GRADE: |
3 |
|
NEW TOTAL FOR PUBLIC PARKING STALLS |
1,360 |
|
PROJECT DEVELOPMENT/CONST. COSTS |
$16,200,000 |
|
Inflation |
$1,303,739 |
|
Estimated Cost of Debt Issuance (3%) |
$542,616 |
|
ESTIMATED DEBT TOTAL |
$18,046,355 |
|
|
|
|
ESTIMATED ANNUAL DEBT SERVICE |
$1,510,107 |
|
|
|
|
CALCULATION OF IMPACT ON 2008: |
|
|
ESTIMATED ANNUAL VISITORS IN 2008 |
1,143,753 |
|
ATTENDANCE ADJUSTED FOR MODE (96% BY CAR) |
1,098,003 |
|
|
|
|
TOTAL CARS PARKING ANNUALLY |
|
|
Based on 3.5 average vehicle occupancy |
313,715 |
|
Less Net Lost Vehicles adjustment for # of stalls provided |
(1,581) |
|
TOTAL CARS PARKING ANNUALLY |
312,133 |
|
|
|
|
PARKING FEE PER STALL |
$5.00 |
|
PROJECTED PARKING REVENUE |
$1,560,667 |
|
LESS ESTIMATED OPERATING EXPENSES |
$(462,364) |
|
NET OPERATING INCOME |
$1,098,303 |
|
LESS CURRENT PARKING REVENUE (held by Zoo Society) |
$(537,713) |
|
LESS RESERVE FOR MAJOR MAINTENANCE |
|
|
CASH AVAILABLE FOR DEBT SERVICE PAYMENT |
$560,590 |
|
UNCOVERED NET DEBT SERVICE |
$949,517 |
|
CITY 75% ANNUAL DEBT SHARE |
$712,138 |
|
ZOO 25% ANNUAL DEBT SHARE |
$237,379 |
|
|
|
|
Note: These annual
debt share amounts will decrease as parking revenues increase over time. |
|
ATTACHMENT 3
|
|
|
2007 |
2008 -Garage Opens |
2010 |
|
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|
|
2015 |
|
|
|
|
2020 |
|
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|
2025 |
|
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|
|
|
|
|
|
Debt YEAR 1 |
YEAR 2 |
YEAR 3 |
YEAR 4 |
YEAR 5 |
YEAR 6 |
YEAR 7 |
YEAR 8 |
YEAR 9 |
YEAR 10 |
YEAR 11 |
YEAR 12 |
YEAR 13 |
YEAR 14 |
YEAR 15 |
YEAR 16 |
YEAR 17 |
YEAR 18 |
YEAR 19 |
YEAR 20 |
YEAR 21 |
20 Yr Totals |
Key
Operating Assumptions: |
|
|
||
|
OPERATING
INCOME |
|
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|
|
|
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|
|
PROJECTED
ATTENDANCE |
|
not applicable |
1,143,753 |
1,159,766 |
1,176,003 |
1,192,467 |
1,209,161 |
1,226,090 |
1,243,255 |
1,260,660 |
1,278,310 |
1,296,206 |
1,314,353 |
1,332,754 |
1,348,747 |
1,355,491 |
1,362,268 |
1,369,079 |
1,375,925 |
1,382,804 |
1,389,718 |
1,396,667 |
|
1.4%
annually to 2020 (19% cum. From 2000); .5% thereafter |
|
|||
|
PROJECTED
CARS PARKING ON-SITE |
|
not applicable |
312,133 |
316,503 |
320,935 |
325,428 |
329,985 |
334,606 |
339,292 |
344,044 |
348,863 |
353,750 |
358,705 |
363,730 |
368,094 |
369,922 |
371,759 |
373,605 |
375,460 |
377,325 |
379,199 |
381,105 |
|
96% visitors arrive by car; 3.5 vehicle
occupancy; on-site capacity adj. |
|
|
||
|
PROJECTED
INCOME PER STALL/CAR |
|
$ 3.50 |
$ 5.00 |
$ 5.00 |
$ 5.00 |
$ 5.50 |
$ 5.50 |
$ 5.50 |
$ 6.00 |
$ 6.00 |
$
6.00 |
$ 6.50 |
$ 6.50 |
$ 6.50 |
$ 7.00 |
$ 7.00 |
$ 7.00 |
$ 7.50 |
$ 7.50 |
$ 7.50 |
$ 8.00 |
$ 8.00 |
|
Increased
at $.50 every 3 years |
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PROJECTED PARKING REVENUE |
|
not applicable |
$
1,560,667 |
$
1,582,516 |
$
1,604,673 |
$
1,789,856 |
$
1,814,919 |
$
1,840,335 |
$
2,035,754 |
$
2,064,266 |
$
2,093,178 |
$
2,299,373 |
$
2,331,582 |
$
2,364,244 |
$
2,576,661 |
$
2,589,454 |
$
2,602,311 |
$
2,802,037 |
$
2,815,953 |
$
2,829,939 |
$
3,033,596 |
$
3,048,843 |
42,631,312 |
|
|
|
|
|
|
OPERATING EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TAXES @ 9.27% |
|
not applicable |
$
(144,674) |
$
(146,699) |
$
(148,753) |
$
(165,920) |
$
(168,243) |
$
(170,599) |
$
(188,714) |
$
(191,357) |
$
(194,038) |
$
(213,152) |
$
(216,138) |
$
(219,165) |
$
(238,856) |
$
(240,042) |
$
(241,234) |
$
(259,749) |
$
(261,039) |
$
(262,335) |
$
(281,214) |
$
(282,628) |
(3,951,923) |
B&O and Sales Tax |
|
|
|
|
|
PROJECTED OPERATING EXPENSES |
|
not applicable |
$
(317,690) |
$
(327,221) |
$
(337,037) |
$
(347,148) |
$
(357,563) |
$
(368,290) |
$
(379,338) |
$
(390,719) |
$
(402,440) |
$
(414,513) |
$
(426,949) |
$
(439,757) |
$
(452,950) |
$
(466,538) |
$
(480,535) |
$
(494,951) |
$
(509,799) |
$
(525,093) |
$
(540,846) |
$
(557,071) |
(7,979,378) |
TDA estimate, escalated at 3% |
|
|
|
|
|
SUBTOTAL OPERATING EXPENSES |
|
not applicable |
$
(462,364) |
$
(473,920) |
$
(485,791) |
$
(513,068) |
$
(525,806) |
$
(538,889) |
$
(568,053) |
$
(582,076) |
$
(596,478) |
$
(627,665) |
$
(643,086) |
$
(658,923) |
$
(691,806) |
$
(706,581) |
$
(721,769) |
$
(754,699) |
$
(770,838) |
$
(787,428) |
$
(822,060) |
$
(839,699) |
$(11,931,301) |
|
|
|
|
|
|
NET PARKING INCOME |
|
not applicable |
$
1,098,303 |
$
1,108,596 |
$
1,118,883 |
$
1,276,788 |
$
1,289,113 |
$
1,301,446 |
$
1,467,701 |
$
1,482,190 |
$
1,496,701 |
$
1,671,707 |
$
1,688,496 |
$
1,705,322 |
$
1,884,854 |
$ 1,882,873 |
$
1,880,543 |
$
2,047,337 |
$
2,045,115 |
$
2,042,510 |
$
2,211,535 |
$
2,209,144 |
$
30,700,011 |
|
|
|
|
|
|
OFFSET FOR PRIOR LEVEL OF ZOO PARKING
REVENUE |
|
not applicable |
$
(537,713) |
$
(537,713) |
$
(537,713) |
$
(537,713) |
$
(537,713) |
$
(537,713) |
$
(537,713) |
$
(537,713) |
$
(537,713) |
$
(537,713) |
$
(537,713) |
$
(537,713) |
$
(537,713) |
$
(537,713) |
$
(537,713) |
$
(537,713) |
$
(537,713) |
$
(537,713) |
$
(537,713) |
$
(537,713) |
(10,216,547) |
|
|
|
|
|
|
PARKING CASH AVAILABLE FOR DEBT SERVICE |
|
- |
$
560,590 |
$
570,883 |
$
581,170 |
$
739,075 |
$
751,400 |
$
763,733 |
$
929,988 |
$ 944,477 |
$
958,988 |
$
1,133,994 |
$
1,150,783 |
$
1,167,609 |
$
1,347,141 |
$
1,345,160 |
$
1,342,830 |
$
1,509,624 |
$
1,507,402 |
$
1,504,797 |
$
1,673,822 |
$
1,671,431 |
$
20,483,464 |
|
|
|
|
|
|
DEBT SERVICE PAYMENT ($18M bond, inc.
issuance and inflation) |
(2) |
$
496,275 |
$
1,510,107 |
$
1,510,107 |
$
1,510,107 |
$
1,510,107 |
$
1,510,107 |
$
1,510,107 |
$
1,510,107 |
$
1,510,107 |
$
1,510,107 |
$
1,510,107 |
$
1,510,107 |
$
1,510,107 |
$
1,510,107 |
$
1,510,107 |
$
1,510,107 |
$
1,510,107 |
$
1,510,107 |
$
1,510,107 |
$
1,510,107 |
$
1,470,744 |
28,692,031 |
|
|
|
|
|
|
NET UNCOVERED DEBT SERVICE |
|
$
496,275 |
$
949,517 |
$
939,224 |
$
928,937 |
$
771,032 |
$
758,707 |
$
746,374 |
$
580,119 |
$
565,630 |
$
551,119 |
$
376,113 |
$
359,324 |
$
342,498 |
$
162,966 |
$
164,947 |
$
167,277 |
$ 483 |
$
2,705 |
$
5,310 |
$
(163,715) |
$
(200,687) |
$
8,208,567 |
|
|
|
|
|
|
75% DEBT SERVICE BY CITY |
|
$
372,206 |
$
712,138 |
$
704,418 |
$
696,703 |
$
578,274 |
$
569,030 |
$
559,781 |
$
435,089 |
$
424,223 |
$
413,340 |
$
282,084 |
$
269,493 |
$
256,874 |
$
122,224 |
$
123,710 |
$
125,458 |
$ 362 |
$
2,029 |
$
3,982 |
|
$
- |
$
6,651,418 |
Total Uncovered Debt Payments - City |
|
|
||
|
25% DEBT SERVICE BY WPZS |
|
$
124,069 |
$
237,379 |
$
234,806 |
$
232,234 |
$
192,758 |
$
189,677 |
$
186,594 |
$
145,030 |
$
141,408 |
$
137,780 |
$
94,028 |
$
89,831 |
$
85,625 |
$
40,741 |
$
41,237 |
$
41,819 |
$ 121 |
$ 676 |
$
1,327 |
|
$ - |
$
2,217,139 |
Total Uncovered Debt Payments - Zoo |
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Pro forma based on assumptions in
Attachment 2. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
(2) First year debt service payment
partial year interest only. Final payment principal and partial year
interest. If the garage is finished but the City's contribution limit has not
been reached, the balance will be used to pay a portion of the overall
project's debt service in the first year. This proforma asssumes no balance
is available. For modeling purposes, 20 year level debt at 5.5% interest is
assumed. Term,structure and rate may vary. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ATTACHMENT 3 - PART 1
Attachment 3 DPR Zoo Amendment to MOA FISC
Woodland Park Zoo Parking Garage 20 Year Operating Statement
ATTACHMENT 3 - PART 2
Attachment 3 DPR Zoo Amendment to MOA FISC
Woodland Park Zoo Parking Garage 20 Year Operating Statement
|
|
|
|
2015 |
|
|
|
|
2020 |
|
|
|
|
YEAR 8 |
YEAR 9 |
YEAR 10 |
YEAR 11 |
YEAR 12 |
YEAR 13 |
YEAR 14 |
YEAR 15 |
|
OPERATING
INCOME |
|
|
|
|
|
|
|
|
|
|
PROJECTED
ATTENDANCE |
|
1,243,255 |
1,260,660 |
1,278,310 |
1,296,206 |
1,314,353 |
1,332,754 |
1,348,747 |
1,355,491 |
|
PROJECTED
CARS PARKING ON-SITE |
|
339,292 |
344,044 |
348,863 |
353,750 |
358,705 |
363,730 |
368,094 |
369,922 |
|
PROJECTED
INCOME PER STALL/CAR |
|
$ 6.00 |
$ 6.00 |
$ 6.00 |
$ 6.50 |
$ 6.50 |
$ 6.50 |
$ 7.00 |
$ 7.00 |
|
|
|
|
|
|
|
|
|
|
|
|
PROJECTED PARKING REVENUE |
|
$
2,035,754 |
$
2,064,266 |
$
2,093,178 |
$
2,299,373 |
$
2,331,582 |
$
2,364,244 |
$
2,576,661 |
$
2,589,454 |
|
OPERATING EXPENSES |
|
|
|
|
|
|
|
|
|
|
TAXES @ 9.27% |
|
$
(188,714) |
$
(191,357) |
$
(194,038) |
$
(213,152) |
$
(216,138) |
$
(219,165) |
$
(238,856) |
$
(240,042) |
|
PROJECTED OPERATING EXPENSES |
|
$
(379,338) |
$
(390,719) |
$
(402,440) |
$
(414,513) |
$
(426,949) |
$
(439,757) |
$
(452,950) |
$
(466,538) |
|
SUBTOTAL OPERATING EXPENSES |
|
$
(568,053) |
$
(582,076) |
$
(596,478) |
$
(627,665) |
$
(643,086) |
$
(658,923) |
$
(691,806) |
$
(706,581) |
|
NET PARKING INCOME |
|
$
1,467,701 |
$
1,482,190 |
$
1,496,701 |
$
1,671,707 |
$
1,688,496 |
$
1,705,322 |
$
1,884,854 |
$
1,882,873 |
|
OFFSET FOR PRIOR LEVEL OF ZOO PARKING
REVENUE |
|
$
(537,713) |
$
(537,713) |
$
(537,713) |
$
(537,713) |
$
(537,713) |
$
(537,713) |
$
(537,713) |
$
(537,713) |
|
PARKING CASH AVAILABLE FOR DEBT SERVICE |
|
$
929,988 |
$
944,477 |
$
958,988 |
$
1,133,994 |
$
1,150,783 |
$
1,167,609 |
$
1,347,141 |
$
1,345,160 |
|
DEBT SERVICE PAYMENT ($18M bond, inc.
issuance and inflation) |
(2) |
$
1,510,107 |
$
1,510,107 |
$
1,510,107 |
$
1,510,107 |
$
1,510,107 |
$
1,510,107 |
$
1,510,107 |
$
1,510,107 |
|
NET UNCOVERED DEBT SERVICE |
|
$
580,119 |
$
565,630 |
$
551,119 |
$
376,113 |
$
359,324 |
$
342,498 |
$
162,966 |
$
164,947 |
|
75% DEBT SERVICE BY CITY |
|
$
435,089 |
$
424,223 |
$
413,340 |
$
282,084 |
$
269,493 |
$
256,874 |
$
122,224 |
$
123,710 |
|
25% DEBT SERVICE BY WPZS |
|
$
145,030 |
$
141,408 |
$
137,780 |
$
94,028 |
$
89,831 |
$
85,625 |
$
40,741 |
$
41,237 |
|
|
|
|
|
|
|
|
|
|
|
|
(1) Pro forma based on assumptions in
Attachment 2. |
|
|
|
|
|
|
|
|
|
|
(2) First year debt service payment
partial year interest only. Final payment principal and partial year
interest. If the garage is finished but the City's contribution limit has not
been reached, the balance will be used to pay a portion of the overall
project's debt service in the first year. This proforma asssumes no balance
is available. For modeling purposes, 20 year level debt at 5.5% interest is
assumed. Term,structure and rate may vary. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ATTACHMENT 3 - PART 3
|
|
|
|
2025 |
|
|
|
|
|
|
|
|
YEAR 16 |
YEAR 17 |
YEAR 18 |
YEAR 19 |
YEAR 20 |
YEAR 21 |
20 Yr Totals |
Key
Operating Assumptions: |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
1,362,268 |
1,369,079 |
1,375,925 |
1,382,804 |
1,389,718 |
1,396,667 |
|
1.4%
annually to 2020 (19% cum. From 2000); .5% thereafter |
|||
|
371,759 |
373,605 |
375,460 |
377,325 |
379,199 |
381,105 |
|
96% visitors arrive by car; 3.5 vehicle
occupancy; on-site capacity adj. |
|
||
|
$ 7.00 |
$
7.50 |
$ 7.50 |
$ 7.50 |
$ 8.00 |
$ 8.00 |
|
Increased
at $.50 every 3 years |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
$
2,602,311 |
$
2,802,037 |
$
2,815,953 |
$
2,829,939 |
$
3,033,596 |
$
3,048,843 |
42,631,312 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
(241,234) |
$
(259,749) |
$
(261,039) |
$
(262,335) |
$
(281,214) |
$
(282,628) |
(3,951,923) |
B&O and Sales Tax |
|
|
|
|
$
(480,535) |
$
(494,951) |
$
(509,799) |
$
(525,093) |
$
(540,846) |
$ (557,071) |
(7,979,378) |
TDA estimate, escalated at 3% |
|
|
|
|
$
(721,769) |
$
(754,699) |
$
(770,838) |
$
(787,428) |
$
(822,060) |
$
(839,699) |
$(11,931,301) |
|
|
|
|
|
$
1,880,543 |
$
2,047,337 |
$
2,045,115 |
$
2,042,510 |
$
2,211,535 |
$
2,209,144 |
$
30,700,011 |
|
|
|
|
|
$
(537,713) |
$
(537,713) |
$
(537,713) |
$
(537,713) |
$
(537,713) |
$
(537,713) |
(10,216,547) |
|
|
|
|
|
$
1,342,830 |
$
1,509,624 |
$
1,507,402 |
$
1,504,797 |
$
1,673,822 |
$
1,671,431 |
$
20,483,464 |
|
|
|
|
|
$
1,510,107 |
$
1,510,107 |
$
1,510,107 |
$
1,510,107 |
$
1,510,107 |
$
1,470,744 |
28,692,031 |
|
|
|
|
|
$
167,277 |
$ 483 |
$
2,705 |
$
5,310 |
$ (163,715) |
$
(200,687) |
$
8,208,567 |
|
|
|
|
|
$
125,458 |
$ 362 |
$
2,029 |
$
3,982 |
|
$ - |
$
6,651,418 |
Total Uncovered Debt Payments - City |
|
||
|
$
41,819 |
$ 121 |
$ 676 |
$
1,327 |
|
$ - |
$
2,217,139 |
Total Uncovered Debt Payments - Zoo |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ATTACHMENT 4
Attachment 4 (of the Fiscal Note)
COMPARISON OF GARAGE OPTIONS CONSIDERED
|
Location/Option |
Project Cost (Excluding Financing
Costs) |
Available Visitor |
Hours of Unmet Demand(1) |
Net Loss of |
Net Loss of |
Estimated |
|
|
Currently Existing |
Existing
Parking (if RPZ
is imposed) |
$0 |
654 |
111,848 |
39,245 |
135,002 |
$1,554,350 |
|
Proposed Option |
West
Garage (1@, 3
up) with
reduced staff parking |
$16,203,000 |
1,360 |
4,446 |
1,560 |
5,304 |
$61,158 |
|
Preferred by WPZS |
South
Garage w/West Lot (5
down, 1 @, 1 up) |
$28,300,000 |
1,420 |
2,836 |
995 |
3,383 |
$39,008 |
|
|
West Garage (1
down, 1 @, 3 up) |
$20,900,000 |
1,360 |
4,446 |
1,560 |
5,304 |
$61,158 |
|
|
West Garage (1
down, 1 @, 1 above) |
$15,590,000 |
1,005 |
31,159 |
10,933 |
37,172 |
$428,615 |
|
|
West Garage (1@,
3 up) |
$16,203,000 |
1,180 |
13,691 |
4,804 |
16,334 |
$188,340 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2) Per
Cap admissions and enterprise revenue = $10.06 (2004 rates). Parking rate assumed at $5 per vehicle. |
|
||||||
|
This excludes any estimate of the impact of
disgruntled visitors who may never return due to parking difficulties. |
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CENTRAL STAFF ADDENDUM TO FISCAL NOTE:
Council Central Staff Addendum to Executive’s Fiscal Note for CB 115011
W. Alves – October 6, 2004
The Executive’s fiscal note accompanying their proposed version of this legislation shows no fiscal impacts in 2005 or 2006. On September 29, the Council Parks, Neighborhood and Education Committee voted unanimously to require changes to the Woodland Park Zoo Operations and Management Agreement that call for the City and the Zoo Society to use their best efforts to complete a draft of a Parking Management Strategies Plan by September 1, 2005 (See section 2.4 of attachment 1 to this CB). One purpose of this Plan would be to develop, and estimate the cost of, ways in which the Zoo visitor traffic and parking impacts on the neighborhoods surrounding the Zoo could be mitigated while waiting for the Zoo garage to be built (expected to open in 2008).
In order to develop such a plan by this time, the Council may have to amend or reprioritize SDOT’s budget to provide that department with the capability to survey Zoo neighborhoods to evaluate the feasibility of establishing a modified RPZ or other mitigating measures. The Zoo Society and the City (SDOT and DOF) are still negotiating the scope, cost, and allocation of costs among the parties and do not have the information needed to amend this legislation’s fiscal note yet. The expected total 2005 total cost would likely be in the $50,000 to $150,000 range, to be shared between the Zoo Society and the City. Once the Council has a proposal on the scope and sharing of the cost, Central Staff will review any needed changes to SDOT’s budget as a budget issue for Council consideration this fall. If, at some later date, the City and the Zoo Society decide to implement some of the mitigating measures in 2006 or undertake further studies, there could be further SDOT budget changes needed in that year.