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Item F1 Monroe County Board of County Commissioners ~ednesday,February21,2007 Regular Meeting Key Largo Library ENGINEERING DIVISION PRESENTATION McCoy Terminal Complex KEY ~EST INTERNATIONAL AIRPORT New Terminal Building and Renovation Project Proiect Overview and Funding Discussion from Newton & Associates. Inc. ~ort of the Airport Consultant Monroe County Engineering Division The Historic Gato Cigar Factory 1100 Simonton Street, Suite #216 Key West, Florida 33040 Phone: 305-292-4426 Fax: 305-295-4321 koppel-dave@monroecounty-fl.gov ~1 ZJ1..'/o1 II. THE 2006 PROJECT A. NEED FOR THE 2006 PROJECT The 2006 Project is a program of improvements initially identified in a 2004 study commissioned by the County ("Terminal Concept Study") to: (i) alleviate inadequacies of Airport facilities to accommodate existing demand; (ii) provide additional facilities to meet projected demand; and (iii) replace, repair or refurbish existing facilities that have deteriorated over time and with usage. The County expects that the 2006 Project will satisl'y the Airport's major Terminal area facility requirements during the Forecast Period. In addition to the 2006 Project the County may undertake a runway safety area improvement project if FAA Airport Improvement Program ("AlP") discretionary grants are received in an amount adequate to pay the cost thereof. B. DESCRIPTION-OF THE 2006 PROJECT The 2006 Project comprises three major categories of improvements: (i) Terminal Building Improvements; (ii) Terminal Roadway Improvements; and (iii) Automobile Parking Improvements. The Terminal Building Improvements include the planning, design, engineering and construction of certain passenger terminal building expansion and renovation improvements which will result in a new and improved, two-level passenger terminal building comprising approximately 79,000 square feet. The Terminal Building Improvements will provide sufficient space for airline ticket counters, back office and baggage make up functions, baggage drop-off and baggage claim functions, and airline passenger hold room functions. The Terminal Building Improvements will also provide adequate public lobby and circulation areas, passenger and baggage screening areas and equipment, and food, beverage and retail merchandise areas. The estimated cost of the Terminal Building Improvements is $23,422,496. The County intends to fund the cost of these improvements with a combination of FAA AlP funds ($2,300,000) and proceeds from the Series 2006 Bonds ($21, I 22,496). The Termina] Roadway & Ramps Improvements include the planning, design, engineering and construction of a multi-lane access roadway improvement project which is necessary for public and commercia] vehicular access to both the lower and upper levels of the Terminal Building Improvements and Automobile Parking Improvements. The estimated cost of the Terminal Roadway & Ramps Improvements is $2,]9],516. The County intends to finance the cost of these improvements with $2,191,516 in proceeds from the Series 2006 Bonds. The Automobile Parking Improvements comprises two components: (i) Lower Level Parking Restoration Improvements which includes the restoration of existing at-grade automobile parking area destroyed or otherwise displaced by tbe Terminal Building Improvements and the Terminal Roadway & Ramps Improvements; and (ii) an Elevated Parking Deck which includes the planning, design, engineering and construction of an above grade automobile parking level which will provide the needed 95 additional public parking spaces and provide level, pedestrian access to the upper level of the Terminal Building Improvements (including the airline ticketing Newton & Associates, Inc. C-7 Report of the Airport Consultant area). The Automobile Parking Improvements will serve the parking needs of the public, Airport tenant employees and rental car ready/return operations. The cost of the Lower Level Parking Restoration Improvements is estimated to be $3,434,824 and is to be funded with a combination of County Funds ($2,861,936) and proceeds from the Series 2006 Bonds ($572,888). The cost of the Elevated Parking Deck is estimated to be $2, I 38,064 and is to be funded completely with County funds. The Elevated Parking Deck is the only anticipated non-PFC eligible component of the 2006 Project'. The total cost of Automobile Parking Improvements is estimated to be $5,572,888. C. 2006 PROJECT COST AND PLAN OF FINANCE The estimated total cost of the 2006 Project ("2006 Project Cost") is $31,186,900 as set forth in detail on Table II-I. The 2006 Project is to be funded with a combination of County funds, FAA AlP grant funds and proceeds of the Series 2006 Bonds as depicted on Table II-I. TABlE 11.1 KEY WEST INTERNATIONAL AIRPORT SERIES 2006 BONDS ESTIMATB) PROJECT COST, F\N)INGAMlBOfrm FlIC) REQUIREMENT Local Share Funding Ran Series 2006 Bonds (AMT) EstilTBlecI AP FOOT County R"oject Fund Total TotalPl'"oject 2006 A'oject 8errents A"ojectCost Funds Funds eash Requirement Local Share Funding New Passenger Termnal Building $23.422,496 $2,300,000 $0 $0 $21,122,496 $21,122,496 $23.422,496 Terninal Roadway & RarTpS 2,191,516 0 0 0 2,191,516 2.191,516 2,191.516 Lower level Parking Resloratiorl Irrp. 3,434,824 0 0 2.861,936 572,888 3,434,824 3.434.824 8evated Parking Deck 2,138,064 0 0 2.138,064 0 2,138.064 2,138,064 Tolal Estimated Project Cost $31,186,900 $2,300,000 $0 $5,000,(01) $23.886,900 $28.886,900 $31.186,900 Note: Totals rmy nol sum due to rounding. PrllJl9r1ldll\lN-.&AIlSOC1_.I...., Julyll,2006 c.\eyM06lxnisWlrllFlCi8lIkeyVMt06llo:n:lsFi......-.:iall'nllloSls21.1nm:t> See the discussion entitled Passenger Facility Charges in this Section for the status of the FAA PFC approval of the 2006 Project as of the date of this Report. Newton & Associates, Inc. C - 8 Report of the Airport Consultant The County's plan of finance for the 2006 Project calls for the use of certain FAA AlP Entitlement funds ($2,300,000), County funds ($5,000,000) and Series 2006 Bond proceeds ($23,886,900) to pay the costs of the 2006 Project ($31,186,900). The plan of finance also calls for the application of anticipated future FnOT grant funds ($8,708,000) and future AlP Entitlement grant funds ($4,600,000) to the early repayment of principal outstanding on the Series 2006 Bonds. Although Net Revenues and certain Other Available Funds (including certain PFCs and transfers from the Airport Reserve Fund) are to be pledged to the payment of debt service on the Series 2006 Bonds, based on this plan of finance PFCs alone are expected to be collected and accumulated in amounts sufficient to pay the annual PFC eligible debt service on the Series 2006 Bonds commencing after the period of capitalized interest on the Series 2006 Bonds. A discussion concerning PFC regulations is provided later in this Section. D. SOURCES AND USES The sources and uses of the Series 2006 Bonds are estimated as set forth on Table B-2. Newton & Associates, Inc. C-9 Report of the Airport Consultant TABLE 11.2 KEY WEST INT~ nONAL AIRPORT seRIES 2006 BONlS ESTIMATED BONDS S04.R:ES AND USES Key West Airport Series 2006 AMT SOl.ftCES: Bond Proceeds Par Arrount $30,454,000 Other Sources of Funds AP Funds County Cash AccurTIJlated FFe Funds- $2,300,000 5,000,000 69,000 TOTAL SOURCES $37,823,000 USES: New Passenger Termar Building $23,422,496 Terrrinal Roadw ay & Rafll)S 2,191,516 Low er Level Parking Restoration ~. 3,434,824 Elevated Parking Deck 2,138,064 Total Project Fund Deposits. All Bements $31.186,900 Other Fund Oeoosits: Debt Service Reserve Fund Cap~alized tlterest (2 Years) 5 ubtotal $2,759,478 3,138,168 $5,897,646 Deliverv Date Exoenses' Costs of Issuance. subtotal $738,454 $738,454 Total Financing Ccsts $6,636,100 Total U... $37,823.000 . COIItIl d "'__lIlkllncl~ lRlIrw.-. elI.can. irfIr~r8fecap. cap Il'lclng "lien!. 1_ dcredt'- _rwndi....,la"lti.p.I"pt'H. .. Accl.mJlllllldpfCfllQto~IbrC05tdl"dcrdleg"_."""Ir;I"sf_.i""""'ralecap andcapagen!'- NOR Trunm;l\lrdsunct..torCU"d...., D~sfll'\i(:&n.fldalB:l.Mytl.2C03proo.tdeda,.UBS5ecvrillesU.C Jl.ly11,2llll6 C-.....,...,oe_\finMcIa'XeyWesI~FilWlCial~s:,n_'23 ITdl Newton & Associates, Inc. C - IO Report of the Airport Consultant E. BOND DEBT SERVICE Table 11-3 sets forth the estimated net debt service including estimated annual Letter of Credit fees (net of estimated interest earnings on the Construction Fund and Debt Service Fund) schedule for the Series 2006 Bonds, TA8LEH.3 KEY WEBT INr~TtOML AJRPORT ....... _IIONJI ElSTIMA TED PFC BlJN) DEBT SERVICE SCf6JJLE 5.50% Series 2006 (AMT) 0.81% OJl8% Debt Service ~.. """" AM"" LOCi -...... General AnerveFund hl8I'"t NoI ....'" """" Pl"incipll ht8fest T_ Uq- F... F"'" ht. Eilmhgs 1>_. RaquirefnlOt'" 10/01/2006 1 10 1334,994 $334,994 10 54.673 (25,482) $30,354 $334,994 10 10Jtl1f2007 2 0 1,674,970 1.674,970 0 24,363 (127.408) 151,771 1,674,970 0 1010112008 3 735,000 1,674,970 2,409,970 249,288 24,363 152,890 151,771 1,256,227 1.122,733 10101/2009 4 475,000 1.634,545 2.109,545 243,346 23,nS 151,771 2,224,895 1010112010 5 460,000 1,608.420 2,068,420 239,459 23,395 151,771 2,179,503 10101/2011 6 450,000 1,583.120 2,033,120 235,693 23,027 151,771 2.140,069 10/01/2012 7 410.000 1,558.370 1,968,370 232,019 22,661 151,771 2,071,285 1010112013 8 450,000 1,535,820 1,985.820 228,641 22,339 151,n, 2,085,035 10101/2014 9 450,000 1,511,070 1,961,070 2204,960 21,979 151,771 2,056.238 10/0112015 10 450.000 1.486,320 1,936.320 221,213 21,619 151.771 2,027,441 1010112016 11 465,000 1,461.570 1,9046,570 217.576 21,259 151,771 2,033,634 10/01/2017 12 500,000 1.434.695 1,9304.895 213,597 20,871 151,771 2.017,592 1010112018 13 560,000 1,407,395 1,967.395 209,482 20.471 151,771 2,0.45,577 1010112019 14 575,000 1,376,595 1.951,595 204,889 20,023 151,771 2,024,736 1010112020 15 625,000 1,344,970 1,969,970 200,183 19,583 151,771 2.037,925 1010112021 18 680,000 1,310,595 1,990.595 195,025 19,063 151.771 2,052,912 10101/2022 17 700,000 1,273,195 1,973,195 189.....7 18,519 151,771 2,029,390 1010112023 18 750.000 1,234,695 1,984,695 183,696 17,959 151,771 2,034.579 1010112024 19 810,000 1,193,445 2,000,445 177,533 17,359 151,771 2,046,566 10101/2025 20 885,000 1,1048,895 2,033,895 170,873 16,711 151,771 2,069,708 100112026 21 979.000 1,100,220 2,079,220 163,593 16,003 151,771 2,107.045 1010112027 22 1,075,000 1,046,375 2,121,375 155.542 15,220 151,771 2,1040.365 100112028 23 1,0485,000 987,250 2,0472,250 146,608 14,360 151,n1 2,481,447 1010112029 24 1,545,000 905,575 2,450,575 134,421 13,172 151,771 2,446,397 100112OJO 25 1,665,000 820,600 2,485,600 121.725 11,936 151,771 2,467,490 10/0112031 26 1,800,000 729,025 2,529,025 108,042 10,604 151,771 2,495,899 1010112032 27 1,940,000 630,025 2,570,025 93,252 9,164 151,771 2,520,670 100112033 26 2.090,000 523,325 2,613,325 27,309 7,612 151.771 2,S4tI,475 1010112034 29 2,250,000 408.375 2,658,375 80,136 5,940 151,771 2,572.679 10101/2035 30 5,175,000 284,625 5,459.625 40,192 4,140 2,911,249 2,593,308 $30.454,000 $35224,244 $65,678,244 $4.938.388 $512,353 (SOl $7,191.200 $3,266191 $60,671,593 r.tJte: Totals nay IlOI $um4ue to roundng. . Net Debt ServICe does not reflect advance repayrrenl w ith 2006 A'ojecl ~ants 01lll-"C.,,",_""~11.2OOlI"'Oll<lodbyUll$s..::..'..llC ....,~11, i!OJlJ C.....JoodbyN_.__...... c~lKnlo.._~_,lIIlIordoF;_~...,.lZl"'" Newton & Associates, Inc. C-II Report of the Airport Consultant F. ADVANCED PRINCIPAL RETIREMENT As stated above, the plan of finance for the 2006 Project calls for the application of $4,600,000 in anticipated future AlP entitlement grants funds to the advanced payment of Series 2006 Bonds principal in equal amounts over the course oftwo (2) years (Fiscal Year 2007 through Fiscal Year 2008). In addition to these AlP grant funds, the plan of finance calls for the application of approximately $8.7 million in anticipated future FOOT grant funds to the advanced payment of Series 2006 Bonds principal in varying amounts over the course of five (5) years (Fiscal Year 2006 through Fiscal Year 2010). As a result of the application of these grant funds, it is estimated that principal outstanding on the Series 2006 Bonds will be reduced by $14,978,000 by Fiscal Year 20 II resulting in an estimated remaining outstanding principal amount of$15,476,000 at that time. Table 11-4 depicts the application of AlP Entitlement grant funds and FOOT grant funds to the advanced payment of principal outstanding on the Series 2006 Bonds. ,1 ,;J' ,1 .-.... cv_"",_,__ ,', --- ..,..._""'......__oc._..__.,_....... V ..--.",.- - .. .......,,~-_..,,<.. ~- ~.<<- , -- '.- 00_'- -- "- '-- ..- ::e"":::' .- - .- "- .- -.......... '"- "- ..,"..- ,- ......~.. -,- - - -., - ..... - -- ..- ""- ..- .- .-- -- '.......~"" _.......... -.. "- - .,- .......- .-- ...,.... - .. .-- ... --- ,~...- - - .- .- .- -. -- - -.. -.. ...,..~ .. ........ ...0,- . . . . . . . . . . . . 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