Item C35 C.35
BOARD OF COUNTY COMMSSIONERS
County of Monroe f Mayor Heather Carruthers,District 3
h} ] Mayor Pro Tem Michelle Coldiron,District 2
The Florida Keys Craig Cates,District 1
=E �j David Rice,District 4
`w'P•=w Sylvia J.Murphy,District 5
County Commission Meeting
October 213, 2020
Agenda Item Number: C.35
Agenda Item Summary #7443
BULK ITEM: Yes DEPARTMENT: Airports
TIME APPROXIMATE: STAFF CONTACT: Richard Strickland(305) 809-5200
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AGENDA ITEM WORDING: Approval of Purchase Service Order (PSO) 11-EYW with Ricondo
& Associates, Inc., in the amount of$119,000. Ricondo & Associates, in collaboration with Newton
& Associates, will be assisting in the development of a Feasibility Report in conjunction with the
anticipated issuance of Series 2022 General Airport Revenue Bonds for the new Concourse A
program at the Key West International Airport.
ITEM BACKGROUND: Under the PSO, Ricondo's tasks include preliminary financial planning,
providing certain sections of the Feasibility Report, gathering operational, financial and statistical
data, socioeconomic information and industry data, demographic and economic analysis, passenger
demand, service analysis, etc.
PREVIOUS RELEVANT BOCC ACTION: On February 15, 2017, the Master Agreement with
Ricondo & Associates was approved and on February 19, 2020 the master agreement was renewed
for two (2) years.
CONTRACT/AGREEMENT CHANGES:
new PSO
STAFF RECOMMENDATION: Approval.
DOCUMENTATION:
Ricondo PSO 11 Feasibility Report Services
FINANCIAL IMPACT:
Effective Date: Upon execution
Expiration Date: 365 days after execution
Total Dollar Value of Contract: $119,000
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C.35
Total Cost to County: -0-
Current Year Portion: $119,000
Budgeted: yes
Source of Funds: FDOT grant and/or Airport Operating Fund 404
CPI:
Indirect Costs:
Estimated Ongoing Costs Not Included in above dollar amounts:
Revenue Producing: If yes, amount:
Grant:
County Match:
Insurance Required: Yes, under Master Agreement.
Additional Details:
10/21/20 404-63001 - KEY WEST AIRPORT O & M $119,000.00
REVIEWED BY:
Beth Leto Completed 10/05/2020 2:40 PM
Richard Strickland Completed 10/05/2020 3:15 PM
Pedro Mercado Completed 10/05/2020 4:57 PM
Purchasing Completed 10/05/2020 4:59 PM
Budget and Finance Completed 10/06/2020 8:07 AM
Maria Slavik Completed 10/06/2020 8:16 AM
Liz Yongue Completed 10/06/2020 9:11 AM
Board of County Commissioners Pending 10/21/2020 9:00 AM
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C.35.a
PURCHASE / SERVICE ORDER
FOR
MONROE COUNTY
Effective Date: Upon Execution Purchase Service Order No. 11-EYW Q.
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Client Project No: 18071070
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Project Name: Series 2022 Feasibility Report and Related Services U
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Description of Services: �-
Provide for Series 2022 Feasibility Report and Related Services for Key West International
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Airport. a.
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(See attached Scope of Services consisting of 2 pages) o
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Days to Complete 365 days Lump Sum Fee $119,000
Note: The scope of services will be satisfied when: (a) this PSO has expired per the above days to complete or(b) the above Lump Sum Fee has been exhausted.
Witness: Consultant:
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Name: Michael L. Scott Name: Bonnie A. Ossege
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Date: 10/02/2020 Date: 10/02/2020 a.
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(SEAL) Attest: Kevin Madok, Clerk Board of County Commissioners of
Monroe County, Florida E
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By Deputy Clerk Mayor/Chairman
NRCE COUNTY ATTonNEY
''c Date:
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AESfi - UNTY ATTORNEY
oata 10/5/20
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C.35.a
KEY WEST INTERNATIONAL AIRPORT OCTOBER 2, 2020
SCOPE OF SERVICES FOR SERIES 2022 FEASIBILITY REPORT
AND RELATED SERVICES 0
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a)
OUR UNDERSTANDING U_
Monroe County Department of Airports (the County) is requesting assistance With the development of a Report of a
the Airport Consultant(the Feasibility Report) in conjunction With the anticipated issuance of the Series 2022 General
Airport Revenue Bonds (Series 2022 Bonds) for the Key West International Airport (the Airport) as described below.
Ricondo &Associates, Inc., (Ricondo) Will team With Newton &Associates, Inc. (Newton) to collectively provide the
services under each firms contract With the County. Ricondo`s role Will be described below.
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OBJECTIVE 0
The objective of this task is for Ricondo to assist in the development of the Feasibility Report to be incorporated in 0
the Official Statement for the issuance of the Series 2022 Bonds as Well as financial planning services related to the
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issuance of the Series 2022 Bonds (Series 2022 Feasibility Services) for the Airport. The Feasibility Report Will be
prepared in accordance With the schedule for the financing as developed by the financing team, after a Notice to
Proceed (NTP) is issued by the County. The County intends to issue the Series 2022 Bonds to fund a project related >'
to Concourse A construction the (Project) and Ricondo Will perform the fallowing tasks:
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SCOPE OF WORK
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TASK 1 — PRELIMINARY FINANCIAL PLANNING a'
This task includes the analysis of the capital improvement plan and its overall affordability. Additionally, this task
will provide an analysis of the magnitude of the bond issuance for the Project and its impacts to rates and charges
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and cost-per-en planement (CPQ and will be coordinated with the County`s financial advisor. This task will also
include presentations and meetings with other Monroe County staff to update them on the status of the efforts.
TASK 2 — FEASIBILITY REPORT U)
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Ricondo will provide certain sections of the Feasibility Report to be incorporated into the document by Newton. 0
Ricondo will be responsible for the fallowing subtasks of the Feasibility Report. 0
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TASK 2.1 - INITIAL COORDINATION AND DATGATHERING
This task will include coordination with County staff, as well as external organizations, to gather necessary
information to develop the Feasibility Report, including but not limited to: operation, financial and statistical data
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of the Airport, socioeconomic information, and industry data. Ricondo will prepare and transmit a data request
memorandum detailing information to be provided by the County. Ricondo will attend an in-person coordination
meeting (assumes two (2) Ricondo consultants) with the County, the County`s financial advisor and Newton.
Series 2022 Feasibility Report and Related Services L_1
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C.35.a
KEY WEST INTERNATIONAL AIRPORT OCTOBER 2, 2020
TASK 2.2 - DEMOGRAPHIC AND ECONOMIC ANALYSIS
Demand for air service Within an airport's Air Trade Area is, in large measure, a function of underlying economic and
demographic trends.This chapter Will examine the economic and demographic trends present in the Air Trade Area,
on a historical basis based on data gathered from governmental and private sources. Factors reviewed in this chapter 0
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include industrial activity measured by gross domestic product or total personal income; population trends and
characteristics; employment trends and distribution; wealth levels and trends; and the identification of major Cn
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employers and drivers of tourism based activity such as cultural and recreational attractions. The chapter will also
include a discussion of projections of key demographic and economic variables from nationally or locally recognized
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sources, which provide the basis for the projections of demand for air service developed in a subsequent chapter.
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TASK 2.3 - PASSENGER DEMAND1 SERVICE ANALYSIS
This chapter provides an overview of passenger trends and air service offered by the airlines operating at the Airport, UJ
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tied to the economic and demographic trends identified in the preceding chapter. Ricondo will gather needed
information regarding historical passenger and air service activity from the County, as well as governmental and U)
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private sources. Ricondo will develop assumptions regarding relationship between historical economic and 0
passenger activity, from which it will derive projections of future passenger and air service activity based on the
projections of economic activity presented in the prior chapter and known changes in the provision of air service by 9
the airlines serving the Airport. The activity projections derived will be a forecast for financial projection purposes,
which may differ from other existing operational or Master Plan forecasts.
TASK 2.4 - DOCUMENT PREPARATIONUJ
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Ricondo anticipates the Report will be developed over the course of five drafts. Ricondo will prepare the sections
described in Task 2.2 and 2.3 and will submit to Newton for incorporation into the Feasibility Report. Each draft is
circulated to the financing team, after which an in-person meeting or conference call will be conducted to review
the document and gather feedback. The first draft is estimated to take three months to complete, during which
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most of the information gathering and writing takes place. Subsequent drafts will incorporate feedback from the CL
financing team, as appropriate. The fourth draft is intended to be sent to the rating agencies in anticipation of the
meetings with the rating analysts.A fifth and final draft will contain any additional edits required and will be included
in the preliminary official statement (POS). Unless there is a material change in the pro forma financial forecast
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resulting from the pricing of the transaction, this final version is also included in the Final Official Statement. Shifts
in schedule or the transaction, or the information demands of the financing team, may result in the need for
additional drafts. Ricondo will only undertake additional drafts with the understanding and approval of the County.
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TASK 3 - DOCUMENT REVIEWMEETINGS 0
This task will include participation in two phone meetings and three (3) on-site meetings with the financing team to
review the Feasibility Report and discuss questions and comments. Each of the on-site meetings will be attended
by two (2) Ricondo consultants.
TASK 4 - RATING AGENCY PREPARATION AND PARTICIPATION
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This task will include preparation of any documentation necessary to prepare for the Rating Agency Meetings and CU
participation in any conference calls to prepare for meetings. This task also includes Ricondo attendance of and
participation in the Rating Agency Meetings. One Ricondo consultant will be present for this meeting.
TASK 5 - CLOSING C E 5
This task will include the preparation and execution of any certificates and documents required for closing.
Series 2022 Feasibility Report and Related Services L_
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