PSO 11A-EYW Time Extension 12/01/2021 PURCHASE/SERVICE ORDER
FOR
MONROE COUNTY
Effective Date: Upon Execution Purchase Service Order No. 1 lA-EYW
Client Project No: 404-630187-530310-GAKDl35
Project Name: Series 2022 Feasibility Report and Related Services
Time Only Extension
Description of Services:
(See attached Scope of Services consisting of 3 pages)
Days to Complete Until December 31 2022 Lump Sum Fee J112,Q00
Payment for Services shall be in their entirety as per PSO.
Witness: Consultant: Ricondo& Associates Inc.
� 1
Name: Michael L. Scott Director Name: Bonnie A. Ossege, Vice President
Date: 11/30/2021 Date: 11/30/2021
Accepted by: Approved by:
irector of Airports Asst.1County Administrator
Date: 11 3D 2,1 Date: 12 01.2021
NROE COUNTY ATTOnNEY
AIaOYE FORlIA
CA86--
PEb O J-
ASM UNTY ATTORNEY
Date
KEY WEST INTERNATIONAL AIRPORT OCTOBER 2, 2020
SCOPE OF SERVICES FOR SERIES 2022 FEASIBILITY REPORT
AND RELATED SERVICES
OUR UNDERSTANDING
Monroe County Department of Airports(the County) is requesting assistance with the development of a Report of
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 firm's contract with the County. Ricondo's role will be described below.
OBJECTIVE
The objective of this task is for Ricondo to assist in the development of the Feasibility Report to be incorporated in
the Official Statement for the issuance of the Series 2022 Bonds as well as financial planning services related to the
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 following tasks:
SCOPE OF WORK
TASK 1 — PRELIMINARY FINANCIAL PLANNING
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
and cost-per-enplanement (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
Ricondo will provide certain sections of the Feasibility Report to be incorporated into the document by Newton.
Ricondo will be responsible for the following subtasks of the Feasibility Report.
TASK 2.1 - INITIAL COORDINATION AND DATA GATHERING
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
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 financial advisor and Newton.
Series 2022 Feasibility Report and Related Services I I I
KEY WEST INTERNATIONAL AIRPORT oCToBsmz. zozo
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,
ona historical basis based on data gathered from governmental and private sources.Factors reviewed in this chapter
include industrial activity measured bv gross domestic product ortotal personal income; population trends and
characteristics; employment trends and distribution; wealth levels and trends; and the identification of major
employers and drivers of tourism based activity such as cultural and recreational attractions. The chapter will also
include a discussion ofprojections of key demographic and economic variables from nationally or locally recognized
sources, which provide the basis for the projections of demand for air service developed ina subsequent chapter.
TASK 2.3 - PASSENGER DEMAND AND AIR SERVICE ANALYSIS
This chapter provides an overview of passenger trends and air service offered bv the airlines operating ot the Airport,
tied to the economic and demographic trends identified in the preceding chapter. RicondowiU gather needed
information regarding historical passenger and air service activity from the County, as well as governmental and
private sources. Ricondu will develop assumptions regarding relationship between historical economic and
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
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 PREPARATION
Ricondo anticipates the Report will be developed over the course of five drafts. Ricondo will prepare the sections
described in Task2.2 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
most of the information gathering and writing takes place. Subsequent drafts will incorporate feedback from the
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 (P{}S). Unless there is a material change in the pro forma financial forecast
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 teem' may result in the need for
additional drafts. Ricondo will only undertake additional drafts with the understanding and approval of the County.
TASK 3 - DOCUMENT REVIEW MEETINGS
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) Ricondoconsu|tents.
TASK 4 - RATING AGENCY PREPARATION AND PARTICIPATION
This task will include preparation of any documentation necessary to prepare for the Rating Agency Meetings and
participation in any conference calls to prepare for meetings. This task also includes Ricondo attendance of and
participation in the Rating Agency Meetings. One Rioondm consultant will be present for this meeting.
TASK 5 - CLOSING DOCUMENTS
This task will include the preparation and execution of any certificates and documents required for closing.
Series 2022 Feasibility Report and Related Services 12 1