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Builders Risk policy: covers claims for damages to
the vertical construction components of protect. ,
• $ 104 .5 Million GMP includes owner-controlled
allowance of 3 043 853.00 to address construction
contingencies and approximately $20,000,000 worth
of site preparation , utilities and at- and below-grade ,,
foundation work that is excluded from builder's risk
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To more accurately reflect and match insurance with appropriate
coverage , staff recommends approval to amend Builder's Risk
policy to :
• $96 million for normal perils
• Windstorm sublimit of $30 Million
Opinion seconded by Assistant CountyAttorney and Risk Manager. If approved by BOCC ,
the CMAR will submit the required insurance waiver form for the revised coverage.
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✓Key Requirements , P '
✓Roles and Responsibilities
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✓Required Disclosures and Reporting
✓Detailed Schedule Examples
✓Status and Next Steps
Will
• The County issued its Series 2022 Airport Revenue Bonds and
entered into a Line of Credit with PNC Bank to fund Key West
International Airport's Concourse A Expansion Project
• The new debt has ongoing annual disclosure and reporting
req u irements
• Annual Report is due to dissemination agent by April 30 , 2023
• Annual reviews by rating agencies (expected summer 2023)
• Important for maintaining bond rating
Will
• The County issued its Series 2022 Airport Revenue Bonds and
entered into a Line of Credit with PNC Bank to fund Key West
International Airport's Concourse A Expansion Project
• The new debt has ongoing annual disclosure and reporting
req u irements
• Annual Report is due to dissemination agent by April 30 , 2023
• Annual reviews by rating agencies (expected summer 2023)
• Important for maintaining bond rating
Key West International go-port Repayment of the Bonds and Compliance with Covenants
Issuer (Monroe County) Annual Comprehensive Financial Report
Annual Disclosures and Schedules Support
Financial naHur Fw.scn BAssxiates
Coordination with Raking Agencies
Rates and Charges N e�on gq �es Airline Rates and Charges
Consultant ssxia Financial and Operational Forecasts
Bond counsel Nabors, cabiin a rvickerun Bond Resolution/Covenants
Disclosure counsel Bryant Miller Olive Disclosure Events
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• Annual Audited Financial Statements
• Detailed Schedules
• Revenues
• Expenses
• Operational statistics
• Financial metrics
• Financial and Operational Data Reviews
• Airport Rates and Charges
• Reserve Accounts
• Metrics (Debt Service Coverage Ratio, Days Cash on Hand, etc. )
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United iant
• s • Airlines. Air
Silver 12.6% 1.9%
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IN lim IN lim IN �im IN
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2012 2013 2014 20152016 2017 2018
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NOTE:Scheduled seats indexed to the same month to 2019.
SOURCE:Innovata,February 2022.
PREPARED BY: Ricondo&Associates,Inc.,March 2022.
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Landing Fees $2,019,358 $1,544,296 $2,210,141 $1,903,899 $3,335,948
Ai rl i ne Terminal Rents 1,820,649 1,784,141 1,988,022 1,967,945 1,639,351
Ai rl i ne Security Cha rges 443,106 342,184 529,122 411,378 594,213
Total Airline Revenue $4,283,113 $3,670,621 $4,727,284 $4,283,222 $5,569,512
Non-Airline Revenue "
Rental CarConcessions $1,524,597 $1,417,653 $1,605,229 $1,446,639 $2,597,076
Rental Car Rents 426,992 393,801 398,111 384,344 607,713
Public Parking 419,381 447,326 438,609 290,968 420,034 1
GeneralAviation 221,824 222,586 228,214 229,407 307,142
Ground Transportation 262,193 258,110 389,853 203,220 405,516
Advertising 189,699 212,665 261,406 162,408 172,540
Restaurant 280,876 277,295 353,860 256,568 499,930 1
Gift Shop 195,299 210,495 215,136 156,581 241,918
Ai r Ca rgo La nd ing Fees 34,936 17,754 21,929 32,804 25,032
Investment Income 22,168 36,871 96,717 59,747 18,331
Other Rents 298,234 421,823 452,480 460,234 719,286
CARES - - - 5,295,800 9,063,499
Other Miscellaneous Revenue 2,680 931 11,744 11,231 5,566
Total Non-Airline Revenue $3,878,879 $3,917,310 $4,473,288 $8,989,950 $15,083,583
Total Revenue $8,161,992 $7,587,931 $9,200,573 $13,273,173 $20,653,095 IFY 17 IF '1 IFY 19 IFS 20 IFY 21
Operations &Maintenance Costs III rot rotall IReveinueration inteirian Costs
Pe rs o na I Servi ces $3,053,037 $3,155,980 $3,394,307 $3,990,131 $3,089,416
Co n tra ctu a I Services 2,173,798 1,825,169 2,393,946 2,295,026 3,252,871
Se cu ri ty Servi ces 2,198,441 2,364,910 2,402,040 2,384,817 3,068,832
Total Operations &Maintenance Costs $7,425,276 $7,346,059 $8,190,294 $8,669,974 $9,411,119
Net Revenue $736,716 $241,871 $1,010,279 $4,603,199 $11,241,976
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Forecast Airport Revenue, Expenses & Debt Service Coverage
Estimated
2022 2023 2024 2025 2026 2027
Airline Revenue $ 6,281,689 $ 6,922,823 $ 7,305,129 $ 9,584,083 $ 10,078,484 $ 10,303,320
Non-Airline Revenue 7101711122 6,686,181 6,898,200 7,222,816 7,374,845 7,524,286
Gross Revenue 13,4521812 131609,004 14,2031328 16/806/899 171453,328 17,827,607
Operation & Maintenance 9,740,236 10,344,413 10,987,001 11,670,494 12,397,551 13,171,009
Operation & Maintenance Incremental Costs - - - 1,216,461 1,346,452 1,429,137
Total Operation & Maintenance Costs 9,740,236 10,344,413 10,987,001 12,886,955 13,744,003 14,600,146
Net Revenue $ 3,712,576 $ 3,264,591 $ 3,216,327 $ 3,919,944 $ 3,709,325 $ 3,227,461
P FC Revenue $ - $ - $ - $ 2,400,000 $ 2,400,000 $ 2,400,000
Amount Available for Debt Service $ 3,712,576 $ 3,264,591 $ 3,216,327 $ 6,319,944 $ 6,109,325 $ 5,627,461
Series 2022 Debt Service $ - $ - $ - $ 2,563,588 $ 2,561,588 $ 2,563,088
Debt Service Coverage NA NA NA 2.47x 2.38x 2.20x
• Annual Report
• Due April 30, 2023
• Operational data complete
• Revenue and expense crosswalk to audited Financial Statements in progress
• Rating Agency updates
• Data collection and monitoring ongoing by Airport Director and Fr+ascn & Associates
• Date 1BD
• Financial forecasts
• Forecasts under development by Airport Consultant — Newton & Associates
• Based on current Airport Budget, passenger activity and anticipated financial performance
• BOCC Updates
• Ongoing
• Annual Report
• Due April 30, 2023
• Operational data complete
• Revenue and expense crosswalk to audited Financial Statements in progress
• Rating Agency updates
• Data collection and monitoring ongoing by Airport Director and Fr+ascn & Associates
• Date 1BD
• Financial forecasts
• Forecasts under development by Airport Consultant — Newton & Associates
• Based on current Airport Budget, passenger activity and anticipated financial performance
• BOCC Updates
• Ongoing
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• Builders Risk policy: covers claims for damages to
the vertical construction components of project. Yg
• $104.5 Million GMP includes owner-controlled
allowance of $3,043,853.00 to address construction
contingencies and approximately $20,000,000 worth
of site utilities and at- and below-grade
preparation,
foundation work that is excluded from builder's risk
coverage.
•
Earthwork
• Foundation work
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• Slab concrete
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To more accurately reflect and match insurance with appropriate
coverage, staff recommends approval to amend Builder's Risk
policy to:
• $96 million for normal perils
• Windstorm sublimit of $30 Million
Opinion seconded by Assistant County Attorney and Risk Manager. If approved by BOCC,
the CMAR will submit the required insurance waiver form for the revised coverage.
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Oil III III
• Ongoing Issuer Obligations
✓Key Requirements
✓Roles and Responsibilities
• Continuing Disclosure Requirements
✓Required Disclosures and Reporting
✓Detailed Schedule Examples
✓Status and Next Steps
• The County issued its Series 2022 Airport Revenue Bonds and
entered into a Line of Credit with PNC Bank to fund Key West
International Airport's Concourse A Expansion Project
• The new debt has ongoing annual disclosure and reporting
requirements
• Annual Report is due to dissemination agent by April 30, 2023
• Annual reviews by rating agencies (expected summer 2023)
• Important for maintaining bond rating
• The County issued its Series 2022 Airport Revenue Bonds and
entered into a Line of Credit with PNC Bank to fund Key West
International Airport's Concourse A Expansion Project
• The new debt has ongoing annual disclosure and reporting
requirements
• Annual Report is due to dissemination agent by April 30, 2023
• Annual reviews by rating agencies (expected summer 2023)
• Important for maintaining bond rating
Key West International Airport Repaymento the Bonds and Compliance with Covenants
Issuer
(Monroe County) Annual Comprehensive Financial Report
Support
Financial �.u. Fa.sC. xa.anc.,,a "'"�oo'���a„o;ew�nRa Schedules
ConsultantRates and N�,m. ea„oca�, Financial and
jj�
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• Annual Audited Financial Statements
• Detailed Schedules
• Revenues
• Expenses
• Operational statistics
• Financial metrics
• Financial and Operational Data Reviews
• Airport Rates and Charges
• Reserve Accounts
• Metrics (Debt Service Coverage Ratio, Days Cash on Hand, etc.)
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United Allegiant
. a Airlines Air
Now ® m Silver 12.6%
Airways_
6.9%
760,000
6CYC1„CkCkCI J 2 9%e
500„000 ui h
400,000
300,000
I�
200,000
2012 2013 2014 2015 2016 2017. 2016 2019 2020 2021
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NOTE:Scheduled seats indexed to the same month in 2019,
SOURCE:In—ata,Feb—y 2022.
PREPARED BY: Ricondo&Associates.Inc.,March 2022,
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Landing Fees $2,019,358 $1,544,296 $2,210,141 $1,903,899 $3,335,948
Ai rl i ne Term inal Rents 1,820,649 1,784,141 1,988,022 1,967,945 1,639,351
AirlineSecurityCharges 443,106 342,184 529,122 411,378 594,213
Total Airline Revenue $4,283,113 $3,670,621 $4,727,284 $4,283,222 $5,569,512 „
Non-Airline Revenue ""'
RentalCarConcessions $1,524,597 $1,417,653 $1,605,229 $1,446,639 $2,597,076
Rental Car Rents 426,992 393,801 398,111 384,344 607,713
Public Parking 419,381 447,326 438,609 290,968 420,034 1
GeneralAviation 221,824 222,586 228,214 229,407 307,142
Ground Transportation 262,193 258,110 389,853 203,220 405,516
Advertising 189,699 212,665 261,406 162,408 172,540
Restaurant 280,876 277,295 353,860 256,568 499,930 10
Gift Shop 195,299 210,495 215,136 156,581 241,918
Ai rCa rgo La nding Fees 34,936 17,754 21,929 32,804 25,032
1 nvestment Income 22,168 36,871 96,717 59,747 18,331 Other Rents 298,234 421,823 452,480 460,234 719,286 5
CARES - - - 5,295,800 9,063,499
Other Miscellaneous Revenue 2,680 931 11,744 11,231 5,566
Total Non-Airline Revenue $3,878,879 $3,917,310 $4,473,288 $8,989,950 $15,083,583 $0 l IN SEEN= IN
Total Revenue $8,161,992 $7,587,931 $9,200,573 $13,273,173 $20,653,095 IFS( 17 I Y 18 IFY 19 I:Y 20 L::Y 2
1
Operations &Maintenance Costs I .•I.•otall lI:::Zeveinue 111111111111 IpeII` t11onc.; & Malinteiriance Costs
Personal Services $3,053,037 $3,155,980 $3,394,307 $3,990,131 $3,089,416
Contractual Services 2,173,798 1,825,169 2,393,946 2,295,026 3,252,871
Security Services 2,198,441 2,364,910 2,402,040 2,384,817 3,068,832
Total Operations &Maintenance Costs $7,425,276 $7,346,059 $8,190,294 $8,669,974 $9,411,119
Net Revenue $736,716 $241,871 $1,010,279 $4,603,199 $11,241,976
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Forecast Airport Revenue, Expenses & Debt Service Coverage
Estimated
2022 2023 2024 2025 2026 2027
Airline Revenue $ 6,281,689 $ 6,922,823 $ 7,305,129 $ 9,584,083 $ 10,078,484 $ 10,303,320
Non-Airline Revenue 7,171,122 6,686,181 6,898,200 7,222,816 7,374,845 7,524,286
Gross Revenue 13,452,812 13,609,004 14,203,328 16,806,899 17,453,328 17,827,607
Operation & Maintenance 9,740,236 10,344,413 10,987,001 11,670,494 12,397,551 13,171,009
Operation & Maintenance Incremental Costs - - - 1,216,461 1,346,452 1,429,137
Total Operation & Maintenance Costs 9,740,236 10,344,413 10,987,001 12,886,955 13,744,003 14,600,146
Net Revenue $ 3,712,576 $ 3,264,591 $ 3,216,327 $ 3,919,944 $ 3,709,325 $ 3,227,461
P FC Revenue $ - $ - $ - $ 2,400,000 $ 2,400,000 $ 2,400,000
Amount Available for Debt Service $ 3,712,576 $ 3,264,591 $ 3,216,327 $ 6,319,944 $ 6,109,325 $ 5,627,461
Series 2022 Debt Service $ - $ - $ - $ 2,563,588 $ 2,561,588 $ 2,563,088
Debt Service Coverage NA NA NA 2.47x 2.38x 2.20x
• Annual Report
• Due April 30, 2023
• Operational data complete
• Revenue and expense crosswalk to audited Financial Statements in progress
• Rating Agency updates
• Data collection and monitoring ongoing by Airport Director and Faasu & Associates
• Date TBD
• Financial forecasts
• Forecasts under development by Airport Consultant — Newton & Associates
• Based on current Airport budget, passenger activity and anticipated financial performance
• BOCC Updates
• Ongoing
• Annual Report
• Due April 30, 2023
• Operational data complete
• Revenue and expense crosswalk to audited Financial Statements in progress
• Rating Agency updates
• Data collection and monitoring ongoing by Airport Director and Faasu & Associates
• Date TBD
• Financial forecasts
• Forecasts under development by Airport Consultant — Newton & Associates
• Based on current Airport budget, passenger activity and anticipated financial performance
• BOCC Updates
• Ongoing
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