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Parks GO! 2020 December 3, 2014 1. How Municipalities Issue Bonds Bond Referendum Seeking Approval Step 1 Engage Financing Team: Bond Counsel, Financial.

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Presentation on theme: "Parks GO! 2020 December 3, 2014 1. How Municipalities Issue Bonds Bond Referendum Seeking Approval Step 1 Engage Financing Team: Bond Counsel, Financial."— Presentation transcript:

1 Parks GO! 2020 December 3,

2 How Municipalities Issue Bonds Bond Referendum Seeking Approval Step 1 Engage Financing Team: Bond Counsel, Financial Advisor, and Disclosure Counsel Step 2 Bond Validation Process Step 3 Prepare and Approve Preliminary Official Statement Step 4 Request Credit Rating(s) on Bond Step 5 Bond Sale: Can be done on a Competitive or Negotiated basis (if negotiated RFP for Underwriting Services issued) Step 6 Prepare Closing Certificates and Opinions Step 7 Bond Pre-Closing: City Officials meet to execute Closing Certificates Step 8 Bond Closing: Receipt of Project Funds Step 9 2

3 Financing of the Bond Proposed Timeline 2016 – 1 st QuarterPresent to Rating Agency 5/2016Sell Bonds for Park Development 6/8/2016Set Tentative Debt Service Millage 9/2016Set Final Debt Service Millage FY Revenues realized from debt service Millage 3

4  Proposing the establishment of the Office of Capital Improvement.  Necessary to bring on project management support to properly manager the projects and finish the projects on- time and on-budget.  Hiring of City project based engineers and inspectors and/or outsourced engineers and inspectors based on market conditions (hybrid organizational structure probable).  Staffing plan: stagger staffing commensurate with design and construction need of the project. Proposed Office of Capital Improvement 4

5 5

6 Proposed Construction Methodology Construction Manager At Risk (CMAR)Staff Management Bluesten Park Chaves Lake Park Sunrise Park Golden Isles Tennis Center/Golden Isles Park Ingalls Park Historic Village Sunset Park  CMAR is a project delivery method – contractor selected based on qualifications and references rather than low bid.  CMAR identifies & addresses constructability, budget and schedule impacts of design to the owner during the design phase.  Guaranteed Maximum Price (GMP) is the not-to-exceed total project cost, excluding design fees. Construction Manager at risk to deliver the price at or below the GMP 6

7 Joseph Scavo Park Completed on-time & under- budget 4% under budget BF James Park Opened Ahead of Schedule, Under-budget.6% under budget South Beach Park (under construction) Opening February 2015 Estimated to be completed on-time and under-budget O.B. Johnson Park (design phase) GMP date April

8 Proposed Timeline Bluesten Park 1/12/2015Release of CMAR RFP (Architect & CMAR) 2/20/2015Due date for RFP 5/6/2015Award of RFP (design) 6/3/2015Design begins - Bluesten (14 month design) TBDCommunity Meeting 8/28/2016Design Complete - Bluesten Park 11/23/2016Award of GMP (construction) 12/2016Construction begins - 24 months construction 12/2/2018Construction complete - Bluesten Tennis Center/Golden Isles Park 2/20/2015Release of RFP for Tennis Center Operator 5/3/2015Release of RFP – Architect & CMAR 6/12/2015Due date for RFP 8/19/2015Award of RFP (design) TBDCommunity Meeting 9/30/2016Design Complete -Tennis Center/G.I. Park 12/16/2016Award of the GMP (construction) 2/6/2017Construction Begins (12-14 month) 2/28/2018Construction complete Sunrise Park 9/11/2017Release of RFP (Architect & CMAR) 10/13/2017Due Date for RFP (design) 12/6/2017Award of RFP (design) 1/15/2018Design begins (8 months) TBDCommunity Meeting 9/21/2018Design Complete 12/5/2018Award of GMP - Sunrise 1/14/2018Construction Begins (9 months) 9/30/2018Construction complete Chaves Lake Park 10/31/2016Release of RFP - Architect & CMAR (design) 12/9/2016RFP Due - Architect & CMAR ( design) 3/1/2017Award of RFP - Architect & CMAR (design) 4/3/2017Design begins - Chaves Lake (12 months) TBDCommunity Meeting 4/2/2018Design complete 6/20/2018Award of the GMP 8/20/2018 Construction begins (pending permitting) (14 month construction) 11/30/2019Construction Complete Ingalls/Sunrise/Historic Village 12/7/2015Release of RFP - Architect 1/22/2016Due Date for Architect RFP 4/20/2016Award of Architect 5/25/2016Design Begins (9 months) TBDCommunity Meeting 2/24/2017 Design Complete - Ingalls/Sunset Park/Historic Village 5/14/2017Construction (9 months) 2/14/2018Construction complete 8

9 Cash Flow Projection  In May 2016, the City will go to the bond market  Proceeds same day as bond sale  Estimated project expenditures prior to sale of bonds is $2,725, City will be reimbursed aforementioned costs after the sale of the bond. 9

10 Communication Plan  (link from City webpage)  Parks Corner – Hallandale Happenings  Quarterly Financial Status to City Commission of bond expenditures by Chief Financial Officer  notifications  Social media  Community Meetings 10

11 Parks GO! 2020 December 3,


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