Everglades Land Acquisition South Florida Water Management District.

Slides:



Advertisements
Similar presentations
WELCOME BUDGET MANAGERS AND CHIEF FISCAL OFFICERS
Advertisements

RHID Basics (K.S.A et seq.)
PUBLIC WORKS DEPARTMENT MILLS ROAD PAVING MSBU PUBLIC HEARING October 30, 2007 PUBLIC WORKS DEPARTMENT MILLS ROAD PAVING MSBU PUBLIC HEARING October 30,
Property Tax Relief and Reform: Plan Overview Joint Select Committee on Property Tax Relief and Reform June 11, 2007.
Acquisition of the Stout Property Sully District Council Meeting February 27, 2008 Fairfax County Park Authority.
Solid Waste Management Coordinating Board Solid Waste Management Coordinating Board Regional/County Solid Waste Master Plan Update June 22, 2011.
Status Report on Administrative Response to December 11, 2006 Alleghany Co. School Board Resolution on Alleghany High School Presented by Dr. Robert P.
1100 CORNWALL INFO HANDOUT Bellingham Public Development Authority 1.
SUPPLEMENTAL LEVY ELECTION TUESDAY, MAY 17, 2011 Joint School District No. 2.
Agreement between the Village of Owego and Inflection Energy.
Executive Order #38 Issues & Guidance Fred M. LaMarca CPA, CFP® Zoltan Kemeny, CPA.
Regional Water Planning Senate Bill 1 Introduction and Status as of August 01, 1999.
City of North Liberty North Liberty Area Development Corporation University of Iowa Community Credit Union Economic Development Partnership Project October.
Past and Current Initiatives in Pinellas County to Coordinate Planning between the School Board and Local Governments 1996 – Interlocal Agreement and Comprehensive.
Proposed Des Moines Airport Authority Council Workshop – October 25, 2010.
July 15, 2008 – GB Work Session Discussion of Mayor Thomas E. Swisstack’s Priority List Recommendations.
OFFICE OF MANAGEMENT AND ENTERPRISES SERVICES (OMES) PROCESS TO DISPOSE OF STATE OWNED REAL PROPERTY MELISSA MILBURN NOVEMBER 12, 2014.
Status Update on Future Water Quality Strategies for the Refuge Kenneth G. Ammon, P.E., Deputy Executive Director, Everglades Restoration and Capital Projects.
Wisconsin Transportation Finance and Policy Commission Freight Rail Day 2012 October 26, 2012.
Flood the Sugar Cane Farms Now to Save the Estuaries: Is This Feasible ? Water Resources Advisory Commission January 5, 2006 Meeting.
Washtenaw County Strategic Space Plan Recommendations November 1, 2006.
Floyd County Board of Commissioners Special Town Hall Meeting Topic: Update on status of Georgetown WWTP.
Florida Water Forum Everglades Restoration June 3, 2011.
+ Proposed Lockwood Targeted Economic Development District 2015 Yellowstone County.
Northeast Corridor Greenway Acquisition – Mitigation Feasibility Study Results City Council Workshop June 24, 2014.
STATE ROAD 100 CORRIDOR COMMUNITY REDEVELOPMENT AGENCY Bulldog Drive Improvements Right-of-Way and Design September 21, 2010 Presentation for SR 100 CRA.
Proposal to Town Board March 2,  Background  Concept  Financing  Economic Benefits  Marketing Plan  Fundraising and Sponsorship  Clarence.
Patty Bartlett Logan County Treasurer / Public Trustee.
Protecting Working Lands: Through USDA Conservation Programs Denise Coleman National Farm and Ranch Lands Protection Program Manager USDA, Natural Resources.
Financing for Energy Performance Contracts in Nevada February 6, 2014 Henderson, Nevada Presented by: Dan Dowell ABM Facility Services.
Financing for Energy Performance Contracts in Nevada February 6, 2014 Henderson, Nevada Presented by: Neal Skiver Green Campus Partners, LLC.
W E L C O M E to the SB 1022 Real Estate Due Diligence Training SB 1022 Real Estate Due Diligence Training.
Platting Update Orange County BCC January 27, 2015.
Christopher M. Quinn, MACC, CPA, CFE, CGFO, CGMA Finance Director Tuesday, July 7, 2015.
Municipal Tax Increment Financing
In-Delta Storage Process OverviewProcess Overview Program BenefitsProgram Benefits Project CostsProject Costs IssuesIssues Proposed Work Plan for FY 2003Proposed.
Municipal Tax Increment Financing Daniel Stevenson, Office of the Commissioner, DECD Phone:
Capital Improvement Program. During the Annual Strategic Action Plan (SAP) evaluation, long-term needs and priorities are identified by City Council Capital.
Latest Developments With Respect To Redevelopment Successor Agencies As of July 2013 Department of Finance Local Government Unit.
Columbia River Water Management Program (CRWMP) Review of Year One Upper Crab Creek Planning Unit Meeting April 17, 2007.
The South Florida Region and its Water Management System Linda Lindstrom, P.G. Director Environmental Resource Assessment Department South Florida Water.
Everglades Land Acquisition Project Carol Ann Wehle SFWMD Executive Director.
Like a Home Mortgage Refinancing:. Issued to construct HS 2004 Bonds (mature 2013 – 2029) 4.8% average interest rate Call Date Bonds.
River of Grass Phase I Planning Water Resources Advisory Commission Issues Workshop February 3, 2009.
LEASE POLICY The Governing Board authorized a new Lease Policy at its September Board meeting and deleted the old Lease Policy.
Programmatic Regulations PDT Workshop COMPREHENSIVE EVERGLADES RESTORATION PLAN April 18, 2002.
Three Rivers Levee Improvement Authority June 8, 2007 Presentation to the State Reclamation Board Proposed Feather River Setback Levee.
Latest Developments With Respect To Redevelopment Successor Agencies Department of Finance Local Government Unit.
Everglades Land Acquisition Project Michael Sole - Carol Wehle - Dale Brill.
Regional Water Availability Rulemaking Chip Merriam Water Resources Advisory Commission February 8, 2007 Chip Merriam Water Resources Advisory Commission.
Lee County Water Resource Initiative: Community Sustainability Committee June 16, 2010 Kurt Harclerode Operations Manager Lee County Natural Resources.
1 Convention Center Authority Republican Policy Group Presentation March 23 rd 2015.
Millbrook Dam Environmental Assessment Study Dan Marinigh CAO/Secretary-Treasurer Otonabee Region Conservation Authority October 20, 2015 Otonabee Conservation.
Central & Southern Florida Project George Horne Deputy Executive Director Operations & Maintenance Resource Area.
Proposed MMWD Rate Restructure MCOE District Business Officials November 4, 2015.
Crow Wing County Ditch #13 Public Hearing 10/27/15.
Surplus City Property – Request for Proposals Administration & Finance Committee February 1, 2012.
Everglades Land Acquisition Project Water Resources Advisory Commission December 3, 2008.
T E F R A H E A R I N G T E F R A H E A R I N G CITY OF STOCKTON TAX-EXEMPT CERTIFICATES OF PARTICIPATION SERIES 2003 (UNITED CHRISTIAN SCHOOLS) Presented.
Pasco County “Budget 101” OFFICE OF MANAGEMENT & BUDGET.
PROPOSED CITY OF STOCKTON WATERFORD ESTATES EAST PHASE II ASSESSMENT DISTRICT PUBLIC HEARING Stockton City Council January 6, 2004.
SUCCESSOR AGENCY UPDATES Community/Economic Development Department Presented by: Kymberly Horner, Economic Development Director October 18, 2016.
What is Tax Increment Financing?
Presented by: Deborah Early Icenogle Seaver Pogue, P.C.
Utilities Department Wedgefield Water November 28, 2017.
COMMUNITY UPDATE OCTOBER 23, 2013
Mohawk Council of Kanehsatake
Board Organizational Meeting
Delta Water Supply Project
Sustainable Agricultural Lands Conservation Program
Presentation transcript:

Everglades Land Acquisition South Florida Water Management District

Timeline Overview of Lands Environmental Needs & Benefits Due Diligence Acquisition Agreement Public Involvement Next Steps Financing Public Planning Process Everglades Land Acquisition Presentation Overview

Everglades Land Acquisition Timeline June 24, 2008: Non-binding Statement of Principles witnessed by Governor Crist. June 30, 2008: District Governing Board ratifies Statement of Principles and authorizes staff to begin negotiations and due diligence. July 2008: Staff begins negotiating contract; due diligence initiated. August – October 2008: Governing Board receives monthly updates on acquisition information including process, project goals and due diligence efforts; financing documents prepared; public comment received.

Everglades Land Acquisition Timeline November – December 2008: Due diligence results presented to Governing Board. Public discussion continues. December 2008: Negotiations conclude; draft purchase contract and lease agreement presented to Board and public for review and discussion. December 15, 2008: U.S. Sugar Board approves purchase contract and lease agreement. December 16, 2008: Governing Board accepts purchase contract and lease agreement with financing amendment.

Everglades Land Acquisition U.S. Sugar Land Holdings Palm Beach Glades Hendry Martin Clewiston South Bay Belle Glade Pahokee Moore Haven Communities USSC Land Communities USSC Land

Everglades Land Acquisition USSC Sugar Cane Fields USSC Cane Land USSC Land USSC Cane Land USSC Land Lake Okeechobee

Everglades Land Acquisition USSC Citrus USSC Citrus Land USSC Land USSC Citrus Land USSC Land Lake Okeechobee

Environmental Needs & Benefits

Everglades Land Acquisition Environmental Benefits Increases the ability to deliver cleaner water to the Everglades Significantly reduces the need for backpumping to Lake Okeechobee Improves flexibility for flood control & drought management Improves the quality of water flowing into the estuaries

Everglades Land Acquisition Environmental Benefits Increases the availability of water storage Significantly reduces the potential for harmful discharges from Lake Okeechobee to south Floridas coastal rivers and estuaries Manages the lake within a desirable ecological range Provides water to help meet the environmental needs of the Everglades and Florida Bay

Indian River Lagoon Annual Value (2007) Entire Estuary $3,726,000,000 Martin and St. Lucie Counties $915,000,000 Source Data: Indian River Lagoon Economic Assessment and Analysis Update, IRL National Estuary Program (2008) Charlotte Harbor National Estuary Annual Value (1998) Entire Estuary$1,800,000,000 Source Data: Estimated Economic Value of Resources, Charlotte Harbor National Estuary Program (1998) Florida Bay Destination Spending (2003) Entire Estuary $1,670,000,000 Source Data: NOAA Coastal and Oceans Economic Study (2003) Everglades Land Acquisition Economic Values

Everglades Land Acquisition Other Benefits Reduces dependence on uncertain technologies in Comprehensive Everglades Restoration Plan Aquifer Storage and Recovery Relieves some pressures on the Herbert Hoover Dike while the federal government undertakes repairs

Due Diligence

Everglades Land Acquisition Due Diligence Provided data, analysis and information for deliberation of acquisition Included: Four independent appraisals Land surveys and title work Engineering assessments of all assets Environmental assessment of 187,000 acres of land Independent Fairness Opinion

Due Diligence Appraisals and Valuations All assets (draft): $1.725 billion ($925 million for land) $1.923 billion ($1.1 billion for land) Land only: $1.3 billion and $1.37 billion Land only - encumbered with lease: $1 billion; $175 per acre $1.095 billion; $200 per acre Fairness Opinion: $ $1.33 billion ($930 million for land)

Due Diligence Environmental Assessments Key findings: Pollutant concentrations below commercial criteria on 95% of acreage; no remediation required U.S. Sugar required to conduct corrective action on 5% of acreage exceeding commercial standards Estimated cost $16.5 million Approximately 52% of acreage determined to pose no significant ecological risk Final remediation necessary for achieving ecological standards dependent on location of restoration project

Due Diligence Engineering Evaluation Key findings: Approximately 1,130 miles of major canals and 3,200 miles of local irrigation and drainage ditches - 70% in good to fair condition 1,945 miles of unpaved roadways - 83% in good to fair condition 330 miles of impoundment levees - 25% in good condition; 67% in fair condition, requiring minor repairs & maintenance 365 total pump station sites - 51% in good to fair condition 1,500 representative control structures and culverts assessed - Overall condition considered fair

Proposed Purchase Contract & Lease Agreement

Everglades Land Acquisition Overview U.S. Sugar agreed to sell land holdings under Purchase and Sale Agreement Separate assignable Lease provides U.S. Sugar with option to continue agriculture operations U.S. Sugar to retain business assets, including railroad, sugar and citrus operations Both agreements were subject to review and approval by U.S. Sugar Board of Directors and District Governing Board

Everglades Land Acquisition Purchase Agreement Minimum of 180,000 acres of land with improvements, including water conveyance infrastructure $1.34 billion purchase price (Certificates of Participation) Contract included timeline for Seller to deliver executed agreement by December 15; Buyer had until December 16 to accept and execute

Purchase Agreement Closing Property sale and purchase shall occur 90 days after validation of Certificates of Participation Agreement may be terminated if: Validation not issued on or before July 10, 2009 Closing has not occurred by September 25, 2009

Purchase Agreement Special Clauses District inspection period continues through January 15, 2009; District may terminate without penalty if inspection matters are unacceptable District has right of first refusal to purchase sugar mill/refinery and railroad for one year after Closing Under Go Shop provision, U.S. Sugar may entertain other offers for the land up until bond validation

Purchase Agreement Environmental Provisions U.S. Sugar responsible for clean-up of pollutants to achieve commercial standards Total cost to correct issues estimated at $16.5 million U.S. Sugar will pay $21.5; 130% estimated corrective costs U.S Sugar responsible for any undiscovered contamination found within 10 years of closing District is responsible for remediation to achieve ecological standards $10 million held in evergreen escrow fund for undiscovered environmental impacts

BUYER, in its sole and absolute discretion, is satisfied that the amount of debt and debt service necessary to finance this transaction shall not adversely affect the capacity of BUYER to continue to fulfill its statutory, contractual, and other legal obligations and mandates based on its historical and projected operations. Additional Conditions Precedent to Closing Add to subsection 7.a.xviii: Purchase Agreement District Financing Amendment

Everglades Land Acquisition Lease Agreement U.S. Sugar will continue historical agricultural operations Seven year Lease Expires June 30, 2016 Rent of $50 per acre for first six years No cost for year seven

Everglades Land Acquisition Lease Agreement U.S. Sugar required to: Pay all property taxes and assessments Control exotic and invasive plants Implement Best Management Practices Lease will generate a minimum of $54 million; avoid more than $40 million in land management costs District may continue to lease land after seven years if not yet needed for restoration U.S. Sugar provided right to match other lease offers

Everglades Land Acquisition Lease Agreement Lease allows for release of first 10,000 acres to the District with appropriate notice In 2,000-acre parcels of contiguous land Additional 30,000 acres may be released in year six, on or after December 30, 2015 In 10,000-acre or more parcels of contiguous lands Lease allows for release of up to 3,000 acres in connection with transfers to municipalities or other governmental entities

Everglades Land Acquisition Community Land Requests Belle Glade Clewiston Pahokee South Bay Lake Okeechobee MAP 7

Since June 24, 2008 Meetings 264 Community/Government Meetings 10 Governing Board meetings ~40 hours of presentations ~125 public comments Website – sfwmd.gov/riverofgrass 15,411 visits Letters and s ~115 Resolutions 43 (33 in support; 10 economic concerns) Stakeholder Comments Elected officials, Tribes, communities, government agencies & associations, environmental, agriculture interests, residents, businesses Everglades Land Acquisition Public Input and Involvement

Next Steps Carol Wehle Executive Director

Next Steps Financing Plan $1.34B in Certificates of Participation COPs are a revenue bond that government agencies may issue to finance the undertaking of any capital, land acquisition or other project for purposes permitted by the Florida Constitution and Florida Statutes Supported by participation through ownership of a share of debt service payments made by a government agency Requires court validation Evaluate economic and market conditions for funding purchase

Next Steps Contract, Budget & Financing Timeline JanFebMarAprMayJunJulAugSepOct Jan 5 -16: Special Session Jan 15: Inspection Period Termination Feb 6: Validation Hearing May 1: End of Legislative Session Jun 1: Preliminary Tax Roll Values Jul 1: Certified Tax Roll Values Feb 23: End 60- Day Go-Shop* Jul 10: Estimated Timeframe for Validation Completion Jul 10: Estimated Timeframe for Validation Completion Sep 25: Outside Closing Date 2009 *U.S. Sugar may accept a superior proposal up until validation occurs.

Next Steps Establish hydrologic target range for restoration of Everglades and Florida Bay Review latest science associated with hydrologic stage and flow targets Establish Hydrologic Restoration Targets

Public Workshops (January – July) Evaluate storage and treatment configurations Identify primary footprint Identify potential impacts to profitability of mill and refinery based on land taken out of production, local economy, special taxing districts Develop preliminary implementation costs of environmental remediation, land management, planning, engineering and construction Begin workshops January 22, 2009 Next Steps Public Planning Process for Restoration Project

Questions?Questions?