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20150331pptTown of Prosper“a place where everyone matters”pyTown Council Work SessionTown Council Work SessionMarch 31, 2015, Town of Prosper“a place where everyone matters”Agenda Item 1.pyCall to Order/Roll CallCall to Order/Roll Call. Town of Prosper“a place where everyone matters”Agenda Item 2Executive SessionpyExecutive SessionRecess into Closed Session in compliance with Section551.001et.seq.TexasGovernmentCode,asauthorizedby551.001et.seq.TexasGovernmentCode,asauthorizedbythe Texas Open Meetings Act, to deliberate regarding:2a.Section 551.087 - To discuss and consider economicdevelopment incentives.2bSection551072Todiscussandconsiderpurchase2b.Section551.072-Todiscussandconsiderpurchase,exchange, lease, or value of real property formunicipal purposes and all matters incident andltdth trelatedthereto. Town of Prosper“a place where everyone matters”Agenda Item 2.EtiSipyExecutive SessionRecess into Closed Session in compliancewithSection 551.001 et.seq.TexasGovernment Code, as authorized by theTOMtiAttdlib tTexasOpenMeetingsAct,todeliberateregarding:2c.Section 551.071 – Consultation with TownAttorney regarding legal issues associated withproposedextraterritorialjurisdictionreleaseproposedextraterritorialjurisdictionrelease,and all matters incident and related thereto. Town of Prosper“a place where everyone matters”Agenda Item 3.pyReconveneinRegularSessionandtakeReconveneinRegularSessionandtakeany action necessary as a result of theCl dSiClosedSession. Town of Prosper“a place where everyone matters”Agenda Item 4.pyDiscussion on Town Hall/Multi-Purpose Discussion on Town Hall/Multi-Purpose Facility (HW/KG). Town of Prosper“a place where everyone matters”Agenda Item 5.pyUpcoming Bond Issue (KG)Upcoming Bond Issue (KG). Town of Prosper“a place where everyone matters”Agenda Item 6.pyUpdate on Fire Station No 2 (RT)Update on Fire Station No. 2. (RT). Town of Prosper“a place where everyone matters”Agenda Item 7.pyAdjourn Proposed Schedule ‐ Detail Prosper Town HallProsper Town HallNeeds AssessmentStatus UpdateBrinkley Sargent Wiginton ArchitectsArchitectsHlS tHal SargentMarch 31, 2015 Dl tOti SDevelopment Options SummaryTown Hall 2034Court 2034Library 2034Project Cost35 538sf3 530sf14 263sf35,538 sf3,530 sf14,263 sfOption 1 ‐ Town Hall/Court/Library 35,538 sf 3,530 sf 14,263 sf24,264,136$ Option 2 ‐ Town Hall/Library 35,538 sf 14,263 sf22,640,134$ Option 3 ‐ Town Hall 35,538 sf17,060,511$ Option 4 ‐ Town Hall/Court 35,538 sf 3,530 sf18,677,277$ Note: Town Hall used as umbrella term for - Administration, Development Services, Engineering, Finance, Utility Billing, HR, and I.T. Town of Prosper Town Hall/Multi-Purpose Needs AssessmentMarch 17, 2015 team changesTown Hall TotalRequirements Data Sheet 2014Projected 38,800 pop. TotalRequirementsProjected 69,500 pop.Additional Ri tProjected 28,000 pop. TotalRequirementsProjected Build-Out80,000 Additional Requirements2020 2024 2034 2040Space Needs for 28 000Item Description Staff StaffTotalArea StaffTotalArea StaffTotalArea StaffTotalAreaTown HallPublic Lobby1,181 1,540 - - Council Chambers/Courtroom3,912 5,109 - Town Administration3 5 1,703 5 2,043 2 299 - qRequirementsqqfor 28,000Finance & Accounting5 7 1,725 11 2,248 4 580 3 405 Utility Billing2.5 3 1,141 5 1,501 1 - - Human Resources1 3 1,220 4 1,618 1 162 Development ServicesPlanning4 5 1,607 9 2,499 2 315 1 107 Inspections and Code11 15 2,059 22 2,941 8 2,003 2 160 D l/C S i & E i i56151310217222131107If associated departments built under one roof:Devel/Comm Services & Engineering561,513 102,172 2213 1107 Shared Support (DS and Engineering)1,480 2,157 - - Information Technology31,281 5 2,085 3 379 1 105 Staff Support1,465 1,821 Building Support941 1,443 Net Subtotal 31.5 47 21,229 71 29,177 22 3,788 9 1,046 Town Hall23,139 SF9% Building/Mech/Circ. Factor 1,911 2,918 379 105 Total Town Hall 47 23,139 71 32,095 22 4,167 9 1,151 Municipal Court as part of Town HallCourt Administration1.5 3 2,217 5 3,209 2(Courtroom shown under City Hall)NtSbttl1532217532092Town Hall 23,139 SFNet Subtotal 1.532,217 53,209 2- - 9% Building/Mech/Circ. Factor 200 321 - - Total Court Administration 3 2,416 5 3,530 2 - - Library as part of Town HallPublic Library2 5 9,308 8.5 11,377 5 4,612 2Net Subtotal2593088511 377546122-Court 2,416 SFLibrar10 146 SFNet Subtotal 259,308 8.511,377 54,612 2 9% Building/Mech/Circ. Factor 838 1,138 461 - Total Public Library 5 10,146 8.5 12,515 5 5,074 2 - TOTAL BUILDING 55 35,701 98.5 51,490 128.5 60,848 139.5 61,999 Total 35,701 SFLibrary 10,146 SF Administration, Court, Development Services, Engineering, Library, and Town HallTotal Square Footage = 35,700 SFDoes not include Parks and Recreation Admin. which could expand at 407 E. First StreetBudget Category AmountSite Acquisition $ 0Construction$ 14 536 570Construction$ 14,536,570Furniture, Fixtures, & Equipment $ 975,900Professional Services $ 1,485,170Project has 14% escalation to start construction in 2017TOTAL $ 16,997,640Project has 14% escalation to start construction in 2017 Town of ProsperTown Hall/Library/Court BuildingFacilty Cost Comparisons3/19/2015City/Town Bid Date Size Bid Date 1/201512/2016 (Note A)Total Project Cost per Square FootBase Building $ @ BidMesquite 1/10 56,376 220 326 373 427Colleyville City Hall (Note B) 3/02 28,000129 184 305 349Roanoke 1/16 21,557 239 344 321 368North Richland Hills 6/14 192,180 215 308 320 366Prosper (Note C)8/1635,700 220 321 368Note A: Inflation Assumptions:2014 ‐ 8%2015 ‐ 7%2016 ‐ 7%Note B: Part of one floor was shell space for future expansion.Note C: Off‐site roadways & utilities removed from budget ($593,500)For purpose of comparison. Sit C tSite Concept~ 3.78 acre siteSite can fit 277 parking spaces if maxed out and with onstreet parkingwith on-street parking2-story Municipal FacilityRange of building areaRange of building area needs: 35,700 to 62,000 sfRange of site parkingRange of site parking needs: 182 to 276 spacesBase Option for 35,700 sf and 201 parking will fit ShdlSchedule05/2015Design Start05/2015 –Design Start08/2015 – Town Design Review09/2015Council Design Review09/2015 –Council Design Review11/2015 – Start Final Design Documents06/2016P i i C fi ti06/2016 –Pricing Confirmation11/2016 – Bond Election12/2016 –Bid Project02/2017 – Start Construction04/2018 –Occupancy THANK YOU Multi-Year Forecast General Fund Debt Service Fund General Fund Town Hall Maintenance & Operational Costs 2 Revenues Assumptions Property Values & Tax Levy Sales Tax Other Revenues 3 Revenues 4 Revenues 5 Expenditures Assumptions Population Projections Service Levels Personnel Supplies & Services Year Population Growth Rate 2015-2016 16,784 12% 2016-2017 18,630 11% 2017-2018 20,679 11% 2018-2019 22,747 10% 6 Expenditures 7 Expenditures 8 Fund Balance 9 Fund Balance 10 Debt Service Fund Town Hall Debt Service 11 Debt Service Impact Jason Hughes Senior Vice President FirstSouthwest, LLC Town of Prosper Proposed Capital Improvement Plan and Series 2015 Issuances Contact: Jason Hughes Senior Vice President 325 N. St. Paul Suite 800 Dallas, Texas 75201 214.953.8707 jason.hughes@firstsw.com TO W NOFPR O S P E R Member FINRA & SIPC © 2015 First Southwest Company Capital Improvement Program –Bond Issuance 2 Projects 2014/15 2015/16 2016/17 2017/18 2018/19 Streets 5,752,000$ 1,410,000$ 1,176,996$ 425,000$ -$ Traffic 585,000 - - - - Parks - - 750,000 643,000 - Facilities: Fire Stations 5,063,000 - - - - Public Safety Comm. System 1,100,000 - - - - Recreation Center - - - - 1,500,000 Town Hall - 1,250,000 10,750,000 *5,000,000 - 12,500,000$ 2,660,000$ 12,676,996$ 6,068,000$ 1,500,000$ Funding for Fiscal Years * For Scenarios 1A and 2A this amount is $11,300,000. TO W NOFPR O S P E R Member FINRA & SIPC © 2015 First Southwest Company Taxable Assessed Valuation Assumptions 3 FYE Annual Growth Proj. Values Annual Growth Proj. Values 2015 ---1,884,904,635$ ---1,884,904,635$ 2016 + 300 million 2,184,904,635 + 375 million 2,259,904,635 2017 + 300 million 2,484,904,635 + 425 million 2,684,904,635 2018 + 300 million 2,784,904,635 + 425 million 3,109,904,635 2019 + 200 million 2,984,904,635 + 300 million 3,409,904,635 2020 + 200 million 3,184,904,635 + 300 million 3,709,904,635 2021 & after 1%3,216,753,681 1%3,747,003,681 Lower Growth Scenarios Higher Growth Scenarios TO W NOFPR O S P E R Member FINRA & SIPC © 2015 First Southwest Company Financing Results 4 All scenarios are financed with no increase over the current I&S tax rate of $0.1637 Certain years require use of I&S fund balance in order to maintain current I&S rate Scenario 1A and 2A include financing $550,000 for the purchase of land for Town Hall Required I&S Tax Required I&S Tax Required I&S Tax Required I&S Tax FYE Funds Rate Funds Rate Funds Rate Funds Rate 2015 -$ 0.1637$ -$ 0.1637$ -$ 0.1637$ -$ 0.1637$ 2016 261,413 0.1637 140,969 0.1637 261,413 0.1637 140,969 0.1637 2017 - 0.1637 - 0.1603 - 0.1637 - 0.1603 2018 273,883 0.1637 - 0.1570 317,820 0.1637 - 0.1584 2019 - 0.1606 - 0.1536 - 0.1616 - 0.1547 2020 - 0.1591 - 0.1527 - 0.1603 - 0.1539 2021 - 2039*- 0.1583 - 0.1524 - 0.1591 - 0.1536 * Represents projected maximum rates for the years 2021-2039. Scenario 1 Lower Growth Assumes Funding of $35.405mm Scenario 2 Higher Growth Assumes Funding of $35.405mm Assumes Funding of $35.955mm Assumes Funding of $35.955mm Lower Growth Higher Growth Scenario 1A Scenario 2A TO W NOFPR O S P E R Member FINRA & SIPC © 2015 First Southwest Company Planned Series 2015 Issuances 5 General Obligation Bonds New money portion –fund $4.034 million in project proceeds Refunding portion –up to $7.525 million in Series 2006 Certificates and $9.680 million in Series 2008 Certificates Certificates of Obligation Fund $8.466 million in project proceeds Timing Notice of Intent passed by Council on May 12th Council consideration/approval on July 14th Closing on August 13th