Election Bond Measure J Status Report for Facilities Improvement District
This status report covers the approval of a $502.8 million bond measure J for Facilities Improvement District No. 1 in 2016. The report includes financing details, bond ratings, planned projects for the first 10 years, and financing for the first 5 years. It outlines the allocation of funds for various projects within the district.
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Presentation Transcript
MEASURE J STATUS REPORT Election Passed GO Bond measure J for $502.8M for Facilities Improvement District No. 1, November 8, 2016 65.15% of voters in the Facilities Improvement District approved the bond measure 1
MEASURE J STATUS REPORT Financing: Structured into 5 issuances in four and five year increments each to be financed and paid back over the same period of time. This minimizes interest costs incurred by tax payers Bond Rating Review S&P reaffirmed at AA- Moodys reaffirmed at Aa2 First Issuance Occurred on May 23, 2017 for $40,225,000 Limited initial issuance due to IRS regulations 3 year issuance True Interest Cost 0.947870% All-In TIC 1.239826% (includes issuance costs) 2
MEASURE J STATUS REPORT Planning Colleges Prioritized Projects for first 10 Years 3
MEASURE J STATUS REPORT Planning First 5 Years Alternate Financing Year 1 (6-2017 to 6-2018) $ 592,000 $ 280,000 $ 6,128,000 Year 2 (6-2018 to 6-2019) Year 3 (6-2019 to 6-2020) Year 4 (6-2020 to 6-2021) Year 5 (6-2021 to 6-2022) Total for cross check $ 7,000,000 Campus BC Project Amount Construct Veteran Resource Center Science and Engineering (Local Match) (Campus Center) ABC Building Arvin Satellite Campus Phase 1 Memorial Stadium Phase 1 Agriculture Center Replacement Phase 1 Delano LRC (Local Match) Technology, Wireless Update Facilities Master Plan Signage of Campus Infrastructure Phase 1 $ 7,000,000 $ 23,567,000 $ 5,000,000 $ 7,264,373 $ 3,500,000 $ 1,139,000 $ 13,845,000 $ 1,060,000 $ 200,000 $ 200,000 $ 3,800,000 $ 873,000 $ 904,000 $ 21,790,000 $ 23,567,000 $ 5,000,000 $ 838,000 $ 776,000 $ 5,450,373 $ 7,264,373 $ 5,000,000 $ 200,000 $ 500,000 $ 3,000,000 $ 3,500,000 $ 699,000 $ 440,000 $ 1,139,000 $ 566,000 $ 559,000 $ 12,720,000 $ 13,845,000 $ 60,000 $ 1,000,000 $ 200,000 $ 1,060,000 $ 200,000 $ 200,000 $ 3,800,000 $ 200,000 $ 400,000 $ 3,050,000 $ 350,000 Campus Project Total $ 66,575,373 $ (0) $ 6,944,414 $ 900,000 $ 200,000 $ 115,000 $ 1,896,172 $ 700,000 $ 66,575,373 $ 6,944,414 $ 900,000 $ 200,000 $ 115,000 $ 1,896,172 $ 700,000 CC Main Building Renovation KRV Renovation Update Facilities Master Plan Upgrade Gymnasium Floor Upgrade Gym Parking Lot IWV Solar Upgrade - Inverters $ 6,944,414 $ 100,000 $ 800,000 $ 200,000 $ 115,000 $ 100,000 $ 1,796,172 $ 700,000 Campus Project Total $ 10,755,586 $ 3,715,773 $ 6,902,439 $ 137,374 Campus Project Total $ 7,039,813 $ (0) Overall District Total $ 84,370,772 $ 3,715,772 $ 10,755,586 PC Allied Health Local Match (Meas. G pays $2,469,561) Update Facilities Master Plan $ 6,902,439 $ 6,902,439 $ 137,374 $ 137,374 $ 7,039,813 $ 10,148,788 $ 8,430,000 $ 15,551,172 $ 2,938,000 $ 47,302,812 $ 84,370,772 4
MEASURE J STATUS REPORT Planning Second 5 Years Year 6 (6-2022 to 6- 2023) $ 13,887,627 $ 892,000 $ 1,413,000 $ 11,040,000 Year 7 (6-2023 to 6- 2024) $ 1,848,000 Year 8 (6-2024 to 6- 2025) Year 9 (6-2025 to 6- 2026) Year 10 (6-2026 to 6-2027) Campus Project Amount Alternate Financing Total for cross check $ 15,735,627 $ 892,000 $ 1,413,000 $ 11,985,000 Arvin Satellite Campus Phase 2 Science and Engineering (Local Match) Delano LRC (Local Match) Agriculture Center Replacement Phase 2 BC $ 15,735,627 $ 892,000 $ 1,413,000 $ 11,985,000 $ 945,000 Center for Student Success Modernization (Local Match) Modernize Student Welcome Center Modernize Fine Arts Building (Local Match) Womens Fieldhouse $ 3,000,000 $ 5,789,000 $ 7,000,000 $ 8,500,000 $ 1,000,000 $ 200,000 $ 1,500,000 $ 8,000,000 $ 8,500,000 $ 607,000 $ 366,000 $ 515,000 $ 237,000 $ 1,878,000 $ 5,186,000 $ 462,000 $ 500,000 $ 3,000,000 $ 5,789,000 $ 7,000,000 $ 8,500,000 $ 1,000,000 $ 200,000 $ 1,500,000 $ 8,000,000 $ 8,500,000 $ 73,514,627 $ 1,930,000 $ 318,000 $ 7,500,000 $ 6,220,000 $ 500,000 $ 900,000 Technology Master Plan Infrastructure Phase 2 Solar Panel Installation Memorial Stadium Phase 2 $ 100,000 $ 200,000 $ 200,000 $ 1,300,000 $ 1,000,000 $ 7,000,000 $ 680,000 $ 595,000 $ 7,225,000 Campus Project Total $ 73,514,627 $ 1,450,118 CC Outdoor Athletic Complex Renovation $ 1,930,000 $ 100,000 $ 1,830,000 College Wide Water Conservation Renovation Irrigation/Athletic Fields - Soccer, Baseball & Softball Costs Overages From First Issuance $ 2,600,000 $ 3,715,773 $ 200,000 $ 3,715,773 $ 200,000 $ 2,200,000 $ 2,600,000 $ 3,715,773 $ 8,245,773 $ 794,000 $ 290,000 $ 80,000 $ 35,000 $ 320,000 $ 175,000 $ 1,500,000 $ 1,500,000 $ 95,000 $ 490,000 Campus Project Total $ 8,245,773 $ 625,527 PC Allied Health Equipment Phase Ball Fields Restroom Building Modernization Ball Fields Irrigation Modernization Ball Fields Fencing and Gates Ball Fields Storage/Concession Stand Ball Fields Bleachers New Baseball Field New Softball Field Campus Asbestos/Lead Abatement Plan Campus Restroom Remodel Campuswide Auto Flush Valve Valve Installation Gym Floor Replacement Gym Foyer Restroom Remodel Gym Locker/RR/Shower Remodel $ 794,000 $ 290,000 $ 80,000 $ 35,000 $ 320,000 $ 175,000 $ 1,500,000 $ 1,500,000 $ 95,000 $ 490,000 $ 794,000 $ 29,000 $ 8,000 $ 3,500 $ 32,000 $ 17,500 $ 150,000 $ 150,000 $ 47,500 $ 122,500 $ 8,700 $ 2,400 $ 1,050 $ 9,600 $ 5,250 $ 45,000 $ 45,000 $ 47,500 $ 122,500 $ 252,300 $ 69,600 $ 30,450 $ 278,400 $ 152,250 $ 1,305,000 $ 1,305,000 $ 122,500 $ 122,500 $ 20,000 $ 720,000 $ 265,000 $ 320,000 $ 200,000 $ 816,246 $ 10,000 $ 720,000 $ 10,000 $ 20,000 $ 720,000 $ 265,000 $ 320,000 $ 200,000 $ 816,246 $ 7,620,246 $ 265,000 $ 320,000 Update Facilities Master Plan Land Acquisition $ 200,000 $ 816,246 Campus Project Total $ 7,620,246 $ 0 Overall District Total $ 89,380,646 $ 2,075,647 $ 35,605,400 $ 14,857,000 $ 14,621,500 $ 9,835,500 $ 14,461,246 $ 89,380,646 5
MEASURE J STATUS REPORT Project Planning: Completed RFQ Process for Architect Pool 23 firms accepted into pool Starting Design of Initial Projects BC Veterans Resource Center BC Infrastructure Phase 1 (Parking Lots) Targeting holding two Construction Contractor Outreach workshops to be completed in the next six months 6
MEASURE J STATUS REPORT Proposed Organization: Black font represents in KCCD employees, red font represents outsourced employees *1 Projects greater than $3.7 Million will be completed by this group *2 Projects less than $3.7 Million will be completed by this group 7
MEASURE J STATUS REPORT Proposed Organization (Continued): RFQ/RFP being developed for issuance for Outsourced Program Management Component Expect to complete process in 150 days. 8
MEASURE J STATUS REPORT Bond Oversight: Measure G and J Committees Merged 11 Members (minimum 7) Evaluating use of OpenGov reporting tool for Oversight Committee Reporting to public 9
