LONG RANGE PLANNING COMMITTEE MEETING. Wednesday, May 9, :00 PM 8:00 PM Eaton School District Administration Building

Transcription

1 LONG RANGE PLANNING COMMITTEE MEETING Wednesday, May 9, :00 PM 8:00 PM Eaton School District Administration Building

2 AGENDA 1 Outgoing Superintendent Introductory Remarks 4 RB+B Architects Bond Program Design 2 RLH Engineering Bond Program Management 5 Stifel Financial Bond Program Costs 3 FCI Constructors Bond Program Construction 6 Incoming Superintendent Bond Program Support

3 1 ESD Outgoing Superintendent Dr. Randy Miller Introductory Remarks

4 INTRODUCTIONS / ROLES OWNER OWNER S REPRESENTATIVE CONSTRUCTION MANAGER ARCHITECT WELD RE-2 RLH FCI RB+B BOND COMPANY STIFEL

5 2 RLH Engineering Bond Program Management

6 2 RLH Engineering Project Management Scope RFQ s for A/E and CM/GC. Survey work for EHS, EMS, and new ES. Bond Experience Current programs in Eagle SD, Weld RE-8, and Weld RE-4 Previous Experience PHMS and Weld RE-7 (RB+B), Elbert SD, PHMS, and Eaton Recreation Center (FCI) Soft Cost Owner costs for Geotechnical, Survey, Architectural, Owner s Rep, land purchase, tap fees, asbestos, and Contingency

7 3 FCI Constructors Bond Program Construction

8 3 FCI Constructors We have worked successfully on 414 K-12 projects We have been involved on pre-bond efforts for a dozen Colorado School Districts We are experts in the industry and believe nobody does it better than us! FCI Constructors will: o Provide accurate cost models o Maximize your budget o Provide construction services o Look for opportunities to save time and money prior to and during construction

9 4 RB+B Architects Bond Program Design

10 4 RB+B Architects 65 year History, out of Fort Collins K-12 Education Experts Worked with 26 School Districts in CO/WY/NE We designed Benjamin Eaton Elementary School We have worked on renovations/additions to: o Eaton Elementary School o Galeton Elementary School o Eaton High School o Eaton Middle School o Administrative Building

11 4 RB+B: Recap DISCUSSED ENROLLMENT Has been increasing. This trend is expected to continue. The District is currently operating near or at capacity.

12 4 RB+B: Recap (continued) DISCUSSED INVESTING IN FACILITIES Current facilities to keep them long term. New facilities to accommodate increasing enrollment. Provide Secure campuses and School entrances.

13 4 RB+B: Recap (continued) DISCUSSED BOND ELECTION Capital improvements are funded by Bond Election. The need is greater than the available funding, which is very common, but means Eaton has some choices to make. We started with over $120 million in projects and have prioritized these to fit within our $75 million budget.

14 Tentative Schedule 4 RB+B: The Process 2015 Dec 2017 Jan - April 2018 May 2018 Summer 2018 Nov 2018 Dec 2018 Summer 2019 Long Range Planning Committee Facility Assessments Study / Select District Framework / Facility Options Final Master Plan Document Bond Campaigning Bond Election Design Work Begins First Construction Work Begins

15 4 RB+B: Preferred Facility Framework Overarching Goals: 1 Track = 1 Class per Grade Expand Current 7-Track +/- System (2,275) to 9-Track System (2,925) Realistic Bond Election Ask

16 4 RB+B: Preferred Facility Framework (continued) Facility Right-Sizing : (2) 4-Track Grade K-5 Elementary Schools (600) (1) 1-Track Grade K-5 Elementary Schools (150) 9-Track Grade 6-8 Middle School (675) 9-Track Grade 9-12 High School (900 Plan for Long Range Expansion to 1,200)

17 4 RB+B: Preferred Facility Framework Preferred Facility Framework: The Current Use + New ES New K-5 ES, Revitalize MS, Revitalize HS $73,000,000 +/-

18 4 RB+B: Preferred Facility Framework (continued) Proposed Improvements for each School:

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20 Eaton High School EXISTING SITE PLAN

21 Eaton High School PROPOSED SITE PLAN

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23 Eaton High School PROPOSED FLOOR PLAN UPPER LEVEL ENTRY PLAZA LOWER LEVEL

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31 5 Stifel Financial Bond Program Costs

32 Debt Service (Millions) Prospective 2018 Election Bonds As the District is contemplating an election, we have prepared the following analysis that considers an issuance of $75 million Prospective 2018 Election General Obligation Bonds (1) $6 $5 $4 $3 $2 $1 $0 Existing Bonds 75 Million Prospective 2018 Election Bonds (1)(2) Par Amount 75,000,000 Financing Term 25 Years Estimated Mill Levy Increase in Estimated Annual Cost per $100K of County Assessor's Residential Actual Value in 2019 $84.90 Estimated Monthly Cost per $100K of County Assessor's Residential Actual Value in 2019 $7.08 Estimated Annual Cost per $100K of County Assessor's Commercial/Agricultural Actual Value in 2019 $ Estimated Monthly Cost per $100K of County Assessor's Commercial/Agricultural Actual Value in 2019 $28.50 Total Debt Service 133,121,550 Annual Debt Service in ,508,200 Maximum Annual Debt Service 5,438,700 True Interest Cost 4.068% (1) Preliminary and subject to change. The use of the A1/AA-/-- underlying ratings and Aa2/AA/-- intercept ratings are consistent with the rating of the outstanding prior bonds. Interest rate assumptions are based on current market conditions and similar credits. Actual results may differ, and Stifel makes no commitment to underwrite at these levels. Source of Outstanding Bonds: The District s 2016 CAFR and respective official statements available on emma.msrb.org. (2) Calculated based upon the District s final 2017 assessed valuation. 32

33 General Obligation Bonds Statutory Limit The District s statutory limit on additional general obligation bonds is currently $75 million based upon the 20% test In Colorado, a school district s outstanding general obligation bond debt cannot exceed the greater of: o 20% of the assessed valuation of the district; or o 6% of actual value of taxable property (if approved in the District s ballot language) Statutory Limit on General Obligation Bonds (1) District Weld County School District RE /18 Net Assessed Valuation 389,507,720 (2) 20% of Assessed Valuation 77,901,544 Less: Outstanding GO Bonds 2,565,000 (3) Max GO Bonds (20% Test) 75,336,544 (1) Source: Colorado s Department of Education. (2) Source: Weld County Assessor s Office. (3) Outstanding principal after 12/1/

34 ADAMS-ARAPAHOE 28J ADAMS 12 FIVE STAR MAPLETON 1 CHEYENNE MOUNTAIN 12 POUDRE R-1 ENGLEWOOD 1 BRUSH RE-2(J) WESTMINSTER 50 WINDSOR RE-4 BRIGHTON 27J WIDEFIELD 3 GREELEY RE-6 LEWIS-PALMER 38 FALCON 49 FT. MORGAN RE-3 CANON CITY RE-1 ADAMS 14 PUEBLO COUNTY 70 VALLEY RE-1 THOMPSON R-2J SHERIDAN 2 BUENA VISTA R-31 ELIZABETH C-1 MOFFAT COUNTY RE-1 HARRISON 2 PARK (ESTES PARK) R-3 BAYFIELD 10 JT-R GUNNISON WATERSHED RE-1J SALIDA R-32(J) LAKE COUNTY R-1 DELTA COUNTY 50(J) AULT-HIGHLAND RE-9 WOODLAND PARK RE-2 MONTROSE RE-1J EATON RE-2 JOHNSTOWN-MILLIKEN RE-5J ARCHULETA COUNTY 50 JT EAST GRAND 2 GARFIELD RE-2 FT. LUPTON RE-8 MONTEZUMA-CORTEZ RE-1 STEAMBOAT SPRINGS RE-2 CLEAR CREEK RE-1 KEENESBURG RE-3(J) PARK RE-2 IGNACIO 11 JT CRIPPLE CREEK RE-1 RANGELY RE-4 GILCREST RE-1 GARFIELD 16 PAWNEE RE-12 MEEKER RE-1 DE BEQUE 49JT GILPIN COUNTY RE-1 PRAIRIE RE-11 Comparison of Colorado K-12 Total Mill Levies Mill Levies of Neighboring & Similarly Sized Colorado School Districts Eaton RE-2 After Prospective 2018 Election Bonds Total Program Mills Bond Redemption Mills Mill Levy Overrides Other Mills (1) Source: Colorado s Department of Education. 34

35 QUESTIONS?

36 6 ESD Incoming Superintendent Bridgette Muse Bond Program Support

37 6 ESD: Next Steps 1. Finalize Master Plan Document 2. Bond Campaigning 3. Bond Election 4. Design Work Begins 5. Construction Work Begins

38 Questions? Discussion Contact Bridgette Muse Incoming Superintendent, Eaton School District RE st Street Eaton, CO bmuse@eaton.k12.co.us

39 (END)