ave maria - collierclerk.com · the ave maria development is not evaluated as a whole; build-out...
TRANSCRIPT
Ave Maria Fiscal Impact Analysis Model
(FIAM) Review
Collier County Clerk of the Circuit Court
February 2012
1
What is the FIAM?
The Fiscal Impact Analysis Model is the county’s adopted model
designed to indicate the financial benefit or detriment of a
development, as a whole, to the taxpayers of Collier County.
3
Requirement for the FIAM:
Collier County Growth Management Plan Future Land Use Element
Ordinance No. 2003-07 and 2007-18
4
FIAM Meeting Timeline
• March 23, 2011: Clerk’s Office, Fishkind & Assoc. and Barron Collier Co.
• March 28, 2011: Clerk’s Office and County Staff
• May 11, 2011: Clerk’s Office and County Staff
• May 25, 2011: Clerk’s Office and County Staff
• May 31, 2011: Clerk’s Office, County Staff, Fishkind & Assoc. and Barron Collier Co.
• June 03, 2011: Clerk’s Office and County Staff
• August 16, 2011: Clerk’s Office, County Staff, Fishkind & Assoc. and • Barron Collier Co.
• August 23, 2011: Revised model submission given to Clerk’s Office by
Fishkind & Assoc. and Barron Collier Co.
• February 6, 2012: Clerk’s Office, County Staff
• February 11, 2012: Clerk’s Office, Fishkind & Assoc. and Barron Collier Co.
15
The Clerk’s Office does not concur with the outputs of the model that was submitted to the BCC in 2010 due to the following concerns:
The Ave Maria development is not evaluated as a whole; build-out projections were not provided.
Ad-valorem revenues inflated due to an incorrect taxable value input for the Ave Maria SRA.
Land values of contributions by Ave Maria appear to be different than what the county has determined the value to be.
Impact fee credits were used as a revenue in the model.
Formulas used to calculate road costs were different than both the 2005 submission and version 7.5, which the BCC was told was used.
16
Future Development Projections Included in Original 2005 Submission; Excluded in 2010 and 2011
2005 Submission: build-out shown through 2016
2010 Submission: build-out not shown Input for Development in AREA 1 (Urban Core / Activity Center) or other dense, urban place
Existing 2009 2010 2011 2012 2013 2014 2015 2016
Residential Units
Vacant Acreage 0 0 0 0 0 0 0 0 0
Single-Family - Type 1 0 0 0 0 0 0 0 0
Single-Family - Type 2 231 0 0 0 0 0 0 0
Single-Family - Type 3 0 0 0 0 0 0 0 0
Single-Family - Type 4 0 0 0 0 0 0 0 0
Multifamily-For Sale Condo 143 0 0 0 0 0 0 0
Multifamily-For Sale Townhome 0 0 0 0 0 0 0 0
Multifamily-For Sale Other 0 0 0 0 0 0 0 0
Multifamily-Rental Apartments 0 0 0 0 0 0 0 0
Multifamily-ACLF/Nursing Home beds 0 0 0 0 0 0 0 0
Multifamily-Rental Other 0 0 0 0 0 0 0 0
Mobile Homes 0 0 0 0 0 0 0 0
Total 374 0 0 0 0 0 0 0
5,120 Units Projected for First 5 Years
374 Units Built in First
5 Years
18
Summary of Results: 2010 and 2011 Submissions
19
Without horizon year projections, the total impact of the project to the taxpayers of Collier County is unknown.
2011 Submission 2010 Submission
Ave Maria Town maps from the Property Appraiser’s Office
Cross-hatched area = 5,027 acres
Delineates SRA acreage only, not the entire
Ave Maria Stewardship District
of 10,820 acres
21
Ave Maria Taxable Value in the 2010 and 2011 FIAM vs. Property Appraiser’s Value
Taxable Value per P.A. = $ 141,782,128
Taxable Value Reported in the FIAM
= $ 182,755,998
22
Millage Rates Taxable Value / 1000 x Ad Valorem Revenue =
Impact of Correction to Ave Maria Taxable Value in 2010 and 2011 FIAM Submissions
23
$ 182,755,998 / 1000
x
$ 141,782,128 / 1000
x
3.5645 + .7161 $ 782,305 =
3.5645 + .7161 = $ 606,913
Financial Impact of the Correction to FIAM Operating Revenue
(Single Year)
= - $ 175,392
Developer Contribution Agreement between
Ave Maria and the BCC
$7,800,000 / 156 acres = $50,000/acre
Used as a Capital Revenue in the FIAM
25
Right-of-Way Land Market Values (per acre)
Camp Keais Rd
Oil Well Rd
2006 $17,074
2005 $6,340
2006 $9,793
2005 $12,810
Southeast corner of Ave Maria
Property Appraiser’s Market Values before and after SRA approval
26
Oil Well Road Right-of-Way Value per County Staff
$1,150,000 / 38.332 acres = $30,000 per acre
The Developer valued the ROW donation at $50,000 per acre
28
2010 Submission
As Submitted $50K/Acre Using Staff’s Valuation of $30K/Acre
Revising the value to $30K per acre for the Right-of-Way contribution decreases Capital Revenues by $3.12 million
30
2010 Submission
Factoring in the Impact Fee Credits used ($909,509)
As Submitted using Design & Permitting Fees as 100% revenue
($7.546M)
The Developer has consumed impact fee credits of $909,509 for Design & Permitting Fees for Oil Well Road
31
2011 Submission
Factoring in the Impact Fee Credits used ($909,509)
As Submitted: using Design & Permitting Fees as 100% revenue ($7.546M: $909,509 Credits Used + $6,636,491 Unused Balance)
Factoring the impact fee credits already used of $909,509 into the model reduces Capital Revenues.
Example of another inconsistency found:
revised formula (which affects road costs)
Version 7.5
2010 Submission
34
Version 7.5:
2010 Submission:
Cost per Lane Mile Trip Rate x Trip Length x % New Trips
Capacity per Lane x
Trip Rate x Trip Length x % New Trips Capacity per Lane x
(1 – Int Toll Adj)
2 Cost per Lane Mile x
The new formula appears to cut 2010 Transportation costs in half
“Capacity Used” formula affects road expenditures in the FIAM
35
38
2010 Submission
Using Original Formula (same as Version 7.5 model)
As Submitted (with revised formula)
Using the original formula for costs allocated to roads increases Capital Expenditures by $16.58 million
2011 Submission: Transportation Capital Revenues and Expenditures
Expenses not generated using
actual costs
39
40
2011 Submission
Using Original Methodology (same as Version 7.5)
As Submitted (using averages of impact fee costs)
As the 2011 model was submitted, the cost allocated formula was overwritten with a hard-coded value; allowing the formula to calculate properly increases the cost allocated to units put
on the road system by the development.
2011 Submission Costs allocated to Roads are generated using the “Total
Impact Cost” amounts from the Transportation Impact
Fee Schedule (Tindale-Oliver)
Average of Total Impact Cost for Single Family Residential Land Use categories:
Less than 1,500 sq ft: $ 9,432 1,500 to 2,499 sq ft: $ 12,828 2,500 sq ft or larger: $ 14,510 Average of 3 categories: $ 12,257
41
Average = $ 12,257 which is used as
a multiplier for cost per unit on the road system
= $ 13,126 applying actual
categories of development
Actual Units:
0 190 41
42
Land use categories where zero units have been built were brought into the calculation for road costs; this
caused expenditures related to roads to decrease.
2011 Submission
Conclusion: The Clerk’s Office does not concur with the outputs of the model that was submitted to the BCC in 2010 due to the following concerns:
The Ave Maria development is not evaluated as a whole; build-out projections were not provided.
Ad-valorem revenues inflated due to an incorrect taxable value input for the Ave Maria SRA.
Land values of contributions by Ave Maria appear to be different than what the county has determined the value to be.
Impact fee credits were used as a revenue in the model.
Formulas used to calculate road costs were different than both the 2005 submission and version 7.5, which the BCC was told was used.
45