fort bend county levee improvement district no. 15 …€¦ · 16/07/2019 · cash flow analyses 1...

MINUTES

FORT BEND COUNTY LEVEE IMPROVEMENT DISTRICT NO. 15

July 16, 2019

The Board of Directors ("Board") of Fort Bend County Levee Improvement District No. 15("District") met in special session, open to the public, on July 16, 2019, at The Muller Law Group,PLLC, 202 Century Square Boulevard, Sugar Land, Texas 77478, outside the boundaries of theDistrict, and the roll was called of the members of the Board:

Darrell Groves President

Rohit Sankholkar SecretaryGirish Misra Vice President

Jeffrey Anderson Assistant SecretaryPremal Shah Assistant Vice President

and all of the above were present, thus constituting a quorum.

Also present at all or part of the meeting were: Anthea Moran of Masterson Advisors, LLC;Chad Hablinski of Costello, Inc. ("CosteUo"); Pamela Lightbody of AVANTA Services; and NancyCarter, Kene Chinwe2e, and Tara Miles of The Muller Law Group, PLLC ("MLG").

FINANCIAL AND BOOKKEEPING MATTERS

The Board generally discussed District financial matters, prior bond issues, and outstandingindebtedness.

BUDGET FOR CURRENT AND NEXT FISCAL YEAR

Ms. Lightbody distributed an initial draft of the District's budget for the fiscal year endingSeptember 30, 2020, a copy of which is attached.

BOND FINANCING AND TAX RATE ANALYSIS

PROPOSED LEVEE AND DRAINAGE BONDS

The Board reviewed various proposed cost summaries for the next levee and drainagebond application, copies of which are attached. Ms. Moran presented cash flow analyses,copies of which are attached, and discussed the potential effect on the District's tax rate ofvarious bond issue scenarios. The Board discussed future bond applications and remainingdebt obligations.

After review and discussion. Director Anderson moved to approve the cost summaryfor the levee and drainage bond issue to include the following projects:

1) Levee Segment II (Johnson);2) Clearing Plan for Clements Crossing (Meritage);3) Clements Crossing Detention Ponds (Meritage);

4) Snake Slough Pump Station (Taylor Morrison); and5) Proposed Steep Bank Creek Pump Station Expansion.

Director Shah seconded the motion, which passed by unanimous vote. Ms. Moranreviewed the bond sale schedule, noting that the construction contract for the expansion ofthe pump station cannot be awarded until the bonds have funded. Mr. Hablinski said he stillanticipates taking bids for the expansion project in December 2019.

PROPOSED PARK BONDS

The Board reviewed a draft cost summary for the park bond application, a copy ofwhich is attached. Mr. Hablinski said the bond issue amount is currently $7,900,000 but notedthat the cost summary still needs to be verified. After review and discussion. Director Shahmoved to approve the cost summary for the park bond application to include all projects listedin the presented cost summary. Director Sankholkar seconded the motion, which carriedunanimously.

FINANCIAL AND BOOKKEEPING MATTERS (CONTD)

Director Shah stated that he would like the Board to consider hiring an employee of theDistrict, such as a general manager, to assist the Board in the oversight of costs and projects. TheBoard concurred to add an agenda item to its August agenda for further discussion.

There being no further business to come before the Board, the meeting was adjourned.

✩

ecretary. Board of Directors

LIST OF ATTACHMENTS TO MINUTES

Minutes

Page

initial draft of the District's budget for the fiscal year ending September 30, 2020 1proposed cost summaries for the next levee and drainage bond application 1cash flow analyses 1draft cost summary for the park bond application 2

Any documents referenced in these minutes and not attached herein are retained in the District'sofficial records in accordance with the District's Record Management Program and are availableupon request.

4843-9720-2076, v. 1

FORT BEND COUNTY LEVEE IMPROVEMENT DISTRICT NO. 15

GENERAL OPERATING FUND

BUDGET FOR THE YEAR ENDED SEPTEMBER 30, 2020

DRAFT 7/16/19

REVENUE

PROPERTY TAXES

INTEREST ON DEPOSITS

DEVELOPER PERMIT FEES

MiSC REVENUES

EXPENDITURES

PROFESSIONAL FEES:

AUDITING

LEGAL - GENERAL

LEGAL - OTHER

ENGINEERING - GENERAL

ENGINEERING - SPECIAL PROJECTS

CONTRACTED SERVICES:

ACCOUNTING

OPERATOR FEES - ROUTINE

OPERATOR FEES - SPECIAL

MAINTENANCE & REPAIRS - ROUTINE

LEVEE & AB PUMP ST - ROUTINE - LMS

LEVEE/WATERWAYS - YELLOWSTONE

WETLANDS - MAINTENANCE

ALCORN BAYOU PUMP ST - UTILITIES

ALCORN BAYOU PUMP ST - TELEPHONE

SNAKE SLOUGH PUMP ST - UTILITIES

ROAD / SIGNAL - MAINTENANCE

PARK - MAINTENANCE

OTHER - MAINTENANCE

CORP. PERMIT COMPLIANCE

STORM WATER COMPLIANCE/PERMIT

STEEP BANK CK JT PUMP STATION

PRELIM +TV $2,183 BILLION ® $.12 X 95%

RISING RATES & FUNDS IN FY19

80 PERMITS @ $100 EACH

[C]

PER MCGRATH & CO

$10K PER MONTH

FEMA fiPP . LITIGATION ATT

$4K PER MONTH

FOR 2020 - NON EMEG EVENT PROJECTS

$2,250 PER MONTH

$7,645 / MTH = $92K PLUS $5K OTHER

FOR 2020. NON EMEG EVENT PROJECTS

FACILITIES & MISC CHARGES

MOW, FERTILIZE, SEEDING, TRIM TREES, HERBICIDE-$40k

YELLOWSTONE $70K, LAKE MGT $30k

$600 PER MONTH - RATCHET CHARGE??

$60 PER MONTH

ONLINE 2ND QTR 2020 - UTIL, DATA LINE - $750/MTH

STREET SWEEP - $3.612AfrrH. $10K POLE REPAIRS

CONTRIBUTION TO HOA

MOSQUITO SPRAYING - 2XANK AT $350

ANN Pm LBRC ($2,500) + BERG OLIVER MONITOR $12K

LID PORTION 12.5% OF $35,000

BASED ON FB LID 19 BUDGET - SEE DETAILS [A]

MAINTENANCE & REPAIRS - SPECIAL PROJECTS

LEVEE &AB PUMP ST

LEVEE / WATERWAYS

SPECIAL PROJECTS - WETLANDS

STEEP BANK CK JT PUMP STATION

CHARGES FOR EVENTS - EMERG

ACTION PLAN IN EFFECT

PERMIT EXPENSE

DEVELOPER PERMIT FEES

LMS - RIVER EVENTS & STORMS

YELLOWSTONE - PICK UP STOMR DEBRIS

PLANT WETLANDS - FY 2019

RIVER, STORMS - EAP TYPE EVENTS

X-HRS, FDEPLOY PUMPS,UEL, CLEANUP.

tB] MAY 2019 EVENTS COSTS $110K

80 PERMITS (ENG $30 EACH & OPER $30 EACH)

2019

BUDGET

$2,280,000

28.000

10.000

0

2,318,000

13,500

120,000

55,000

72,000

15,000

0

0

25.000

0

[B]

ACTUALTHRU

6/30/2019

(9 MOS)

$2,307,615

48,169

14,200

2,500

2,372,484

13,500

117,710

4,803

23,685

11,088

27.000

95,000

15,000 [B]

50,000

325,000

100,000

7,200

1,000

0

53,500

449,115

15,000

35,000

4,375

30,028

[B]

[B]

11,250

83,350

44,724

11,095

117,343

40,215

21,266

152

0

32,508

336,836

9,200

9,502

2,342

57,943

0

49,700

0

25,841

6,000 6,900

2020

BUDGET

$2,500,000

60,000

8,000

0

2,568,000

13,500

120,000

6,000

48,000

15,000

27,000

97,000

15,000

50,000

325,000

100,000

7,200

720

4,500

53,500

593,050

15,000

14,500

4,375

50,619

0

0

0

0

120,000

4,800

2019 ACTUALTHRU 2020

BUDGET 8/30/2019 BUDGET

ADMINISTRATIVE EXPENSES;

DIRECTOR FEES 5 DIRECTORS - 2 MTGS/MTH $18k + CONF $2k 20,000 14,550 20,000TRAVEL & EXPENSES $75flwlONTH + 4 CONF. 7,500 5,222 7,500PAYROLL TAXES DIRECTOR FEES X 7.65% 1,530 1,113 1,530ELECTION EXPENSES ELECTION IN 2020 25,000 11,202 5,000PUBLIC COMMUNICATIONS OFF CINCO $500/wrH & 180 MESS $2K/MTH 28.620 21,838 29,000INSURANCE ACTUAL OCT 18 ($35K) - ZIPLINE REFUND ($6k) 27.250 29,280 30,000PRINTING & OFFICE SUPPLIES $300 PER MONTH 3.600 1,851 3,600BANK CHARGES ESTIMATE 450 282 450

MEETING EXPENSES CATERING $2,500, HOA RENTAL $150x 12 = $1,800 2,500 1,656 4,300DUES AWBD $650 & JOINT LID ASSOC $5,000 6,700 5,650 5,650LEGAL NOTICES ESTIMATE 0 376 1,500OTHER EXPENSES WITT O'BRIEN FEMA REIMB COSTS 0 10,173 0

TOTAL EXPENDITURES FROM OPERATIONS 1,636,868 1,134.146 1,793,294

NET REVENUE (EXPENDITURES) FROM OPERATIONS 681.132 1,238,338 774,706

GOVT AGENCY CONTRIBUTIONS FEMA REIMB 0 97,783 0

DUE FROM FUTURE BOND SALES:

LEVEE BONDS DESIGN OF HAGERSON PS & INTERCONNECT (140,000) (29,642) 0M M

GATOR PUMPS 0 (160,651) 0

PARK BONDS 0 (17,519) 0

CAPITAL OUTLAY / SPECIAL PROJECT:

CAPITAL OUTLAY - LAND 0 (2,899) 0

MESSAGE BOARDS & SUPP PUMPS STRUCTURE (100.000) (20,406) 0

AUTOMATED DATA COLLECTION SYSTEM (25.000) 0 0

HOG FENCING (150.000) (101,170) 0

HARD TOP LEVEE PHASE 1 (75,000) 0 0

2-D MODEL FOR STEEP BANK REGION 27% OF EST $300K - LID 15 PORTION (81,000) (41,384) 0TRANSFER FROM CAPITAL PROJ FUND PRESWICK $410k + EN6-HAGERS0N PS/IC $357K 767,000 692,943 0

NET REVENUE (EXPENDITURES) $877,132 $1,655,394 $774,706

ESTIMATED GOF CASH & INVESTMENT BALANCE @ 9/30/19 $3,000,000

ESTIMATED GOF CASH & INVESTMENT BALANCE @ 9/30/20 $3,774,706

OPERATING RESERVE = 1 YEAR OF BUDGETED EXPENDITURES =

$1,793,294 TO DISCUSS WITH BOD

fAl STEEP BANK CREEK JOINT PUMP STATION OPERATIONS /RASFH ON 1 in Ri inOFH

PUMP ST OPERATOR FEE 54.4% OF $2,000 ESTIMATE 0 1,088PUMP ST MAINTENANCE 54.4% OF $40,000 ESTIMATE 0 21,760PUMP ST UTILITIES 54.4% OF $14,250 ESTIMATE 0 7,752PUMP STATION TELEPHONE 54.4% OF $3,000 ESTIMATE 0 1,632PUMP STATION INSURANCE 54.4% OF $17,000 ESTIMATE 0 9,248PUMP STATION ACCOUNTING 54.4% OF $800 ESTIMATE 0 435

SUPP. PUMPS - OPERATOR FEE 54.4% OF $2,000 ESTIMATE 0 1,088SUPP. PUMPS - MAINTENANCE 54.4% OF $10,000 ESTIMATE 0 5,440SUPP PUMPS - INSURANCE 54.4% OF $4,000 ESTIMATE 0 2,176

30,028 57.943 50,619

[C] EACH ONE CENT IN TAX - $212,500 IN REVENUE

SUMMARY OF COSTS

LID 15 Bond Issue If IS

SECTION 4 - SUMMARY OF COSTS

Previously Reimbursed

CONSTOUCTION COSTS

1. Levee Segment II

Remaining reimbursement due Johnson Development for levee construction.

2. Clearing Plan for Howard Tract (Merltage Homes)

Reimbursement due to Meritage Homes for Clements Crossing

3. Clements Crossir^ Detention Ponds "H-1" & "H-2" (Meritage Homes)

Reimbursement due to Meritage Homes for Clements Crossing

4. H^erson Road Detention Ponds (Taylor Morrison)

Reimbursement due to Taylor Morrison for Hagerson Road Tract

5. Snake Slough Pump Station

Project included in BIR No. 14. Project cost was significantly higher than costs included In

previous bond Issue. This item would be a potential reimbursement to Taylor Morrison If

they prefinanced the balance,

6. Proposed Snake Slough Outfall ExpansionFuture reimbursement to Taylor Morrison for construction of additional SxS culvert at

the Snake Slough outfall. Taylor Morrison prepared to preflnance.

tand Cost

7. LID 0 IS Crossing 2 Pond (6 ac)

8. Clements Crossing Detention Ponds

9. Hagerson Road Tract Detention Ponds (8.3 ac x $186,704) **

enttoJ^nsc^j

Reimbursement to Taylor Morrison

Proposed Prolects

10. Proposed Steep Bank Creek Pump Station Expansion (Shared with LID 19)

150,000 GPM expansion for the Steep Bank Creek watershed

11. Proposed Regional Pump Station (33.04S FBCUD IS)

Estimated 300,000 GPM pump station located north of Lost Creek

12. Proposed Alcom Bayou/Steep Bank Creek interconnect (Cost Shared with FBCUD 19)Emergency interconnect which would allow basin water transfer during certain

entergency conditions in either watershed.

13. Proposed Levee Driving Surface Project

Hard surface on the levee top for Inspections and access during rain/river events so the

levee top is not damaged.

14. Proposed Emergency Operations Center (Shared with UD 19)Shared building would Include a bunk room, restroom, basic kitchen and monitoring

station for the LID 19 and LID 15 pump stations and drainage systems.

Total Construction Cost

Project Amount

$ 6,429,327 $

32S.742 $

2,444,979 $

1,128,311 S

5,348,952 5

226,598 5

Total Land Costs

7,659,447 5

17,944,371 5

680,687 5

2,150,378 5

696,000 5

bvTCEQ

5,798,541

Inelllelblefor

^strict Share Reimbursement

3,136,190 $

1,364,411 5

5

1,128,311

2,212,762

226,598

1.549,643

2,394,482

546,130

2,878,923 5 3,416,113

5,929,062 5 12,015,309

340,343 5 340,343

2,150,378

348,000 5 348,000

20,464,237

92.18X Of BIR

NON - CONSTRUCTION COSTS

A. Legal Fees'"

B. Fiscal Agent Fees

C- interest Costs

1. Developer interest"'0. Bond Discount (3H)

E. Issuance Expenses (See Attachment 21)

F. TCEQ Bond Issuance (0.25K)

G. Attorney General Fee (0.1%)

H. Bond Application Report Cost

Total Non-Construction Cost

420,000

262,000

234,522

666,000

38,242

55,500

9,500

50,000

1,735,763.41

7.82% of BIR

Total BIR $22,200,000

SUMMARY OF COSTS

LID 15 Bond issue# 15

SECnON 4 - SUMMARY OF COSTS

CONSTRUCTION COSTS

Relmbufsement to Oevalooers

1. Levee Segment II

Remaining reimbursement due Johnson Development for levee consbuctlon.

2. Gearing Plan for Howard Tratt (Merltage Homes)

Reimbursement due to Meritage Homes for Gements Crossing

3. Gements Crossing Detention Ponds *H-1" & "H-l" (Merltage Homes]

Reimbursement due to Merltage Homes for Gements Crossing

4. Snake Slough Pump StationProject included in BIR No. 14. Project cost was significantly higher than costs included In

previous bond issue. This item would be a potential reimbursement to Taylor Morrison if

they prefinanced the balance.

Land Cost

5. LID «IS Crossing 2 Pond (6 ac) **6. Gements Crossing Detention Ponds ̂

Project Amount

S 6,429.327

Prevfouslv Reimbursed

bvTCTQ PIstrlet Share

iQBlSg&iBiBLReimbursement

S

325,742 S

2,444,979 $

5,348,952 $

5,798,541

3,136,190 $

546,130

2,212,762

Total Land Costs 844,839

Reimbursement to Taylor Morrison

ProDOsed Prelects

7. Proposed Steep Bank Creek Pump Station Expansion (Shared with LID 19)

150,000 GPM expansion for the Steep Sank Creek watershed

8. Proposed Emergency Operations Center (Shared with LID 19)Shared building would Include a bunk room, restroom, basic kitchen and monitoring

station for the LID 19 and LID 15 pump stations and drainage systems.

Total Construction Cost

7,659,447 S

696,000 $

1,364,411 $

- S

$

2,878,923 S 3,416,113

348,000 $ 348,000

9,139.901

88.10% of BIR

NON. CONSTRUCTION COSTS

A. Legal Fees ̂B. Fiscal Agent Fees

C interest Costs

1. Developer Interest

D. Bond Discount (3%)


F. TCEQ Bond Issuance (0.25%)



Total Non^onstructlon Cost

236,563

143,750

405,708

311,250

52,391

25,938

9,500

50,000

1,235,098.86

11.90% of BIR

Total BIR $10,375,000

SEaiON 4 - SUMMARY OF COSTS

SUMMARY OF COSTS

LID 15 Bond Issue #15

CONSTRUaiON COSTS

A. District Items

2. Clearing Plan for Howard Tract {Meritage Homes}

a. Clearing Items - Double Oak

b. Engineering

c. SWPPP Items

Project Amount

Previously

Approved

289,828.85

31,850.49

4,062.70

District Share

289,828.85

31,850.49

4,062.70

Inelligiblefor

Reimbursement

S 325,742.04

. Clements Crossing Detention Ponds "H-1" & "H-2" (Meritage Homes) '''a. Detention Pond Items S 2,163.278.85 $ 1,682,449.88 S 480.828.97

b. Change Orders S (19,684.70) s (28,275.95) S 8,591.25

c. Engineering S 244,813.90 s 190,663.92 S 54,149.98

d. Drainage Impact Analysis $ 45,000.00 $ 45,000.00 $ -

e. Lab Costs $ 11,571.15 $ 9,011.75 $ 2,559.40

S 2,444,979.20 546.129.60

Land Cost


Total Land Costs 781,856.00

Total Construction Cost 3,006,447.64

n.Q9% of BIR


17)

(8)

A. Legal Fees

B. Fiscal Agent Fees'C. Interest Costs

1. Developer Interest'®'D. Bond Discount (3%)






108,000

73,500

501,399

117,000

40,004

9,750

3,900

40,000

893,552.36

22.91% of BIR

Total BIR $3,900,000

SECTION 4 ■ SUMMARY OF COSTS

SUMMARY OF COSTS

LID 15 Bond Issue # 15

CONSTRUaiON COSTS

A. District Items

2. Clearing Plan for Howard Tract (Meritage Homes)a. Clearing Items • Double Oak

b. Engineering

c. SWPPP Items

Proiect Amount

Previously

Approved

289,828.85

31,850.49

4,052.70

District Share

289,828.85

31,850.49

4,062.70

Ineliieible for

Reimbursement

S 325,742.04

. Clements Crossing Detention Ponds'"H-l" & "H-2" (Meritage Homes)

a. Detention Pond Items S 2,163,278.85 $ 1,682,449.88 $ 480,828.97

b. Change Orders $ (19,684.70) S (28,275.95) $ 8,591.25

c. Engineering $ 244,813.90 S 190,663.92 s 54.149.98

d. Drainage Impact Analysis $ 45,000.00 $ 45,000.00 $ -

e. Lab Costs S 11,571.15 S 9,011.75 $ 2,559.40

$ 2,444,979.20 546,129.60

Land Cost


Total Land Costs 781,856.00

Total Construction Cost 3,006,447.64

77.09H ofBIR


(7)A. Legal Fees

B. Fiscal Agent Fees'®'C. Interest Costs

1. Developer Interest







108,000

73,500

501,399

117,000

40,004

9,750

3,900

40,000

893,552.36

22.91% of BIR

Total BIR $3,900,000

Tax

Year

MASTERSON

ADVISORS Lie

NO GROWTH CASH FLOW ANALYSIS

Fort Bend County LID 15Bond Application Nos. 15 and 16

ProjectedAssessed

Valuation

Pro]Debt

Tax

Rate

Beginning Tax

Ctdr Fund Collections CapitalizedYear Baiance 97.0% Interest

ia) (b)

Interest Total

Income Funds

2.0% Available

Outstanding

Debt

Service

Plus:

10,375.000

ProjectedLiD Debt

Service

(c)

Plus:

7,900,000

ProjectedPark Debt

Service

(d)

Total

Debt

Service

Endir>gFund

Baiance

% of Next

Year's

Debt

Service

2018 1,930,378,502 0,500 2019 9,403,282 9,362,336 - 188,066 18,953,683 9,938,280 - 9,938,280 9,015,403 82.64%

2019 2,183,235,124 0.430 2020 9,015,403 9,106,274 180,308 18,301,985 9,993,134 679,063 237,000 10.909,196 7.392,789 65.91%

2020 2,183,235,124 0.430 2021 7,392,789 9,106,274 16,499,063 9,291,244 809,250 1,116,000 11,216,494 5,282,569 57.89%

2021 2,183,235,124 0.430 2022 5,282,569 9,106,274 14,388,843 7,231,449 809,000 1,084,000 9,124,449 5.264,394 58.34%

2022 2,183,235,124 0.430 2023 5,264,394 9,106,274 14,370,668 7,162,949 808,000 1,052,000 9,022,949 5,347,719 59.73%

2023 2,183.235.124 0.430 2024 5,347,719 9,106,274 14,453,993 7,122,251 811,250 1,020,000 8,953,501 5,500,491 62.03%

2024 2,183,235,124 0.430 2025 5,500,491 9,106,274 14,606,765 7,071,376 808,500 988,000 8,867,876 5,738,889 65.39%

2025 2,183,235.124 0.430 2026 5,738,889 9,106,274 14,845,162 7,010,326 810,000 956,000 8,776,326 6,068,836 69.96%

2026 2,183.235.124 0.430 2027 6,068,836 9,106,274 15,175,110 6,939,734 810,500 924,000 8,674,234 6,500,876 75.76%

2027 2,183,235.124 0.430 2028 6,500,876 9,106,274 15,607,150 6.878.996 810,000 892,000 8,580,996 7,026.154 83.43%

2028 2,183,235,124 0.430 2029 7,026,154 9,106,274 16,132,427 6.803,351 808,500 810,000 8,421,851 7,710,576 92.58%

2029 2,183,235,124 0.430 2030 7,710,576 9,106,274 16,816,850 6.737,276 811,000 780,000 8,328,276 8,488,574 113.81%

2030 2,183,235,124 0.430 2031 8,488,574 9,106,274 17,594,847 6,651,199 807,250 - 7,458,449 10,136,398 136.88%

2031 2,183,235,124 0.430 2032 10,136,398 9,106,274 19.242,672 6,597,888 807,500 - 7,405,388 11,837,285 161.71%

2032 2,183,235,124 0.430 2033 11,837.265 9,106,274 20.943,558 6,513,738 806.500 - 7,320,238 13.623,321 187,22%

2033 2,183,235,124 0.430 2034 13,623,321 9,106,274 22.729,595 6,467,238 809,250 - 7,276,488 15,453,107 213.70%

2034 2,183,235.124 0.430 2035 15,453,107 9,106,274 24.559,381 6.420.594 810,500 - 7,231,094 17,328,287 264,33%

2035 2,183,235,124 0.430 2036 17,328,287 9,106,274 26.434,561 5.745,363 810,250 - 6,555,613 19,878,948 312.18%

2036 2,183,235,124 0.430 2037 19,878,948 9,106,274 28,985,222 5,559.213 808.500 - 6.367,713 22,617,509 610,20%

2037 2,183,235,124 0,430 2038 22,617,509 9,106,274 31.723,783 2,896,313 810,250 - 3,706,563 28,017,221 884,12%

2038 2,183,235,124 0.430 2039 28,017,221 9,106,274 37,123,494 2,358,688 810,250 - 3.168,938 33,954,557 1485.29%

2039 2,183,235,124 0.430 2040 33,954,557 9,106,274 43,060,831 1,477,563 808,500-

2,286,063 40,774,768

Total 200.594,083 - 368,374 142.868.159 16.863.813 9.859.000 169.590.971

(a) Debt service fund balance as of 11/14/18(b) Assumes no capitalized interest on the Bonds.(c) Assumes an interest rate on the LID Bonds of 5.00%(d) Assumes an interest rate on the Park Bonds of 4.00%

Prsparad by Masterson Advisors 7/16/2019 2:37 PM awm

MASTERSON^ ADVISORS LLC

GROWTH CASH FLOW ANALYSIS

Fort Bend County LID 15Bond Application Nos. 15 and 16

Rus: Plus:

Tax

Year

ProjectedAssessed

Valuation

Pro]Debt

Tax

Rate

CIdr

Year

Beginning

Fund

Balance

fa)

Tax

Collections

97.0%

Capitalized

Interest

(b)

Interest

Income

2.0%

Total

Funds

Available

OutstandingDebt

Service

22,200,000

ProjectedLID Debt

Service

(c)

7,900,000

ProjectedPark Debt

Service

fd)

Total

Debt

Service

EndingFund

Baiance

% of Next

Year's

Debt

Service

2018 1,930,378.502 0.500 2019 9,403,282 9,362,336 188,066 18,953,683 9,938,280 9,938,280 9,015,403 77.17%

2019 2,183.235,124 0.450 2020 9,015,403 9,529,821 180,308 18,725,533 9,993,134 1,452,500 237,000 11,682,634 7,042,899 58.03%

2020 2,204,135,124 0.450 2021 7,042,899 9,621,050 16,663,949 9,291,244 1,729,000 1,116,000 12,136,244 4,527,705 45.07%

2021 2,248,432,124 0.450 2022 4,527,705 9,814,406 14,342,111 7,231,449 1,731,500 1,084,000 10,046,949 4,295,163 43.18%

2022 2,303,300,124 0.450 2023 4,295,163 10,053,905 14,349,068 7,162,949 1.732,250 1,052,000 9,947,199 4,401,869 44.58%

2023 2,348,873.124 0.450 2024 4,401,869 10,252,831 14.654,700 7,122,251 1,731,250 1,020,000 9,873,501 4,781,199 48.82%

2024 2,379,893,124 0.450 2025 4,781,199 10,388,233 15,169,432 7,071,376 1,733,500 988,000 9,792,876 5,376,556 55.43%

2025 2,410,913,124 0.450 2026 5,376,556 10,523,636 15,900,192 7,010,326 1,733,750 956,000 9,700,076 6,200,116 64.61%

2026 2,410,913,124 0.450 2027 6,200,116 10.523,636 16,723,751 6,939,734 1,732,000 924,000 9,595,734 7,128.018 75.00%

2027 2,410.913,124 0.450 2028 7,128,018 10.523,636 17,651,653 6,878.996 1,733,250 892,000 9,504,246 8,147,407 87,18%

2028 2,410,913,124 0.450 2029 8,147,407 10,523,636 18,671,043 6,803,351 1,732,250 810,000 9,345,601 9,325,442 100.80%

2029 2,410,913,124 0.450 2030 9,325,442 10,523,636 19,849,078 6,737,276 1,734,000 780,000 9,251,276 10,597,801 126.40%

2030 2,410.913,124 0.450 2031 10,597,801 10,523,636 21,121,437 6.651,199 1,733,250 - 8,384,449 12,736,988 152.94%

2031 2.410,913,124 0.450 2032 12,736,988 10.523,636 23,260,624 6,597,888 1,730.000 - 8.327,888 14,932,737 181.16%

2032 2,410,913,124 0.450 2033 14,932,737 10,523,636 25,456,372 6,513,738 1,729,250 • 8,242,988 17,213,385 209.97%

2033 2,410.913,124 0.450 2034 17,213,385 10,523,636 27,737,021 6,467,238 1,730.750 - 8,197,988 19,539,033 239.75%

2034 2,410,913,124 0.450 2035 19,539,033 10,523,636 30,062,669 6,420,594 1,729,250 - 8,149,844 21,912,825 293,14%

2035 2,410,913,124 0.450 2036 21,912,825 10,523,636 32,436,461 5,745,363 1,729,750 - 7,475,113 24,961,349 342.35%

2036 2,410,913,124 0.450 2037 24,961,349 10,523,636 35,484,984 5,559,213 1,732,000 - 7,291,213 28,193,772 609.32%

2037 2,410,913.124 0.450 2038 28,193,772 10,523,636 38,717,408 2,896,313 1,730,750 - 4,627.063 34,090,345 833.57%

2038 2,410,913,124 0.450 2039 34,090,345 10,523,636 44,613,981 2,358,688 1,731,000 - 4,089,688 40,524,293 1262.41%

2039 2,410,913,124 0.450 2040 40.524.293 10.523,636 51.047,929 1,477,563 1,732,500-

3,210,063 47.837,867

Total 226.877.120-

368,374 142.868.159 36.083.750 9.859,000 188.810,909

(a) Debt service fund balance as of 11/14/18(b) Assumes no capitalized interest on the Bonds.(c) Assumes an interest rate on the LID Bonds of 5.00%(d) /Assumes an interest rate on the Park Bonds of 4.00%

Prepired by Miiteraon Advisors 7/16/2019 2:36 PM awm

SECTION 4 SUMMARY OF COSTS

Project Ineligible for District

CONSTRUCTION COSTS Amount Reimbursement Share Not

Developer Contribution Items

1 .* Riverstone Wetland ParkSitework, Planting &

Irrigation

a. Construction - HLU Services, Inc 161,776 143,039 18,738 (2a)

b. Change Orders - HLU Services, Inc 76,835 75,203 1,633

c. Architectural-TB6 Partners 20,282 18,558 1,724

Subtotal 258,893 236,799 22,094

2 •* Majestic Pointe Sitework, Planting & Irrigation

a. Construction - Landscape Art 178,321 133,874.78 44,446 (3a)

b. Change Orders - Landscape Art 22,447 22,446.65 -

(3b)

c. Architectural-TBG Partners 82,236 64,144 18,092 (3c)

Subtotal 283,004 220,466 62,538

3 .* Cypress Bend Wetland Park Phase Two Sitework,

Planting & Irrigation

a. Construction - DL Meacham 1,014,218 985,336.44 28,882 (4a)

b. Change Orders - DL Meacham (1,392) (22,150.00) 20,758 (4b)

c. Architectural - TBG Partners 99,159 96,283 2,876 (4c)

Subtotal 1,111,985 1,059,470 52,515

4 .* University Boulevard & Cypress Bend Sitework,

Planting & Irrigation

a. Construction-Landscape Art 2,435,742 2,270,782.79 164,959 (5a)

b. Change Orders - Landscape Art 110,169 88,383.98 21,785 (5b)


Subtotal 2,634,081 2,445,044 189,037

5 .* Riverstone Recreation Center Park'^'a. Construction - DL Meacham 3,027,800 3,025,398.80 2,401 (6a)

b. Change Orders - DL Meacham (543,694) (543,694.00) -

(6a)

c. Architectural-TBG Partners 501,184 500,683 501 (6a)

Subtotal 2,985,290 2,982,388 2,902

Page 1 of 8 7/11/2019

CONSTRUaiON COSTS

Project Ineligible for

Amount Reimbursement

District

Share Notes


® •* Avalon at Riverstone Detention Park

a. Construction - H.LU Services

b. Change Orders - H.LU Services

c. Architectural - TBG Partners

1,233,524

2,958

322,593

1,184,323.82

309,690

49,200

(8b)

12,904

Subtotal 1,559,075 1,494,014 62,104

•* Avalon at Riverstone Section 8*^'a. Construction - Earthfirst

b. Change Orders - Earthfirst

c. Architectural-TBG Partners

574,657

21,471

81,650

472,349.83

21,471.00

67,770

102,307

(9b)

13,881

Subtotal 677,778 561,591 116,188

* Riverstone Development Alden Springs Section 1

Sitework, Planting, Irrigation

a. Construction

b. Change Orders


205,187

20,282

20,266

185,482

17,660

18,259

19,705 (1°"'

2,621

2,006

Subtotal 245,735 221,402 24,333

* Riverstone Pecan Ridge Sitework, Landscape and

Irrigation

a. Construction - H.L.U. Services, Inc.

b. Change Orders - H.L.U. Services, Inc.


304,807

5,290

28,417

253,006.47

5,290.00

23,671

51,800 Ola)

(lib)

4,746 Oic)

Subtotal 338,513 281,968 56,546

•* Avalon at Riverstone Section 6

a. Construction - Earthcare

b. Change Orders - Earthcare


516,808

8,524

101,829

387,983.00

7,987.04

85,536

128,825 02a)

537 02b)

16,293 02c)

Subtotal 627,161 481,506 145,654

Page 2 of 8 7/11/2019


CONSTRUCTION COSTS Amount Reimbursement Share Notes


11 .* Ivory Ridge & Auburn Heights SItework, Planting

and Irrigation

a. Construction - H.L.U. Services, Inc. 492,356 242,219.62 250,136 (13a)

b. Change Orders - H.LU. Services, Inc. - - -

c. Architectural-TBG Partners 51,819 31,558 20,261 (13b)

Subtotal 544,174 273,777 270,397

12 .* H.L & P Connection Sitework, Planting &

Irrigation

a. Construction - Earthfirst 177,228 79,421.24 97,807 (I4a)

b. Change Orders - Earthfirst 1,689 (640.15) 2,329 (14b)

c. Architectural-TBG Partners 23,870 10,527 13,344 {14c)

Subtotal 202,787 89,308 113,479

13 .* The Enclave at Riverstone Sitework, Planting &

Irrigation

a. Construction - Landscape Art, Inc. 194,566 158,052.98 36,513 (15a)

b. Change Orders - Landscape Art, Inc. 14,157 11,248.98 2,908 (15b)


Subtotal 258,881 209,980 48,901

•* Whisper Rock Sitework, Planting and Irrigation

a. Construction - H.L.U. Services, Inc. 137,582 85,842.27 51,740 (I6a)

b. Change Orders - H.LU Services, Inc. 810 809.67 -

(16b)

c. Architectural - TBG Partners 25,249 15,654 9,595 (160

Subtotal 163,641 102,306 61,334

Page 3 of 8 7/11/2019

CONSTRUaiON COSTS


Amount Reimbursement Share Notes


19

* U Parkway Phase 7 Sitework, Landscape &

Irrigation

a. Construction - Earthfirst 493,847 302,555.86 191,291

b. Change Orders - Earthfirst (30,726) (12,773.30) (17,953)

c. Architectural-TB6 Partners 58,146 36,399 21,747

Subtotal 521,267 326,182 195,085

.* Avalon Section 10

a. Construction - Millis 545,943 350,112.40 195,831

b. Change Orders - Mlllls 46,612 46,611.50 -

c. Architectural-TBG Partners 58,146 38,900 19,246

Subtotal 650,701 435,624 215,077

.* Avalon Section llA

a. Construction - Earthfirst 536,126 359,524.67 176,601

b. Change Orders - Earthfirst 17,272 17,272.32 -


Subtotal 587,310 399,891 187,419

.* Avalon Section IIB

a. Construction - Earth Care 632,306 604,012.00 28,294

b. Change Orders - Earth Care 20,390 20,389.50 -

c. Architectural - TBG Partners 39,890 32,670 7,220

Subtotal 692,586 657,071 35,514

.* Avalon Section 12 A,B,C

a. Construction - NRI Brokerage, LLC dba Classic 189,878 124,245.70 65,632

b. Change Orders ■ NRI Brokerage, LLC dba - - -


Subtotal 210,816 137,939 72,877

Page 4 of 8 7/11/2019

CONSTRUCTION COSTS

Project

Amount

Ineligible for

Reimbursement

District

Share Notes


20 .* Avalon Section 14*** (in progress)

a. Construction - Classic Irrigation

b. Change Orders - Classic Irrigation


720,072

54,198

442,034.60

33,386

278,037

20,812

Subtotal 774,270 475,421 298,849

21 .* Avalon Section ISA

a. Construction - Earth Care

b. Change Orders - Earth Care


536,890

12,827

55,035

504,482.13

12,826.98

51,788

32,408

3,247

Subtotal 604,752 569,097 35,655

22 .* Avalon Section 16

a. Construction - Greenyard

b. Change Orders - Greenyard


524,675

63,752

391,236.00

47,431

133,439

16,321

Subtotal 588,427 438,667 149,760

23 .* Avalon Section 16B

a. Construction - B&D Contractors

b. Change Orders - B&D Contractors


125,347 53,712.00 71,635

Subtotal

**NOTE: Architectural Fees included in Section 16

24 .* Avalon Section 17*** (in progress)

a. Construction - Earthfirst

b. Change Orders - Earthfirst


125,347

533,608

47,601

53,712

436,159.27

39,175

71,635

97,449

8,425


a. Construction - Classic Irrigation

b. Change Orders - Classic Irrigation


Subtotal 581,209

319,649

30,577

475,335

211,163.00

20,578

105,874

108,486

9,999

Subtotal 350,226 231,741 118,485

Page 5 of 8 7/11/2019

CONSTRUCTION COSTS

Project

Amount

Ineligible for

Reimbursement

District

Share



a. Construction - HLU

b. Change Orders-HLU


610,698

71,853

482,571.20

56,835

128,127

15,017

Subtotal 682,551 539,407 143,144





447,350

195,894

95,885

186,060.16

195,893.68

67,503

261,290

28,382

Subtotal 739,129 449,457 289,672


a. Construction - Millls

b. Change Orders-Minis


524,950

(11,544)

57,795

295,216.21

(11,544.00)

31,845

229,734

25,950

Subtotal 571,201 315,517 255,684





147,206

29,418

28,299.00

5,648

118,907

23,770

Subtotal 176,624 33,947 142,677

30 .* Riverstone North Section 3

a. Construction - Plantation

b. Change Orders - Plantation


24,867

8,718

-

24,867

8,718

Subtotal 33,585 - 33,585

Page 6 of 8 7/11/2019

CONSTRUaiON COSTS

Project

Amount

Ineligible for

Reimbursement

District

Share


31 .* Whisper Rock Walls

a. Construction - American Wall Systems

b. Change Orders - American Wall Systems


56,715

40,567

- 56,715

40,567

Subtotal 97,282 - 97,282

32 .* Whisper Rock School ROW Trails




129,111

24,467

1,327.00

538

127,784

23,929

Subtotal 153,578 1,865 151,713

33 .* U Parkway Phase 8A

a. Construction - Earthfirst

b. Change Orders-Earthfirst


376,759

65,007

(129,182.01) 505,941

65,007

Subtotal 441,766 (129,182) 570,948

34 .* Riverstone North Entrance Park




70,495

32,750

(5,550.00) 76,045

32,750

Subtotal 103,245 (5,550) 108,795

35 .* Riverstone Prestwick Trail

a. Construction - Shooter and Lindsey

b. Change Orders - Shooter and Lindsey


72,065

40,945

2,135.00

4,176

69,930

36,769

Subtotal 113,010 6,311 106,699

Page 7 of 8 7/11/2019

Project

CONSTRUCTION COSTS Amount

Ineligible for

Reimbursement

District

Share Notes


36 .* Avalon at Riverstone Central Park

a. Construction - Millis 2,102,045

b. Change Orders - Millis (100,345)

c. Architectural-TBG Partners 58,146

212,256.60

(100,344.60)

3,256

1,889,788

54,890

Subtotal 2,059,846 115,168 1,944,678

37 .* U Parkway Phase 3A

a. Construction - Landscape Architecture 38,633

b. Change Orders - Landscape Architecture

c. Architectural-TBG Partners 58,146

3,433.00 35,200

58,146

Subtotal 96,779 3,433 93,346

$ 22,846,505

84.21 % of Park SIR

$ 6,652,475

NON-CONSTRUCTION COSTS

A. Legal Fees

B. Fiscal Agent Fees

C. Interest Cost

1. Developer Interest (4%)


E. Bond Issuance Expenses

F. Use of Surplus Funds

G. TCEQ Bond Issuance Fee (0.25%)

H. Attorney General Review Fee (0.10%)

1. Bond Application Report Cost

184,000

130,500

532,198 ('9)

231,000

67,876.59 <20)

19,250

7,700

75,000

15.79 %ofParkBIR $1,247,525

TOTAL BOND ISSUE REQUIREMENT $7,900,000

Page 8 of 8 7/11/2019

fort bend county levee improvement district no. 15 …€¦ · 16/07/2019 · cash flow analyses 1...

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