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AGENDA REPORT 1995 0125 CC SPC JNT PC ITEM 04A
7/) . /60691 CiryC�_ 7:ItJro9ng of_[��c—L iv9 ACTION::_1�� ZZ�1 — —FS:gn0 't/ AGENDA REPORT CITY OF MOORPARK TO: The Honorable City Council The Planning Commission FROM: Jaime Aguilera, Director of Community Developmeaf Deborah S. Traffenstedt, Senior Planner -2,-C DATE: January 18, 1995 (CC/PC Meeting on 1-25-95) SUBJECT: CONSIDER STATUS REPORT ON BOLLINGER DEVELOPMENT CORPORATION'S PROPOSED MOORPARK COUNTRY CLUB ESTATES PROJECT (GPA-94-1, Z-94-1, VTR-4928, PM-94-1, RPD-94-1, CUP-94-1) AND DISCUSS PROJECT ALTERNATIVES AND FISCAL ISSUES BACKGROUND A joint Planning Commission/City Council workshop has been scheduled to provide an opportunity for a status report on the Moorpark Country Club Estates project, and to assist with the development of project alternatives and mitigation measures to minimize or avoid potential environmental impacts. The proposed project involves multiple entitlements, including a General Plan amendment, zoning change, subdivision maps, a residential planned development permit, and a conditional use permit. The development proposal includes 241 single-family dwelling units (25 of which are proposed to be affordable) , two 18- hole golf courses and related facilities (one golf course is proposed to be a municipal course) , public trails, a park and an equestrian staging area. The proposed project density requires a General Plan amendment from Rural Low (1 dwelling unit/5 Acres) to Rural High (1 dwelling unit/1 Acre) . Averaged over the entire 655 acre site, the proposed density equals approximately .4 dwelling unit per acre (in other words, a density of less than one dwelling unit for every 2 gross acres) . The current zoning is Rural Exclusive 5 Acre minimize lot size; the proposed zoning is Rural Exclusive and Residential Planned Development, with the acreage designation to be determined. For the market rate single-family development, the minimum lot size is .24 acre, the maximum lot size is 9 . 70 acre, and the average lot size is .79 acre. A copy of the proposed land use plan is attached (Attachment 1) . A copy of the proposed Vesting Tentative Tract Map (No. VTR-4928) has been provided to the City Council and Planning Commission under separate cover. dat-01-18-95/11:54amC:\NP51\BOLLZNGR\CCPC1-25.14TG The Honorable City Council and The Planning Commission January 18, 1995 Page 2 DISCUSSION The proposed format for the workshop, which has been scheduled as an Action/Discussion item, is as follows: A. Project Description and Status Report (staff, applicant, and environmental consultant) B. Presentation from Bond Consultant C. City Council and Planning Commission Questions and Discussion D. Public Comments E. City Council Direction to Staff Status Report The Professional Services Agreement between the City and the Planning Corporation for preparation of an Environmental Impact Report (EIR) and provision of related services was executed on June 17, 1994 . The project application was deemed complete on June 29, 1994 . A Notice of Preparation of a Draft EIR was distributed to responsible and trustee agencies and interested persons in August 1994 . Actual work on the Draft EIR was begun in November 1994, following City Council approval of a scope of work for the EIR and receipt of the required deposit from the project applicant to fund preparation of the EIR and related work. Based on the requirements of State law and the agreement between the applicant and the City for preparation of the EIR, the City must make an EIR certification decision by September 27, 1995. Based on Section 65950 . 1 of the Government Code, the City must approve or disapprove the project within 90 days after certification of the EIR (before December 26, 1995) . Potentially significant environmental impacts have been identified through the Notice of Preparation and scoping process . The approved EIR scope of work generally described the alternatives to be analyzed in the EIR (see Attachment 2) . Based on preliminary input from the environmental consultant and the neighboring property owners, staff felt that it would be helpful to schedule a workshop prior to completion of the Draft EIR, to provide an opportunity for discussing preliminary environmental study findings . The neighboring property owners in the vicinity of Walnut Canyon Road have been particularly concerned with land use compatibility issues and the need for appropriate setbacks and/or compatible lot sizes. dat-01-18-95/11:54anC:\WP51\BOLLINGR\CCPC1-25.NTG The Honorable City Council and The Planning Commission January 18, 1995 Page 3 There are also fiscal issues related to the proposed project. The applicant's proposal is to provide a municipal golf course in exchange for the City's issuance of tax-exempt municipal bonds to fund public infrastructure and construction financing for the municipal golf course. The applicant further proposes that the City accept a portion of the debt generated by the bonds . The applicant has disputed staff's recommendation that an independent analysis is required of the potential revenue or fiscal impacts that could result from the applicant's proposal. A copy of the initial financial analysis done by Economics Research Associates for the applicant is attached (Attachment 3) . Also attached (Attachment 4) is a copy of a preliminary analysis by Rauscher Pierce Refsnes, Inc . , of the proposed project bond financing. It is staff's recommendation that the project cost and revenue estimates, golf course feasibility, and proposed bond financing should be independently reviewed by a qualified consultant, retained by the City at the developer's expense, to ensure that any potential costs or risks to the City are adequately identified. The applicant has arranged for his bond consultant to provide a short presentation at the workshop and to be available for questions . Staff proposes to schedule an action/discussion item at a regular City Council meeting, following the workshop, to further discuss the fiscal issues related to the project. STAFF RECOMMENDATION City Council and Planning Commission 1. Consider staff, applicant and environmental consultant status reports and information presented by bond consultant. 2 . Discuss any City Council and Planning Commission concerns regarding project land use plan/site plan, and suggestions for alternative land uses, density, location of uses, and/or mitigation measures, which would minimize or avoid potentially significant environmental impacts . 3 . Consider public comments. City Council 1. Provide direction to staff and environmental consultant as deemed appropriate. 2 . Direct staff to schedule an action/discussion item to discuss the fiscal issues related to the proposed project. Attachments: 1. Draft Land Use Plan 2 . Alternatives description from EIR Scope of Work 3 . Economics Research Associates Initial Financial Analysis 4 . Rauscher Pierce Refsnes, Inc . ,. 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'hitt04\a-.41.:•\ ---------\\,, --.**411 Itr° il ..\ . '- '‘'° ' '47 -' W ' folkiivti(4,,Arriv..•A;iviitm,..._- 110 ;IN zif,- , ts4;-, 17.4, .. _2111111! liky.S. i7[ 1 •gi it Hi y ii II NI la a r-111 ''\, ',.. *Ai dIttiol'av1/4W1 _r___\./Th‘.., �:.r 'rni' �''IlhgY,, Va.Z� 1 /' 4 4 4 4 • tit-'444.7._-mxvi,t-lifx,4\7-opkw:,:,./400.4- it ,, . „...,,,,,, ,,,,4,14"..,il.,1,0,. ......,,t4.4,0#1: --- - I it, ,, ,,tzlii ITeliwilk (if •mow Ni 4,04, •-:iNkNi\. , \ 1 '))»�l,:._\,!-.:-.. A'• o„ \ti,, w.1);,.1);,)-Ar. , 17 Insignificant Effects Based on existing information, the following impacts are projected to be insignificant: (1) cultural, historic and archaeological resources (subject to review and verification of the findings in the Phase I report); (2) housing and effects on population; ---- (3) agricultural production and loss of agricultural land; (4) paleontological resources (subject to completion of a Phase I assessment to be funded by the applicant). This section of the EIR will contain a brief synopsis of the data used to conclude that certain environmental effects were judged to be insignificant. Reference will also be made to the annotated Initial Study which contains a brief review of effects -- determined to be insignificant. Participants-and Costs This section of the document will be completed by Planning Corporation staff for a total cost of S1,000. 18 Alternatives The Alternatives analysis will be prepared to satisfy the objectives of CEQA Guidelines and the interpretation of these Guidelines through recent litigation. Written approval of the alternatives to be analyzed will be obtained from the City prior to initiating the alternatives analysis. This section of the document is one of the most important work products in an EIR and therefore a procedure that the Planning Corporation has found effective in the analysis of alternatives will be implemented to complete this section. This procedure is outlined below. (1) Once the impact analysis is complete, the applicant, consultant, and City will meet to review consultant recommendations for modifying various aspects of the project to minimize environmental effects. These proposed modifications will involve both on-site and off-site resources and concerns. Based on the results of this negotiation process, a revised project alternative may be identified that is superior to the project as proposed. If consensus is obtained, this alternative will be described in sufficient detail in the Alternatives chapter that the decision-makers -- _ could adopt the revised project rather than the proposed project. A • table comparing the impacts of the project and the consensus based alternative would be prepared to illustrate the beneficial effects of the proposed modifications. S ATTACHMENT 2 Moorpark Estates EM Proposal -27 (2) If no consensus on revisions to the project is achieved, then several design alternatives would be conceived including a project involving more clustering of residential units, less mass grading, and use of both contour and mass grading. This alternative would probably result in a reduction in residential density. If consensus is achieved, a reduced project alternative would be evaluated but the scope of the analysis for this option would be less intensive than a consensus alternative. (3) Depending on the results of the fiscal analysis, it may not be feasible to develop both a semi-private and public golf course within the project boundary. In this case, an alternative would be conceived that would involve the construction of a single municipal or semi- public golf course and modification of the site design to minimize ridgeline mass grading. (4) As required by CEQA guidelines, a review of the No Project Alternative will also be provided. -- - (5) Several lower residential unit density alternatives will be considered if such alternatives will substantially reduce the impacts of the project. _._. Ranchette type of development on ridgelines and cluster development in lower lying portions of the property will be considered as a primary alternative to reduce grading impacts along ridgelines. This option may only be feasible if a single golf course is constructed. Developing the project under existing land use designations (approximately 131 dwelling units) [RE 5 Ac.] will also be considered (the original proposal submitted by Bollinger Development Corporation). (6) An alternative location for the project will also be considered. Each alternative will be evaluated with respect to significant impact categories - identified for the proposed project. As required by court interpretations of CEQA Guidelines, the advantages and disadvantages of each alternative and the reasons for rejecting or recommending various alternatives will be provided. An environmentally superior alternative, or alternatives, will also be identified. As required, if the environmentally superior alternative is the no-project alternative, then the EIR will identify other superior alternatives as well. Participants and Costs This section of the document will be completed by Planning Corporation staff for a • total cost of S3,550. Moorpark Estates states EIF Proposal -28 Mk Economics Research Associates Affiliated with Duvets Jonas • MEMORANDUM • TO: Mr. Paul Bollinger FROM: Mr. Gene P. Krekorian Ms. Diane D. O'Brien DATE: January 21, 1993 RE: Moorpark Golf Course Attached are several tables which were used in formulating financials for the proposed Moorpark Golf Course. Table 1 lists characteristics of surveyed high-quality daily fee courses throughout Southern California. Weekday greens fees for 18 holes at these facilities ranges from $35 to $90, including cart. On the weekend, rates range from $50 to $90, including cart. Facilities proximate to the Moorpark course include Ojai Valley Inn resort course and Malibu Golf Club which report annual play levels of approximately 50,000 to 60,000 total rounds. Table 2 presents selected characteristics of public facilities serving the primary market area. Rounds at these courses vary considerably depending on rate structure. At the high volume courses, average greens fee per round is in the$12 to$14 range. We estimate Camarillo Springs is averaging about $20 per round (plus cart) with play estimated at 75,000 rounds. Table 3 lists golf courses planned and proposed for the North Los Angeles-South Ventura County region. Included are the Thousands Oaks Municipal Course, two courses proposed in Simi Valley, the Ahmanson Ranch courses, Canyon Oaks, and others less likely to enter the market in the foreseeable future. • • ATTACHMENT 3 10990 Wilshire Boulevard.Suite 1600.Los Angeles.California 90024•(310)477-9585 Telex:857661 (ECON RES LA) Fax:(310)478-1950 Los Angeles•San Francisco•San Diego•Chicago•Boston•Washington.D.C.•Fort Lauderdale T C a o® CI � o � v,h vim O u � BSO 5$� odb! ^w�loC � ,nm w o � 8 °D " N `*• c - r enTN HH H� :O 'O C'' — o0 cn nFa 0-a Z 6 N. . zzo .. F F u - U 2a P•C vl.. 5 IMWC - •U � j M .r- 0 � 8 8 hh N >n� w 7C .c. -6r 8lON � Cr Ch N � N .'^ 0ZOcn ' � �" �.' � 8Y10N � L .... .101 Crel t, c� ' a HH HH H� U ch --• O h t't O •o odyn r Z U ,�C a v q 44 a 0 • CD es .:. .v, I.. UU ^y C sa (,�] Li el u a U G vP.r4 0 0 y cowin vl O SQgg� O T GL O. L. 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E// _ _ 2 a \\ } 3 c { ) _ £f t•; f I 0 < / . ° ! « \d I § § j\ \ �7 /) 0 / ) < 2 — c A — «cd 0z = ' -g` _ r 0 / co �) �k )m k� 9 2 & `\ 22 � ; 7 § _ _ \■ } \ k \\2 § k1 i � c CO < E § § /f < $0 2 3 / y \ ]/ 3. /a • Exhibit A ® MOORPARK DAILY FEE GOLF COURSE FINANCIAL ANALYSIS--BASE CASE (In CarrentS000s) 1 2 3 4 5 6 7 8 9 10 Total 60,000 65,000 70,000 70,003 70,000 70,000 70,000 70,000 70,000 70,000 REVENUE Greens Fm $1,549 51,745 51,954 52,032 52,114 52,198 52,286 52,377 52,473 52,571 521,299 Carts 395 428 461 461 461 461 461 461 461 461 4,507 Practice Range 150 169 189 197 205 213 221 230 239 249 2,063 Pro Shop 240 270 303 315 328 341 354 363 383 399 3,301 F&B/Grill 300 338 379 394 409 426 443 461 479 498 4,126 F&B/Special Events 125 130 135 141 146 152 158 164 171 178 1,501 Gloss Revenue 52,758 53,080 $3,421 .53,539 $3,662 $3,790 53,923 $4,062 $4,206 $4,356 $36,797 Las:Cost of Sales .. Pro Sbop 156 176 197 205 213 221 230 239 249 259 2,146 Food and Beverage 149 164 180 187 194 202 210 219 228 237 1,969 Subtotal Cat of Sales $305 $340 $377 $392 $407 $424 $441 $458 $477 $496 54,115 TOTAL REVENUE 57,454 52,740 53,044 53,147 53,255 53,367 $3,483 $3,604 $3,729 53,860 $32,682 OPERATING EXPENSES Course Operstions Salaries and Benefits $300 5312 $324 $337 5351 $365 5380 $395 $411 S427 $3,602 0 Water&Utilities 125 130 135 141 146 152 158 164 171 178 1,501 Services&Supplies 150 156 162 169 175 182 190 197 205 213 1,801 Replacement Reserve-Course 60 62 ' 65 67 70 73 76 79 82 85 720 Replacement Reserve-Equip. 40 42 43 45 47 49 51 53 55 57 480 Subtotal Count $675 $702 $730 5759 $790 $821 $854 $888 $924 $961 58,104 Goll Operations Pro Shop Stall $125 $130 $135 $141 $146 $152 $158 $164 $171 $178 $1,501 Can Leasing. 60 62 65 67 70 73 76 79 82 85 720 Cart MaintJStaS 50 52 54 56 58 61 63 66 68 71 600 Praxis Range 20 21 22 22 23 24 25 26 27 28 240 Misitaaeou: 20 21 22 22 23 24 25 26 27 28 140 Subtotal Operations 5275 5286 5297 5309 5322 5335 5348 5362 $376 5391 53302 Food&Bev.Op.Expenses 196 215 236 '246 256 266 276 288 299 311 2,588 Clubbouse Undistributed - 50 52 54 56 58 61 63 66 68 . 71 600 General&Administrative Salaries&Benefits $110 $114 $119 $124 $129 $134 $139 $145 $151 5157 1,321 Insurance 50 52 54 56 58 61 63 66 68 71 600 Advertising 45 47 49 51 53 . 55 57 59 62 64 540 Other Services&Supplies 60 62 65 67 70 73 76 79 82 85 720 Management Fee 120 125 130 135 140 146 152 158 164 171 1,441 Subtotal G&A $385 $400 $416 $433 $450 $468 5487 $507 $527 $548 $4,622 TOTALFXPENSES $1,581 51,656 . $1,734 $1,804 $1,876 $1,951 $2,029 52,110 $2,195 $2,282 519,217 ®NET OPERATING INCOME $873 S1,085 51,310 51,344 $1,379 $1,416 $1,454 $1,494 51,535 51,578 513,465 Exhibit B le MOORPARK DAILY FEE GOLF COURSE FINANCIAL ANALYSIS--UPSIDE (In Current $000s) • 1 2 3 4 5 6 7 8 9 10 Total 60,000 65,000 70,000 770,01) 70,000 70,000 70,000 70,000 70,000 70,000 REVENUE Greens Foes 51,763 $1,992 52,231 $2,320 S2,413 52,510 $2,610 S2,715 52,823 $2,936 $24319 Carts 395 428 461 461 461 461 461 461 461 461 4,507 Practice Range 150 169 189 197 205 213 221 230 239 249 2,063 Pro Shop 240 270 303 315 328 341 354 368 383 399 3,301 F&B/GrilI 300 338 379 394 409 426 443 461 479 498 4,126 F&B/Speaal Events 125 130 135 141 146 152 158 164 171 178 1,501 Groes Rcvcnuc 52,978 53,327 53,698 53,827 53,962 $4,102 $4,247 $4,399 $4.556 $4,720 $39,817 Las:Cat of Sala •. Pro Shop 156 176 197 205 213 221 230 239 249 259 2,146 Food and Beverage 149 164 180 187 194 202 210 219 228 237 1,969 Subtotal Cost of Sales 5305 5340 5377 5392 5407 $424 5441 $458 $477 $496 54,115 TOTALREVENUE 57673 52,968 53,321 53,435 $3,554 53,678 53,807 $3,941 54,080 $4,225 535,702 OPERATING EXPENSES Course Operations Salaries and Beacfts 5300 S3I2 $324 $337 $351 5365 5380 $395 $411 $427 53,602 ® Water&Uulities 125 130 135 141 146 152 158 164 171 178 1,501 Se[v4m&Supplies 150 156 . 162 169 175 182 190 197 205 213 1,801 Replacement Reserve-Course 60 62 65 67 70 73 76 79 82 85 720 Replacement Racnc-Equipmen 40 42 43 45 47 49 51 53 55 57 480 Subtotal Count $675 $702 5730 $759 $790 $821 $854 $388 $924 $961 $8,104 Golf Operations Pro Shop Staff $125 $130 $135 $141 $146 $152 5158 $164 5171 $178 $1,501 • Gra Leasing 60 62 65 67 70 73 76 79 82 85 720 Cart MaintRtaff $0 52 54 56 58 61 63 66 68 71 600 Practice Range 20 21 22 22 23 24 25 26 27 28 240 Miscellaneous 20 21 22 22 23 24 25 26 27 28 240 Subtotal Operations 5275 $286 5297 $309 $322 5335 5348 $362 $376 $391 $3,302 Food&Bev.Op.Eapensa 196 215 236 246 256 266 276 268 299 311 2,588 Clubhouse Undistributed 50 52 54 56 58 61 63 66 68 71 600 General&Administrative Salaries&Benefits $110 $114 $119 $124 $129 5134 $139 2145 5151 5157 1.321 Insurance 50 52 54 56 58 61 63 66 68 71 600 Advertising 45 47 49 51 53 55 57 59 62 64 540 Other Services&Supplies 60 62 65 67 70 73 76 79 82 85 720 Management Fee 120 125 130 135 140 146 152 158 164 171 1,441 Subtotal G&A 5385 5400 • .$416 5433 5450 5468 5487 $507 5527 5548 54,622 TOTAL EXPENSES $1,581 $1,656 51,734 $1,804 $1,876 51,951 57029 $2,110 $2,195 $2,282 519,217 ®NET OPERATING INCOME $1,093 $1,332 51,587 $1,632 51,679 51,727 $1,778 $1,831 $1,885 $1,942 $16,485 Economics Research Associates Addialed ,irh Driers Jonas September 8, 1992 Bollinger Development Corporation 2820 Townsgate Road Suite 200 Westlake Village, CA 91362-3000 Prci, ,sai ;Co. 30248 I was very impressed with the subject site and the opportunity to develop two high quality regulation-length golf courses. Based on our discussions, we understand that Bollinger Development Corporation proposes development of two 18-hole courses along with 128 custom lots. One of the courses may be dedicated to the City of Moorpark and financed with tax-exempt COPs, while the other is retained by the developer. At this time, it is likely that both courses would be operated as daily fee facilities. It may be appropriate to operate the municipal (Moorpark) course under a two-tier ® greens fee structure, offering Moorpark residents discounts and possibly preferential tee times, subject to some limitations. This would result in (1) added incentive for the City to participate in this process; and (2) the opportunity to charge non-residents similar rates at both courses since each course will be designed as a premier daily fee course. Given the demographic make-up of Moorpark, we would expect 30 to 40 percent of the municipal course play to derive from Moorpark residents. The developer-retained west course potentially could be sold or converted to a private equity (or non-equity) course. Thus, flexibility in clubhouse and support facilities would be incorporated in the design to accommodate this downstream possibility. We believe we are extremely well qualified to analyze the market and financial feasibility of a golf complex in this area. We are familiar with most of the high end daily fee golf courses in Southern California, having conducted the initial feasibility assessment of the Tustin Ranch and Tijeras Creek courses in Orange County, and the just completed Redhawk course in Rancho California. With respect to private courses in the area, we have been involved with the Wood Ranch golf course and the proposed i C course on the Ahmanson Ranch just southeast of Westlake. A more extensive list of Southern California golf course qualifications has been attached to this proposal. Within the past year, we also have conducted comprehensive assessments of the River Ridge Golf Club in Oxnard and Buenaventura and Olivas Park courses in Ventura. The objective of these studies was to determine future positioning of the courses, conduct operating audits, and analyze operating options. 10990 Wilshire Boulevard,Suite 1600. Los Angeles.California 90024•(310)477-9565 Telex:857661 (ECON FES LA) Fax:(310)478.1950 Los Angeles•San Francisco•San Died •Chicago-Boston•Washington. D C. • Forl Lauderdale Economics Research Associates • 40 GENE P.KREKORIAN . • Senior Vice P.ese+ent • MOORPARK DAILY rib.GOLF COURSE FINANCIAL ANALYSIS (In Q rrcnt=Kb) • 1 3 4 $ 6 7 e 1 9 10Total 56,000 62,000 65.000 65,000 65,007 65,000 6$,000 65.030 65,002 65,000. REVENUE Gana pots 53,764 sags =223 523O9 57,401 12497 52497 57,701 52,$09 52, 21 $24,25 Ora • 363 403 a C3 a 4Y3 43 423 423 428 4,150 PackccE t 146 164 1S3 190 193 7+6 . 214 Zr+ 23I 241 1,9co^ Pro Sbop 233 2633 252 - 304 316 329 342 356 70_ 35 3,795 Fk13/Cmll 291 33.5 366 332 595 411 424 445 463 481 3,995 F&134 orLak Eva3 130 135 141. 146 152 153 164 171 178 185 1,561 • Grecs 11.--....". V .,97,7 SN50 53,629 53,957 53,890 54,029 54,173 5423 54,478 $4,641 539,377 Lc=Cost°(Saks no s5op 151 174 190 193. 2% 214 2Z' 231 241 250 2,077 • Food sod 73evaage. 147 165 177 154 192 199 7 216 224 233 1.945 SubtC:l Cost a's:fa 5299 70 5339 5x67 5382 5397 5413 5430 5447 5465 5483 54.025: 213TALR.SvntE 57,633, a011 ..c.4.2•47 S3.375 53,493 53,616 53,743 .53,376 54,014 54,157 5354.45 0PERAI2:GDG'EN$ES Come open keg • • Sdcca sadEeoe3 5312 5324 5357 5351 5355 . 1350 5345 $411 SCC $444 53,7461 Wet=&t it is �1:caj 13i :2 IS)A1 146 1 164 171 373 135) 1,561 • Sar. aSc LH IC ICS 17$ =...4 197 75 =5 3 r.. y.:3: RT.�.I Rccve,Co to 62 65 67 7073 16 79 £2 as 89 749 Rtptsoaaat Racvc-Egt . 42 43 45 47 49 51 53 55 57 59 4991 - Scbtorl Cot= $702 $230 5759 5790 5`$22 5354 5553 5924 5561 5999 13.(4241 0o![O2cu7oca Fro$Sop St'S 5130 5135 5141 5146 5152 5153 5164 5171 5173 5135 51.561: CsutLcs ag 62 65 67 70 3 76 19 £2 SS 89 7491 Cutler-tiSu.K '1" 54 56 53 61 C 66 43 71 74 624 i Paeicc Rzate 21 22 22 23 24 25 26 27 23 30 2501 Ittenlancoes i 21 22 22 23 24 25 26 27 23 30 2501 :71SubW1 Opca6oa •e 5256 W7 5+09 S32Z 2335 5344 5362 1376 $391 5407 53,4341 Food 128cv:Op,E> 4s [ 194 216 233 242 . 252 262 272 233 295 306 25561 Oabboaact.Incrianbatcd 52 54 56 53 61 63 66 • 64 71 74 40,4i Gexa1 A Adalatc rape , • Salu et 6c Boc{u 5114 $119 5124 SW 5114 5139 5145 5151 5157 5163 1,3731 II iasaaax 52 54 56 58 ul 63 66 CS 71 74 6141 AdvatEtcg 47 49, 51 53 55 57 59 42 a 67 5621 OtbaScrrlces C Sup9Ca •62 65 67 70 73 76 79 82 B5 89 749 I Maaactr'eat Fere 125 130 135 140 146 152 153 144 171 178 14493 I Subtotal GCA 5400 5416 5433 5450 5468 5437 5507 5511 5543 5570 54.807 719794.1E7MENSES 51.514 5014 57,791 51.442 51y37 52,014 n.095 52,179 57,266 52.55757-9.801 trerorERATTNG NCC'ME 5t004 si377 51.471 nsn n ccc ti cot 51.648 51,697 51,748 51501 515,5361 Exhibit A IllMOORPARK DAILY FEE GOLF COURSE FINANCIAL ANALYSIS--BASE CASE (In Current S000s) 1 2 3 4 5 6 7 8 9 10 Total 1 60,000 65,000 70,000 70,000 70,000 70,000 70,000 70,000 70,000 70,000 REVENUE Greens Fees 51,549 $1,745 51,954 52,032 52,114 52,198 52,286 52,377 $2,473 $2,571 521,299 Carts 395 428 461 461 461 461 461 . 461 461 461 4,507 Practice Range 150 169 189 197 205 213 221 230 239 249 2,063 Pro Shop 240 270 303 315 328 341 354 368 383 399 3,301 F&BJGrill 300 338 379 394 409 426 443 461 479 498 4,126 FS,85p:dal Events 125 130 135 141 146 152 158 164 171 178 1,501 Gross Revenue 52,758 53,080 53,421 .53,539 53,662 53,790 53,923 54,062 54,206 54,356 536,797 Less:Cost of Sales Pro Shop 156 176 197 205 213 221 230 239 249 259 2,146 Food and Beverage 149 164 180 187 194 202 210 219 228 237 1,969 Subtotal Cat of Sales $305 5340 5377 5392 5407 S424 5441 5458 5477 5496 54,115 TOTAL REVENUE 52,454 52740 53,044 53,147 53,255 53,367 53,483 53,604 53,729 53,660 532,682 OPERATING EXPENSES Course Operations Salaries and Benefits 5300 5312 5324 $337 5351 5365 5380 5395 5.411 5427 53,602 Water&Utilities ® Services&Supplies 125 130 135 141 146 152 158 164 171 178 1,501 150 156 162 169 175 182 190 197 205 233 1,801 Replacement ReacncCourse 60 62 ' 65 • 67 70 73 76 79 82 85 720 Replacement Reserve-Equip. 40 42 43 45 47 49 51 53 55 57 480 Subtotal Course 5675 $702 $730 $759 $790 5821 $854 $888 $924 5961 $8,104 Golf Operations Pro Shop Staff 5125 5130 5135 5141 5146 5152 5158 $164 5171 5178 51,501 Cart Leasing 60 62 65 67 70 73 76 79 82 85 720 Cart Maint/Suff 50 52 54 56 58 61 63 66 68 71 600 Pumice Range 20 21 22 22 23 24 25 26 27 28 240 MisoeSzhea:: 20 21 22 22 23 24 25 26 27 28 240 Subtotal Operations 5275 5286 5297 5309 $322 $335 S348 5362 5376 5391 53,302 Food&Bev.Op-Expenses 196 215 236 '246 256 266 276 288 299 311 2,588 Clubhouse Undistributed 50 52 54 56 58 61 63 66 68 71 600 General&Administrative Salaries&Benefits 5110 $114 $119 5124 5129 $134 $139 5145 5151 $157 1,321 Insurance 50 52 54 56 58 61 63 66 68 71 600 Advertising 45 47 49 51 53 55 57 59 62 64 540 Other Services&Supplies 60 62 65 67 70 73 76 79 82 85 720 Management Fee 120 125 130 135 140 146 152 158 164 171 1,441 Subtotal GRA 5385 5400 5416 5433 $450 $468 5487 5507 $527 $548 54,622 TOTAL EXPENSES $1,581 51,656 ' 51,734 51,804 $1,876 $1,951 52,029 $2,110 $2,195 $2,282 $19,217 ®NET OPERATING INCOME, $873 51,085 51,310 S1,344 $1,379 S1,416 51,454 51,494 51,535 $1,578 513,465 Exhibit B iii MOORPARK DAILY FEE GOLF COURSE FINANCIAL ANALYSIS--UPSIDE (In Current SOOOs) • 1 2 3 4 5 6 7 8 9 10 Total 60,000 65,000 70,003 73,04.10 70,000 70,000 70,000 70,000 70,000 70,000 REVENUE Greens Fees 51,768 SI,992 $2,231 52,320 $2,413 $2,510 52,610 $2,715 $2,823 $2,936 $24,319 Carts 395 428 461 461 461 461 461 461 461 461 4,507 Practice Range 150 169 189 197 205 213 221 230 239 249 2,063 Pro Shop 240 270 303 315 328 341 354 368 383 399 3,301 F84RKrill 300 338 379 394 409 426 443 461 479 498 4,126 F&B/Special Events 125 130 135 141 146 152 158 164 171 178 1,501 Gross Revenue $2,978 $3327 53,698 13,627 53,962 $4,102 $4,247 $4,399 54.556 54,720 539,817 Less:Cost of Sales Pro Shop 156 176 197 205 213 221 230 239 249 259 2,146 Food and Beverage 149 164 180 187 194 202 210 219 228 237 1,969 Subtotal Cost of Sales $305 $340 $377 1392 $407 $424 $441 $458 $477 $496 $4,115 TOTAL REVENUE $2,673 $2,988 £3321 53,435 $3,554 $3,678 $3,807 $3,941 $4,080 $4,225 $35,702 OPERATING EXPENSES Count Operations Salaries and Benefits $300 $312 $324 5337 5351 $365 $380 $395 $411 $427 $3,602 Water&Utilities ® 125 130 135 147. 146 152 158 164 171 178 1,501 Setviees&Supplies 150 156 162 169 175 182 190 197 205 213 1,801 Replacement Reserve-Course 60 62 65 67 70 73 76 79 82 85 720 Replacement Reserve-Equipmen 40 42 43 45 47 49 51 53 55 57 480 Subtotal Count $675 $702 $730 $759 $790 $821 $854 $888 $924 $961 $8,104 Golf Operations Pro Shop Staff $125 $130 $135 $141 $146 $152 $158 $164 $171 $178 $1,501 • Cart Leasing 60 62 65 67 70 73 76 79 82 85 720 Cart Maint./Staf1 50 52 54 56 58 61 63 66 68 71 600 Practice Range 20 21 22 22 23 24 25 26 27 28 240 Miscellaneous 20 21 22 22 23 24 25 26 27 28 240 Subtotal Operations 5275 $286 $297 $309 $322 $335 5348 £362 £376 $391 $3,302 Food A Bev.Op.Expenses 196 215 236 246 256 266 276 288 299 311 2,588 Clubhouse Undistributed 50 52 54 56 58 61 63 66 68 71 600 General&Administrative Salaries&Benefits $110 $114 $119 $124 $129 $134 $139 $145 $151 $157 1321 Insurance 50 52 54 56 53 61 63 66 68 71 603 Advertising 45 47 49 51 53 55 57 59 62 64 540 Other Services&Supplies 60 62 65 67 70 73 76 79 82 85 720 Management Fee 120 125 130 135 140 146 152 156 164 171 1,441 Subtotal G&A 5385 $400 • $416 $433 $450 $468 5487 5507 $527 $548 54,622 ®TOTAL EXPENSES $1,581 $1,656 $1,734 $1,804 $1,876 $1,951 $2,029 $2,110 $2,195 $2,282 $19,217 NET OPERATING INCOME $1,093 $1,332 $1,587 $1,632 $1,679 $1,727 $1,778 $1,831 $1,885 $1,942 $16,485 1.4 RAUSCHER PIERCE REFSNES,INC. April 21, 1993 )° Mr. David Mitchell Vice President Bollinger Development Corporation 2820 Townsgate Road Suite 200 Westlake Village, CA 91361-3000 Dear Mr. Mitchell: Enclosed is a preliminary analysis of the proposed municipal golf course and Mello- Roos issue for the planned housing development in the City of Moorpark. Municipal Golf Course Based on our preliminary analysis, it would appear the municipal golf course can be financed using tax-exempt Certificates of Participation. The numbers are based on the precursory numbers supplied to us as developed by Economic Research Associates. We would strongly suggest the minimal coverage ratio of net revenues over debt service payments be at least equal to 1.3 times. However, the optimal coverage ratio for this type of project should be 1.5 times. The issue can be structured by which the City of Moorpark would benefit from all the net revenues over this coverage ratio. jalaiti Tab A of this report presents the financing for the municipal golf course using a fixed rate Certificate of Participation issue. The minimum annual coverage ratio produced by using a fixed rate obligation is 1.35x. Tab 13 of this report presents the financing for the golf course utilizing a variable rate structure. Although this is the most cost-effective method based on today's market, it also carries the greatest degree of risk in terms of interest rates. However, to minimize this basis point risk, there may he a possibility of obtaining an "interest rate cap." '[his interest rate cap is costly to purchase, but the reduced exposure may outweigh the increased cost. • The numbers presented under Tab B do not consider the purchase of an interest rate cap. Tab C presents the financing using Capital Appreciation Bonds (CABs), or sometimes called "zero coupon bonds." '[his may be the most practical approach to finance this golf course. Though the interest rates are higher than the traditional fixed rate obligations, the CABs offer the City the ability to tie the net revenues of the golf course to the debt service on the bonds. '[he payments are delayed for several years to allow for the accumulation of revenues to meet future debt service. ATTACHMENT M 801 N. Brand Boulevard.Suite 650 • Glendale. California 91203-1243 • (818)5'Y 8055 • FAX(818) 548-7049 Member New York Stock Exchange; Inc. 111 Mr. David Mitchell Bollinger Development Corporation April 21, 1993 Page 2 Mello-Roos Bonds In addition to the above, we also did a brief analysis on the tax-exempt issue for the Mello-Roos Bonds. This also is a viable project with some fine tuning. These numbers are also enclosed under Tab D for your review. Approximately $22.7 million can be generated from the issuance of these bonds to finance various infrastructure for the project. After your review of the enclosed material, if you have any questions at all, please do not hesitate to call me. I would be pleased to meet with the City of Moorpark to answer any questions they may have concerning these financings. Sincerely, a111 Kenneth Ough Vice Prest. � KDO/bg a I I a a a a I RADS( :1-IER PIERCE REESNES, INC. I, I City of Moorpark I Moorpark Municipal Golf Course Project Utilizing Tax-Exempt Certificates of Participation M Fixed Rate 4/20/93 I USES OF FUNDS I 111 Construction Cost of Municipal Golf Course $9,440,897 Less: Investment Earnings During Construction 465,378 I Net Proceeds For Construction $8,975,519 Costs of Issuance 637,400 a Capitalized Interest 2,686,005 Reserve Fund 1,134,695 Contingency 1,381 IPrincipal Amount of Certificates of Participation $13,435,000 I [ ASSUMPTIONS 1 I Dated Date: 1/1/94 Delivery Date 1/1/94 Term of Financing: 30 years ICosts of Issuance: $637,400 Reinvestment Rate: 4.00% IAverage Interest Rate on Certificates: 6.76% I Construction Period: 1.5 years Length of Capitalized Interest: 3 years Minimum Coverage Needed: 1.35x illRating Baa a • I ail" a I . 0000000000000000000000000000000 0 0 00 0 e 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -7. 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E ill iz n N r _ 44r-4 T •f. . r cc P o - T ./ O• a en T .f m P o - ef' en n e a a c c a a c c o 0 0 o c o 0 0 a a a City of Moorpark IMoorpark Municipal Golf Course Project Utilizing Tax-Exempt Certificates of Participation Variable Rate 1111 4/20/93 IIUSES OF FUNDS I Construction Cost of Municipal Golf Course $9,440,897 Less: Investment Earnings During Construction 290,336 N Net Proceeds For Construction $9,150,561 Costs of Issuance 626,200 Letter of Credit Fee (3 years) 264,775 I Capitalized Interest 669,656 Reserve Fund 1,190,500 Contingency 3,308 IIIPrincipal Amount of Certificates of Participation $11,905,000 NII ASSUMPTIONS I II Dated Date: 1/1/94 Delivery Date: 1/1/94 Term of Financing: 30 years laCosts of Issuance: $626,200 III Reinvestment Rate: 4.00% Average Interest Rate on Certificates: 1.88% 101 Construction Period: 1.5 years Length of Capitalized Interest: 3 years Minimum Coverage Needed: • I.3x Rating (based on LOC Bank): Aa • Is . , --i M 0000000000000000000000000000000 to Q 0 0 0 0 0 0Nm 0e 0 00N 0P 0v\ 0 0eN 0Na 0 0Nr 0b 0N1 0Pto O 0 0Tre 0 0e1 0N 0v 000 0_0 G QOOOOO00000O0000000000000000 U ` 000viovoN 0„ 0000000 ✓ 4 ro000oewo ^ en - PN - . 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S - T O Z P V n - rl T n r 0 I m r. m rl m m rt rt en -rS T v. •r. .0 YJ r m m P x m _ m d • -.- v- .0 P O - r! .O x P o - r m T `r, c r x 0, O T O. P 0l 7. ^ O o O O O O O O O O _ _ _ N `I r ., N NI City of Moorpark Single Family Home Construction Project Utilizing Mello-Roos Bonds (For Public Infrastructure- Tax-Exempt) Ill4/21/93 Assumptions i N Number of Lots 196 AN Value Per Lot $459,000 Lien To Value Coverage Ratio 3 to 1 Estimated Total Value $89,964,000 IN Maximum Principal Amount of Bonds $29,988,000 Reinvestment Rate 3.50% Average Interest Rate on Bonds 7.50% IITerm of Bonds 30 years Average Annual Debt Service $2,584,000 t Sizing Analysis I IN Principal Amount of Bonds $29,900,000 Less: Costs of Issuance 1,396,000 Less: Capitalized Interest 4,485,000 INLess: Reserve Fund 2,585,750 Sub-total $21,433,250 I Investment Earnings During Construction 1,269,138 Total Amount Available for Contraction $22,702,388