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HomeMy WebLinkAboutPacket for IFAC 05-21-19 Rec'(� S"2t-('T bakertill y MUNICIPAL ADVISORS May 21,2019 now joined with Springsted and Umbaugh Members of the Carmel Baker Tilly Municipal Advisors,LLC Impact Fee Advisory Committee 8365 Keystone Crossing,Ste 300 One Civic Square Indianapolis,IN 46240 Carmel, IN 46032 United States of America T:+1 (317)465 1500 Dear Members of the Committee: F:+1 (317)465 1550 bakertilly.com The attached schedules(listed below),to be presented for discussion at the May 21,2019 meeting of the Impact Fee Advisory Committee, present unaudited and limited information for the purpose of discussion and consideration in the analysis of the proposed 2020 Recreation Impact Fee by the appropriate officers, officials and advisors of the Carmel Clay Parks and Recreation Department and the City of Carmel, including the membership of the Impact Fee Advisory Committee. The use of these schedules should be restricted to this purpose,for internal use only,as the information is subject to future revision and final report. Page 2 Summary of 2020 Impact Fee Calculation 3 Estimated Population and Housing Unit Growth 2020-2029 4 2019 Level of Service Calculation 5 Estimate of Current and Future Project Infrastructure and Costs 6 Estimated 2020-2029 Amenities Development and Cost—West Park 7 Estimated 2020-2029 Amenities Development and Cost—Northwest Park 8 Estimated 2020-2029 Amenities Development and Cost—White River Corridor 9 Estimated New Population Share of Principal Payments on Outstanding and Proposed Bonds 10 Estimated New Population Share of Capital Budget 11 Historical Recreation Capital Improvements Expenditures Not Funded Through Recreation Impact Fees, Donations or Debt 12 Historical Impact Fee Receipts and Expenditures 13 Indianapolis Metro Area 2019 Impact Fee Amounts In the preparation of these schedules, certain assumptions were made as noted regarding certain future events. As is the case with such assumptions regarding future events and transactions, some or all may not occur as expected and the resulting differences could be material. We have not examined the underlying assumptions nor have we audited or reviewed the historical data. Consequently,we express no opinion thereon nor do we have a responsibility to prepare subsequent reports. We would appreciate your questions or comments on this information and would provide additional information upon request. Very truly yours, BAKER TILLY MUNICIPAL ADVISORS LLC AtipiXe0(7 Matthew R.Eckerle Baker Tilly Municipal Advisors,LLC is a registered municipal advisor and wholly-owned subsidiary of Baker Tilly Virchow Krause,LLP,an accounting firm. Baker Tilly Virchow Krause,LLP trading as Baker Tilly is a member of the global network of Baker Tilly International Ltd., the members of which are separate and independent legal entities.©2019 Baker Tilly Municipal Advisors,LLC CARMEL CLAY PARKS AND RECREATION SUMMARY OF 2020 IMPACT FEE CALCULATION 2020 Impact Fee Calculation: Cost of meeting 2029 Park Infrastructure needs $39,022,525 (1) Less: Estimated non-local revenues (1,230,000) (2) Less: New resident contribution to bond principal payments (2,166,460) (3) Less: New resident capital budget contribution (2,553,190) (4) Capital costs to be funded by 2020 Impact Fees 33.072,875 Divided by estimated new housing units 6.530 (5) Estimated Maximum 2020 Impact Fee per housing unit $5.065 (1) See page 5. Represents estimated 2019 cost of infrastructure without inflation. (2) On February 20, 2015 the City was granted 9.75 acres of land for Sunrise on Monon Park which was valued at approximately $126,100 per acre or$1,230,000 per an appraisal dated February 26, 2015. (3) See page 9. (4) See page 10. (5) See page 3. (Subject to the comments in the attached letter dated May 21, 2019 of Baker Tilly Municipal Advisors, LLC) 2 CARMEL CLAY PARKS AND RECREATION ESTIMATED POPULATION AND HOUSING UNIT GROWTH 2020-2029 Population Total New Housing Year Population Change Housing Units Units Historical(1) 2010 84,523 30,949 539 2011 85,949 1,426 31,821 619 2012 87,514 1,565 32,693 678 2013 89,212 1,698 33,565 735 2014 91,766 2,554 34,437 1,110 2015 95,592 3,826 35,308 1,663 2016 96,581 989 36,180 432 2017 98,318 1,737 37,157 759 2018 100,062 1,744 37,924 767 2019 101,546 1,484 38,577 653 (2) Estimated (1) 2020 103,030 1,484 39,230 653 (3) 2021 104,514 1,484 39,883 653 (3) 2022 105,998 1,484 40,536 653 (3) 2023 107,482 1,484 41,189 653 (3) 2024 108,966 1,484 41,842 653 (3) 2025 110,450 1,484 42,495 653 (3) 2026 111,934 1,484 43,148 653 (3) 2027 113,418 1,484 43,801 653 (3) 2028 114,902 1,484 44,454 653 (3) 2029 116,386 1,484 45,107 653 (3) (1) Per the Cannel Department of Community Services. (2) Per the Cannel Department of Community Services 257 new housing unit permits have been issued as of April 30, 2019. (3) Based on population estimates provided by the Carmel Department of Community Services.Assumes a population per household of 2.42 per the 2016 Special Census and a vacancy rate of 93.9%per the U.S.Census Bureau's 2017 ACS 5-Year Estimates. (Subject to the comments in the attached letter dated May 21, 2019 of Baker Tilly Municipal Advisors, LLC) 3 CARMEL CLAY PARKS AND RECREATION 2019 LEVEL OF SERVICE CALCULATION Value of Existing Infrastructure: Land(1) $49,068,760 Improvements (2) 215,622,400 Total 264,691,160 Divided by number of current housing units (3) 38,577 Estimated Current Level of Service (4) $6,861 (1) The current land inventory is 512.2 acres, per Carmel Clay Parks & Recreation. Assumes the land is valued at $95,800 per acre, based on the average price per acre of vacant land sold since January 2017, per the Carmel Department of Community Services. (2) Per the December 2018 Carmel Clay Parks Life-Cycle Asset Management Plan. (3) See page 3. (4) Represents the current level of service per unit of existing development. (Subject to the comments in the attached letter dated May 21, 2019 of Baker Tilly Municipal Advisors, LLC) 4 CARMEL CLAY PARKS AND RECREATION ESTIMATE OF CURRENT AND FUTURE PROJECT INFRASTRUCTURE AND COSTS Estimated Estimated Estimated 2019 Costs 2024 Costs 2029 Costs (1) (1) West Park (2) $17,713,725 $20,535,060 $23,805,770 Northwest Park (3) 8,904,900 10,323,220 11,967,440 White River Corridor (4) 12,403,900 14,379,520 16,669,800 Total $39,022,525 $45,237,800 $52,443,010 (1) Assumes 3.00% annual inflation, per the December 2018 Carmel Clay Parks Life-Cycle Asset Management Plan. (2) See page 6. (3) See page 7. (4) See page 8. (Subject to the comments in the attached letter dated May 21, 2019 of Baker Tilly Municipal Advisors, LLC) 5 CARMEL CLAY PARKS AND RECREATION ESTIMATED 2020-2029 AMENITIES DEVELOPMENT AND COST -WEST PARK (1) Estimated Estimated Development Current Estimated Amenity Amount Unit Unit Cost Total Cost (2) (3) Multi-use Pavilion 33,000 S.F. $400.00 $13,200,000 Community Shelter with Restrooms 2,000 S.F. 400.00 800,000 Shelters 2,625 S.F. 325.00 853,125 Picnic Tables 15 Ea. 2,800.00 42,000 Grills 3 Ea. 1,600.00 4,800 Neighborhood Park Standard Playground 1 Ea. 750,000.00 750,000 Drinking Fountain 1 Ea. 4,500.00 4,500 Benches 6 Ea. 2,150.00 12,900 Waste Receptacle 14 Ea. 2,000.00 28,000 Dog Wase Station 2 Ea. 1,000.00 2,000 Interior Park Road 25,000 S.F. 12.50 312,500 Parking Lot 56,000 S.F. 12.50 700,000 Signage 16 Ea. 3,300.00 52,800 Walk/Trail -Asphalt 35,000 S.F. 9.50 332,500 Walk/Trail - Crushed Stone 17,500 S.F. 6.00 105,000 Walk/Trail -Boardwalk 1,750 S.F. 100.00 175,000 Trail Signage 8 Ea. 3,000.00 24,000 Bicycle Racks 12 Ea. 800.00 9,600 Landscape - Prarie/Wetland 15 Acre 10,000.00 150,000 Landscape -Planting Bed 10,000 S.F. 12.50 125,000 Landscape - Trees 50 Ea. 600.00 30,000 Totals $17,713,725 (1) Per the Carmel Clay Parks and Recreation Master Plan. Represents amenities identified to serve new development. (2) Estimated in 2019 dollars. (3) Per the Carmel Clay parks and Recreation Life Cycle Asset Management Plan. (Subject to the comments in the attached letter dated May 21, 2019 of Baker Tilly Municipal Advisors, LLC) 6 CARMEL CLAY PARKS AND RECREATION ESTIMATED 2020-2029 AMENITIES DEVELOPMENT AND COST -NORTHWEST PARK(1) Estimated Estimated Development Current Estimated Amenity Amount Unit Unit Cost Total Cost (2) (3) Land 25 Acre $95,800.00 (4) $2,395,000 Master Plan 1 Acre 125,000.00 125,000 Utility & Site Work 1 Ea. 250,000.00 250,000 Community Shelter/Restrooms/Storage 5.500 Ea. 400.00 2,200,000 Shelters 1,750 S.F. 325.00 568,750 Picnic Tables 12 S.F. 2,800.00 33,600 Grills 2 Ea. 1,600.00 3,200 Community Park Standard Playground l Ea. 1,500,000.00 1,500,000 Drinking Fountain 2 Ea. 4,500.00 9,000 Benches 5 Ea. 2,150.00 10,750 Waste Receptacle 10 Ea. 2,000.00 20,000 Dog Wase Station 4 Ea. 1,000.00 4,000 Parking Lot- Asphalt 52,000 S.F. 12.50 650,000 Entrance Sign 1 Ea. 15,000.00 15,000 Signage 6 Ea. 3,300.00 19,800 Walk/Trail -Asphalt 50,000 S.F. 9.50 475,000 Walk/Trail - Boardwalk 1.500 S.F. 100.00 150,000 Trail Signage 2 Ea. 3,000.00 6,000 Bicycle Racks 6 Ea. 800.00 4,800 Landscape - Lawn 50,000 S.Y. 3.50 175,000 Landscape- Prarie/Wetland 15 Acre 10,000.00 150,000 Landscape - Planting Bed 4,000 S.F. 12.50 50,000 Landscape - Trees 150 Ea. 600.00 90,000 Totals $8,904,900 (1) Per the Carmel Clay Parks and Recreation Master Plan. Represents amenities identified to serve new development. (2) Estimated in 2019 dollars. (3) Per the Carmel Clay parks and Recreation Life Cycle Asset Management Plan. (4) The assumed land value per acre is based on the average price per acre of vacant land sold since January 201 per the Carmel Department of Community Services. (Subject to the comments in the attached letter dated May 21, 2019 of Baker Tilly Municipal Advisors, LLC) 7 • CARMEL CLAY PARKS AND RECREATION ESTIMATED 2020-2029 AMENITIES DEVELOPMENT AND COST - WHITE RIVER CORRIDOR (1) Estimated Estimated Development Current Estimated Amenity Amount Unit Unit Cost Total Cost (2) (3) Land 15 Acre $95,800.00 (4) $1,437,000 Master Plan 1 Acre 225,000.00 225,000 Utility& Site Work 1 Ea. 100,000.00 100,000 Nature/River Ecology Center 17,500 Ea. 400.00 7,000,000 Trailhead Restrooms 1 S.F. 175,000.00 175,000 Utility Service 1 S.F. 37,500.00 37,500 Parking Lot- Asphalt 70,000 Ea. 12.50 875,000 Entrance Road -Asphalt 25,000 Ea. 12.50 312,500 Entrance Sign 2 Ea. 15,000.00 30,000 Walk/Trail -Asphalt 8,000 Ea. 185.00 1,480,000 Walk/Trail - Concrete 5,000 Ea. 12.00 60,000 Bridge 1 Ea. 500,000.00 500,000 Other Signage 3 S.F. 3,300.00 9,900 Metal Bollard 6 Ea. 1,600.00 9,600 Bench 10 Ea. 2,150.00 21,500 Bicycle Rack 8 S.F. 800.00 6,400 Bike Repair Station 1 S.F. 2,500.00 2,500 Waste Receptacle/Recycle Bin 10 Ea. 2,000.00 20,000 Dog Wase Station 1 Ea. 1,000.00 1,000 Drinking Fountain 2 S.Y. 4,500.00 9,000 Canoe Launch 1 Acre 50,000.00 50,000 Landscape - Prarie/Wetland 3 S.F. 10,000.00 30,000 Landscape - Trees 20 Ea. 600.00 12,000 Totals $12,403,900 (1) Per the Carmel Clay Parks and Recreation Master Plan. Represents amenities identified to serve new development. (2) Estimated in 2019 dollars. (3) Per the Carmel Clay parks and Recreation Life Cycle Asset Management Plan. (4) The assumed land value per acre is based on the average price per acre of vacant land sold since January 201 per the Carmel Department of Community Services. (Subject to the comments in the attached letter dated May 21, 2019 of Baker Tilly Municipal Advisors, LLC) 8 CARMEL CLAY PARKS AND RECREATION ESTIMATED NEW POPULATION SHARE OF PRINCIPAL PAYMENTS ON OUTSTANDING AND PROPOSED BONDS New Population New Population Budget Principal Percentage of Contribution to Year Due Total Population Principal Due (1) (2) (3) 2020 $4,268,400 1.44% $61,460 2021 4,355,600 2.84% 123,700 2022 4,444,000 4.20% 186,650 2023 4,542,400 5.52% 250,740 2024 2,910,600 6.81% 198,210 2025 2,317,800 8.06% 186,810 2026 2,294,800 9.28% 212,960 2027 2,531,800 10.47% 265,080 2028 2,786,600 11.62% 323,800 2029 2,800,400 12.75% 357,050 Total $2,166,460 (1) Represents annual principal payments due on the outstanding Carmel Clay Parks Building Corporation Lease Rental Refunding Bonds, Series 2015 A and Series 2015 B, the outstanding Carmel Redevelopment Authority Lease Rental Bonds, Series 2017 B-1 (Qualified Obligation 1) and Series 2017 B-2 (Qualified Obligation 2) principal amount allocable to the Monon Boulevard and Brookshire Golf Course projects, and the proposed Clay Township General Obligation Bonds, Series 2019A through Series 2019L. (2) Based on the current and estimated population of the City of Carmel as shown on page 2. (3) Assumes the contribution of new residents to the capital projects budget is proportional to the number of new residents compared to the total population of the City of Carmel. (Subject to the comments in the attached letter dated May 21, 2019 of Baker Tilly Municipal Advisors, LLC) 9 CARMEL CLAY PARKS AND RECREATION ESTIMATED NEW POPULATION SHARE OF CAPITAL BUDGET Estimated New Population New Population Budget Capital Percentage of Contribution to Year _ Budget Total Population Capital Budget (1) (2) (3) 2020 $3,498,000 1.44% $50,370 2021 3,498,000 2.84% 99,340 2022 3,498,000 4.20% 146,920 2023 3,498,000 5.52% 193,090 2024 3,498,000 6.81% 238,210 2025 3,498,000 8.06% 281,940 2026 3,498,000 9.28% 324,610 2027 3,498,000 10.47% 366,240 2028 3,498,000 11.62% 406,470 2029 3,498,000 12.75% 446,000 Total $2,553,190 (1) Based on historical recreation capital projects spending for the City, as shown on page 11. (2) Based on the current and estimated population of the City of Carmel, as shown on page 3. (3) Assumes the contribution of new residents to the capital projects budget is proportional to the number of new residents compared to the total population of the City of Carmel. (Subject to the comments in the attached letter dated May 21, 2019 of Baker Tilly Municipal Advisors, LLC) 10 CARMEL CLAY PARKS AND RECREATION HISTORICAL RECREATION CAPITAL IMPROVEMENTS EXPENDITURES NOT FUNDED THROUGH RECREATION IMPACT FEES, DONATIONS OR DEBT Budget Capital Year Expenditures (1) 2014 $1,908,208.81 2015 2,600,259.95 2016 5,043,394.14 2017 3,424,420.70 2018 4,515,733.88 Average $3,498,000.00 (1) Represents total Capital Outlays from the Clay Township Park Capital Fund, per the Township Annual Report for the respective year. (Subject to the comments in the attached letter dated May 21, 2019 of Baker Tilly Municipal Advisors, LLC) 11 CARMEL CLAY PARKS AND RECREATION HISTORICAL IMPACT FEE RECEIPTS AND EXPENDITURES (1) Park Impact Fee Fund-106 (Unaudited) Beginning Ending Year Balance Receipts Expenditures Balance 2011 $1,171,624.70 $947,136.19 $1,023,986.08 $1,094,774.81 2012 1,094,774.81 964,481.32 154,049.68 1,905,206.45 2013 1,905,206.45 816,715.64 843,897.32 1,878,024.77 2014 1,878,024.77 1,146,089.32 1,283,676.08 1,740,438.01 2015 1,740,438.01 2,295,427.96 207,980.96 3,827,885.01 2016 3,827,885.01 910,690.07 512,081.18 4,226,493.90 2017 4,226,493.90 1,779,151.77 411,516.83 5,594,128.84 2018 5,594,128.84 1,195,063.27 4,344,892.26 2,444,299.85 (1) Per the City of Carmel. (Subject to the comments in the attached letter dated May 21, 2019 of Baker Tilly Municipal Advisors, LLC) 12 Indianapolis Metro Area 2019 Impact Fee Amounts $4,445 $4,500 $3,939 $4,000 $3,500 $3,000 $2,500 $2,230 148 $2,000 c 0 o N $1,500 $1,000 _ 605 1111 N $500 $0 se o a a .14 o is ��� \a 0 bakertilly ■Recreation ■ Road MUNICIPAL ADVISORS now jo+ned with Springsted and Urnbaugh Note:represents the 2019 fee amounts for a single-family home.The Whitestown Impact Fee amount is effective August 13 and the Carmel Impact Fee amount is effective June 15.Fishers Road Impact Fee represents average impact fee per housing unit.