bethlehem parking authority · 47) debt service coverage ratio 2.01x 2.19x 2.03x 1.46x 1.44x 1.33x...
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PFM Financial Advisors LLCPublic Financial Management, Inc.
213 Market StreetHarrisburg, PA 17101
717.232.2723 (P) 717.232.8610 (F)
www.pfm.com
Bethlehem Parking Authority
July 2, 2019
Presented by:
Scott ShearerManaging Director
&Chris Bamber, CFA
Senior Managing Consultant
Polk Street Garage Discussion
DRAFT
PFM Financial Advisors LLC
Bethlehem Parking Authority Topics for Discussion
July 2, 2019
Polk Street Garage Overview
1) The Authority is considering the construction of a 470 space garage with a 30 space parking lot located
at 3rd & Polk Street.
2) The Authority has received Letters of Intent to enter into long term lease contracts from various parties, including
a. Northampton Community College – 300 spaces b. Lehigh Valley Charter High School for the Arts – 45 spaces c. Factory LLC – 25 spaces
3) For planning purposes, the Authority is assuming a total construction cost of approximately
$16,800,000 ($16,000,000 garage and $800,000 pedestrian bridge) as a Base Case scenario
a. The Authority expects to go out to bid for the Project in Fall 2019
4) The City & Authority are planning on utilizing $2,000,000 RACP Grant and a $500,000 contribution from Northampton CC towards the Project, with the balance financed by a long term debt issuance.
Polk Street Garage Financing
5) In early 2019, the Authority went through a competitive RFP process to determine the most effective
way to finance the potential Polk Street Garage project
6) The Authority selected a private bank loan that would be secured by a senior revenue pledge of the Authority only, with no guaranty by the City of Bethlehem
a. Issued on parity with existing guaranteed debt (Series of 2015 & Series of 2016)
7) The Authority is working to close on the new loan in July/August 2019 in order to provide funding for
the Project assuming construction starts late 2019.
Authority Pro‐Forma Projections
8) For pro‐forma projection purposes, the Authority has two scenarios
a. Scenario 1 – With 2019 violation fine increase b. Scenario 2 – No 2019 violation fine increase
9) All other assumptions (see summary pages for more detail) remain consistent across both scenarios
1
DRAFT
Scenario 1
With 2019 Violation Fine Increase
PFM Financial Advisors LLC 2
DRAFT
BETHLEHEM PARKING AUTHORITYSummary of Assumptions & Results
(Estimated) (Projected) (Projected) (Projected) (Projected) (Projected) (Projected) (Projected) (Projected) (Projected) (Projected) (Projected) (Projected) (Projected) (Projected) (Projected)Fiscal Year Ending 12/31 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2035 2040 2045
Year 0 1 2 3 4 5 6 7 8 9 10 11 12 17 22 27
SUMMARY OF ASSUMPTIONS
ON-STREET METER RATE INCREASES1) Initial Rate $1.00 $1.00 $1.50 $1.50 $1.50 $1.50 $1.50 $2.00 $2.00 $2.00 $2.00 $2.00 $2.00 $2.25 $2.50 $2.752) Increase $0.50 $0.50 $0.25 $0.25 $0.25 $0.253) Ending Rate $1.00 $1.50 $1.50 $1.50 $1.50 $1.50 $2.00 $2.00 $2.00 $2.00 $2.00 $2.00 $2.25 $2.50 $2.75 $3.004) Gross Growth Rate 50.0% 33.3% 12.5% 11.1% 10.0% 9.1%5) Elasticity Adjustment 80% 80% 80% 80% 80% 80%6) Net Growth Rate Due to Increase in Rate 40.0% 26.7% 10.0% 8.9% 8.0% 7.3%
VIOLATIONS RATE INCREASES7) Initial Average Rate $10.00 $10.00 $15.00 $15.00 $15.00 $15.00 $15.00 $20.00 $20.00 $20.00 $20.00 $20.00 $20.00 $25.00 $30.00 $35.008) Increase $5.00 $5.00 $5.00 $5.00 $5.00 $5.009) Ending Average Rate $10.00 $15.00 $15.00 $15.00 $15.00 $15.00 $20.00 $20.00 $20.00 $20.00 $20.00 $20.00 $25.00 $30.00 $35.00 $40.00
10) Assumed Average Number of Violations 79,248 62,942 62,942 62,942 62,942 62,942 56,648 56,648 56,648 56,648 56,648 56,648 50,983 45,885 41,296 37,16711) % Increase or (decrease) (20.6%) (10.0%) (10.0%) (10.0%) (10.0%) (10.0%)
12) Gross Combined Growth Rate 20.0% 12.5% 8.0% 5.0% 2.9%13) Elasticity Adjustment 60% 60% 60% 60% 60%14) Net Growth Rate on Budget Due to Increase in Rate 12.0% 7.5% 4.8% 3.0% 1.7%
GARAGE TRANSIENT RATE INCREASES15) Initial Rate $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $1.50 $1.50 $1.50 $1.50 $1.50 $1.50 $1.75 $2.00 $2.2516) Increase $0.50 $0.25 $0.25 $0.25 $0.2517) Ending Rate $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $1.50 $1.50 $1.50 $1.50 $1.50 $1.50 $1.75 $2.00 $2.25 $2.5018) Gross Growth Rate 50.0% 16.7% 14.3% 12.5% 11.1%19) Elasticity Adjustment 80% 80% 80% 80% 80%20) Net Growth Rate on Budget Due to Increase in Rate 40.0% 13.3% 11.4% 10.0% 8.9%
GARAGE MONTHLY CONTRACT RATE INCREASES21) Walnut Street Garage $5.00 $5.00 $5.00 $5.00 $5.00 $5.0022) North Street Garage $5.00 $5.00 $5.00 $5.00 $5.00 $5.0023) Lehigh Riverport Garage $5.00 $5.00 $5.00 $5.00 $5.00 $5.0024) Commons Garage $5.00 $5.00 $5.00 $5.00 $5.00 $5.0025) Surface Lots $5.00 $5.00 $5.00 $5.00 $5.00 $5.0026) New Street Garage $5.00 $5.00 $5.00 $5.00 $5.00 $5.0027) Polk Street Garage $5.00 $5.00 $5.00 $5.00 $5.00
FINANCING ASSUMPTIONS28) Polk Street Garage Project Fund 16,800,00029) Walnut St Project Fund 17,000,000
SUMMARY OF RESULTS
REVENUES30) Meters 1,976,547 2,268,925 2,274,597 2,280,284 2,285,985 2,291,699 2,902,819 2,910,076 2,917,352 2,924,645 2,931,957 2,939,286 3,233,215 3,555,950 3,878,975 4,202,84931) Parking Violations - Total 1,439,473 1,487,193 1,490,911 1,494,638 1,498,375 1,502,121 1,682,375 1,686,581 1,690,798 1,695,025 1,699,262 1,703,510 1,831,274 1,938,439 2,016,633 2,071,79332) Garage revenue 2,475,949 2,394,506 3,085,590 3,106,696 3,127,804 2,913,255 3,370,450 3,457,965 3,476,082 3,494,201 3,512,323 3,530,447 3,839,663 4,189,096 4,477,999 4,764,38033) Other revenue 548,872 537,639 548,392 559,360 570,547 581,958 593,597 605,469 617,578 629,930 642,528 655,379 668,487 738,063 814,881 899,69534) TOTAL REVENUES 6,440,841 6,688,263 7,399,490 7,440,978 7,482,710 7,289,033 8,549,242 8,660,091 8,701,809 8,743,801 8,786,070 8,828,623 9,572,638 10,421,548 11,188,488 11,938,717
EXPENDITURES35) Salaries & Benefits 1,834,778 1,857,264 1,909,017 1,962,243 2,016,986 2,073,288 2,131,194 2,190,753 2,252,010 2,315,016 2,379,821 2,446,477 2,515,038 2,888,409 3,318,417 3,813,78636) Operating Expenses 1,675,387 1,626,150 1,782,782 1,817,546 1,853,006 1,889,175 1,926,068 1,963,698 2,002,081 2,041,231 2,081,165 2,121,897 2,163,444 2,383,979 2,627,468 2,896,30037) Debt Service 1,460,904 1,464,865 1,824,524 2,513,410 2,506,786 2,506,930 3,472,933 3,472,567 3,477,010 3,474,714 3,472,863 3,483,830 3,476,183 3,236,331 3,232,011 3,234,70438) TOTAL EXPENDITURES 4,971,069 4,948,279 5,516,323 6,293,200 6,376,778 6,469,392 7,530,195 7,627,017 7,731,101 7,830,961 7,933,849 8,052,204 8,154,666 8,508,719 9,177,896 9,944,790
39) GROSS INCOME 1,469,772 1,739,984 1,883,167 1,147,778 1,105,932 819,641 1,019,047 1,033,074 970,709 912,839 852,222 776,419 1,417,973 1,912,829 2,010,592 1,993,926
NON-OPERATING TRANSFERS40) Transfer to the City 475,000 450,000 425,000 0 0 0 0 0 0 0 0 0 0 0 0 041) Parking Facility Repair & Maintenance Prog 570,000 859,000 872,000 900,000 825,000 675,000 400,000 680,000 730,000 950,000 500,000 500,000 500,000 500,000 500,000 500,00042) Capital Reserve Transfer Out/(In) 245,000 150,000 305,000 0 0 0 335,000 70,000 0 (170,000) 70,000 0 635,000 1,130,000 1,230,000 1,210,00043) Due to the City Mechanic 25,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,00044) Transfer to Downtown Initiative Fund 0 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,00045) TOTAL NON-OPERATING TRANSFERS 1,315,000 1,589,000 1,732,000 1,030,000 955,000 805,000 865,000 880,000 860,000 910,000 700,000 630,000 1,265,000 1,760,000 1,860,000 1,840,000
46) NET INCOME 154,772 150,984 151,167 117,778 150,932 14,641 154,047 153,074 110,709 2,839 152,222 146,419 152,973 152,829 150,592 153,92647) DEBT SERVICE COVERAGE RATIO 2.01x 2.19x 2.03x 1.46x 1.44x 1.33x 1.29x 1.30x 1.28x 1.26x 1.25x 1.22x 1.41x 1.59x 1.62x 1.62x
Remaining Pro‐FormaAssumptions1) Base year revenues & expenditures based on combination of 2019 Budget, year to date estimates as well as results from various studies/reports from outside consultants2) On‐street meter and violations increases in 2019. Garage transient in 2024. Then all three increases in 2024, 2030 and every 5 years thereafter, with only 80% of increase assumed to account for elasticity. For 2019 violations revenues and number of violations, assumes estimates per DESMAN Fine Analysis from May 2019.3) On‐street meter revenue increases by 1.00% each year (approximate historical 5 year average growth rate in years with no increase to meter rates4) Parking violations revenue increases by 0.25% each year (approximate historical 5 year average growth rate) in years with no increase to fine or violation amounts5) Garage contract rates increase of $5.00 initially in 2020, 2024, 2030 and then every 5 years thereafter6) For these purposes only, finance demolition and replacement of Walnut St Garage in 2023, assuming new 500 space garage at a total cost of $17 million with a 30 year wrap bond issue that is 80/20 split between tax‐exempt/taxable is built. Assumes $235k reduction in garage revenue during construction in 2023 and 2024 then goes back up to amount before demolition. BPA has not made a decision on the status of Walnut St.7) Annual Parking Facility Repair & Maintenance Program (row 41) annual capital expenditures per DESMAN analysis
WORKING DRAFT FOR ILLUSTRATIVE PURPOSES
Polk Street Garage Assumptions 1) 470 space garage, 30 space parking lot with total construction cost of $16.8 million ($16 mm garage with $800k pedestrian bridge) financed by a $2 million RACP Grant, $500k NCC contribution, as well as a bank loan in July 2019 with a 30 year level payments that has a 50/50 split between tax‐exempt and taxable2) Assumes revenue of 370 total monthly contracts initially at $65/month, increasing with pro‐forma assumptions starting in 2024 ($65 to $70 per month)3) Assumes annual transient revenue of $76,400 and event/street meter revenue of $31,260 starting in 20204) Assumes annual O&M expense of $125,000 per year initially in 2020, growing at 2% thereafter
Scenario 1 ‐With 2019 Violation Fine Increase
Bethlehem Parking Authority 3DRAFT
BETHLEHEM PARKING AUTHORITYSummary of Revenues vs. Expenses
Fiscal Year Ending December 31, 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2035 2040 2045Year 0 1 2 3 4 5 6 7 8 9 10 11 12 17 22 27
(Base Year) (Projected) (Projected) (Projected) (Projected) (Projected) (Projected) (Projected) (Projected) (Projected) (Projected) (Projected) (Projected) (Projected) (Projected) (Projected)
REVENUE
Garage RevenueWalnut Street Garage 967,662 870,366 911,706 911,706 911,706 676,047 850,302 915,202 915,202 915,202 915,202 915,202 1,007,229 1,097,483 1,186,232 1,273,675North Street Garage 752,459 749,051 786,191 786,191 786,191 786,191 889,911 889,911 889,911 889,911 889,911 889,911 958,121 1,025,444 1,092,012 1,157,926Lehigh Riverport Garage 218,941 242,652 261,552 261,552 261,552 261,552 280,452 280,452 280,452 280,452 280,452 280,452 299,352 318,252 337,152 356,052Commons Garage 50,659 52,968 57,948 57,948 57,948 57,948 62,928 62,928 62,928 62,928 62,928 62,928 67,908 72,888 77,868 82,848Surface Lots 281,070 214,701 235,221 235,221 235,221 235,221 255,741 255,741 255,741 255,741 255,741 255,741 276,261 296,781 317,301 337,821New Street Garage 205,158 264,768 436,712 457,818 478,926 500,036 582,097 604,712 622,829 640,948 659,070 677,194 745,311 856,712 910,191 963,408Polk Street Garage (New Construction) 396,260 396,260 396,260 396,260 449,020 449,020 449,020 449,020 449,020 449,020 485,481 521,535 557,243 592,650
Total Garage Revenue 2,475,949 2,394,506 3,085,590 3,106,696 3,127,804 2,913,255 3,370,450 3,457,965 3,476,082 3,494,201 3,512,323 3,530,447 3,839,663 4,189,096 4,477,999 4,764,380
Other RevenueParking Violations - Meters 387,650 525,097 526,410 527,726 529,045 530,368 594,012 595,497 596,986 598,479 599,975 601,475 646,585 684,423 712,032 731,508Parking Violations - Other 1,051,823 962,096 964,501 966,912 969,329 971,753 1,088,363 1,091,084 1,093,812 1,096,546 1,099,288 1,102,036 1,184,688 1,254,016 1,304,601 1,340,285Special Events 210,069 228,764 233,339 238,006 242,766 247,622 252,574 257,625 262,778 268,033 273,394 278,862 284,439 314,044 346,730 382,818Meters 1,976,547 2,268,925 2,274,597 2,280,284 2,285,985 2,291,699 2,902,819 2,910,076 2,917,352 2,924,645 2,931,957 2,939,286 3,233,215 3,555,950 3,878,975 4,202,849Advertisement 10,902 8,652 8,825 9,002 9,182 9,365 9,553 9,744 9,938 10,137 10,340 10,547 10,758 11,877 13,114 14,478Park & Shop 54,421 52,722 53,776 54,852 55,949 57,068 58,209 59,374 60,561 61,772 63,008 64,268 65,553 72,376 79,909 88,226Interest 6,528Resident Permits 65,211 67,141 68,484 69,853 71,251 72,676 74,129 75,612 77,124 78,666 80,240 81,845 83,481 92,170 101,763 112,355Tow Revenue 13,207 12,360 12,607 12,859 13,117 13,379 13,646 13,919 14,198 14,482 14,771 15,067 15,368 16,968 18,734 20,683Valet Revenue 2,181Miscellaneous Revenue 186,353 168,000 171,360 174,787 178,283 181,849 185,486 189,195 192,979 196,839 200,776 204,791 208,887 230,628 254,632 281,134
Total Other Revenue 3,964,892 4,293,757 4,313,900 4,334,282 4,354,906 4,375,778 5,178,792 5,202,126 5,225,727 5,249,599 5,273,747 5,298,176 5,732,975 6,232,452 6,710,489 7,174,337
TOTAL REVENUE 6,440,841 6,688,263 7,399,490 7,440,978 7,482,710 7,289,033 8,549,242 8,660,091 8,701,809 8,743,801 8,786,070 8,828,623 9,572,638 10,421,548 11,188,488 11,938,717
EXPENSES
Salaries & BenefitsSalaries 1,170,196 1,185,831 1,221,406 1,258,048 1,295,790 1,334,663 1,374,703 1,415,944 1,458,423 1,502,175 1,547,240 1,593,658 1,641,467 1,902,911 2,205,995 2,557,353Health Benefits 322,187 274,944 283,192 291,688 300,439 309,452 318,735 328,298 338,146 348,291 358,740 369,502 380,587 441,204 511,477 592,942Pension 236,497 264,528 269,819 275,215 280,719 286,334 292,060 297,901 303,860 309,937 316,135 322,458 328,907 363,140 400,936 442,666FICA/Valic/Unemployment 105,898 131,961 134,600 137,292 140,038 142,839 145,696 148,610 151,582 154,613 157,706 160,860 164,077 181,154 200,009 220,826
Total Salaries & Benefits 1,834,778 1,857,264 1,909,017 1,962,243 2,016,986 2,073,288 2,131,194 2,190,753 2,252,010 2,315,016 2,379,821 2,446,477 2,515,038 2,888,409 3,318,417 3,813,786
Operating ExpensesUtilities 78,161 80,508 82,118 83,761 85,436 87,144 88,887 90,665 92,478 94,328 96,215 98,139 100,102 110,520 122,023 134,724Gasoline 26,974 26,973 27,512 28,063 28,624 29,196 29,780 30,376 30,983 31,603 32,235 32,880 33,538 37,028 40,882 45,137Communications 156,663 158,652 161,825 165,062 168,363 171,730 175,165 178,668 182,241 185,886 189,604 193,396 197,264 217,795 240,463 265,491Repairs & Maintenance 335,916 233,923 238,601 243,373 248,241 253,206 258,270 263,435 268,704 274,078 279,560 285,151 290,854 321,126 354,549 391,451Vehicle Maintenance 22,006 28,000 28,560 29,131 29,714 30,308 30,914 31,533 32,163 32,806 33,463 34,132 34,814 38,438 42,439 46,856Snow Removal 9,361 10,000 10,200 10,404 10,612 10,824 11,041 11,262 11,487 11,717 11,951 12,190 12,434 13,728 15,157 16,734Valet Expense 22,969Supplies 12,725 12,000 12,240 12,485 12,734 12,989 13,249 13,514 13,784 14,060 14,341 14,628 14,920 16,473 18,188 20,081Rental Fee 6,659Appraisal Fee 2,000Professional Fees - Auditing 7,820 7,820 7,976 8,136 8,299 8,465 8,634 8,807 8,983 9,162 9,346 9,533 9,723 10,735 11,853 13,086Professional Fees - Consultants 255,219 198,459 202,428 206,477 210,606 214,818 219,115 223,497 227,967 232,526 237,177 241,920 246,759 272,442 300,798 332,105Professional Fees - Legal 41,847 41,844 42,681 43,534 44,405 45,293 46,199 47,123 48,066 49,027 50,007 51,008 52,028 57,443 63,422 70,023Professional Fees - Payroll 9,165 7,200 7,344 7,491 7,641 7,794 7,949 8,108 8,271 8,436 8,605 8,777 8,952 9,884 10,913 12,049Professional Fees - Janitorial 7,440 8,400 8,568 8,739 8,914 9,092 9,274 9,460 9,649 9,842 10,039 10,240 10,444 11,531 12,732 14,057Professional Fees - Temporary Services 28,064Advertising 38,557 39,708 40,502 41,312 42,138 42,981 43,841 44,718 45,612 46,524 47,455 48,404 49,372 54,511 60,184 66,448Elevator 31,132 31,128 31,751 32,386 33,033 33,694 34,368 35,055 35,756 36,471 37,201 37,945 38,704 42,732 47,180 52,090Insurance 148,099 141,168 143,991 146,871 149,809 152,805 155,861 158,978 162,158 165,401 168,709 172,083 175,525 193,793 213,964 236,233Postage 4,160 3,870 3,947 4,026 4,107 4,189 4,273 4,358 4,445 4,534 4,625 4,718 4,812 5,313 5,866 6,476Printing 16,048 16,200 16,524 16,854 17,192 17,535 17,886 18,244 18,609 18,981 19,360 19,748 20,143 22,239 24,554 27,109Publications/Membership 4,850 4,500 4,590 4,682 4,775 4,871 4,968 5,068 5,169 5,272 5,378 5,485 5,595 6,178 6,820 7,530Signs 22,924 12,000 12,240 12,485 12,734 12,989 13,249 13,514 13,784 14,060 14,341 14,628 14,920 16,473 18,188 20,081Uniforms 11,997 11,000 11,220 11,444 11,673 11,907 12,145 12,388 12,636 12,888 13,146 13,409 13,677 15,101 16,672 18,408Meetings/Travel 7,455 14,000 14,280 14,566 14,857 15,154 15,457 15,766 16,082 16,403 16,731 17,066 17,407 19,219 21,219 23,428Miscellaneous 108,292 210,636 214,849 219,146 223,529 227,999 232,559 237,210 241,955 246,794 251,730 256,764 261,899 289,158 319,254 352,482Special Events 40,795 43,605 44,477 45,367 46,274 47,199 48,143 49,106 50,088 51,090 52,112 53,154 54,217 59,860 66,091 72,969Bank Charges 218,089 240,000 244,800 249,696 254,690 259,784 264,979 270,279 275,685 281,198 286,822 292,559 298,410 329,469 363,760 401,620St. John Wind Ch Interest 44,556 44,556 44,556 44,556 44,556 44,556 44,556 44,556 44,556 44,556 44,556 44,556 44,556 44,556 44,556Additional O&M Expense - Polk St Garage 125,000 127,500 130,050 132,651 135,304 138,010 140,770 143,586 146,457 149,387 152,374 168,234 185,743 205,076
Total Operating Expenses 1,675,387 1,626,150 1,782,782 1,817,546 1,853,006 1,889,175 1,926,068 1,963,698 2,002,081 2,041,231 2,081,165 2,121,897 2,163,444 2,383,979 2,627,468 2,896,300
Scenario 1 ‐With 2019 Violation Fine Increase
Summary of Revenues vs. Expenses Bethlehem Parking Authority 4DRAFT
BETHLEHEM PARKING AUTHORITYSummary of Revenues vs. Expenses
Fiscal Year Ending December 31, 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2035 2040 2045Year 0 1 2 3 4 5 6 7 8 9 10 11 12 17 22 27
(Base Year) (Projected) (Projected) (Projected) (Projected) (Projected) (Projected) (Projected) (Projected) (Projected) (Projected) (Projected) (Projected) (Projected) (Projected) (Projected)
Scenario 1 ‐With 2019 Violation Fine Increase
Non-Operating ExpensesProfit/Loss on Fixed Assets
Total Non-Operating Expenses
Debt ServiceExisting Debt ServiceSeries A of 2015 Bonds (Taxable) 107,093 110,126 107,743 105,110 61,991Series B of 2015 Bonds 915,844 916,844 883,969 629,969 675,194 737,963 738,213 737,331 740,281 741,081 741,281 745,881 598,850Series A of 2016 (South Side Garage) 61,436 61,364 456,281 458,557 454,615 454,223 457,944 180,294Series B of 2016 (South Side Garage) 376,531 376,531 376,531 376,531 376,531 376,531 376,531 651,531 831,031 831,256 830,681 834,281 831,906 833,550 830,550 832,850Series A of 2019 (Taxable) 615,290 610,503 610,260 614,335 612,500 614,983 535,500 534,250 537,250 534,250 535,250Series B of 2019 (Tax-Exempt) 327,953 327,953 327,953 327,953 327,953 327,953 404,325 404,325 404,325 404,325 404,325 939,800 940,850Series of 2023 (Walnut St) [1] 957,958 962,958 962,762 962,552 962,326 962,092 1,106,852 1,463,206 1,461,661 1,461,004
Total Debt Service 1,460,904 1,464,865 1,824,524 2,513,410 2,506,786 2,506,930 3,472,933 3,472,567 3,477,010 3,474,714 3,472,863 3,483,830 3,476,183 3,236,331 3,232,011 3,234,704
TOTAL EXPENSES 4,971,069 4,948,279 5,516,323 6,293,200 6,376,778 6,469,392 7,530,195 7,627,017 7,731,101 7,830,961 7,933,849 8,052,204 8,154,666 8,508,719 9,177,896 9,944,790
GROSS INCOME 1,469,772 1,739,984 1,883,167 1,147,778 1,105,932 819,641 1,019,047 1,033,074 970,709 912,839 852,222 776,419 1,417,973 1,912,829 2,010,592 1,993,926
Non-Operating TransfersTransfer to the City 475,000 450,000 425,000Repair & Maintenance Program [2] 570,000 859,000 872,000 900,000 825,000 675,000 400,000 680,000 730,000 950,000 500,000 500,000 500,000 500,000 500,000 500,000Capital Reserve Transfer Out/(In) 245,000 150,000 305,000 335,000 70,000 (170,000) 70,000 635,000 1,130,000 1,230,000 1,210,000Due to the City Mechanic 25,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000Transfer to Downtown Initiative Fund 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000
Total Non-Operating Transfers 1,315,000 1,589,000 1,732,000 1,030,000 955,000 805,000 865,000 880,000 860,000 910,000 700,000 630,000 1,265,000 1,760,000 1,860,000 1,840,000
NET INCOME 154,772 150,984 151,167 117,778 150,932 14,641 154,047 153,074 110,709 2,839 152,222 146,419 152,973 152,829 150,592 153,926DEBT SERVICE COVERAGE RATIO 2.006x 2.188x 2.032x 1.457x 1.441x 1.327x 1.293x 1.297x 1.279x 1.263x 1.245x 1.223x 1.408x 1.591x 1.622x 1.616x
[1] Estimated debt srvice to demolish and replace Walnut St Garage with financing in 2023 assuming new 500 space garage at a total cost of $17 million ($15 mm construction, $1 mm property acquisition , $0.50 mm demo, and $0.50 mm, interim solution) with a 30 year wrap bond issue that is 80/20 split between tax-exempt/taxable.[2] Estimated repair program per DESMAN to complete annual repair and maintenance to the Walnut St, North St, Riverport, Commons and New Street Garages. Costs are expressed in 2018 dollars using prevailing wage rates. Inflation and escalation have not been included. Costs are estimates based on today's understanding and subject to change based on actual repair needs and future conditions
Summary of Revenues vs. Expenses Bethlehem Parking Authority 5DRAFT
BETHLEHEM PARKING AUTHORITYGarage Revenue Breakdown Projections
POLK STREET GARAGEFiscal Year Ending December 31, 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2035 2040 2045
Year 0 1 2 3 4 5 6 7 8 9 10 11 12 17 22 27(Base Year) (Projected) (Projected) (Projected) (Projected) (Projected) (Projected) (Projected) (Projected) (Projected) (Projected) (Projected) (Projected) (Projected) (Projected) (Projected)
Transient76,400 76,400 76,400 76,400 106,960 106,960 106,960 106,960 106,960 106,960 121,221 135,075 148,583 161,790
Growth - - - - - 40.00% - - - - - 13.33% 11.43% 10.00% 8.89%
Total Transient 0 0 76,400 76,400 76,400 76,400 106,960 106,960 106,960 106,960 106,960 106,960 121,221 135,075 148,583 161,790
Contract300 300 300 300 300 300 300 300 300 300 300 300 300 300
Growth - - - - - - - - - - - - - - -
$65.00 $65.00 $65.00 $65.00 $70.00 $70.00 $70.00 $70.00 $70.00 $70.00 $75.00 $80.00 $85.00 $90.00Increase - - - - - $5.00 - - - - - $5.00 $5.00 $5.00 $5.00
45 45 45 45 45 45 45 45 45 45 45 45 45 45Growth - - - - - - - - - - - - - - -
$65.00 $65.00 $65.00 $65.00 $70.00 $70.00 $70.00 $70.00 $70.00 $70.00 $75.00 $80.00 $85.00 $90.00Increase - - - - - $5.00 - - - - - $5.00 $5.00 $5.00 $5.00
25 25 25 25 25 25 25 25 25 25 25 25 25 25Growth - - - - - - - - - - - - - - -
$65.00 $65.00 $65.00 $65.00 $70.00 $70.00 $70.00 $70.00 $70.00 $70.00 $75.00 $80.00 $85.00 $90.00Increase - - - - - $5.00 - - - - - $5.00 $5.00 $5.00 $5.00
Total # of Contracts 0 0 370 370 370 370 370 370 370 370 370 370 370 370 370 370Average Monthly Rate $65.00 $65.00 $65.00 $65.00 $70.00 $70.00 $70.00 $70.00 $70.00 $70.00 $75.00 $80.00 $85.00 $90.00Total Contract 0 0 288,600 288,600 288,600 288,600 310,800 310,800 310,800 310,800 310,800 310,800 333,000 355,200 377,400 399,600
Other Revenue31,260 31,260 31,260 31,260 31,260 31,260 31,260 31,260 31,260 31,260 31,260 31,260 31,260 31,260
Growth - - - - - - - - - - - - - - -
Total Other Revenue 0 0 31,260 31,260 31,260 31,260 31,260 31,260 31,260 31,260 31,260 31,260 31,260 31,260 31,260 31,260
Total 3rd & Polk Garage 0 0 396,260 396,260 396,260 396,260 449,020 449,020 449,020 449,020 449,020 449,020 485,481 521,535 557,243 592,650Overall Growth 0.00% 0.00% 0.00% 0.00% 0.00% 13.31% 0.00% 0.00% 0.00% 0.00% 0.00% 8.12% 7.43% 6.85% 6.35%
Notes:- All numbers per DESMAN Feasibility Study
Monthly Rate
Event/Street Meter Revenue
Transient Revenue
# of Contracts (Northampton CC)
Monthly Rate
# of Contracts (Charter Arts)
Monthly Rate
# of Contracts (Factory)
Scenario 1 ‐With 2019 Violation Fine Increase
Polk Street Garage Planning Bethlehem Parking Authority 6DRAFT
BETHLEHEM PARKING AUTHORITYSeries A of 2019(Taxable) Settled 8/1/2019
Dated 8/1/2019
1 2 3 4 5 6 7 8Gross Less: Net
Taxable Taxable Semi-Annual Fiscal Year Capitalized Fiscal YearDate Principal Rate [1] Interest Debt Service Debt Service Interest Debt Service
4355610/1/2019 4.550 48,381.67 48,381.67 48,381.67 (48,381.67) 0.00
4/1/2020 4.550 145,145.00 145,145.0010/1/2020 4.550 145,145.00 145,145.00 290,290.00 (290,290.00) 0.00
4/1/2021 4.550 145,145.00 145,145.0010/1/2021 325,000 4.550 145,145.00 470,145.00 615,290.00 615,290.00
4/1/2022 4.550 137,751.25 137,751.2510/1/2022 335,000 4.550 137,751.25 472,751.25 610,502.50 610,502.50
4/1/2023 4.550 130,130.00 130,130.0010/1/2023 350,000 4.550 130,130.00 480,130.00 610,260.00 610,260.00
4/1/2024 4.550 122,167.50 122,167.5010/1/2024 370,000 4.550 122,167.50 492,167.50 614,335.00 614,335.00
4/1/2025 4.550 113,750.00 113,750.0010/1/2025 385,000 4.550 113,750.00 498,750.00 612,500.00 612,500.00
4/1/2026 4.550 104,991.25 104,991.2510/1/2026 405,000 4.550 104,991.25 509,991.25 614,982.50 614,982.50
4/1/2027 5.000 105,250.00 105,250.0010/1/2027 325,000 5.000 105,250.00 430,250.00 535,500.00 535,500.00
4/1/2028 5.000 97,125.00 97,125.0010/1/2028 340,000 5.000 97,125.00 437,125.00 534,250.00 534,250.00
4/1/2029 5.000 88,625.00 88,625.0010/1/2029 360,000 5.000 88,625.00 448,625.00 537,250.00 537,250.00
4/1/2030 5.000 79,625.00 79,625.0010/1/2030 375,000 5.000 79,625.00 454,625.00 534,250.00 534,250.00
4/1/2031 5.000 70,250.00 70,250.0010/1/2031 395,000 5.000 70,250.00 465,250.00 535,500.00 535,500.00
4/1/2032 5.000 60,375.00 60,375.0010/1/2032 415,000 5.000 60,375.00 475,375.00 535,750.00 535,750.00
4/1/2033 5.000 50,000.00 50,000.0010/1/2033 435,000 5.000 50,000.00 485,000.00 535,000.00 535,000.00
4/1/2034 5.000 39,125.00 39,125.0010/1/2034 460,000 5.000 39,125.00 499,125.00 538,250.00 538,250.00
4/1/2035 5.000 27,625.00 27,625.00
10/1/2035 480,000 5.000 27,625.00 507,625.00 535,250.00 535,250.004/1/2036 5.000 15,625.00 15,625.00
10/1/2036 505,000 5.000 15,625.00 520,625.00 536,250.00 536,250.004/1/2037 5.000 3,000.00 3,000.00
10/1/2037 120,000 5.000 3,000.00 123,000.00 126,000.00 126,000.004/1/2038 5.000
10/1/2038 5.000 0.004/1/2039 5.000
10/1/2039 5.000 0.004/1/2040 5.000
10/1/2040 5.000 0.004/1/2041 5.000
10/1/2041 5.000 0.004/1/2042 5.000
10/1/2042 5.000 0.004/1/2043 5.000
10/1/2043 5.000 0.004/1/2044 5.000
10/1/2044 5.000 0.004/1/2045 5.000
10/1/2045 5.000 0.004/1/2046 5.000
10/1/2046 5.000 0.004/1/2047 5.000
10/1/2047 5.000 0.004/1/2048 5.000
10/1/2048 5.000 0.004/1/2049 5.000
10/1/2049 5.000 0.00
TOTALS 6,380,000 3,119,791.67 9,499,791.67 9,499,791.67 (338,671.67) 9,161,120.00
[1] For these purposes, assumes a taxable fixed rate of 4.55% for 7 years. Rate subject to reset at a fixed rate equal to 1 Month LIBOR + 2.15% with a cap of 6.75%. For these purposes, assumes 5.00%, which is approximately equal to the historical average over the past 25 years.
Scenario 1 ‐With Fine Increase
PFM Financial Advisors LLC 6/12/2019 7
DRAFT
BETHLEHEM PARKING AUTHORITYSeries B of 2019(Tax-Exempt) Settled 8/1/2019
Dated 8/1/2019
1 2 3 4 5 6 6 7Gross Less: Proposed
Tax-Exempt Tax-Exempt Semi-Annual Fiscal Year Capitalized Fiscal YearDate Principal Rate [1] Interest Debt Service Debt Service Interest Debt Service
4355610/1/2019 3.650 54,658.75 54,658.75 54,658.75 (54,658.75) 0.00
4/1/2020 3.650 163,976.25 163,976.2510/1/2020 3.650 163,976.25 163,976.25 327,952.50 (327,952.50) 0.00
4/1/2021 3.650 163,976.25 163,976.2510/1/2021 3.650 163,976.25 163,976.25 327,952.50 327,952.50
4/1/2022 3.650 163,976.25 163,976.2510/1/2022 3.650 163,976.25 163,976.25 327,952.50 327,952.50
4/1/2023 3.650 163,976.25 163,976.2510/1/2023 3.650 163,976.25 163,976.25 327,952.50 327,952.50
4/1/2024 3.650 163,976.25 163,976.2510/1/2024 3.650 163,976.25 163,976.25 327,952.50 327,952.50
4/1/2025 3.650 163,976.25 163,976.2510/1/2025 3.650 163,976.25 163,976.25 327,952.50 327,952.50
4/1/2026 3.650 163,976.25 163,976.2510/1/2026 3.650 163,976.25 163,976.25 327,952.50 327,952.50
4/1/2027 4.500 202,162.50 202,162.5010/1/2027 4.500 202,162.50 202,162.50 404,325.00 404,325.00
4/1/2028 4.500 202,162.50 202,162.5010/1/2028 4.500 202,162.50 202,162.50 404,325.00 404,325.00
4/1/2029 4.500 202,162.50 202,162.5010/1/2029 4.500 202,162.50 202,162.50 404,325.00 404,325.00
4/1/2030 4.500 202,162.50 202,162.5010/1/2030 4.500 202,162.50 202,162.50 404,325.00 404,325.00
4/1/2031 4.500 202,162.50 202,162.5010/1/2031 4.500 202,162.50 202,162.50 404,325.00 404,325.00
4/1/2032 4.500 202,162.50 202,162.5010/1/2032 4.500 202,162.50 202,162.50 404,325.00 404,325.00
4/1/2033 4.500 202,162.50 202,162.5010/1/2033 4.500 202,162.50 202,162.50 404,325.00 404,325.00
4/1/2034 4.500 202,162.50 202,162.5010/1/2034 4.500 202,162.50 202,162.50 404,325.00 404,325.00
4/1/2035 4.500 202,162.50 202,162.50
10/1/2035 4.500 202,162.50 202,162.50 404,325.00 404,325.004/1/2036 4.500 202,162.50 202,162.50
10/1/2036 4.500 202,162.50 202,162.50 404,325.00 404,325.004/1/2037 4.500 202,162.50 202,162.50
10/1/2037 410,000 4.500 202,162.50 612,162.50 814,325.00 814,325.004/1/2038 4.500 192,937.50 192,937.50
10/1/2038 555,000 4.500 192,937.50 747,937.50 940,875.00 940,875.004/1/2039 4.500 180,450.00 180,450.00
10/1/2039 580,000 4.500 180,450.00 760,450.00 940,900.00 940,900.004/1/2040 4.500 167,400.00 167,400.00
10/1/2040 605,000 4.500 167,400.00 772,400.00 939,800.00 939,800.004/1/2041 4.500 153,787.50 153,787.50
10/1/2041 635,000 4.500 153,787.50 788,787.50 942,575.00 942,575.004/1/2042 4.500 139,500.00 139,500.00
10/1/2042 660,000 4.500 139,500.00 799,500.00 939,000.00 939,000.004/1/2043 4.500 124,650.00 124,650.00
10/1/2043 690,000 4.500 124,650.00 814,650.00 939,300.00 939,300.004/1/2044 4.500 109,125.00 109,125.00
10/1/2044 720,000 4.500 109,125.00 829,125.00 938,250.00 938,250.004/1/2045 4.500 92,925.00 92,925.00
10/1/2045 755,000 4.500 92,925.00 847,925.00 940,850.00 940,850.004/1/2046 4.500 75,937.50 75,937.50
10/1/2046 790,000 4.500 75,937.50 865,937.50 941,875.00 941,875.004/1/2047 4.500 58,162.50 58,162.50
10/1/2047 825,000 4.500 58,162.50 883,162.50 941,325.00 941,325.004/1/2048 4.500 39,600.00 39,600.00
10/1/2048 860,000 4.500 39,600.00 899,600.00 939,200.00 939,200.004/1/2049 4.500 20,250.00 20,250.00
10/1/2049 900,000 4.500 20,250.00 920,250.00 940,500.00 940,500.00
TOTALS 8,985,000 9,507,351.25 18,492,351.25 18,492,351.25 (382,611.25) 18,109,740.00
[1] For these purposes, assumes a tax-exempt fixed rate of 3.65% for 7 years. Rate subject to reset at a fixed rate equal to 80% of 1 Month LIBOR + 2.15% with a cap of 5.40%. For these purposes, assumes 4.50%, which is approximately equal to the historical average over the past 25 years.
Scenario 1 ‐With Fine Increase
PFM Financial Advisors LLC 6/12/2019 8
DRAFT
BETHLEHEM PARKING AUTHORITYSeries A&B of 2019SOURCES AND USES OF FUNDS
SERIES A SERIES B(TAXABLE) (TAX-EXEMPT)
Bonds 6,380,000.00 8,985,000.00 15,365,000.00
Original Issue Premium/(Discount) 0.00 0.00 0.00 RACP Grant Proceeds [1] 2,000,000.00 0.00 2,000,000.00 NCC Contribution 500,000.00 0.00 500,000.00 Accrued Interest 0.00 0.00 0.00
Total 8,880,000.00 8,985,000.00 17,865,000.00
SERIES A SERIES B(TAXABLE) (TAX-EXEMPT)
Deposit to Construction Fund [2] 8,400,000.00 8,400,000.00 16,800,000.00 Debt Service Reserve Fund 0.00 0.00 0.00 Capitalized Interest 338,671.67 382,611.25 721,282.92 Underwriter's Discount 0.00 0.00 0.00 Bond Insurance 0.00 0.00 0.00 Bank Fee & Counsel 40 bps 14,000.00 21,000.00 35,000.00 Costs of Issuance 40 bps 124,000.00 176,000.00 300,000.00 Miscellaneous Expenses/Rounding 3,328.33 5,388.75 8,717.08
Total 8,880,000.00 8,985,000.00 17,865,000.00
Dated Date 8/1/2019
Settlement Date 8/1/2019
Yield of the Issue 4.302069True Interest Cost 4.320625
[1] Assumes that RACP Grant is extended to 2019[2] Includes estimates for hard costs, soft costs as well as land purchase. Includes $800,000 estimated cost for Pedestrian Bridge
TOTALSOURCES:
TOTALUSES:
Scenario 1 ‐With Fine Increase
PFM Financial Advisors LLC 6/12/2019 9
DRAFT
Scenario 2
No 2019 Violation Fine Increase
PFM Financial Advisors LLC 10
DRAFT
BETHLEHEM PARKING AUTHORITYSummary of Assumptions & Results
(Estimated) (Projected) (Projected) (Projected) (Projected) (Projected) (Projected) (Projected) (Projected) (Projected) (Projected) (Projected) (Projected) (Projected) (Projected) (Projected)Fiscal Year Ending 12/31 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2035 2040 2045
Year 0 1 2 3 4 5 6 7 8 9 10 11 12 17 22 27
SUMMARY OF ASSUMPTIONS
ON-STREET METER RATE INCREASES1) Initial Rate $1.00 $1.00 $1.50 $1.50 $1.50 $1.50 $1.50 $2.00 $2.00 $2.00 $2.00 $2.00 $2.00 $2.25 $2.50 $2.752) Increase $0.50 $0.50 $0.25 $0.25 $0.25 $0.253) Ending Rate $1.00 $1.50 $1.50 $1.50 $1.50 $1.50 $2.00 $2.00 $2.00 $2.00 $2.00 $2.00 $2.25 $2.50 $2.75 $3.004) Gross Growth Rate 50.0% 33.3% 12.5% 11.1% 10.0% 9.1%5) Elasticity Adjustment 80% 80% 80% 80% 80% 80%6) Net Growth Rate Due to Increase in Rate 40.0% 26.7% 10.0% 8.9% 8.0% 7.3%
VIOLATIONS RATE INCREASES7) Initial Average Rate $10.00 $10.00 $10.00 $10.00 $10.00 $10.00 $10.00 $15.00 $15.00 $15.00 $15.00 $15.00 $15.00 $20.00 $25.00 $30.008) Increase $5.00 $5.00 $5.00 $5.00 $5.009) Ending Average Rate $10.00 $10.00 $10.00 $10.00 $10.00 $10.00 $15.00 $15.00 $15.00 $15.00 $15.00 $15.00 $20.00 $25.00 $30.00 $35.00
10) Assumed Average Number of Violations 79,248 79,248 79,248 79,248 79,248 79,248 71,323 71,323 71,323 71,323 71,323 71,323 64,191 57,772 51,995 46,79511) % Increase or (decrease) (10.0%) (10.0%) (10.0%) (10.0%) (10.0%)
12) Gross Combined Growth Rate 35.0% 20.0% 12.5% 8.0% 5.0%13) Elasticity Adjustment 60% 60% 60% 60% 60%14) Net Growth Rate on Budget Due to Increase in Rate 21.0% 12.0% 7.5% 4.8% 3.0%
GARAGE TRANSIENT RATE INCREASES15) Initial Rate $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $1.50 $1.50 $1.50 $1.50 $1.50 $1.50 $1.75 $2.00 $2.2516) Increase $0.50 $0.25 $0.25 $0.25 $0.2517) Ending Rate $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $1.50 $1.50 $1.50 $1.50 $1.50 $1.50 $1.75 $2.00 $2.25 $2.5018) Gross Growth Rate 50.0% 16.7% 14.3% 12.5% 11.1%19) Elasticity Adjustment 80% 80% 80% 80% 80%20) Net Growth Rate on Budget Due to Increase in Rate 40.0% 13.3% 11.4% 10.0% 8.9%
GARAGE MONTHLY CONTRACT RATE INCREASES21) Walnut Street Garage $5.00 $5.00 $5.00 $5.00 $5.00 $5.0022) North Street Garage $5.00 $5.00 $5.00 $5.00 $5.00 $5.0023) Lehigh Riverport Garage $5.00 $5.00 $5.00 $5.00 $5.00 $5.0024) Commons Garage $5.00 $5.00 $5.00 $5.00 $5.00 $5.0025) Surface Lots $5.00 $5.00 $5.00 $5.00 $5.00 $5.0026) New Street Garage $5.00 $5.00 $5.00 $5.00 $5.00 $5.0027) Polk Street Garage $5.00 $5.00 $5.00 $5.00 $5.00
FINANCING ASSUMPTIONS28) Polk Street Garage Project Fund 16,800,00029) Walnut St Project Fund 17,000,000
SUMMARY OF RESULTS
REVENUES30) Meters 1,976,547 2,268,925 2,274,597 2,280,284 2,285,985 2,291,699 2,902,819 2,910,076 2,917,352 2,924,645 2,931,957 2,939,286 3,233,215 3,555,950 3,878,975 4,202,84931) Parking Violations - Total 1,439,473 1,443,072 1,446,679 1,450,296 1,453,922 1,457,557 1,763,643 1,768,053 1,772,473 1,776,904 1,781,346 1,785,800 2,000,095 2,171,684 2,298,770 2,391,49932) Garage revenue 2,475,949 2,394,506 3,085,590 3,106,696 3,127,804 2,913,255 3,370,450 3,457,965 3,476,082 3,494,201 3,512,323 3,530,447 3,839,663 4,189,096 4,477,999 4,764,38033) Other revenue 548,872 537,639 548,392 559,360 570,547 581,958 593,597 605,469 617,578 629,930 642,528 655,379 668,487 738,063 814,881 899,69534) TOTAL REVENUES 6,440,841 6,644,142 7,355,258 7,396,635 7,438,257 7,244,469 8,630,510 8,741,563 8,783,484 8,825,680 8,868,154 8,910,912 9,741,460 10,654,794 11,470,625 12,258,423
EXPENDITURES35) Salaries & Benefits 1,834,778 1,857,264 1,909,017 1,962,243 2,016,986 2,073,288 2,131,194 2,190,753 2,252,010 2,315,016 2,379,821 2,446,477 2,515,038 2,888,409 3,318,417 3,813,78636) Operating Expenses 1,675,387 1,626,150 1,782,782 1,817,546 1,853,006 1,889,175 1,926,068 1,963,698 2,002,081 2,041,231 2,081,165 2,121,897 2,163,444 2,383,979 2,627,468 2,896,30037) Debt Service 1,460,904 1,464,865 1,824,524 2,513,410 2,506,786 2,506,930 3,472,933 3,472,567 3,477,010 3,474,714 3,472,863 3,483,830 3,476,183 3,236,331 3,232,011 3,234,70438) TOTAL EXPENDITURES 4,971,069 4,948,279 5,516,323 6,293,200 6,376,778 6,469,392 7,530,195 7,627,017 7,731,101 7,830,961 7,933,849 8,052,204 8,154,666 8,508,719 9,177,896 9,944,790
39) GROSS INCOME 1,469,772 1,695,862 1,838,935 1,103,436 1,061,479 775,077 1,100,315 1,114,546 1,052,384 994,719 934,305 858,708 1,586,795 2,146,075 2,292,730 2,313,633
NON-OPERATING TRANSFERS OUT/(IN)40) Transfer to the City & Mechanic 475,000 450,000 425,000 0 0 0 0 0 0 0 0 0 0 0 0 041) Parking Facility Repair & Maint. Program 570,000 859,000 872,000 900,000 825,000 675,000 400,000 680,000 730,000 950,000 500,000 500,000 500,000 500,000 500,000 500,00042) Capital Reserve Transfer Out/(In) 245,000 105,000 260,000 0 0 (30,000) 420,000 150,000 40,000 (90,000) 150,000 75,000 805,000 1,365,000 1,510,000 1,530,00043) Due to the City Mechanic 25,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,00044) Transfer to Downtown Initiative Fund 0 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,00045) TOTAL NON-OPERATING TRANSFERS 1,315,000 1,544,000 1,687,000 1,030,000 955,000 775,000 950,000 960,000 900,000 990,000 780,000 705,000 1,435,000 1,995,000 2,140,000 2,160,000
46) NET INCOME 154,772 151,862 151,935 73,436 106,479 77 150,315 154,546 152,384 4,719 154,305 153,708 151,795 151,075 152,730 153,63347) DEBT SERVICE COVERAGE RATIO 2.01x 2.16x 2.01x 1.44x 1.42x 1.31x 1.32x 1.32x 1.30x 1.29x 1.27x 1.25x 1.46x 1.66x 1.71x 1.72x
Remaining Pro‐FormaAssumptions1) Base year revenues & expenditures based on combination of 2019 Budget, year to date estimates as well as results from various studies/reports from outside consultants2) On‐street meter increases in 2019. Garage transient in 2024. Then all three increases in 2024, 2030 and every 5 years thereafter, with only 80% of increase assumed to account for elasticity.3) On‐street meter revenue increases by 1.00% each year (approximate historical 5 year average growth rate in years with no increase to meter rates4) Parking violations revenue increases by 0.25% each year (approximate historical 5 year average growth rate) in years with no increase to fine or violation amounts5) Garage contract rates increase of $5.00 initially in 2020, 2024, 2030 and then every 5 years thereafter6) For these purposes only, finance demolition and replacement of Walnut St Garage in 2023, assuming new 500 space garage at a total cost of $17 million with a 30 year wrap bond issue that is 80/20 split between tax‐exempt/taxable is built. Assumes $235k reduction in garage revenue during construction in 2023 and 2024 then goes back up to amount before demolition. BPA has not made a decision on the status of Walnut St.7) Annual Parking Facility Repair & Maintenance Program (row 41) annual capital expenditures per DESMAN analysis
WORKING DRAFT FOR ILLUSTRATIVE PURPOSES
Polk Street Garage Assumptions 1) 470 space garage, 30 space parking lot with total construction cost of $16.8 million ($16 mm garage with $800k pedestrian bridge) financed by a $2 million RACP Grant, $500k NCC contribution, as well as a bank loan in July 2019 with a 30 year level payments that has a 50/50 split between tax‐exempt and taxable2) Assumes revenue of 370 total monthly contracts initially at $65/month, increasing with pro‐forma assumptions starting in 2024 ($65 to $70 per month)3) Assumes annual transient revenue of $76,400 and event/street meter revenue of $31,260 starting in 20204) Assumes annual O&M expense of $125,000 per year initially in 2020, growing at 2% thereafter
Scenario 2 ‐ No 2019 Violation Fine Increase
Bethlehem Parking Authority 11DRAFT
BETHLEHEM PARKING AUTHORITYSummary of Revenues vs. Expenses
Fiscal Year Ending December 31, 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2035 2040 2045Year 0 1 2 3 4 5 6 7 8 9 10 11 12 17 22 27
(Base Year) (Projected) (Projected) (Projected) (Projected) (Projected) (Projected) (Projected) (Projected) (Projected) (Projected) (Projected) (Projected) (Projected) (Projected) (Projected)
REVENUE
Garage RevenueWalnut Street Garage 967,662 870,366 911,706 911,706 911,706 676,047 850,302 915,202 915,202 915,202 915,202 915,202 1,007,229 1,097,483 1,186,232 1,273,675North Street Garage 752,459 749,051 786,191 786,191 786,191 786,191 889,911 889,911 889,911 889,911 889,911 889,911 958,121 1,025,444 1,092,012 1,157,926Lehigh Riverport Garage 218,941 242,652 261,552 261,552 261,552 261,552 280,452 280,452 280,452 280,452 280,452 280,452 299,352 318,252 337,152 356,052Commons Garage 50,659 52,968 57,948 57,948 57,948 57,948 62,928 62,928 62,928 62,928 62,928 62,928 67,908 72,888 77,868 82,848Surface Lots 281,070 214,701 235,221 235,221 235,221 235,221 255,741 255,741 255,741 255,741 255,741 255,741 276,261 296,781 317,301 337,821New Street Garage 205,158 264,768 436,712 457,818 478,926 500,036 582,097 604,712 622,829 640,948 659,070 677,194 745,311 856,712 910,191 963,408Polk Street Garage (New Construction) 396,260 396,260 396,260 396,260 449,020 449,020 449,020 449,020 449,020 449,020 485,481 521,535 557,243 592,650
Total Garage Revenue 2,475,949 2,394,506 3,085,590 3,106,696 3,127,804 2,913,255 3,370,450 3,457,965 3,476,082 3,494,201 3,512,323 3,530,447 3,839,663 4,189,096 4,477,999 4,764,380
Other RevenueParking Violations - Meters 387,650 388,620 389,591 390,565 391,541 392,520 474,950 476,137 477,327 478,521 479,717 480,916 538,626 584,835 619,059 644,031Parking Violations - Other 1,051,823 1,054,452 1,057,088 1,059,731 1,062,380 1,065,036 1,288,694 1,291,916 1,295,145 1,298,383 1,301,629 1,304,883 1,461,469 1,586,849 1,679,711 1,747,468Special Events 210,069 228,764 233,339 238,006 242,766 247,622 252,574 257,625 262,778 268,033 273,394 278,862 284,439 314,044 346,730 382,818Meters 1,976,547 2,268,925 2,274,597 2,280,284 2,285,985 2,291,699 2,902,819 2,910,076 2,917,352 2,924,645 2,931,957 2,939,286 3,233,215 3,555,950 3,878,975 4,202,849Advertisement 10,902 8,652 8,825 9,002 9,182 9,365 9,553 9,744 9,938 10,137 10,340 10,547 10,758 11,877 13,114 14,478Park & Shop 54,421 52,722 53,776 54,852 55,949 57,068 58,209 59,374 60,561 61,772 63,008 64,268 65,553 72,376 79,909 88,226Interest 6,528Resident Permits 65,211 67,141 68,484 69,853 71,251 72,676 74,129 75,612 77,124 78,666 80,240 81,845 83,481 92,170 101,763 112,355Tow Revenue 13,207 12,360 12,607 12,859 13,117 13,379 13,646 13,919 14,198 14,482 14,771 15,067 15,368 16,968 18,734 20,683Valet Revenue 2,181Miscellaneous Revenue 186,353 168,000 171,360 174,787 178,283 181,849 185,486 189,195 192,979 196,839 200,776 204,791 208,887 230,628 254,632 281,134
Total Other Revenue 3,964,892 4,249,636 4,269,668 4,289,939 4,310,453 4,331,214 5,260,060 5,283,598 5,307,403 5,331,479 5,355,831 5,380,465 5,901,797 6,465,698 6,992,626 7,494,044
TOTAL REVENUE 6,440,841 6,644,142 7,355,258 7,396,635 7,438,257 7,244,469 8,630,510 8,741,563 8,783,484 8,825,680 8,868,154 8,910,912 9,741,460 10,654,794 11,470,625 12,258,423
EXPENSES
Salaries & BenefitsSalaries 1,170,196 1,185,831 1,221,406 1,258,048 1,295,790 1,334,663 1,374,703 1,415,944 1,458,423 1,502,175 1,547,240 1,593,658 1,641,467 1,902,911 2,205,995 2,557,353Health Benefits 322,187 274,944 283,192 291,688 300,439 309,452 318,735 328,298 338,146 348,291 358,740 369,502 380,587 441,204 511,477 592,942Pension 236,497 264,528 269,819 275,215 280,719 286,334 292,060 297,901 303,860 309,937 316,135 322,458 328,907 363,140 400,936 442,666FICA/Valic/Unemployment 105,898 131,961 134,600 137,292 140,038 142,839 145,696 148,610 151,582 154,613 157,706 160,860 164,077 181,154 200,009 220,826
Total Salaries & Benefits 1,834,778 1,857,264 1,909,017 1,962,243 2,016,986 2,073,288 2,131,194 2,190,753 2,252,010 2,315,016 2,379,821 2,446,477 2,515,038 2,888,409 3,318,417 3,813,786
Operating ExpensesUtilities 78,161 80,508 82,118 83,761 85,436 87,144 88,887 90,665 92,478 94,328 96,215 98,139 100,102 110,520 122,023 134,724Gasoline 26,974 26,973 27,512 28,063 28,624 29,196 29,780 30,376 30,983 31,603 32,235 32,880 33,538 37,028 40,882 45,137Communications 156,663 158,652 161,825 165,062 168,363 171,730 175,165 178,668 182,241 185,886 189,604 193,396 197,264 217,795 240,463 265,491Repairs & Maintenance 335,916 233,923 238,601 243,373 248,241 253,206 258,270 263,435 268,704 274,078 279,560 285,151 290,854 321,126 354,549 391,451Vehicle Maintenance 22,006 28,000 28,560 29,131 29,714 30,308 30,914 31,533 32,163 32,806 33,463 34,132 34,814 38,438 42,439 46,856Snow Removal 9,361 10,000 10,200 10,404 10,612 10,824 11,041 11,262 11,487 11,717 11,951 12,190 12,434 13,728 15,157 16,734Valet Expense 22,969Supplies 12,725 12,000 12,240 12,485 12,734 12,989 13,249 13,514 13,784 14,060 14,341 14,628 14,920 16,473 18,188 20,081Rental Fee 6,659Appraisal Fee 2,000Professional Fees - Auditing 7,820 7,820 7,976 8,136 8,299 8,465 8,634 8,807 8,983 9,162 9,346 9,533 9,723 10,735 11,853 13,086Professional Fees - Consultants 255,219 198,459 202,428 206,477 210,606 214,818 219,115 223,497 227,967 232,526 237,177 241,920 246,759 272,442 300,798 332,105Professional Fees - Legal 41,847 41,844 42,681 43,534 44,405 45,293 46,199 47,123 48,066 49,027 50,007 51,008 52,028 57,443 63,422 70,023Professional Fees - Payroll 9,165 7,200 7,344 7,491 7,641 7,794 7,949 8,108 8,271 8,436 8,605 8,777 8,952 9,884 10,913 12,049Professional Fees - Janitorial 7,440 8,400 8,568 8,739 8,914 9,092 9,274 9,460 9,649 9,842 10,039 10,240 10,444 11,531 12,732 14,057Professional Fees - Temporary Services 28,064Advertising 38,557 39,708 40,502 41,312 42,138 42,981 43,841 44,718 45,612 46,524 47,455 48,404 49,372 54,511 60,184 66,448Elevator 31,132 31,128 31,751 32,386 33,033 33,694 34,368 35,055 35,756 36,471 37,201 37,945 38,704 42,732 47,180 52,090Insurance 148,099 141,168 143,991 146,871 149,809 152,805 155,861 158,978 162,158 165,401 168,709 172,083 175,525 193,793 213,964 236,233Postage 4,160 3,870 3,947 4,026 4,107 4,189 4,273 4,358 4,445 4,534 4,625 4,718 4,812 5,313 5,866 6,476Printing 16,048 16,200 16,524 16,854 17,192 17,535 17,886 18,244 18,609 18,981 19,360 19,748 20,143 22,239 24,554 27,109Publications/Membership 4,850 4,500 4,590 4,682 4,775 4,871 4,968 5,068 5,169 5,272 5,378 5,485 5,595 6,178 6,820 7,530Signs 22,924 12,000 12,240 12,485 12,734 12,989 13,249 13,514 13,784 14,060 14,341 14,628 14,920 16,473 18,188 20,081Uniforms 11,997 11,000 11,220 11,444 11,673 11,907 12,145 12,388 12,636 12,888 13,146 13,409 13,677 15,101 16,672 18,408Meetings/Travel 7,455 14,000 14,280 14,566 14,857 15,154 15,457 15,766 16,082 16,403 16,731 17,066 17,407 19,219 21,219 23,428Miscellaneous 108,292 210,636 214,849 219,146 223,529 227,999 232,559 237,210 241,955 246,794 251,730 256,764 261,899 289,158 319,254 352,482Special Events 40,795 43,605 44,477 45,367 46,274 47,199 48,143 49,106 50,088 51,090 52,112 53,154 54,217 59,860 66,091 72,969Bank Charges 218,089 240,000 244,800 249,696 254,690 259,784 264,979 270,279 275,685 281,198 286,822 292,559 298,410 329,469 363,760 401,620St. John Wind Ch Interest 44,556 44,556 44,556 44,556 44,556 44,556 44,556 44,556 44,556 44,556 44,556 44,556 44,556 44,556 44,556Additional O&M Expense - Polk St Garage 125,000 127,500 130,050 132,651 135,304 138,010 140,770 143,586 146,457 149,387 152,374 168,234 185,743 205,076
Total Operating Expenses 1,675,387 1,626,150 1,782,782 1,817,546 1,853,006 1,889,175 1,926,068 1,963,698 2,002,081 2,041,231 2,081,165 2,121,897 2,163,444 2,383,979 2,627,468 2,896,300
Scenario 2 ‐ No 2019 Violation Fine Increase
Summary of Revenues vs. Expenses Bethlehem Parking Authority 12DRAFT
BETHLEHEM PARKING AUTHORITYSummary of Revenues vs. Expenses
Fiscal Year Ending December 31, 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2035 2040 2045Year 0 1 2 3 4 5 6 7 8 9 10 11 12 17 22 27
(Base Year) (Projected) (Projected) (Projected) (Projected) (Projected) (Projected) (Projected) (Projected) (Projected) (Projected) (Projected) (Projected) (Projected) (Projected) (Projected)
Scenario 2 ‐ No 2019 Violation Fine Increase
Non-Operating ExpensesProfit/Loss on Fixed Assets
Total Non-Operating Expenses
Debt ServiceExisting Debt ServiceSeries A of 2015 Bonds (Taxable) 107,093 110,126 107,743 105,110 61,991Series B of 2015 Bonds 915,844 916,844 883,969 629,969 675,194 737,963 738,213 737,331 740,281 741,081 741,281 745,881 598,850Series A of 2016 (South Side Garage) 61,436 61,364 456,281 458,557 454,615 454,223 457,944 180,294Series B of 2016 (South Side Garage) 376,531 376,531 376,531 376,531 376,531 376,531 376,531 651,531 831,031 831,256 830,681 834,281 831,906 833,550 830,550 832,850Series A of 2019 (Taxable) 615,290 610,503 610,260 614,335 612,500 614,983 535,500 534,250 537,250 534,250 535,250Series B of 2019 (Tax-Exempt) 327,953 327,953 327,953 327,953 327,953 327,953 404,325 404,325 404,325 404,325 404,325 939,800 940,850Series of 2023 (Walnut St) [1] 957,958 962,958 962,762 962,552 962,326 962,092 1,106,852 1,463,206 1,461,661 1,461,004
Total Debt Service 1,460,904 1,464,865 1,824,524 2,513,410 2,506,786 2,506,930 3,472,933 3,472,567 3,477,010 3,474,714 3,472,863 3,483,830 3,476,183 3,236,331 3,232,011 3,234,704
TOTAL EXPENSES 4,971,069 4,948,279 5,516,323 6,293,200 6,376,778 6,469,392 7,530,195 7,627,017 7,731,101 7,830,961 7,933,849 8,052,204 8,154,666 8,508,719 9,177,896 9,944,790
GROSS INCOME 1,469,772 1,695,862 1,838,935 1,103,436 1,061,479 775,077 1,100,315 1,114,546 1,052,384 994,719 934,305 858,708 1,586,795 2,146,075 2,292,730 2,313,633
Non-Operating TransfersTransfer to the City 475,000 450,000 425,000Repair & Maintenance Program [2] 570,000 859,000 872,000 900,000 825,000 675,000 400,000 680,000 730,000 950,000 500,000 500,000 500,000 500,000 500,000 500,000Capital Reserve Transfer Out/(In) 245,000 105,000 260,000 (30,000) 420,000 150,000 40,000 (90,000) 150,000 75,000 805,000 1,365,000 1,510,000 1,530,000Due to the City Mechanic 25,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000Transfer to Downtown Initiative Fund 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000
Total Non-Operating Transfers 1,315,000 1,544,000 1,687,000 1,030,000 955,000 775,000 950,000 960,000 900,000 990,000 780,000 705,000 1,435,000 1,995,000 2,140,000 2,160,000
NET INCOME 154,772 151,862 151,935 73,436 106,479 77 150,315 154,546 152,384 4,719 154,305 153,708 151,795 151,075 152,730 153,633DEBT SERVICE COVERAGE RATIO 2.006x 2.158x 2.008x 1.439x 1.423x 1.309x 1.317x 1.321x 1.303x 1.286x 1.269x 1.246x 1.456x 1.663x 1.709x 1.715x
[1] Estimated debt srvice to demolish and replace Walnut St Garage with financing in 2023 assuming new 500 space garage at a total cost of $17 million ($15 mm construction, $1 mm property acquisition , $0.50 mm demo, and $0.50 mm, interim solution) with a 30 year wrap bond issue that is 80/20 split between tax-exempt/taxable.[2] Estimated repair program per DESMAN to complete annual repair and maintenance to the Walnut St, North St, Riverport, Commons and New Street Garages. Costs are expressed in 2018 dollars using prevailing wage rates. Inflation and escalation have not been included. Costs are estimates based on today's understanding and subject to change based on actual repair needs and future conditions
Summary of Revenues vs. Expenses Bethlehem Parking Authority 13DRAFT
BETHLEHEM PARKING AUTHORITYGarage Revenue Breakdown Projections
POLK STREET GARAGEFiscal Year Ending December 31, 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2035 2040 2045
Year 0 1 2 3 4 5 6 7 8 9 10 11 12 17 22 27(Base Year) (Projected) (Projected) (Projected) (Projected) (Projected) (Projected) (Projected) (Projected) (Projected) (Projected) (Projected) (Projected) (Projected) (Projected) (Projected)
Transient76,400 76,400 76,400 76,400 106,960 106,960 106,960 106,960 106,960 106,960 121,221 135,075 148,583 161,790
Growth - - - - - 40.00% - - - - - 13.33% 11.43% 10.00% 8.89%
Total Transient 0 0 76,400 76,400 76,400 76,400 106,960 106,960 106,960 106,960 106,960 106,960 121,221 135,075 148,583 161,790
Contract300 300 300 300 300 300 300 300 300 300 300 300 300 300
Growth - - - - - - - - - - - - - - -
$65.00 $65.00 $65.00 $65.00 $70.00 $70.00 $70.00 $70.00 $70.00 $70.00 $75.00 $80.00 $85.00 $90.00Increase - - - - - $5.00 - - - - - $5.00 $5.00 $5.00 $5.00
45 45 45 45 45 45 45 45 45 45 45 45 45 45Growth - - - - - - - - - - - - - - -
$65.00 $65.00 $65.00 $65.00 $70.00 $70.00 $70.00 $70.00 $70.00 $70.00 $75.00 $80.00 $85.00 $90.00Increase - - - - - $5.00 - - - - - $5.00 $5.00 $5.00 $5.00
25 25 25 25 25 25 25 25 25 25 25 25 25 25Growth - - - - - - - - - - - - - - -
$65.00 $65.00 $65.00 $65.00 $70.00 $70.00 $70.00 $70.00 $70.00 $70.00 $75.00 $80.00 $85.00 $90.00Increase - - - - - $5.00 - - - - - $5.00 $5.00 $5.00 $5.00
Total # of Contracts 0 0 370 370 370 370 370 370 370 370 370 370 370 370 370 370Average Monthly Rate $65.00 $65.00 $65.00 $65.00 $70.00 $70.00 $70.00 $70.00 $70.00 $70.00 $75.00 $80.00 $85.00 $90.00Total Contract 0 0 288,600 288,600 288,600 288,600 310,800 310,800 310,800 310,800 310,800 310,800 333,000 355,200 377,400 399,600
Other Revenue31,260 31,260 31,260 31,260 31,260 31,260 31,260 31,260 31,260 31,260 31,260 31,260 31,260 31,260
Growth - - - - - - - - - - - - - - -
Total Other Revenue 0 0 31,260 31,260 31,260 31,260 31,260 31,260 31,260 31,260 31,260 31,260 31,260 31,260 31,260 31,260
Total 3rd & Polk Garage 0 0 396,260 396,260 396,260 396,260 449,020 449,020 449,020 449,020 449,020 449,020 485,481 521,535 557,243 592,650Overall Growth 0.00% 0.00% 0.00% 0.00% 0.00% 13.31% 0.00% 0.00% 0.00% 0.00% 0.00% 8.12% 7.43% 6.85% 6.35%
Notes:- All numbers per DESMAN Feasibility Study
Monthly Rate
Event/Street Meter Revenue
Transient Revenue
# of Contracts (Northampton CC)
Monthly Rate
# of Contracts (Charter Arts)
Monthly Rate
# of Contracts (Factory)
Scenario 2 ‐ No 2019 Violation Fine Increase
Polk Street Garage Planning Bethlehem Parking Authority 14DRAFT
BETHLEHEM PARKING AUTHORITYSeries A of 2019(Taxable) Settled 8/1/2019
Dated 8/1/2019
1 2 3 4 5 6 7 8Gross Less: Net
Taxable Taxable Semi-Annual Fiscal Year Capitalized Fiscal YearDate Principal Rate [1] Interest Debt Service Debt Service Interest Debt Service
4355610/1/2019 4.550 48,381.67 48,381.67 48,381.67 (48,381.67) 0.00
4/1/2020 4.550 145,145.00 145,145.0010/1/2020 4.550 145,145.00 145,145.00 290,290.00 (290,290.00) 0.00
4/1/2021 4.550 145,145.00 145,145.0010/1/2021 325,000 4.550 145,145.00 470,145.00 615,290.00 615,290.00
4/1/2022 4.550 137,751.25 137,751.2510/1/2022 335,000 4.550 137,751.25 472,751.25 610,502.50 610,502.50
4/1/2023 4.550 130,130.00 130,130.0010/1/2023 350,000 4.550 130,130.00 480,130.00 610,260.00 610,260.00
4/1/2024 4.550 122,167.50 122,167.5010/1/2024 370,000 4.550 122,167.50 492,167.50 614,335.00 614,335.00
4/1/2025 4.550 113,750.00 113,750.0010/1/2025 385,000 4.550 113,750.00 498,750.00 612,500.00 612,500.00
4/1/2026 4.550 104,991.25 104,991.2510/1/2026 405,000 4.550 104,991.25 509,991.25 614,982.50 614,982.50
4/1/2027 5.000 105,250.00 105,250.0010/1/2027 325,000 5.000 105,250.00 430,250.00 535,500.00 535,500.00
4/1/2028 5.000 97,125.00 97,125.0010/1/2028 340,000 5.000 97,125.00 437,125.00 534,250.00 534,250.00
4/1/2029 5.000 88,625.00 88,625.0010/1/2029 360,000 5.000 88,625.00 448,625.00 537,250.00 537,250.00
4/1/2030 5.000 79,625.00 79,625.0010/1/2030 375,000 5.000 79,625.00 454,625.00 534,250.00 534,250.00
4/1/2031 5.000 70,250.00 70,250.0010/1/2031 395,000 5.000 70,250.00 465,250.00 535,500.00 535,500.00
4/1/2032 5.000 60,375.00 60,375.0010/1/2032 415,000 5.000 60,375.00 475,375.00 535,750.00 535,750.00
4/1/2033 5.000 50,000.00 50,000.0010/1/2033 435,000 5.000 50,000.00 485,000.00 535,000.00 535,000.00
4/1/2034 5.000 39,125.00 39,125.0010/1/2034 460,000 5.000 39,125.00 499,125.00 538,250.00 538,250.00
4/1/2035 5.000 27,625.00 27,625.00
10/1/2035 480,000 5.000 27,625.00 507,625.00 535,250.00 535,250.004/1/2036 5.000 15,625.00 15,625.00
10/1/2036 505,000 5.000 15,625.00 520,625.00 536,250.00 536,250.004/1/2037 5.000 3,000.00 3,000.00
10/1/2037 120,000 5.000 3,000.00 123,000.00 126,000.00 126,000.004/1/2038 5.000
10/1/2038 5.000 0.004/1/2039 5.000
10/1/2039 5.000 0.004/1/2040 5.000
10/1/2040 5.000 0.004/1/2041 5.000
10/1/2041 5.000 0.004/1/2042 5.000
10/1/2042 5.000 0.004/1/2043 5.000
10/1/2043 5.000 0.004/1/2044 5.000
10/1/2044 5.000 0.004/1/2045 5.000
10/1/2045 5.000 0.004/1/2046 5.000
10/1/2046 5.000 0.004/1/2047 5.000
10/1/2047 5.000 0.004/1/2048 5.000
10/1/2048 5.000 0.004/1/2049 5.000
10/1/2049 5.000 0.00
TOTALS 6,380,000 3,119,791.67 9,499,791.67 9,499,791.67 (338,671.67) 9,161,120.00
[1] For these purposes, assumes a taxable fixed rate of 4.55% for 7 years. Rate subject to reset at a fixed rate equal to 1 Month LIBOR + 2.15% with a cap of 6.75%. For these purposes, assumes 5.00%, which is approximately equal to the historical average over the past 25 years.
Scenario 2 ‐ No 2019 Violation Fine Increase
PFM Financial Advisors LLC 6/12/2019 15
DRAFT
BETHLEHEM PARKING AUTHORITYSeries B of 2019(Tax-Exempt) Settled 8/1/2019
Dated 8/1/2019
1 2 3 4 5 6 6 7Gross Less: Proposed
Tax-Exempt Tax-Exempt Semi-Annual Fiscal Year Capitalized Fiscal YearDate Principal Rate [1] Interest Debt Service Debt Service Interest Debt Service
4355610/1/2019 3.650 54,658.75 54,658.75 54,658.75 (54,658.75) 0.00
4/1/2020 3.650 163,976.25 163,976.2510/1/2020 3.650 163,976.25 163,976.25 327,952.50 (327,952.50) 0.00
4/1/2021 3.650 163,976.25 163,976.2510/1/2021 3.650 163,976.25 163,976.25 327,952.50 327,952.50
4/1/2022 3.650 163,976.25 163,976.2510/1/2022 3.650 163,976.25 163,976.25 327,952.50 327,952.50
4/1/2023 3.650 163,976.25 163,976.2510/1/2023 3.650 163,976.25 163,976.25 327,952.50 327,952.50
4/1/2024 3.650 163,976.25 163,976.2510/1/2024 3.650 163,976.25 163,976.25 327,952.50 327,952.50
4/1/2025 3.650 163,976.25 163,976.2510/1/2025 3.650 163,976.25 163,976.25 327,952.50 327,952.50
4/1/2026 3.650 163,976.25 163,976.2510/1/2026 3.650 163,976.25 163,976.25 327,952.50 327,952.50
4/1/2027 4.500 202,162.50 202,162.5010/1/2027 4.500 202,162.50 202,162.50 404,325.00 404,325.00
4/1/2028 4.500 202,162.50 202,162.5010/1/2028 4.500 202,162.50 202,162.50 404,325.00 404,325.00
4/1/2029 4.500 202,162.50 202,162.5010/1/2029 4.500 202,162.50 202,162.50 404,325.00 404,325.00
4/1/2030 4.500 202,162.50 202,162.5010/1/2030 4.500 202,162.50 202,162.50 404,325.00 404,325.00
4/1/2031 4.500 202,162.50 202,162.5010/1/2031 4.500 202,162.50 202,162.50 404,325.00 404,325.00
4/1/2032 4.500 202,162.50 202,162.5010/1/2032 4.500 202,162.50 202,162.50 404,325.00 404,325.00
4/1/2033 4.500 202,162.50 202,162.5010/1/2033 4.500 202,162.50 202,162.50 404,325.00 404,325.00
4/1/2034 4.500 202,162.50 202,162.5010/1/2034 4.500 202,162.50 202,162.50 404,325.00 404,325.00
4/1/2035 4.500 202,162.50 202,162.50
10/1/2035 4.500 202,162.50 202,162.50 404,325.00 404,325.004/1/2036 4.500 202,162.50 202,162.50
10/1/2036 4.500 202,162.50 202,162.50 404,325.00 404,325.004/1/2037 4.500 202,162.50 202,162.50
10/1/2037 410,000 4.500 202,162.50 612,162.50 814,325.00 814,325.004/1/2038 4.500 192,937.50 192,937.50
10/1/2038 555,000 4.500 192,937.50 747,937.50 940,875.00 940,875.004/1/2039 4.500 180,450.00 180,450.00
10/1/2039 580,000 4.500 180,450.00 760,450.00 940,900.00 940,900.004/1/2040 4.500 167,400.00 167,400.00
10/1/2040 605,000 4.500 167,400.00 772,400.00 939,800.00 939,800.004/1/2041 4.500 153,787.50 153,787.50
10/1/2041 635,000 4.500 153,787.50 788,787.50 942,575.00 942,575.004/1/2042 4.500 139,500.00 139,500.00
10/1/2042 660,000 4.500 139,500.00 799,500.00 939,000.00 939,000.004/1/2043 4.500 124,650.00 124,650.00
10/1/2043 690,000 4.500 124,650.00 814,650.00 939,300.00 939,300.004/1/2044 4.500 109,125.00 109,125.00
10/1/2044 720,000 4.500 109,125.00 829,125.00 938,250.00 938,250.004/1/2045 4.500 92,925.00 92,925.00
10/1/2045 755,000 4.500 92,925.00 847,925.00 940,850.00 940,850.004/1/2046 4.500 75,937.50 75,937.50
10/1/2046 790,000 4.500 75,937.50 865,937.50 941,875.00 941,875.004/1/2047 4.500 58,162.50 58,162.50
10/1/2047 825,000 4.500 58,162.50 883,162.50 941,325.00 941,325.004/1/2048 4.500 39,600.00 39,600.00
10/1/2048 860,000 4.500 39,600.00 899,600.00 939,200.00 939,200.004/1/2049 4.500 20,250.00 20,250.00
10/1/2049 900,000 4.500 20,250.00 920,250.00 940,500.00 940,500.00
TOTALS 8,985,000 9,507,351.25 18,492,351.25 18,492,351.25 (382,611.25) 18,109,740.00
[1] For these purposes, assumes a tax-exempt fixed rate of 3.65% for 7 years. Rate subject to reset at a fixed rate equal to 80% of 1 Month LIBOR + 2.15% with a cap of 5.40%. For these purposes, assumes 4.50%, which is approximately equal to the historical average over the past 25 years.
Scenario 2 ‐ No 2019 Violation Fine Increase
PFM Financial Advisors LLC 6/12/2019 16
DRAFT
BETHLEHEM PARKING AUTHORITYSeries A&B of 2019SOURCES AND USES OF FUNDS
SERIES A SERIES B(TAXABLE) (TAX-EXEMPT)
Bonds 6,380,000.00 8,985,000.00 15,365,000.00
Original Issue Premium/(Discount) 0.00 0.00 0.00 RACP Grant Proceeds [1] 2,000,000.00 0.00 2,000,000.00 NCC Contribution 500,000.00 0.00 500,000.00 Accrued Interest 0.00 0.00 0.00
Total 8,880,000.00 8,985,000.00 17,865,000.00
SERIES A SERIES B(TAXABLE) (TAX-EXEMPT)
Deposit to Construction Fund [2] 8,400,000.00 8,400,000.00 16,800,000.00 Debt Service Reserve Fund 0.00 0.00 0.00 Capitalized Interest 338,671.67 382,611.25 721,282.92 Underwriter's Discount 0.00 0.00 0.00 Bond Insurance 0.00 0.00 0.00 Bank Fee & Counsel 40 bps 14,000.00 21,000.00 35,000.00 Costs of Issuance 40 bps 124,000.00 176,000.00 300,000.00 Miscellaneous Expenses/Rounding 3,328.33 5,388.75 8,717.08
Total 8,880,000.00 8,985,000.00 17,865,000.00
Dated Date 8/1/2019
Settlement Date 8/1/2019
Yield of the Issue 4.302069True Interest Cost 4.320625
[1] Assumes that RACP Grant is extended to 2019[2] Includes estimates for hard costs, soft costs as well as land purchase. Includes $800,000 estimated cost for Pedestrian Bridge
TOTALSOURCES:
TOTALUSES:
Scenario 2 ‐ No 2019 Violation Fine Increase
PFM Financial Advisors LLC 6/12/2019 17
DRAFT
Appendix A
Contract Commitment Letters
PFM Financial Advisors LLC 18
DRAFT
19
DRAFT
20
DRAFT
From: Donna Pereira <[email protected]>Sent: Wednesday, March 20, 2019 6:04 PMTo: KevinCc: Richard ThompsonSubject: FW: Polk Street Garage- Letter of IntentAttachments: image001.jpg; ATT00001.htm; 20190320132158941.pdf; ATT00002.htm
Hi Kevin,
I hope you are well!
Factory LLC will rent (25) parking spaces at the Polk Street Garage on a monthly basis at $65 per space subject to reviewing the lease.
Please let me know if you need any additional information.
Warm regards, Donna‐
Donna Sledzik-Pereira Director of Office Operations Chief Executive Assistant to Richard Thompson; Founder
FACTORY LLC 315 Columbia Street Bethlehem, PA 18015
C: 201.320.2114 / O: 201.340.2830 E: [email protected] www.factory-llc.com
21
DRAFT
Appendix B
DESMAN Materials
PFM Financial Advisors LLC 22
DRAFT
23DRAFT
Issued TicketViolation Comparison
1
2
3
4
5
6
7
89
10
11
12
131415161718192021222324252627282930313233343536373839404142434445464748495051525354555657585960616263646566676869707172
A G H I J K L M N O P Q R S
BETHLEHEM PARKING AUTHORITYParking Violation Revenue Forecast Projected
EXCEEDING PARKING METER LIMITS 1A 25,314 36.558% $253,140.00 1A 24,398 31.245% $243,980.00 $10.00 $15.00 -40% 14,639 $219,585.00
NOT PARKED WITHIN A METERED SPACE 1B 348 0.503% $3,480.00 1B 324 0.415% $3,240.00 $10.00 $15.00 -40% 194 $2,910.00
OCCUPIED SPACE IN EXCESS OF LAWFUL LIMIT (METER FEED) 1C 147 0.212% $1,470.00 1C 337 0.432% $3,370.00 $10.00 $15.00 -40% 202 $3,030.00
UNAUTHORIZED PERMIT 1RP 61 0.088% $6,100.00 1RP 10 0.013% $1,000.00 $100.00 $100.00 0% 10 $1,000.00
DOUBLE PARKED 2A 93 0.134% $930.00 2A 168 0.215% $1,680.00 $10.00 $20.00 -5% 160 $3,200.00PARKING IN FRONT YARD 2AA 14 0.020% $140.00 2AA 6 0.008% $60.00 $10.00 $20.00 -5% 6 $120.00ON A SIDEWALK 2B 260 0.375% $2,600.00 2B 510 0.653% $5,100.00 $10.00 $20.00 -5% 485 $9,700.00
ON A BRIDGE OR IN A TUNNEL 2C 0 0.000% $0.00 2C 0 0.000% $0.00 $10.00 $20.00 -5% 0 $0.00
ON A RAILROAD TRACK 2D 0 0.000% $0.00 2D 1 0.001% $10.00 $10.00 $20.00 -5% 1 $20.00ANGLE PARKED 2-WAY STREET 2E 31 0.045% $310.00 2E 6 0.008% $60.00 $10.00 $20.00 -5% 6 $120.00ANGLE PARKED 1-WAY STREET 2F 14 0.020% $140.00 2F 10 0.013% $100.00 $10.00 $20.00 -5% 10 $200.00AGAINST TRAFFIC 2- WAY ST 2G 316 0.456% $3,160.00 2G 512 0.656% $5,120.00 $10.00 $20.00 -5% 486 $9,720.00AGAINST TRAFFIC 1-WAY ST 2H 38 0.055% $380.00 2H 34 0.044% $340.00 $10.00 $20.00 -5% 32 $640.00OVERTIME PARKING 1HR ZONE-SPECIAL EVENT 2HF 0 0.000% $0.00 2HF 0 0.000% $0.00 $10.00 $20.00 -15% 0 $0.00OVERTIME PARKING 2 HR ZONE-SPECIAL EVENT 2HG 12 0.017% $120.00 2HG 0 0.000% $0.00 $10.00 $20.00 -15% 0 $0.00UNATTENDED TRAILER 2JA 75 0.108% $750.00 2JA 118 0.151% $1,180.00 $10.00 $20.00 -5% 112 $2,240.00BLOCKING TRAFFIC OPPOSITE EXCAVATION 2K 7 0.010% $70.00 2K 3 0.004% $30.00 $10.00 $20.00 -5% 3 $60.00IN FRONT OF PUBLIC OR PRIVATE DRIVEWAY 2L 190 0.274% $1,900.00 2L 176 0.225% $1,760.00 $10.00 $20.00 -5% 167 $3,340.00OFFICIAL SIGN NO PARKING 2M 4 0.006% $40.00 2M 3 0.004% $30.00 $10.00 $20.00 -5% 3 $60.00NO PARKING PRIVATE PROPERTY 2N 0 0.000% $0.00 2N 1 0.001% $10.00 $10.00 $20.00 -5% 1 $20.00VEHICLE ON DISPLAY FOR SALE 2P 10 0.014% $100.00 2P 22 0.028% $220.00 $10.00 $20.00 -5% 21 $420.00GREASING AND REPAIRING 2Q 5 0.007% $50.00 2Q 8 0.010% $80.00 $10.00 $20.00 -5% 8 $160.00OVERTIME PARKING 2R 8 0.012% $80.00 2R 21 0.027% $210.00 $10.00 $20.00 -5% 20 $400.00OVERTIME PARKING IN 5 MINUTE ZONE 2RA 2 0.003% $20.00 2RA 3 0.004% $30.00 $10.00 $20.00 -30% 2 $40.00OVERTIME PARKING IN 10 MINUTE ZONE 2RB 0 0.000% $0.00 2RB 0 0.000% $0.00 $10.00 $20.00 -30% 0 $0.00OVERTIME PARKING IN 15 MINUTE ZONE 2RC 32 0.046% $320.00 2RC 11 0.014% $110.00 $10.00 $20.00 -30% 8 $160.00OVERTIME PARKING IN 20 MINUTE ZONE 2RD 406 0.586% $4,060.00 2RD 307 0.393% $3,070.00 $10.00 $20.00 -30% 215 $4,300.00OVERTIME PARKING IN 30 MINUTE ZONE 2RE 65 0.094% $650.00 2RE 52 0.067% $520.00 $10.00 $20.00 -30% 36 $720.00OVERTIME PARKING IN 1 HOUR ZONE 2RF 416 0.601% $4,160.00 2RF 284 0.364% $2,840.00 $10.00 $20.00 -30% 199 $3,980.00OVERTIME PARKING IN 2 HOUR ZONE 2RG 14,403 20.801% $144,030.00 2RG 15,787 20.218% $157,870.00 $10.00 $20.00 -30% 11,051 $221,020.00OVERTIME PARKING IN 4 HOUR ZONE 2RH 386 0.557% $3,860.00 2RH 409 0.524% $4,090.00 $10.00 $20.00 -30% 286 $5,720.00OVERTIME PARKING IN 3 HOUR ZONE 2RI 2 0.003% $20.00 2RI 3 0.004% $30.00 $10.00 $20.00 -30% 2 $40.00OVERTIME PARKING IN 12 MINUTE ZONE 2RJ 1 0.001% $10.00 2RJ 1 0.001% $10.00 $10.00 $20.00 -30% 1 $20.00UNAUTHORIZED PERMIT 2RP 9 0.013% $1,800.00 2RP 0 0.000% $0.00 $200.00 $500.00 -5% 0 $0.00WITHIN AN INTERSECTION 2S 94 0.136% $940.00 2S 70 0.090% $700.00 $10.00 $20.00 -5% 67 $1,340.00WITHIN 20' OF A CROSSWALK AT AN INTERSECTION 2T 172 0.248% $1,720.00 2T 241 0.309% $2,410.00 $10.00 $20.00 -5% 229 $4,580.00WITHIN 30' OF STOP SIGN OR SIGNAL 2U 231 0.334% $2,310.00 2U 316 0.405% $3,160.00 $10.00 $20.00 -5% 300 $6,000.00WITHIN 20' OF FIREHOUSE DRIVEWAY 2V 1 0.001% $10.00 2V 1 0.001% $10.00 $10.00 $20.00 -5% 1 $20.0050' OF RR CROSSING 2W 1 0.001% $10.00 2W 0 0.000% $0.00 $10.00 $20.00 -5% 0 $0.00WITHIN A SAFETY ZONE 2X 1 0.001% $10.00 2X 4 0.005% $40.00 $10.00 $20.00 -5% 4 $80.0012" FROM CURB 2-WAY STREET 2Y 56 0.081% $560.00 2Y 116 0.149% $1,160.00 $10.00 $20.00 -5% 110 $2,200.0012" FROM CURB 1-WAY STREET 2Z 25 0.036% $250.00 2Z 31 0.040% $310.00 $10.00 $20.00 -5% 29 $580.00PARKED IN CROSSWALK 3A 24 0.035% $360.00 3A 59 0.076% $885.00 $15.00 $20.00 -5% 56 $1,120.00WITHIN 15' OF FIRE HYDRANT 3B 637 0.920% $9,555.00 3B 696 0.891% $10,440.00 $15.00 $20.00 -5% 661 $13,220.00EXPIRED REGISTRATION 3C 1,910 2.758% $28,650.00 3C 5,228 6.695% $78,420.00 $15.00 $15.00 0% 5,228 $78,420.00EXPIRED INSPECTION 3D 6,851 9.894% $102,765.00 3D 8,027 10.280% $120,405.00 $15.00 $15.00 0% 8,027 $120,405.00OFFICIAL SIGN: NO STANDING / STOPPING 3M 76 0.110% $1,140.00 3M 99 0.127% $1,485.00 $15.00 $20.00 -5% 94 $1,880.00OFFICIAL SIGN: NO PARKING 3N 6,049 8.736% $90,735.00 3N 7,441 9.529% $111,615.00 $15.00 $20.00 -5% 7,069 $141,380.00NO PARKING PRIVATE PROPERTY 3NA 1,787 2.581% $26,805.00 3NA 1,886 2.415% $28,290.00 $15.00 $20.00 -5% 1,792 $35,840.00OFFICIAL SIGN: NO PARKING / STREET CLEANING 3NS 6,504 9.393% $97,560.00 3NS 7,829 10.026% $117,435.00 $15.00 $20.00 -5% 7,438 $148,760.00UNAUTHORIZED PERMIT 3RP 4 0.006% $1,200.00 3RP 0 0.000% $0.00 $300.00 $300.00 0% 0 $0.00RESERVED FOR HANDICAPPED 4A 445 0.643% $22,250.00 4A 559 0.716% $27,950.00 $50.00 $100.00 -5% 531 $53,100.00RESERVERD FOR HANDICAP-RESIDENTIAL 4AA 76 0.110% $3,800.00 4AA 49 0.063% $2,450.00 $50.00 $100.00 -5% 47 $4,700.00PARKING TRUCKS / TRAILERS 4B 38 0.055% $1,900.00 4B 57 0.073% $2,850.00 $50.00 $50.00 0% 57 $2,850.00OVERSIZED VEHICLES 72 HOURS 4C 2 0.003% $100.00 4C 4 0.005% $200.00 $50.00 $50.00 0% 4 $200.00DOUBLE PARKED - SPECIAL EVENT 5A 2 0.003% $60.00 5A 4 0.005% $120.00 $30.00 $30.00 0% 4 $120.00ON A SIDEWALK - SPECIAL EVENT 5B 8 0.012% $240.00 5B 6 0.008% $180.00 $30.00 $30.00 0% 6 $180.00WITHIN AN INTERSECTION - SPECIAL EVENT 5C 3 0.004% $90.00 5C 2 0.003% $60.00 $30.00 $30.00 0% 2 $60.00BLOCKING GARAGE - SPECIAL EVENT 5D 7 0.010% $210.00 5D 1 0.001% $30.00 $30.00 $30.00 0% 1 $30.00WITHIN 30' OF STOP SIGN/SIGNAL-SPECIAL EVENT 5E 18 0.026% $540.00 5E 8 0.010% $240.00 $30.00 $30.00 0% 8 $240.00WITHIN 15' OF FIRE HYDRANT - SPECIAL EVENT 5F 36 0.052% $1,080.00 5F 38 0.049% $1,140.00 $30.00 $30.00 0% 38 $1,140.00OFFICIAL SIGN:NO PARKING-SPECIAL EVENT 5G 983 1.420% $29,490.00 5G 937 1.200% $28,110.00 $30.00 $30.00 0% 937 $28,110.00OVERTIME PARKING 5 MIN ZONE-SPECIAL EVENT 5HA 1 0.001% $30.00 5HA 3 0.004% $90.00 $30.00 $30.00 0% 3 $90.00OVERTIME PARKING 10 MIN ZONE-SPECIAL EVENT 5HB 0 0.000% $0.00 5HB 0 0.000% $0.00 $30.00 $30.00 0% 0 $0.00OVERTIME PARKING 15 MIN ZONE-SPECIAL EVENT 5HC 0 0.000% $0.00 5HC 0 0.000% $0.00 $30.00 $30.00 0% 0 $0.00OVERTIME PARKING 20 MIN ZONE-SPECIAL EVENT 5HD 9 0.013% $270.00 5HD 8 0.010% $240.00 $30.00 $30.00 0% 8 $240.00OVERTIME PARKING 30 MIN ZONE-SPECIAL EVENT 5HE 1 0.001% $30.00 5HE 2 0.003% $60.00 $30.00 $30.00 0% 2 $60.00OVERTIME PARKING 1 HOUR ZONE-SPECIAL EVENT 5HF 38 0.055% $1,140.00 5HF 28 0.036% $840.00 $30.00 $30.00 0% 28 $840.00
2017 Parking Violations
2017 Total
2018 Parking Violations
% of Total Violations
Value of Tickets Issued
Value of Tickets Issued
Projected 2019 Total Vilolations
Issued
Value of Tickets Issued (proposed
fine amounts)
Projected Volume Reduction from Price Change
2018 Total Current Fine
Proposed Fine
% of Total Violations
24DRAFT
Issued TicketViolation Comparison
73747576777879808182838485868788899091
929394
A G H I J K L M N O P Q R SOVERTIME PARKING 2 HOUR ZONE-SPECIAL EVENT 5HG 333 0.481% $9,990.00 5HG 376 0.482% $11,280.00 $30.00 $30.00 0% 376 $11,280.00OVERTIME PARKING 4 HOUR ZONE-SPECIAL EVENT 5HH 2 0.003% $60.00 5HH 9 0.012% $270.00 $30.00 $30.00 0% 9 $270.00OVERTIME PARKING 3 HOUR ZONE-SPECIAL EVENT 5HI 0 0.000% $0.00 5HI 0 0.000% $0.00 $30.00 $30.00 0% 0 $0.00OVERTIME PARKING 12 MIN ZONE-SPECIAL EVENT 5HJ 0 0.000% $0.00 5HJ 0 0.000% $0.00 $30.00 $30.00 0% 0 $0.00ON A CROSSWALK - SPECIAL EVENT 5I 3 0.004% $90.00 5I 3 0.004% $90.00 $30.00 $30.00 0% 3 $90.00ON A RAILROAD TRACK-SPECIAL EVENT 5J 0 0.000% $0.00 5J 0 0.000% $0.00 $30.00 $30.00 0% 0 $0.00AREA BETWEEN ROADWAYS AND CROSSOVERS 5K 0 0.000% $0.00 5K 0 0.000% $0.00 $30.00 $30.00 0% 0 $0.00OFFICIAL SIGN NOT STOPPING-SPECIAL EVENT 5L 2 0.003% $60.00 5L 1 0.001% $30.00 $30.00 $30.00 0% 1 $30.00OFFICIAL SIGN NO STANDING-SPECIAL EVENT 5M 0 0.000% $0.00 5M 0 0.000% $0.00 $30.00 $30.00 0% 0 $0.0020' OF A CROSSWALK AT AN INTERSECTION-SPECIAL EVENT 5N 8 0.012% $240.00 5N 19 0.024% $570.00 $30.00 $30.00 0% 19 $570.00AGAINST TRAFFIC - 2WAY STREET-SPECIAL EVENT 5O 0 0.000% $0.00 5O 5 0.006% $150.00 $30.00 $30.00 0% 5 $150.00AGAINST TRAFFIC - 1 WAY STREET-SPECIAL EVENT 5P 2 0.003% $60.00 5P 1 0.001% $30.00 $30.00 $30.00 0% 1 $30.00UNATTENDED VEHICLE ON PRIVATE PROPERTY-SPECIAL EVENT 5Q 73 0.105% $2,190.00 5Q 32 0.041% $960.00 $30.00 $30.00 0% 32 $960.00SAUCON PARKING PROHIBITED 5R 5 0.007% $150.00 5R 0 0.000% $0.00 $30.00 $30.00 0% 0 $0.00BLOCKING DRIVEWAY DURING SPECIAL EVENT 5S 2 0.003% $60.00 5S 8 0.010% $240.00 $30.00 $30.00 0% 8 $240.00RESERVED FOR HANDICAP-SPECIAL EVENT 6A 54 0.078% $5,400.00 6A 44 0.056% $4,400.00 $100.00 $100.00 0% 44 $4,400.00RESERVED FOR HANDICAP-SPECIAL EVENT BF 312 0.400% $31,200.00 $100.00 $100.00 0% 312 $31,200.00
Total 69,243 $878,000.00 Total 78,085 $1,026,695.00 61,957 $1,189,950Actual Ticket Revenue Collected $1,379,030.00 Anticipated Revenue Collected $1,576,839.00 Anticipated Revenue Collected $1,858,991
% Collected vs. Issued 157.065% % Collected vs. Issued 153.584% Adjusted for 20% Elasticity $1,487,193
25DRAFT
VA
N
RAMP UP
RAMP DOWN RAMP UP
59'
-6"
59'
-6"
2'-0
"
123
'-0"
9'-0"
TYP.
12" PRECASTCONC. LITEWALL PANEL
PRECASTCONC. SHEARWALL PANEL
C.I.P. CONC.RETAINING WALL
SURFACE LOT
A.D.
A.D.
A.D.
A.D.
16'
-0"
18' - 0" 24' - 0" 18' - 0" 18' - 0" 24' - 0"
9'-
0"
N
S
EW
2'-0
"1
23'-0
"
PRECASTCONC. FIRERATED WALLPANEL
A.D.
A.D.
18'
-0"
24'
-0"
18'
-0"
18'
-0"
24'
-0"
18'
-0"
VA
N
OFFICE
3rd LEVEL
LEVEL
GRADE LEVEL
CARS
87
872nd LEVEL
4th LEVEL
5th LEVEL
TOTAL w/ALT. 595
62
87
23
CAR COUNT
SURFACE LOT 30
ALT. 6th LEVEL
87
E. 3rd STREET
E. 2nd STREET
PO
LK
ST
RE
ET
FIL
LMO
RE
ST
RE
ET
159
0
(-3)
ADD.
27
27
27
27
0
1'-10"47'-0" 48'-0" 48'-0" 36'-0" 12'-0" 47'-0"
61'
-2"
61'
-0"
FUTUREEXPANSION
PEDESTRIANBRIDGEABOVE
PC COLUMN
61'-0"
68ALT. 7th LEVEL 27
6th LEVEL 64 27
TOTAL w/o ALT. 504 132
BET
HLE
HEM
PEN
NSY
LVA
NIA
©
BET
HLE
HEM
PAR
KIN
GA
UTH
OR
ITY
POLK
STR
EET
GA
RA
GE
A101
GRADE LEVELPLAN
26DRAFT
2'-0
"5
9'-
6"5
9'-
6"
RAMP UP RAMP DOWN
RAMP DOWN RAMP UP
2'-0
"
12" PRECASTCONC. LITEWALL PANEL
PRECASTCONC. SHEARWALL PANEL
PRECASTCONC. SHEARWALL PANEL
D.D.
D.D.D.D.
D.D. D.D.
D.D.
9'-0"
TYP.
16'
-0"
2'-0"47'-0" 48'-0" 48'-0" 24'-0" 12'-0" 47'-0"
123
'-0"
N
S
EW
PRECASTCONC. FIRERATED WALLPANEL
18'
-0"
24'
-0"
18'
-0"
18'
-0"
24'
-0"
18'
-0"
61'
-2"
61'
-0"
12'-0"
FUTUREEXPANSION
PEDESTRIANBRIDGE
BET
HLE
HEM
PEN
NSY
LVA
NIA
©
BET
HLE
HEM
PAR
KIN
GA
UTH
OR
ITY
POLK
STR
EET
GA
RA
GE
A102
TYPICAL LEVELPLAN
27DRAFT
123
'-0"
59'
-6"
59'
-6"
2'-0
"
9'-0"TYP.
RAMP DOWN
RAMP DOWN RAMP UP
2'-0
"
12" PRECASTCONC. LITEWALL PANEL
PRECASTCONC. SHEARWALL PANEL
D.D. D.D.
D.D.
D.D.
16'
-0"
N
S
EW
18'
-0"
24'
-0"
18'
-0"
18'
-0"
24'
-0"
18'
-0"
FUTUREEXPANSION
2'-0"47'-0" 48'-0" 48'-0" 24'-0" 12'-0" 47'-0"
61'
-2"
61'
-0"
12'-0"
ELEV.A
ELEV.BSTAIR B
STAIR C
STAIRA
MEN'STOILET
WOMEN'STOILET
JANITORDATA
OFFICE
OFFICE
OFFICE
OFFICE
OFFICE OFFICE
OFFICE OFFICE OFFICE
RECEPTION
MEETINGROOM
MEETINGROOM
RESOURCE ROOM
OPEN OFFICEAREACLASSROOM
CLASSROOM
CLASSROOM
CLASSROOM
CLASSROOM CLASSROOM CLASSROOM CLASSROOM CLASSROOM
CLASSROOM
CLASSROOM
READINGROOM
STUDENTLOUNGE
CORRIDOR
CORRIDOR
CORRIDORCO
RR
IDO
R
STORAGE
EL.283.5'EL.281.14'
PEDESTRIANBRIDGE1
0'-0
"
PRECAST COLUMN& BEAM BELOW
BET
HLE
HEM
PEN
NSY
LVA
NIA
©
BET
HLE
HEM
PAR
KIN
GA
UTH
OR
ITY
POLK
STR
EET
GA
RA
GE
A103
SIXTH LEVELPLAN
28DRAFT
123
'-0"
59'
-6"
59'
-6"
2'-0
"
9'-0"TYP.
RAMP DOWN
RAMP DOWN RAMP UP
2'-0
"
12" PRECASTCONC. LITEWALL PANEL
PRECASTCONC. SHEARWALL PANEL
D.D. D.D.
D.D.
D.D.
16'
-0"
N
S
EW
18'
-0"
24'
-0"
18'
-0"
18'
-0"
24'
-0"
18'
-0"
FUTUREEXPANSION
2'-0"47'-0" 48'-0" 48'-0" 24'-0" 12'-0" 47'-0"
61'
-2"
61'
-0"
12'-0"
ELEV.A
ELEV.BSTAIR B
STAIR C
STAIRA
MEN'STOILET
WOMEN'STOILET
JANITORDATA
OFFICE
OFFICE
OFFICE
OFFICE
OFFICE OFFICE
OFFICE OFFICE OFFICE
RECEPTION
MEETINGROOM
MEETINGROOM
RESOURCE ROOM
OPEN OFFICEAREACLASSROOM
CLASSROOM
CLASSROOM
CLASSROOM
CLASSROOM CLASSROOM CLASSROOM CLASSROOM CLASSROOM
CLASSROOM
CLASSROOM
READINGROOM
STUDENTLOUNGE
CORRIDOR
CORRIDOR
CORRIDORCO
RR
IDO
R
STORAGE
EL.283.5'EL.281.14'
PEDESTRIANBRIDGE1
0'-0
"
PRECAST COLUMN& BEAM BELOW
RAMP UP
CONC. SHEARWALL PANEL
D.D.
D.D.
D.D.
LEVEL 6ALTERNATEPARKING
BET
HLE
HEM
PEN
NSY
LVA
NIA
©
BET
HLE
HEM
PAR
KIN
GA
UTH
OR
ITY
POLK
STR
EET
GA
RA
GE
A103A
ALTERNATESIXTH LEVELPLAN
29DRAFT
16'
-0"
123
'-0"
18'
-0"
59'
-6"
59'
-6"
2'-0
"
9'-0"TYP.
RAMP DOWN
RAMP DOWN RAMP UP
2'-0
"
12" PRECASTCONC. LITEWALL PANEL
PRECASTCONC. SHEARWALL PANEL
D.D.
D.D.
D.D.
N
S
EW
18'
-0"
24'
-0"
18'
-0"
18'
-0"
24'
-0"
FUTUREEXPANSION
2'-0"47'-0" 48'-0" 48'-0" 24'-0" 12'-0" 47'-0"
61'
-2"
61'
-0"
12'-0"
D.D.
CONC. SHEARWALL PANEL
D.D.
D.D.
BET
HLE
HEM
PEN
NSY
LVA
NIA
©
BET
HLE
HEM
PAR
KIN
GA
UTH
OR
ITY
POLK
STR
EET
GA
RA
GE
A104A
ALTERNATESEVENTH LEVELPLAN
30DRAFT
4TH FLOOR EL. 281.14
5TH FLOOR
3RD FLOOR EL. 281.14
2ND FLOOR
6TH FLOOR
ROOF
1ST FLOOR
BASEMENT
12" PRECASTCONC. LITEWALL PANEL PRECAST
CONC. SHEARWALL PANEL
PEDESTRIANBRIDGE
PRECASTSPANDRELS
PRECASTCOLUMN
BET
HLE
HEM
PEN
NSY
LVA
NIA
©
BET
HLE
HEM
PAR
KIN
GA
UTH
OR
ITY
POLK
STR
EET
GA
RA
GE
A301
BUILDINGSECTION
31DRAFT
Disclosures: PFM is the marketing name for a group of affiliated companies providing a range of services. All services are provided through separate agreements with each company. This material is for general information purposes only and is not intended to provide or give a specific recommendation. Financial advisory services are provided by PFM Financial Advisors LLC and Public Financial Management Inc. Both are registered municipal advisors with the Securities and Exchange Commission (SEC) and the Municipal Securities Rulemaking Board (MSRB) under the Dodd-Frank Act of 2010. Investment advisory services are provided by PFM Asset Management LLC which is registered with the SEC under the Investment Advisers Act of 1940. Additional applicable regulatory information is available upon request. Swap advisory services are provided by PFM Swap Advisors LLC which is registered as a municipal advisor with both the MSRB and SEC, a commodity trading advisor with the Commodity Futures Trading Commission, and a member of the National Futures Association. Consulting services are provided through PFM Group Consulting LLC. PFM financial modeling platform for strategic forecasting is provided through PFM Solutions LLC. For more information regarding PFM’s services or entities, please visit www.pfm.com. The information and any analyses contained in this presentation are taken from, or based upon, information obtained from the recipient or from publicly available sources, the completeness and accuracy of which has not been independently verified, and cannot be assured by PFM. The information and any analyses in these materials reflect prevailing conditions and PFM’s views as of this date, all of which are subject to change. To the extent projections and financial analyses are set forth herein, they may be based on estimated financial performance prepared by or in consultation with the recipient and are intended only to suggest reasonable ranges of results. Opinions, results, and data presented are not indicative of future performance. Actual rates may vary based upon market conditions at the time of pricing. The printed presentation is incomplete without reference to the oral presentation or other written materials that supplement it. To the extent permitted by applicable law, no employee or officer of PFM’s financial advisory business, nor any of PFM’s affiliated companies, accept any liability whatsoever for any direct or consequential loss arising from negligence or from any use of this presentation or its contents. Any municipal financial product or financial strategy referenced may involve significant risks, including, but not limited to: market, interest rate, or credit risk, and may not be suitable for all clients. The ultimate decision to proceed with any transaction rest solely with the client.
32
DRAFT