DDA 10-Year Plan Ootions Fiscal Year FY 2009/10 FY 2010/11 FY 2011/12 FY 2012/13 FY 2013/14 FY 2014/15 FY 2015/16 FY 2016/17 FY 2017/18 1 - Library Lot Project $56.4M Annual Expenses $19,579,775 $18,614,306 $20,911,478 $20,190,785 $21,010,983 $21,924,927 $21,651,974 $21,614,098 $21,995.967 DDA Fund Balance Less Housing $7,617,736 $4,055,135 $4,033,350 $7,000,496 $9,878,699 $12,589,131 $16,331,375 $20,925,567 $24,784,955 Fund Bal. as % of Annual Expenses 38.91% 21.79% 19.29% 34.67% 47.02% 57.42% 75.43% 96.81% 112.68% 2 Scenario 1 minus $6M William St. Leg Expense Adjustment -$288,200 -$288,200 -$303,200 -$377,375 -$377,425 -$377,200 -$376,700 -$375,'925 -$374,875 Annual Expenses $19,291,575 $18,326,106 $20,608,278 $19,813,410 $20,633,558 $21,547,727 "$21,275,274 " '"$21,238,173" $21,621,092 DDA Fund Balance Less Housing $8,373,738 $5,593,615 $5,863,703 $9,201,187 $12,460,606 $15,563,176 $19,708,520 $24,716,813 $29,006,078 Fund Bal. as % of Annual Expenses 43.41% 30.52% 28.45% 46.44% 60.39% 72.23% 92.64% " 1l'6;38% 134.16% 3 Scenario 2 plus $2M Annual Contingency Expense beginning FY 2010/11 Expense Adjustment $2,000,000 $2,000,000 $2,000,000 $2,000,000 $2,000,000 $2,o66"6bo " $2,000,000 $2,000,000 DDA Fund Balance Less Housing $8,373,738 $3,593,615 $1,793,703 "" '"'$2,9887737 $4,030,720 $4,838,244 $6,608,215 ' ' $9,157,998 $10,902,705 Annual Expenses $19,291,575 $20,326,106 $22,608,278 $21,813,410 $22,633,558 $23,547,727 $23,275,274 $23,238,173 $23';621,092 Fund Bai. as % of Annual Expenses "43.41% 17.68% 7.93% 13~.70% 17.81% 20.55% "''"";" 28.39% 39.41% 46.16% 3a Secnario 3 minus City Bonding Fund Fee from $2M Annual Contigency in FY 2011/12 Expense Adjustment -$1,489,250 Annual Expenses $1.9,291,575 S20,326,'106 $21,119,028 " "$21,813T4T6 $22~6337558 """$237547,727 $23,275,274 $23,238,173 " $23,621,092 DDA Fund Balance Less Housing $8,373,738 $3,593,615 $3,282,953 """$4,47"7,987 $5^19,976 $6",327"494 $8,0977465 $10,647,248 $12,391,955 Fund Bai. as % of Annual Expenses 43.41% \ 17.68% 20.53% 24.39% 26".87% 34.79% 45.82% 52.46% 4 Scenario 3 with the Fifth & Division Project Po stponed to FY J 012/13 ------------.......... -.....-............- -.....- -----.....-............- ...... Expense Adjustment -$387,117 -$387,117 -$428,733 ~ -$T8i,'664 -$180,934 -$139,521 -$93,613 -$93,832 -$93,451 Annual Expenses $18,904,458 $19,938,989 " "$22,179^544 $'2i",632,406 $22,452,624 $23,408,207 "$"23,181,661 $23,144,341 " $23,527,641 DDA Fund Balance Less Housing '"' " $8,760,856"' $4,367,850 $3,023,769 $3,489,930 $4,730,389 $5,701,922 $7,595,735 $10,273,913 $12,151,128 Fund Bal. as % of Annual Expenses 46.34% 21.91% 'i3"63% 16.13% 21.07% 2' 24.36% .32.77% 44.39% 51.65% 5 Scenario 3 with the Wayfinding Project Postpo led to 2012/13 —--------------- .. • .........¦...... -...... ¦ —...........—......... Expense Adjustment -$93,575 -$93,575 -$93,575 ~$2a229 """$20229 "$20,229 '$20,229 : ' $20,229 $20,229 Annual Expenses $19,198,000 $26,232,531 $22,514,703 $21,833,639 " $22,653,787 $23,567,956 $23,295,503 '$23,258,402 ' $23,641,321 DDA Fund Balance Less Housing $8,587,314" $4,020,766 $2,329,379 $3,282,933 $4,314,985 $5,112,230 $6,871,562 $9,410,333' " $11,143,643 Fund Bal. as % of Annual Expenses 44.73% ""19.87% 10.35%' ""' '""15!04% __ 19.05% 21.69% 29.50% 40.46% 47.14% Options Already in the Above Plat is ............------------ -----------.----..... -------------................- .................. - 30 Year bonding with principal payments beginning upon completion of the project 3% Parking rate increases beginning after FY 2012/13____ ...................... .........-........ -.....-......- Potential Sources of Revenue from the DDA P arking System -.......------------- —•----------------- -.- --.......... ------.....------....... Raise Off Street Parking Rates by $.10/Hour ........-....................... .......- ¦.........--- $68^76/Year .............— -.........- --------------— .. 'Raise Permits byj^gnth $183,281/Ye"ar Raise Meters by S.IO/Hour $245,171/Year Raise Meter Bag Fees by $5/Day $181,000/Year Extend Evening Enforcement by One Hour $25"0J)p0/Y"ear" Charge Off-Street Transient Parking by One Hour Increments $400,000/Year Raise $2 & $3 Entries by $1 /Entry T $100,000/Year $49,375,000 CITY OF ANN ARBOR COUNTY OF WASHTENAW, STATE OF MICHIGAN GENERAL OBLIGATION CAPITAL IMPROVEMENT PARKING FACILITY BONDS, SERIES 2009B (LIMITED TAX GENERAL OBLIGATION) SCHEDULE OF ESTIMATED REVENUES AND EXPENDITURES Tax |1] Increment Parking [2] $49,375,000_._Dated_5/1/09 F/Y Revenue System Net Interest Interest Principal Annual End Share Share Revenue Due Due Interest Due Capitalized Excess or 6-30, 36.56% 63.44% For Debt Nov-1 May-1 Rate May-1 Total Interest (Shortfall) 2009 0 0 0 0 0 0.000% 0 0 0 2010 992,745 1,722,680 2,715,625 1,357,813 1,357,813 5.500% 0 2,715,625 0 0 2011 992,745 1,722,880 2,715,625 1,357,813 .1,357,813 5.500% 0 2,715,625 0 0 2012 1,133,488 1,967,137 3,100,625 1,357,813 1,357,813 5.500% 385,000 3,100,625 0 0 2013 1,288,425 2,236,025 3,524,450 1,347,225 1,347,225 5.500% 830,000 3,524,450 0 2014 1,288,188 2,235,612 3,523,800 1,324,400 1,324,400 5.500% 875,000 3,523,800 0 2015 1,288,873 2,236,802 3,525,675 1,300,338 1,300,338 5.500% 925,000 3,525,675 0 2016 1,288,553 2,236,247 3,524,800 1,274.900 1,274,900 5.500% 975,000 3,524,800 0 2017 1,289,056 2,237,119 3,526,175 1,248,088 1,248,088 5.500% 1,030,000 3,526,175 0 2018 1,288,453 2,236,072 3,524,525 1,219,763 1,219,763 5.500% 1,085,000 3,524,525 0 2019 1,288,571 2,236,279 3,524,850 1,189,925 1,189,925 5.500% 1.145,000 3,524,850 0 2020 1,289,312 2,237,563 3,526,875 1,158,438 1,158,438 5.500% 1,210,000 3,526,875 0 2021 1,288,745 2,236,580 3,525,325 1,125,163 1,125,163 5.500% 1,275,000 3,525,325 0 2022 1,288,899 2,236,501 3,525,200 1,090,100 1,090,100 5.500% 1,345,000 3,525,200 0 2023 1,289,074 2,237,151 3,526,225 1,053,113 1,053,113 5.500% 1,420,000 3,526,225 0 2024 1,287,941 2,235,184 3,523,125 1,014,063 1,014,063 5.500% 1,495,000 3,523,125 0 2025 1,288,955 2,236,945 3,525,900 972,950 972,960 5.500% 1,580,000 3,525,900 0 202S 1,288,261 2,235,739 3,524,000 929,500 929,500 5.500% 1,665,000 3.524,000 0 2027 1,289,513 2,237,912 3,527,425 883,713 883,713 5.500% 1,760,000 3,527,425 0 2028 1,288,855 2,236,770 3,525,625 835,313 835,313 5.500% 1,855,000 3,525,625 0 2029 1,288,114 2,235,486 3,523,600 784,300 784,300 5.500% 1,955,000 3,523,600 0 2030 1,289,019 2,237,056 3,526,075 730,538 730,538 5.500% 2,065,000 3,526,075 0 2031 1,289,540 2,237,960 3,527,500 673,750 673,750 5.500%' 2,180,000 3,527,500 0 2032 1,287,749 2,234,851 3,522,600 613,800 613,800 5.500% 2,295,000 3,522,600 0 2033 1,289,129 2,237,246 3,526,375 550,688 550,688 5.500% 2,425,000 3,526,375 0 2034 1,287,895 2,235,105 3,523,000 484,000 484,000 5.500% 2,555.000 3,523,000 0 2035 1,287,703 2,234,772 3,522,475 413,738 413,738 5.500% 2,695,000 3,522,475 0 203S 1,288,352 2,235,898 3,524,250 339,625 339,625 5.500% 2,845,000 3,524,250 0 2037 1,287,813 2,234,962 3,522,775 261,388 261,388 5.500% 3,000,000 3,522,775 0 2038 1,287,813 2,234,962 3,522,775 178,888 178,888 5.500% 3,165,000 3,522,775 0 2039 1,288,151 2,235,549 3,523,700 91,850 91,850 5.500% 3,340,000 3,523,700 0 2040 0 0 0 0 0 0.000% 0 0 0 2041 0 0 0 0 0 0.000% 0 0 0 ' 37,909,728 65,791,247 103.700,975 27,162,988 27,162,988 49,375,000 103,700,975 0 [1] Tax Increment Revenue to fund pedestrian Improvements and future development costs. [2] Parking System Revenue to fund underground parking structure cost. Stauder, Barch & Associates, Inc. Municipal Bond Financial and Marketing Consultants 3989 Research Park Drive Ann Arbor. Ml 48108 12-Feb-09 Phone (734) 668-6688 Fax:(734)668-6723 PRS $49,375,000 CITY OF ANN ARBOR COUNTY OF WASHTENAW, STATE OF MICHIGAN GENERAL OBLIGATION CAPITAL IMPROVEMENT PARKING FACILITY BONDS, SERIES 2009B (LIMITED TAX GENERAL OBLIGATION) SCHEDULE OF ESTIMATED REVENUES AND EXPENDITURES Tax |1] Increment Parking [2] $49,375,000 Dated 5/1/09 F/Y Revenue System Net Interest Interest Principal Annual End Share Share Revenue Due Due Interest Due Capitalized Excess or 6-30, 36.56% 63.44% For Debt Nov-1 May-1 Rate May-1 Total Interest (Shortfall) 2009 0 0 0 0 0 0.000% 0 0 0 2010 992,745 1,722,880 2,715,625 1,357,813 1,357,813 5.500% 0 2,715,625 0 0 2011 992,745 1,722,880 2,715,625 1,357,813 1,357,813 5.500% 0 2,715,625 0 0 2012 1,133,488 1,967,137 3,100,625 1,357,813 1,357,813 5.500% 385,000 3,100,625 0 0 2013 1,288,425 2,236,025 3,524,450 1,347.225 1,347,225 5.500% 830,000 3,524,450 0 2014 1,288,188 2,235,612 3,523,800 1,324,400 1,324,400 5.500% 875,000 3,523,800 0 2015 1,288,873 2,236,802 3,525,675 1,300,338 1,300,338 5.500% 925,000 3,525,675 0 2016 1,288,553 2,236,247 3,524,800 1,274,900 1,274,900 5.500% 975,000 . 3,524,800 0 2017 1,289,058 2,237,119 3,526,175 1,248,088 1,248,088 5.500% 1,030,000 3,526,175 0 2018 1,288,453 2,236,072 3,524,525 1,219,763 1,219,763 5.500% 1,085,000 3,524,525 0 2019 1,288,571 2,236,279 3,524,850 1,189,925 1,189,925 5.500% 1,145,000 3,524,850 0 2020 1,289,312 2,237,563 3,526,875 1,158,438 1,158,438 5.500% 1,210,OOD 3,526,875 0 2021 1,288,745 2,236,580 3,525,325 1,125,163 1,125,163 5.500% 1,275,000 3,525,325 0 2022 1,288,699 2,236,501 3,525,200 1,090,100 1,090,100 5.500% 1,345,000 3,525,200 0 2023 1,289,074 2,237,151 3,526,225 1,053,113 1,053,113 5.500% 1,420,000 3,526,225 0 2024 1,287,941 2,235,184 3,523,125 1,014,063 1,014,063 5.500% 1,495,000 3,523,125 0 2025 1,288,955 2,236,945 3,525,900 972,950 972,950 5.500% 1,580,000 3,525,900 0 2026 1,288,261 2,235,739 3,524,000 929,500 929,500 5.500% 1,665,000 3,524,000 0 2027 1,289,513 2,237,912 3,527,425 883,713 883,713 5.500% 1,760,000 3,527,425 0 2028 1,288,855 2,236,770 3,625,625 835,313 835,313 5.500% 1,855,000 3,625,625 0 2029 1,288,114 2,235,486 3,523,600 784,300 784,300 5.500% 1,955,000 3,523,600 0 2030 1,289,019 2,237,056 3,526,075 730,538 730,538 5.500% 2,065,000 3,526,075 0 2031 1,289,540 2,237,960 3,527,500 673,750 673,750 5.500%- 2,180,000 3,527,500 0 2032 1,287,749 2,234,B51 3,522,600 613,800 613,800 5.500% 2,295,000 3,522,600 0 2033 1,289,129 2,237,246 3,526,375 550,688 550,688 5.500% 2,425,000 3,526,375 0 2034 1,287,895 2,235,105 3,523,000 484,000 484,000 5.500% 2,555,000 3,523,000 0 2035 1,287,703 2,234,772 3,522,475 413,738 413,738 5.500% 2,695,000 3,522,475 0 2036 1,288,352 2,235,898 3,524,250 339,625 339,625 5.500% 2,845,000 3,524,250 0 2037 1,287,813 2,234,962 3,522,775 261,388 261,388 5.500% 3,000,000 3,522,775 0 2038 1,287,813 2,234,962 3,522,775 178,888 178,888 5.500% 3,165,000 3,622,775 0 2039 1,288,151 2,235,549 3,523,700 91,850 91,850 5.500% 3,340,000 3,523,700 0 2040 0 0 0 0 0 0.000% 0 0 0 2041 0 0 0 0 0 0.000% 0 0 0 37,909,728 65,791,247 103.700,975 27,162,988 27,162,988 49,375,000 103.700,975 0 [1] Tax Increment Revenue to fund pedestrian improvements and future development costs. [2] Parking System Revenue to fund underground parking structure cost. Stauder, Barch & Associates, Inc. Municipal Bond Financial and Marketing Consultants 3989 Research Park Drive Ann Arbor, Ml 48108 Phone (734) 668-6688 Fax: (734) 668-6723 12-Feb-09 PRS DDA 10-Year Plan Options Fiscal Year FY 2009/10 FY 2010/11 FY 2011/12 FY 2012/13 FY 2013/14 FY 2014/15 FY 2015/16 FY 2016/17 FY 2017/18 1 Library Lot Project $56.4M Annual Expenses $19,579,775 $18,614,306 $20,911,478 $20,190,785 $21,010,983 $21,924,927 $21,651,974 ""$217614,098 $21.995795/ DDA Fund Balance Less Housjng__________________________ $7,617,736 $4,055,135 $4,033,350 $7,000,496 $9,878,699 $12,589,131 $16,331,375 $20,925,567 $24,784,955 -und Bai. as % of Annual Expenses 38.91% 21.79% 19.29% 34.67% 47.02% 57.42% 75.43% 96.81% T12.68% Scenario 1 minus $6M William St Leg Sxpense Adjustment -$288,200 -$288,200 -$303,200 -$377,375 -$377,425 -$377,200 -$376,700 -$375,925 -$374,875 Annual Expenses $19,291,575 $18,326,106 $20,608,278 $19,813,410 $20,633,558 $21,547,727 "$21,275,274 $21,238,173" $21,62'l",095 DDA Fund Balance Less Housing $8,373,738 $5,593,615 $5,863,703 $9,201,187 $12,460,606 $15,563,176 $19,708,520 $24,716,813 $29,006,078 Fund Bal. as % of Annual Expenses 43.41% 30.52% 28.45% 46.44% __60.39% _ „ 72.23% 92.64% "__ 116.38% 134.16% 3 Scenario 2 plus $2M Annual Contingency Expense beginning FY 2010/11 Expense Adjustment $2,000,000 $2,000,000 $2,000,000 $2,000,000 $2,000,000 $2,000,000 "' "$2,666,000 $2,b667obo DDA Fund Balance Less Housing $8,373,738 $3,593,615 $1,793,703 $2,988,737 $4,030,720 " $4,838,244 $6,608,215 ' $9,157,998 $10,902,705 Annual Expenses $19,291,575 $20,326,106 $22,608,278 $21,813,410 $22,633,558 $23,547,727 $23,275,274 " $23,238,173 $"23;621,092 Fund Bal. as % of Annual Expenses 43.41% 17.68% 7.93% 13.70% " '17.81% "' 20.55% 7'771. 28.39% ..... 39.41% 146.16% " 3a Secnario 3 minus City Bonding Fund Fee from $2M Annual Contigency In FY 2011/12 Expense Adjustment -$1,489,250 Annual Expenses " '"$19,291',575 S20,326,'l06 $21,119,028 $21,813,416 $22^6337558 "" $23,547,727 '" $23,275,274 $23,238,173 " $23,621,092 DDA Fund Balance Less Housing $8,373,738 $3,593,615 $3,282,953 $4,477,987 $5,519,970 $6,327,494 $8,097,465 $10,647,248 $12,391,955 Fund Bai. as % of Annual Expenses 43.41% 1.7.68% 15.54% 20.53% 24^39% - - - 2Q'Q7% 34.79% 45.82% 52.46% 4 Scenario 3 with the Fifth & Division Project Po Expense Adjustment Annual Expenses stponed to FY 3 -$387jl7 $18,90'4i458 012/13 -$387,117 " $19,938,989 ^428733 " "$22,179,544 -$181,004 $21,632,406' -$18"0,'934 '"' "$22,4527624 -$139,521 $23,408,207 -S93.613 "$23,181,661 -$93,832 $23,144,341 -$93,451 " $23,527,641 DDA Fund Balance Less Housing ' S8',76b',856' $4,367,850 $37023,769 $3,489,930 "" $4,730,389 "" $5,701,922 "" $7,595,735 $10,273,913 $12,151,128 Fund Bal. as % of Annual Expenses 46.34% 21.91% 13.63% 16.13% 2107% ' 24.36% 32.77% 44.39% 51.65% 5 Scenario 3 with the Wayfinding Project Postponed to 2012/13 Expense Adjustment -$93,575 -$93,575 -$93,575 " $26,229 $20,229 "$20,229 '"$20,229 ¦ S20.229 $20,229 Annual Expenses $19,198,000 $20,232,531 " $22,5147703 $21,833,639 "" $22,653,787 $23,567,956 $23,295,503 $23,258,402 '"'' $23,641,321 DDA Fund Baiance Less Housing $8,587,314" $4,020,766 $2,329,379 $3,282,933 $4,314,985 ""' $5,112,230 ' "'$"67871,562 $9,410,333 $11,143,643 Fund Bal. as % of Annual Expenses 44.73% """ 19X7% 10.35% ~"15[.04% _________1905% 21.69% 29.50% 40.46% 47.14% Options Already in the Above Plans 30 Year bonding with principal payments, beginning upon complete 3% Parking rate increases beginning after FY 2012/13 n of the project ---------.......... -----...............— ---------......-....... --................ Potential Sources of Revenue from the DDA P jrking System ¦.........-.......—¦ ¦-----........- - - -................. Raise Off Street Parking Rates by 5.10/Hour $6827276/Yea'r Raise Permits by $5/Month $183,281/Ye"ar Raise Meters by $.10/Hour $245,171/Year" Raise Meter Bag Fees by $5/Day $181,000/Year Extend Evening Enforcement by One Hour $250,000/Year Charge Off-Street Transient Parking by One Hour Increments $400,000/Year Raise $2 & $3 Entries by 51/Entry 7 $10O,b00/Year