HomeMy WebLinkAboutPackets - Council Packets (866) AGENDA
ORO VALLEY TOWN COUNCIL
SPECIAL SESSION
NOVEMBER 5, 2007
ORO VALLEY TOWN COUNCIL CHAMBERS
11000 N. LA CANADA DRIVE
SPECIAL SESSION - AT OR AFTER 5:00 p.m.
CALL TO ORDER
ROLL CALL
1. DISCUSSION AND/OR POSSIBLE ACTION TO DECIDE NARANJA
TOWN SITE BOND AUTHORIZATION AMOUNT AND PARK
ELEMENTS; AND TO DIRECT STAFF TO PREPARE THE FORMAL
CALL FOR THE NOVEMBER 2008 NARANJA TOWN SITE BOND
ELECTION FOR COUNCIL APPROVAL BY OR BEFORE JANUARY
2008
ADJOURNMENT
POSTED: 10/30/07
3:30 p.m.
cp
The Town of Oro Valley complies with the Americans with Disabilities Act(ADA). If any person
with a disability needs any type of accommodation, please notify the Town Clerk's Office at
(520)229-4700.
TOWN OF ORO VALLEY
Page 1 of 3
COUNCIL COMMUNICATION SPECIAL SESSION DATE: NOVEMBER 5, 2007
TO: HONORABLE MAYOR AND COUNCIL
FROM: STACEY LEMOS, FINANCE DIRECTOR
AINSLEY REEDER, PARKS AND RECREATION DIRECTOR
SUBJECT: DISCUSSION AND POSSIBLE ACTION TO DECIDE NARANJA TOWN SITE
BOND AUTHORIZATION AMOUNT AND PARK ELEMENTS; AND TO DIRECT
STAFF TO PREPARE THE FORMAL CALL FOR THE NOVEMBER 2008
NARANJA TOWN SITE BOND ELECTION FOR COUNCIL APPROVAL BY OR
BEFORE JANUARY, 2008
SUMMARY:
At the last Naranja Town Site study session held on September 26, 2007, two (2) funding options were
presented for Council consideration on the structuring of potential November 2008 ballot question(s). These
two options are summarized below:
OPTION 1:
1. Hold one bond authorization election with one or multiple ballot questions for+/- $150 million to
build the park in phases with various sized bond issuances over time.
2. Phase I—Construct earthwork, infrastructure, playfields, courts, outdoor recreation elements, support,
parking and bandshell/performance stage, $48 million bond issuance estimated March, 2009
3. Phase II—Construct Community Center, $69 million bond issuance estimated September, 2013
4. Phase III—Construct Aquatics Center and Music Pavilion, $37 million bond issuance estimated
September, 2017
5. Maximum Secondary Property Tax Rate - $0.60/$100 of assessed valuation
6. O&M Funding Sources —Local bed tax and primary property tax
OPTION 2:
1. Hold one bond authorization election with one ballot question for $40 - $50 million bond authorization
to construct Phase I elements only
2. Maximum Secondary Property Tax Rate - $0.48/$100 of assessed valuation
3. O&M Funding Source—Local bed tax
4. Later phases of the park could be built with corporate donations, endowments, and/or further bond
proceeds authorized at future bond elections.
At the conclusion of this study session, the Mayor and Council gave staff further direction to come back with a
third option, called the "Plug and Play Option," in the range of$80 - $100 million with a"menu" of park
elements and costs from which to choose. Further, the Mayor and Council also requested that staff consult with
a third party construction cost estimator to solicit a second opinion on the original Naranja Town Site
construction cost elements. This is currently underway under the direction of Building Safety Director,
Suzanne Smith, although it is not anticipated that these figures will be available for discussion purposes at this
special session. Finally, Council Member Al Kunisch had requested that staff provide a table showing
TOWN OF ORO VALLEY
Page 2 of 3
COUNCIL COMMUNICATION SPECIAL SESSION DATE: NOVEMBER 5, 2007
estimated monthly cost impacts of different bond issuance amounts to homeowners with various home market
values. This table is provided in Attachment A.
OPTION 3—"PLUG AND PLAY OPTION":
For the third option mentioned above, Attachment B provides a listing of the various proposed park elements,
the respective populations served by each element, the total estimated construction costs escalated to 2009
dollars, and estimated ranges of revenue and expense potential for your consideration. It is important to note
that the estimated construction costs listed assume that the park elements are constructed as originally proposed
in the Naranja Town Site Master Plan. Because it is assumed that there will be economies of scale by
constructing these elements in their entirety over a shorter term, the per unit costs for the Outdoor
Recreation, Playfields, Courts and Support elements are lower than they would be if constructed one at a
time in a piecemeal fashion. These costs are taken from the detailed Site Costs listing prepared by Bums
Wald-Hopkins dated May 8, 2007 as shown in Attachment C. In Attachment D you will find a memorandum
from Dave Bums of Bums Wald-Hopkins showing a breakdown of the square footages and costs for the
separate construction of the Community Center and the 500-seat Theater. Also provided is the cost detail for
the entire Community Center and Theater complex dated January 22, 2007.
Individual revenue estimates and operations and maintenance cost estimates were not available for each
separate park component, but can be readily calculated by cost consultants, Ballard King and Associates, upon
p
final determination of the park plan make-up. Reducing the size and scope of the originally proposed master
plan will have a significant effect on the potential amount of revenue that could be generated by the park. A
primary property tax election is still recommended, should the Council consider this third option, to
provide continual, sustainable funding for the long-term operations and maintenance costs of the park
site and facilities.
An Excel template will be available for display during the November 5th Special Session for this "Plug and Play
Option"to tabulate the chosen park element costs as they are chosen.
Property Tax Impact of$80 - $100 Million Option
Debt service schedules have been included in Attachment E showing an $80 million debt authorization ($40
million issuance in March, 2009 and another $40 million issuance in March, 2011) and a $100 million debt
authorization($50 million issuance in March, 2009 and another $50 million issuance in March, 2011).
For the $80 million debt issuance, the maximum annual tax rate is $0.62/$100 assessed valuation, with the
average tax rate being $0.41/$100 assessed valuation over the term of the bonds. This equates to an average
monthly cost of approximately $8.50 for a $300,000 market value home ($250,000 assessed value).
For the $100 million debt issuance, the maximum annual tax rate is $0.78/$100 assessed valuation, with the
average tax rate being $0.43/$100 assessed valuation over the term of the bonds. This equates to an average
monthly cost of approximately $9.00 for a $300,000 market value home ($250,000 assessed value).
Please note that the debt service schedules shown are just an example of one way that the principal and interest
payments ments could be structured on these bonds. Additional scenarios could be considered to rearrange the timing
TOWN OF ORO VALLEY
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COUNCIL COMMUNICATION SPECIAL SESSION DATE: NOVEMBER 5, 2007
of principal repayment on these bonds or the bond issuance dates, thereby changing the annual property tax
rates.
It is important to note that one purpose of tonight's special session is to prepare for a formal call for the
November 2008 bond election for Town Council approval by this December or January. Staff highly
recommends that the election decision and ballot question(s) be finalized and the call for election occur this
December or January to allow ample time for the public education and outreach effort. Therefore, the primary
purpose of this special session is to decide what bond authorization amount, if any, will be placed before the
voters in November of 2008 and what park elements should be included in the plan. The public education and
outreach effort cannot begin to build awareness throughout the community of the Naranja proposal and the
upcoming bond election until this is decided, therefore, the suggested motion has been worded to allow for the
Town Council to make that decision this evening.
ATTACHMENTS:
1. ATTACHMENT A— Summary of Monthly Cost Impacts to Homeowners
2. ATTACHMENT B—Naranja Town Site Menu Options Matrix
3. ATTACHMENT C—Site Cost Breakdown—Earthwork, Infrastructure, Outdoor Recreation
4. ATTACHMENT D—Dave Burns Memorandum, Community Center Cost Detail
5. ATTACHMENT E—Debt Service Schedules for$80 Million and $100 Million Bonds
SUGGESTED MOTIONS:
I move to recommend Option 1, Option 2, or Option 3 with the following park elements:
in the amount of$ and direct staff to
prepare the formal call for the November 2008 Naranja Town Site bond election for approval by the Town
Council by or before January, 2008.
A-41
tacey Leto s, Finance Director
Ainsley Reeder,(Parks and Recreation Director
ene Watson, Assistant Town Manager
David Andrews, Town Manager
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ATTACHMENT C
SITE COST BREAKDOWN
I EARTHWORK, INFRASTRUCTURE,
OUTDOOR RECREATION
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Site Costs
Oro Valley, Arizona
Site Breakouts
May 8, 2007
Item Quant. Unit Unit Cost Sub Cost Source
Earthwork $ 4,783,900
Grading 755,000 CY $ 4.00 $ 3,020,000 Stantec
Rip Rap 27,500 SF $ 4.00 $ 110,000 Stantec
Retaining Walls 3,700 LF $ 447.00 $ 1,653,900 Stantec
Utilities $ 3,018,700
8" Sewer 5,125 LF $ 75.00 $ 384,375 Stantec
Manhole 30 EA $ 7,500.00 $ 225,000 Stantec
6" Sewer 5,725 LF $ 65.00 $ 372,125 Stantec
8" Water 8,770 LF $ 80.00 $ 701,600 Stantec
12" Water @ Spine Rd 5,500 LF $ 100.00 $ 550,000 Stantec
8" Reclaimed Water 1,420 LF $ 80.00 $ 113,600 Stantec
12" Reclaimed Water 3,720 LF $ 100.00 $ 372,000 Stantec
Site Power 1 LS $300,000.00 $ 300,000 Hy-Lite
Site Lighting (excl. sports lighting) 1 LS $750,000.00 $ 750,000 $ 750,000 Hy-Lite
Site Drainage $ 396,750
30" CMP 1,100 LF $ 90.00 $ 99,000 Stantec
36" CMP 150 LF $ 125.00 $ 18,750 Stantec
Box Culvert 465 CY $ 600.00 $ 279,000 Stantec
Offsite Access Road Improvements $ 221,330
Naranja Earthwork 3,120 CY $ 4.00 $ 12,480 Stantec
Naranja Paving 3,120 SY $ 19.00 $ 59,280 Stantec
Tangerine Earthwork 6,400 CY $ 4.00 $ 25,600 Stantec
Tangerine Paving 3,630 SY $ 19.00 $ 68,970 Stantec
Curb 2,200 LF $ 25.00 $ 55,000 Stantec
Spine Road $ 803,280
50' Spine Road Paving 24,275 SY $ 30.00 $ 728,250 Compusult/McGann
Curb 8,827 LF $ 8.50 $ 75,030 Compusult/McGann
Walks/Plaza/Trails $ 1,933,270
Concrete Sidewalk 301,624 SF $ 4.25 $ 1,281,902 Compusult/McGann
AC Path 289,497 SF $ 2.25 $ 651,368 Compusult/McGann
Earthwork& Infrastructure Subtotal $11,907,230
Contingency 15% $1,786,100
Total Earthwork & Infrastructure $13,693,330
Buildings (Tennis Center, RR/Concession/Ramadas) $ 1,561,000
Tennis Center 900 SF $ 150.00 $ 135,000 Stantec/McGann
Restroom/Concession 3 EA $ 90,000.00 $ 270,000 Stantec/McGann
Ramada 22 EA $ 24,000.00 $ 528,000 Stantec/McGann
Group Ramada 3 EA $ 60,000.00 $ 180,000 Stantec/McGann
Restroom 4 EA $112,000.00 $ 448,000 Stantec/McGann
Maintenance Building/Yard $ 1,010,000
Yard 30,000 SF $ 3.50 $ 105,000 Compusult/McGann
Office 3,000 SF $ 175.00 $ 525,000 Compusult/McGann
Garage 10,000 SF $ 38.00 $ 380,000 Compusult/McGann
Fields & Courts w/ Lighting $ 4,486,800
Baseball Field 2 EA $215,000.00 $ 430,000 Stantec/McGann
Baseball Field Lighting 2 EA $175,000.00 $ 350,000 Hy-Lite
Softball Field 6 EA $145,000.00 $ 870,000 Stantec/McGann
Softball Field Lighting 6 EA $105,000.00 $ 630,000 Hy-Lite
Tennis/Basketball 19 EA $ 36,000.00 $ 684,000 Stantec/McGann
Tennis/Basketball Lighting 19 EA $ 18,000.00 $ 342,000 Hy-Lite
Soccer Field 4 EA $115,000.00 $ 460,000 Stantec/McGann
Soccer Field Lighting 4 EA $170,000.00 $ 680,000 Hy-Lite
Volleyball Court 4 EA $ 9,000.00 $ 36,000 Stantec/McGann
Tetherball 4 EA $ 1,200.00 $ 4,800 Stantec/McGann
Playground $ 390,000
Fencing, Surfacing & Curbing 5 EA $ 18,000.00 $ 90,000 Stantec
Play Structure 5 EA $ 60,000.00 $ 300,000 Stantec
Site Amenities $ 820,800
Dog Park 1 EA $ 30,000.00 $ 30,000 Stantec
Dog Obedience 1 EA $ 12,000.00 $ 12,000 Stantec
Skate Park 1 EA $360,000.00 $ 360,000 Stantec
BMX Park 1 EA $ 60,000.00 $ 60,000 Stantec
Par Course Stations 20 EA $ 840.00 $ 16,800 Stantec
Drinking Fountains 20 EA $ 1,800.00 $ 36,000 Stantec
Picnic Tables 50 EA $ 960.00 $ 48,000 Stantec
Barbecue Grills 25 EA $ 360.00 $ 9,000 Stantec
Benches 75 EA $ 600.00 $ 45,000 Stantec
Bicycle Racks 20 EA $ 1,200.00 $ 24,000 Stantec
Signage 1 EA $180,000.00 $ 180,000 Stantec
Landscape $ 740,495
Tree Salvage/Transplant 50 EA $ 1,200.00 $ 60,000 Stantec
Cacti Salvage/Transplant 100 EA $ 240.00 $ 24,000 Stantec
36" Box Tree 100 EA $ 600.00 $ 60,000 Stantec
24" Box Tree 200 EA $ 360.00 $ 72,000 Stantec
15 Gal. Tree 500 EA $ 120.00 $ 60,000 Stantec
5 Gal. Shrub 750 EA $ 90.00 $ 67,500 Stantec
Seed 10 AC $ 5,200.00 $ 52,000 Stantec
Turf Grade (non-fields) 304,920 SF $ 0.06 $ 18,295 Stantec
Turf Plant (non-fields) 304,920 SF $ 0.50 $ 152,460 Stantec
Decomposed Granite 435,600 SF $ 0.40 $ 174,240 Stantec
Irrigation $ 312,900
Meters & Backflow Preventers 1 EA $120,000.00 $ 120,000 Stantec
Control System 1 EA $ 24,000.00 $ 24,000 Stantec
Turf Irrigation (non-fields) 435,600 SF $ 0.25 $ 108,900 Stantec
Drip Irrigation 1 EA $ 60,000.00 $ 60,000 Stantec
Playfield Parking (Pavilion & Community Center Parking w/ Buildings) $ 624,775
Paving 26,239 SY $ 19.00 $ 498,541 Compusult/McGann
Vertical Curb 14,851 LF $ 8.50 $ 126,234 Compusult/McGann
Support Building 8,115 SF $ 175.00 $ 1,420,125 $ 1,420,125 Burns Wald-Hopkins
Playfields, Courts & Parking Subtotal $11,366,895
Contingency 15% $1,705,000
Total Playfields, Courts & Parking $13,071,895
ATTACHMENT D
DAVE BURNS MEMORANDUM
COMMUNITY CENTER COST DETAIL
bw
t
October 25,2007
MEMORANDUM
From: Dave Burns,AIA LEED AP
To: Ainsley Reeder
RE: Oro Valley Naranja Town Site
Project No. 0603 Filing Code 2.1
In response to our telephone conversation yesterday, we have reviewed our Design Report(3/7/07)
and subsequent cost information to address your request for breaking out the square footage and
construction cost numbers for the Community Center separately from the 500-seat Theater.
Community Center: 105,806 Gross Square Feet (Design Report, Tab 3 3/7/07)
$35,297,350 Construction Cost (Components of Cost Table 2/15/07)
500-seat Theater: 41,920 Gross Square Feet (Design Report, Tab 3 3/7/07)
$13,726,790 Construction Cost (Components of Cost Table 2/15/07)
This assumes that all other site work, utilities, furniture and equipment, fees, etc. are accounted for
elsewhere. The Components of Cost data are about 6 months old now, so you should inflate these
figures about 2% to cover the inflation to today's cost.
Your assumption on costs is correct regarding efficiency of building the two components at the same
time rather than phasing in one after the other. Cost impacts of building in phases include inflation,
building and then replacing temporary walls, and increasing the systems (hvac, plumbing, electrical and
structural) capacity in the first phase to anticipate the following phase. Building both together is less
expensive.
Dave
cc: Central Project File
David Wald-Hopkins
Arthur Stables
P:10603.0001Docs\Cost EstimatelReeder Memo 10.25.07.doc
BURNS WALD-HOPKJNS ARCHITECTS
261 North Court Avenue
Tucson,Arizona 85701
520.795.2705 Fax 520.795.6171
www.burnswald.com
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Community Center
Oro Valley, Arizona
Concept Range Estimate
January 22, 2007
Total GSF 147,726 Total GSF 147,726 Total GSF 147,726
Summary of Project Costs Low Range High Range Proposed
Building Building Building Building Building Building
Cost Cost/SF Cost Cost/SF Cost Cost/SF
1. Substructure $960,219 $6.50 $2,289,753 $15.50 $2,142,027 $14.50
2. Superstructure $1,846,575 $12.50 $3,693,150 $25.00 $3,693,150 $25.00
3. Exterior Closure $2,363,616 $16.00 $5,909,040 $40.00 $5,909 040 $40.00
4. Roofing $664,767 $4.50 $1,107,945 $7.50 $1,034 082 $7.00
5. Interior Construction $812,493 $5.50 $1,772,712 $12.00 $1,551,123 $10.50
6. Interior Finishes $1,403,397 $9.50 $2,363,616 $16.00 $2,068,164 $14.00
7. Building Specialties ecialties $36,932 $0.25 $184,658 $1.25 $184,658 $1.25
8. Equipment $812,493 $5.50 $1,181,808 $8.00 $886,356 $6.00
9. Furnishings $0 $0.00 $110,795 $0.75 $36,932 $0.25
10. Special Construction $0 $0.00 $0 $0.00 $0 $0.00
11. Conveying Systems $0 $0.00 $295,452 $2.00 $162,499 $1.10
12. Plumbing $369,315 $2.50 $664,767 $4.50 $443,178 $3.00
13. Fire Protection $369,315 $2.50 $539,200 $3.65 $443,178 $3.00
14. H.V.A.C. $3,249,972 $22.00 $5,170,410 $35.00 $4,431,780 $30.00
15. Electrical $1,403,397 $9.50 $3,693,150 $25.00 $3,397 698 $23.00
A. Building Construction $14,292,491 $96.75 _$28,976,455 $196.15 _$26,383,864 $178.60
B. Sitework $1,214,900 $8.22 $5,795,300 $39.23 $3,957,600 $26.79
C. Subtotal $15,507,391 $104.97 $34,771,755 $235.38 _ $30,341,464 $205.39
D. Contingency 15.00% of Line C $2,326,100 $15.75 $5,215,800 $35.31 $4,551,200 $30.81
E. General Conditions 11.00% of Line C + D $1,961,700 $13.28 $4,398,600 $29.78 $3,838,200 $25.98
F. Contractor's Fee 6.00% of Line C+D+E $1,187,700 $8.04 $2,663,200 $18.03 $2,323,900 $15.73
G. Bonds & Insurance 3.00% of Line C+D+E+F $629,500 $4.26 $1,411,500 $9.55 $1,231,600 $8.34
H. Subtotal $21,612,391 $146.30 _ $48,460,855 $328.05 $42,286,364 $286.25
I. Taxes 4.27% of Line H $923,000 $6.25 $2,069,500 $14.01 $1,805,800 $12.22
J. Subtotal w/o Escalation $22,535,391 $152.55 $50,530,355 $342.05 _$44,092,164 $298.47
Exclusions: Escalation
Basic Building System Assumptions:
Substructure- Shallow foundations (spread footings & slab on grade, no hard rock or dewatering is assumed for both
high and low ranges. The low includes short stem walls and no retaining situations or basement wall.
Superstructure- Steel structure with concrete and metal deck second floor and metal deck at the roof. The low
range includes single story structure while the high range is multiple stories.
Exterior Closure-The low range would include EIFS on steel studs, exterior sheeting and batt insulation with minimal
glazing.The high range includes masonry and tile or stone accents with more higher performance glazing systems.
Additionally, the higher range building will have more fenestration and perhaps colonnades.
Roofing -The low range will include low slope roofs with BU or single ply membrane roofing. The higher range
will include pitched roofs with standing seam or tile roofs and skylights and or clerestories.
Interior Construction - In both scenarios typical walls will be gypsum wallboard on metal studs. Interior doors will
typically be hollow metal frames with solid core wood doors and commercial grade hardware. The high range
includes more partitions and therefore more doors also.
Interior Finishes-Wall finishes will be painted gypsum wall board. Ceiling finishes will be 2'x4' acoustic
ceiling tiles at offices and support spaces, 2'x2' tegular ACT at corridors and public spaces and gypsum board
ceilings at restrooms. High range ceilings will have more soffiting and special ceilings finishes.
Floor finishes will be carpet and VCT at offices and conference rooms. Floors will be hard (ceramic
or quarry tile) at the food areas and restrooms. Recreation areas will have wood or synthetic sports flooring.
High range costs will have higher grades of these materials.
Specialties- Includes an allowance for marker and tack boards, bath accessories, toilet partitions, etc.
Equipment- Includes athletic equipment, stage and kitchen equipment. Bikes, cardio machines, etc. by others.
Furnishings - Blinds at windows and entry mats included in high range. All other furnishings are in an F,F & E budget.
Special Construction - No special construction in this project.
Conveyance-Two new two stop passenger elevators are part of this project.
Mechanical - New wet sprinkler fire protection system. Plumbing varies depending on the level of quality.
HVAC to be provided by central system with air handlers, VAV boxes and digital controls. Low range would include
rooftop package units. New exhaust and hoods will be provided at kitchen area.
Electrical - Power and lighting will vary depending on level of quality. Parabolic lens will be provided at office and
computer areas. A fire alarm system is included but only rough-in for special systems is included in the low range.
Site Development- Includes earthwork, hardscaping, landscaping, paved parking, site furnishings and site utilities.
ATTACHMENT E
DEBT SERVICE SCHEDULES FOR
$80 MILLION AND $ 100 MILLION
BONDS
TOWN OF ORO VALLEY, ARIZONA
$80,000,000 NARANJA TOWNSITE PROJECT
Estimated Debt Service and Impact on the Secondary Tax Rate
(1) (2) (3) (4) (5) (6) (7) (8)
$40,000,000 $40,000,000
Series 2009 Series 2011
Projected Dated: March 1,2009 1 Dated: March 1,2011
Secondary Estimated Estimated
Fiscal Assessed Estimated Estimated Debt Secondary
Year Valuation(a) Principal Interest(b) Principal Interest(b) Service Tax Rate(c)
2007/08 $582,838,439
2008/09 657,306,663
2009/10 741,258,069 $280,000 $2,666,667 $2,946,667 $0.40
2010/11 835,895,799 960,000 1,986,000 2,946,000 0.35
2011/12 942,574,990 1,005,000 1,938,000 $280,000 $2,666,667 5,889,667 0.62
2012/13 1,069,934,264 1,055,000 1,887,750 960,000 1,986,000 5,888,750 0.55
2013/14 1,098,847,837 1,110,000 1,835,000 1,005,000 1,938,000 5,888,000 0.54
2014/15 1,128,542,761 1,165,000 1,779,500 1,055,000 1,887,750 5,887,250 0.52
2015/16 1,159,040,151 1,225,000 1,721,250 1,110,000 1,835,000 5,891,250 0.51
2016/17 1,190,361,693 1,285,000 1,660,000 1,165,000 1,779,500 5,889,500 0.49
2017/18 1,222,529,659 1,350,000 1,595,750 1,225,000 1,721,250 5,892,000 0.48
2018/19 1,255,566,922 1,415,000 1,528,250 1,285,000 1,660,000 5,888,250 0.47
2019/20 1,289,496,974 1,485,000 1,457,500 1,350,000 1,595,750 5,888,250 0.46
2020/21 1,324,343,942 1,560,000 1,383,250 1,415,000 1,528,250 5,886,500 0.44
2021/22 1,360,132,602 1,640,000 1,305,250 1,485,000 1,457,500 5,887,750 0.43
2022/23 1,396,888,405 1,720,000 1,223,250 1,560,000 1,383,250 5,886,500 0.42
2023/24 1,434,637,485 1,810,000 1,137,250 1,640,000 1,305,250 5,892,500 0.41
2024/25 1,473,406,684 1,900,000 1,046,750 1,720,000 1,223,250 5,890,000 0.40
2025/26 1,513,223,571 1,995,000 951,750 1,810,000 1,137,250 5,894,000 0.39
2026/27 1,554,116,456 2,095,000 852,000 1,900,000 1,046,750 5,893,750 0.38
2027/28 1,596,114,418 2,195,000 747,250 1,995,000 951,750 5,889,000 0.37
2028/29 1,639,247,320 2,305,000 637,500 2,095,000 852,000 5,889,500 0.36
2029/30 1,683,545,833 2,425,000 522,250 2,195,000 747,250 5,889,500 0.35
2030/31 1,729,041,454 2,545,000 401,000 2,305,000 637,500 5,888,500 0.34
2031/32 1,775,766,535 2,670,000 273,750 2,425,000 522,250 5,891,000 0.33
2032/33 1,823,754,301 2,805,000 140,250 2,545,000 401,000 5,891,250 0.32
2033/34 1,873,038,872 2,670,000 273,750 2,943,750 0.16
2034/35 1,923,655,295 2,805,000 140,250 2,945,250 0.15
$40,000,000 $40,000,000
Average: 0.4098
(a) 2007/08 is actual. 2008/09 through 2012/13 assume 13.51%and subsequent years assume 2.70%growth.
The Secondary Assessed Valuation is adjusted to reflect the statutory class 1 assessment ratio phase down from 25%to 20%.
(b) Interest is estimated at 5.00%. .
(c) Secondary tax rates are per$100 of assessed valuation.
Prepared by: Stone&Youngberg LLC 10/25/2007
TOWN OF ORO VALLEY, ARIZONA
AVERAGE ANNUAL TAX RATE PER$100 OF SECONDARY ASSESSED VALUATION: $0.4098
OWNER OCCUPIED RESIDENTIAL PROPERTY
(Assessed at 10%)
Secondary Estimated
Assessor's Full Assessed Average Annual Estimated Average
Cash Value(a) Value Cost(b) Monthly Cost(b)
$249,370 $24,937 (c) $102.19 $8.52
100,000 10,000 40.98 3.42
250,000 25,000 102.45 8.54
The tax impact over the term of the bonds on an owner-occupied residence valued by the County
Assessor at$250,000 is estimated to be$102.45 per year for 26 years or$2,663.70 total cost. (d)
COMMERCIAL AND INDUSTRIAL PROPERTY
(Assessed at 23%)(e)
Secondary Estimated
Assessor's Full Assessed Average Annual Estimated Average
Cash Value(a) Value Cost(b) Monthly Cost(b)
$1,270,813 $292,287 (c) $1,197.81 $99.82
100,000 23,000 94.26 7.86
2,500,000 575,000 2,356.39 196.37
The tax impact over the term of the bonds on a commercial property valued by the County
Assessor at$2,500,000 is estimated to be$2,356.39 per year for 26 years or$61,266.14 total cost. (d)
(a) Assessor's full cash value is the value of your property as it appears on your tax bill and does not
necessarily represent the market value.
(b) Cost based on the average projected tax rate over the life of the bond issues and a number of other
financing assumptions which are subject to change.
(c) Estimated average value of owner-occupied residential properties,commercial and industrial properties
or agricultural and vacant properties,as applicable,within the District as provided by the Arizona
Department of Revenue.
(d) Assumes the assessed valuation of the property remains constant over the term of the bonds.
(e) The assessment ratio is phasing down from 25%in 2005-2006 to 20%in 2011-2012 and thereafter.
Prepared by:Stone&Youngberg LLC 10/25/2007
TOWN OF ORO VALLEY, ARIZONA
$100,000,000 NARANJA TOWNSITE PROJECT
Estimated Debt Service and Impact on the Secondary Tax Rate
(1) (2) (3) (4) (5) (6) (7) (8)
$50,000,000 $50,000,000
Series 2009 Series 2011
Projected Dated: March 1,2009 I Dated: March 17.2_91L
OdGOG hYJOtAf'.Wi63:.}%�:. b6Gf41i36C.W(•••• •••••:•. •••••:. ••^••.
Secondary Estimated Estimated
Fiscal Assessed Estimated Estimated Debt Secondary
Year Valuation(a) Principal Interest(b) Principal Interest(b) Service Tax Rate(c)
2007/08 $582,838,439
2008/09 657,306,663
2009/10 741,258,069 $350,000 $3,333,333 $3,683,333 $0.50
2010/11 835,895,799 1,200,000 2,482,500 3,682,500 0.44
2011/12 942,574,990 1,260,000 2,422,500 $350,000 $3,333,333 7,365,833 0.78
2012/13 1,069,934,264 1,320,000 2,359,500 1,200,000 2,482,500 7,362,000 0.69
2013/14 1,123,430,978 1,390,000 2,293,500 1,260,000 2,422,500 7,366,000 0.66
2014/15 1,179,602,526 1,455,000 2,224,000 1,320,000 2,359,500 7,358,500 0.62
2015/16 1,238,582,653 1,530,000 2,151,250 1,390,000 2,293,500 7,364,750 0.59
2016/17 1,300,511,785 1,605,000 2,074,750 1,455,000 2,224,000 7,358,750 0.57
2017/18 1,365,537,375 1,685,000 1,994,500 1,530,000 2,151,250 7,360,750 0.54
2018/19 1,433,814,243 1,770,000 1,910,250 1,605,000 2,074,750 7,360,000 0.51
2019/20 1,505,504,956 1,860,000 1,821,750 1,685,000 1,994,500 7,361,250 0.49
2020/21 1,580,780,203 1,950,000 1,728,750 1,770,000 1,910,250 7,359,000 0.47
2021/22 1,659,819,213 2,050,000 1,631,250 1,860,000 1,821,750 7,363,000 0.44
2022/23 1,742,810,174 2,150,000 1,528,750 1,950,000 1,728,750 7,357,500 0.42
2023/24 1,829,950,683 2,260,000 1,421,250 2,050,000 1,631,250 7,362,500 0.40
2024/25 1,921,448,217 2,375,000 1,308,250 2,150,000 1,528,750 7,362,000 0.38
2025/26 2,017,520,628 2,490,000 1,189,500 2,260,000 1,421,250 7,360,750 0.36
2026/27 2,118,396,659 2,615,000 1,065,000 2,375,000 1,308,250 7,363,250 0.35
2027/28 2,224,316,492 2,745,000 934,250 2,490,000 1,189,500 7,358,750 0.33
2028/29 2,335,532,317 2,885,000 797,000 2,615,000 1,065,000 7,362,000 0.32
2029/30 2,452,308,933 3,030,000 652,750 2,745,000 934,250 7,362,000 0.30
2030/31 2,574,924,379 3,180,000 501,250 2,885,000 797,000 7,363,250 0.29
2031/32 2,703,670,598 3,340,000 342,250 3,030,000 652,750 7,365,000 0.27
2032/33 2,838,854,128 3,505,000 175,250 3,180,000 501,250 7,361,500 0.26
2033/34 2,980,796,835 3,340,000 342,250 3,682,250 0.12
2034/35 3,129,836,676 3,505,000 175,250 3,680,250 0.12
$50,000,000 $50,000,000
Average: 0.4316
(a) 2007/08 is actual. 2008/09 through 2012/13 assume 13.51%and subsequent years assume 5.00%growth.
The Secondary Assessed Valuation is adjusted to reflect the statutory class 1 assessment ratio phase down from 25%to 20%.
(b) Interest is estimated at 5.00%.
(c) Secondary tax rates are per$100 of assessed valuation.
Prepared by: Stone&Youngberg LLC 10/25/2007
TOWN OF ORO VALLEY, ARIZONA
AVERAGE ANNUAL TAX RATE PER$100 OF SECONDARY ASSESSED VALUATION: $0.4316
OWNER OCCUPIED RESIDENTIAL PROPERTY
(Assessed at 10%)
Secondary Estimated
Assessor's Full Assessed Average Annual Estimated Average
Cash Value(a) Value Cost(b) Monthly Cost(b)
$249,370 $24,937 (c) $107.64 $8.97
100,000 10,000 43.16 3.60
250,000 25,000 107.91 8.99
The tax impact over the term of the bonds on an owner-occupied residence valued by the County
Assessor at$250,000 is estimated to be$107.91 per year for 26 years or$2,805.66 total cost. (d)
COMMERCIAL AND INDUSTRIAL PROPERTY
(Assessed at 23%)(e)
Secondary Estimated
Assessor's Full Assessed Average Annual Estimated Average
Cash Value(a) Value Cost(b) Monthly Cost(b)
$1,270,813 $292,287 (c) $1,261.61 $105.13
100,000 23,000 99.28 8.27
2,500,000 575,000 2,481.89 206.82
The tax impact over the term of the bonds on a commercial property valued by the County
Assessor at$2,500,000 is estimated to be$2,481.89 per year for 26 years or$64,529.14 total cost.(d)
(a) Assessor's full cash value is the value of your property as it appears on your tax bill and does not
necessarily represent the market value.
(b) Cost based on the average projected tax rate over the life of the bond issues and a number of other
financing assumptions which are subject to change.
(c) Estimated average value of owner-occupied residential properties,commercial and industrial properties
or agricultural and vacant properties,as applicable,within the District as provided by the Arizona
Department of Revenue.
(d) Assumes the assessed valuation of the property remains constant over the term of the bonds.
(e) The assessment ratio is phasing down from 25%in 2005-2006 to 20%in 2011-2012 and thereafter.
Prepared by:Stone&Youngberg LLC 10/25/2007