HomeMy WebLinkAboutLand Preservation RecommendTown of SouthOld
Funding·
Through the
2025
8 January 2004 Draft
Prepared by
Southold Land Preservation Committee Financial Working Group
Tom McAdam, Chairman
John Cushman
Bil! Edwards
Patdcia Finnegan, Esq.
John Sepenoski
Melissa Spiro
Ray Huntington
JAN 9 2003
.Preface:
LPCFWG Funding Repor~
At the regular meeting of the Southotd~Town Board on September 9, 2003. the
Town Board resolved to create the Land Preservation Cornm~ttee Finance ork
Group to:
· Estimate the Town's land preservation funding needs until the year 2023.
· Recommend to the Town Board decisions that would secure that funding.
· Deliver a draft report to the Board by December 31, 2003.
and appointed membership of John Cushman, Melissa Spiro, John Sepenoski,
William EdWards, Patrioia F[nnegan, Raymond Huntington and Thomas McAdam.
Further detailed charge:
In consultation with the Town Board, make operating assumptions of acreage to
be acquired and costs per acre both for PDR and Fee Simple acquisitions.
Estimate acreages [to be] acquired by Suffolk County, pdvate easements, Town
of Southold and by any other realistic means.
Preservation: how much, when and at what cost to whom.
Estimate the sources and level of funding for Town acquisitions based upon the
current program, for example, CPF, grants and traditional bonding.
Revenue: how much, when, from whom.
Review and recommend a policy regarding bonding against CPF revenues.
Bonding; against the Community Preservation Fund income stream.
· Estimate the impact on taxes if the proposed plans were carried out.
Impact:. upon property taxes.
Recommend other potential sources of funds or steps that would strengthen
financing of the Town's program.
Steps: toward improving financing of the Town's program.
This report is organized by the italicized headings that paraphrase the
detailed charge...
A Summary Recommendation with Statement of Assumptions follows:
summary.Recommendation and Assumptions: LPCFWG Funding Repo~
· In 2004, begin securing authorization to incrementally borrow $38 million by
issuing bonds against the Community Preservation Fund income stream.
· In 2005 begin authorization to incrementatly borrowan additional $79 mi[tion
with General Fund bonds.
· Determine time expectations and means with which to accelerate preservation
- change the program - establish process capability to preserve farmland and
open space in the near term.
· Issue seda[ bonds and bond anticipation notes to meet cash flow requirements
from preservation operations, and not before.
· Make accountipg changes: deposit proceeds from CPF and GF bonding in the
Community Preservation Fund (CPF) account and pay preservation expenses
as needed from this one account.
Details and further recommendations are provided in later parts of this report.
Recommendations in this report are based upon interpretation of the Town's goals and
assumptions as to:
what types and quantities of land are to be preserved,
when preservation is to occur,
certain other assumptions applicable to the study pedod.
Statement of Assumptions:
· The study period is 2004 through 2025 (20 years).
The price per acre of Development Rights or Conservation Easements (EASE)
and Fee Title (FT) acquisitions will increase at an average rate of 6% per year
from a 2004 level of $28,000 per acre and $40,000 per acre, respectively.
· The Community Preservation Fund income stream will increase at an average
rate of 8% per year.
· The interest rate on municipal bonds sold will be 5%.
· Of 6700 acres of residentially zoned land to be preserved, the Town will pay to
preserve 4000 acres - the balance to be preserved by others.
· The land will be preserved at a rate that preserves 20% of the land remaining to
be preserved each year.
· Minimum total cost is an objective.
Other assumptions may produce other recommendations.
Prese~ation: HoWMuch~ When at What Cost to Whom ~c~/e ~.~.g~,pon
The Goals of the Town are understood to be to:
· Preserve our rural heritage.
· Preserve 80% of the oPen A-C acreage.
· Preserve 80% of the oPen R-80 acreage.
· Reduce by 60% the potential density of the above acreage.
Interpretation of Goals and Determination of Assumptions:
· P~'eservat~on was defined, S0uthoid Town goafs were interpreted and
,concerning'acreage to be a.~uired (preserved) by both
Fee Title (EASEor PDR).
· Preservation v~as defined and additional historically based assumptions were
made (County,
with the,remainder tCrbe preserved by the Town.
· the re ~mainder to be, preserved were
· Price Of. the acreage te be
The town goals need refinement to drive the financial analysis. We need to know
how much of what kind of land preservation is to be funded when...
Refined Town Goals:
Preserve(~) 80% of the total.acreage of the subdivideable A-C, R-80 and R-40
parcels,
· Exclude all parcels within the hamlet centers and the HALO extension.
· LiYnit potential residential density (PRD) to 60% of that which could exist under
July :2003 zoning.
· Front foad preservation. Cumulative target to be based upon 20% of the
remaining target acreage being preserved each year with virtual completion by
2023.
¢) "Pres°fred,, for the~rk of the LPCFWG. shall mean, "land on which the Town, or other qualified
govern, merit or trust', owns the development rights or complnte title in perpetuity prohibiting
devel0pm,ent. Or, subdivision open space where site plan approval and subsequent deed(s) similaHy
prohibit development."
- Such ownership is represented by covenants, restrictions, easements or complete title in a
'ecorded dead.
· "Preserved~ land does not include land which only the owner, or an unqualified group, perceives
as 'preserved' or"protected". Nor does it include land only stayed from developmant by
temporary enretlmant in an agricultural district or land otherwise only temporarily pledged to
preservation,
(2) "Protected" land means land that will likely not be built upon even thought It does not have a perpetual
prohibitien on development_ It includes: churches, cemeteries, museums, park. distriets, subdivision parks,
schools and water utilities as well as village, town, county, state and federal land and land owned by
qualified land trusts.
LPCFWG Funding R~port
How Many Acres will be Preserved? DGEIS Table 3-i provides "buildou¢ values
for subdivideable land in zones A-C R-80 and R40 land + others...
Zone Total Acres "available" for Development
A-C 10,400 5,196
R-40 7,322 561
R-80 7,819 2,666
8,433 acres
Goal is to preserve 80% 8 433 (80%) = 6:738 acres
Historically about 60% of all preservation is by the Town
6738 (60%) = 4,043 acres .... say 4000 acres to be preserved by Southold.
Therefore, preserve 4000 acres of A-C, R-80, R-40 zoned land.
At What Rate will the Preservation take place,
It is likely that the least cost will anse out of preservation sooner rather than later.
We will assume that in 2004, 20% of the 4000 acres will be preserved and that
20% of the acreage remaining un-preserved each year will be preserved.
20%
Acres to acres per
Year go year
2~C5 2 32(13 640
2006 3 2560 512
2007 4 2(~8 410
20(38, 5 1638 328
2CC9 6 I311 2~2
2010 7 10~9 210
2011 8 839 168
2012 9 671 134
2013 10 537 107
2014 11 429 . 8~, ..
2015 12 3b,4' 69
2016 13 275 55
2017 14 220 44
2018 15 176 35
2019 16 141 28
2020 17' 113 23
2021 1~ ~0 18
2O22 1~c 72 14 I
2(723 2(; 58 12
2024 21 46 9
2025 22 37 7
20%of the Renaining Unpreserved Acreage PTeserved per Year
if 4000 Additional Acres are PreserVed, How will it Change the Town?
YeliowToGreer~3.xis
from DGEIS
e.'lov; unprotec'.ed on CPF IJst 8D4 ,,39~>3 sum o. nsxtt;'.'o
yellowI ~:rpro',~.ctcd or CPF List
~ee.; ~re~ccted Nal
I
g;(~e:; 'Cop;. Fac on CPF L;s? 15 202
grean Cam. Fac N~L [~.. ,~'F ?58
r Igreen Con'.Fsc.
362
I
s~2/ 58001 9flO~ ~,n additi(mal
378[ g'~cI 9,3.0 4903 acre~
x~ 1~053 1305~
Tolal~unknown 2g052 2908z sum
Existing:. Decetaber 2003
(1) FLI = Farmland Inventory
Protected in this display
means Preserve~ and/or
Protected.
After Preservation of an additional 4000
Acres
Unprotected
~%
LPCFWG F~r~/ng Report
Pricing of Real Property for Estimation of Future Preservation Costs:
A review of Southold Easement purchases (EASE) from 1986 to 2003 (see exhibit 1)
in~dicates a u~it ~ue of $28~0,.00 per acre for 2004. simiJarly,, a review of Fee. Title
purchases (FO indicates a Unit value of $40,000 per acre for,2004.
'While in~ actuality each. pamai is unique, these values will be used as the general base
-~alues for;~sfimafing future, unit prices for Easement and Fee Title purchases.
· it is widely apcepted that improved real property generally appreciates at a rate 2 to
3% more that,.the rate of inflati0n. If we assume a tong terTn inflation rate of 3%, real
property should netmaily appreciate at an average annual rate of 5%.
Properties on, the.North, Fork will. likaiy appreciate at more than 5% - perhaps ,one
percent more or :6%. both limited in supply and accessible to
West. Currently appraise's appreciate
property comperabte to:that which we seek tO preserve at an annual rate of 15%. but it
is unlikely that such a rate can be sustained ~or a tong pedod such as twenty years.
Therefore, the likely unit pdce of land to be preserved in 2004 is $28,000 for Easements
and $40,000 for Fee Title with 6% escalation in future years,
Estimation of Future Preservation Revenue:
The Community Preservation Fund ( CPF - Chapter 6] is a very significant revenue
stream for future land preservation (see table: Combined Actual/Projected Revenues).
This income is from a 2% fee on real property transfers on all types of improved property
in excess of $150~000 and on all vacant land in excess of $75~000. Revenue for 2004 is
estimated at $3.6M(3) based upon data from the beginning of cash flow in 1999. Since this
revenue stream is a percentage of valuation transferred, escalation should be at least
proportional to the change in values discussed above. It is reasonable to expect that this
income stream will escalate at a higher rate than the properties being purchased for
preservation.
Over time~ as properties appreciate, the threshold exemption values wilt become a
smaller fraction of the deal and a larger fraction of the price will be exposed to the 2%
tax.
The CPF fee is charged against all types of real property transfers. The fee is
applicable to commercial properties, residential properties and smaller ~ot properties
which tend to appreciate at rates greater than large lots, farms or large open spaces
that are the primary targets of preservation.
Therefore, the CPF income stream is expected to escalate at an annual ra~e of 8% from a
base of $2.7M (3) (discounted for bonding conservatism from $3.6M).
Revenue: HOw Much, When and from WhO'm. LPCFWG Funding Report
Existing and potential i,ncome streams were identified in table
Combined Actual/Projected Revenues- Land Preservation 12/31/03
Year CPF (2%) Southold TOS Revenue for Interest F'ederal
CPF (2%) Bonds Bond Issue Debt Service Income NYS Grant Grants Total
1984.2003 14,300,045 6,~46,359 376,556 548,884 504,185 21,876,029
2004 3,000,000 2,600~000 10~000,000 816,932 150,000 297,000 1,350,000 18,213,932
2005 3,240,000 18,500,000 1,512,208 106,000 f02,000 120,000 23,580,208
2006 · 3,499,200 11,550,000, 5,000,000 1,494,318 237,480' 104,040 122,400 22,007,438
2007 3,779,138 5,500~000 9,130,000 1,901,650 248,228 106,121 124,848 20,789,983
2008 4,081~4~7 1~600,000 ' 2,616,405 259,631 ~08,243 12~,345 19,793,091
2009 ' 4~07,984 ~0.4P0,000 3,625,491 27t,734 ~10,408 129;892 "18,945,509
2010 . 4.760,623 8~400~000 ; '4,444,198 .284,588. ¢12,616 132,490 18,134,515
~011~ 5,¢411473! 6~600,000 5,112~657 298,24E f14,869 ~35;139 . ~17,402,386
'~ .?.012: 5,55~79~ ~;800,000 .~,525,1~2 312~774 ~77,168, 337,842 ¢6,445,695
'2033: ~5,997,014 3/550.000 ' ' 5,777,009' 328,228 ~49,509 t240,599 "~6,0~2,359
'2014 ' ~;478,775 2~-00,000 , ~065,3~7 ~,679: ~1,899 ~:41f, ~5;552,,I32
~2015 ~.~ 994 ,o'? '~ 260 0O0 ,~74? ,'~44 362 ?0,~ ~2,~ ,??.7' 'f4~.. 27Q , '.15.135 080
....:..~ '~,~.:~.~.: . -~ .... ,~.~, ~"!.,: ~ · ............ ~,' ~. ~' . ..... ~'.. ~,.: -t --'-;'. , ~ :.: ................
20~7
15.0,~2.31.'
2018
201~
.... ~'~'*.' .... ~ ..,' ..... ,,..,~ - ' ' ~,4.',. . ,' i '.: ;.?;:-~ ~"" "~-: '~.: 10.2~z.~.~4' ~ ~''
.... :~ ~' ...................
2324 ...... ~
To,ars 1'i5,550,722 38,150,000 79,240,000 103~0f2~!~64, 5,697,614.~ 3,=4'-75,78~ 4,~968,183; 349,074,465,~
Preservation: How Muchf When at wh~t Co~t to Whom. LPCPWG Funding Report
Earlier Analysis:
The Land Preservation Committee Cash Flow Analysis of 5/15/03 is a "try-to-pay-
as-you gd~ cash-flow study. It was updated (12/1.1 ~03) to:
· Encrypt deals not yet completed.
· Use two scenarios:
· "Pay-as-you-go" (spend only the revenue on hand including
authorized but unissued bonds and projected CPF income with
acreage as the variable).
· "Accelerated" (spend the revenue on hand including authorized
b~ unissued bonds, projected CPF income and proceeds from
CPF bonding starting with 800 acres in 2004 and declining 20%
per yeai-thereaffer.
· Escalate the unit pdce, of Easement and Fee Title acreage at 6,%/year.
· Escalate the C_~mmUnitY Preservation Income Stream at 8% per year.
This analysis shows restrain on acreage as early as 2005.
5/15/03 "Try-To-Pay-As-You-Go"
Year 2003~2004 200512006 2007 2008
Balance (MS)10 0 '(4) (9) (14) (19)
Acres 224 392 250 250 250 250
12/14/03 "Pay-As-You-Go"
Year 2003 2004 2005 2006 2007 2008
Balance (MS)14 I 1 1 1 1
Acres 101 702 110 112 115 118
1616
1258
Comparing the 12/14/03 "Pay-As-You-Go" to the "Accelerated":
12/t4/03 "paY-As-You-Go"
[Year 1200312004120051200612007120081
IBalance(M$)l 14I 1111111111
IAcres I 1Ol ,I 7°21 11°l 1121 1151 1181
1 2/14/03 "Accelerated"
Year 2003 2004 20052006 2007 2008
Balance(MS) 14 (3) (21)(36) (47) (56)
Acres 101 800 640 512 410 328
Complete spreadsheets can be found in part two of this report,
S'treai'~. LPCFWG Funding Report
Three Options were designed and examined:
Option 'l-Pa¥-as-you-qo: Spend only projected CPF income and the revenue on
hand (including authorized but unissued bonds). The acreage preserved wilt be a
variable according to the funding available.
: Spend projected CPF income
authorized but unissued bonds) as well as the
proceeds from CPF bonds. The acreage preserved will be a variable according to
J ~orojected CPF income, the revenue on hand
and' the proceeds from General Fund' (GF) bonds.yet to be issued. The acreage
preserved to be 800 in 2004 declining 20% per year thereafter and totaling 4000
a~cres.
General Comments:
The Town:currently has about 14 million dollars available for land preservation
which~ even with continued cash flow from theCPF, is insufficient for the amount of
preservation implied by the goal.
The Town may borrow against the Community Preservation Fund (CPF) revenue
stream4 The cost of the CPF Debt service will not be part of the tax levy because it
wi~t be paid out of the CPF income stream. Debt issued as GF Bonds will have debt
service that will be part of the tax levy and a public referendum has become
customary, but is not required. Temporarily surplus proceeds from either "type" of
bond may earn interest that must be placed in a segregated account for the
purpose of retidng the generating debt, While in this study we talk about "CPF
Bond/Debt" and Town of Southold or" TOS or GF Bends/Debt", in both cases the
security is the general faith and credit of the Town.
Options:
Review of Option 1 shows that the CPF revenue stream is insufficient to meet the
funding required for the assumed amount of land preservation.
Review of Option 1.5 shows that the CPF revenue stream with CPF borrowing is
insufficient to meet the funding required for the assumed amount of land
preservation. Rather, only roughly a third of the assumed goat could be met. While
the CPF revenue stream is estimated to total $105 million before sunsetting, only a
conservative 33% of that is to be borrowed keeping our credit rating high and
interest rates tow.
Review of Option 2, which borrows $ 38 million against the CPF revenue stream
and adds $79 million of TOS Bonds, shows sufficient funding to meet the assumed
town goal of 4000 acres of preservation on a front loaded schedule of 20% of'the
acreage remaining un-preserved each year.
Comparison of Potential Tax Impacts by Option
Option 1
Year Acres Acres
2004 722 722 40
2005r 87 809 74
2006 88 897 73
2007 90 986 74
2008 91 1078 73
2009 93 1171 73
20t0 95 1265 7t
2011 96 1362 71 275
2012 98 t460 65 295
2013. 100 1560 316
2014 1:02 1662 336
2015 104 t766 357
2016 I06 1871 378
2017 108~ 1,979 4~0
20t8, 110~ 2089 422
2019J 112 2200 4z!.5
2020 11,~ .2314 468
2021 3 23.~7 469
2022 3 ~3~1' 469
2023 0
2024 0
2025
Pay As You Go I Pay As You Go Bonds ~ CPF & TOS Bonds ~
Option 1.5 · Option 2 ~
Tax Cum Tax ~ Cum Tax
mid~ Acres Acres Tax$$ ~,void$! Acres Acres Tax$$ AvoidSt~
1~6 722 722 40 146 I
Total 2273
Average 67
Tax$$ Avoid$~,~
164
181
200
216
237
256
59
59
58
52 56
52 61
52 24
45
39
39
39
39
39
2337
1251 1973 74
0 1973 73
6 1979 74
12 1991 73
19 2010 73
25 203~ 71
32 2067 71
38 21'05 65
41 2146 59
46 2192 59
51 2243 58
2299 52
2360 52
2384 §2~
45
39
39
39
39
39
56
8O0
399 640
399 5'12
400 410
403 328
407 262
412 210
418 168 3330
~ 134 3464
~P7 3571
E ,~ 86 3657
ii 69 3~
56 3~2
477 44 3~26
28 3§90
23 39~13
18
3945
800 40 162
1440 74 291
1952 73 395
2362 93 478
2690 128 544
2952 1,78 597
3~82 Z18 640
251 674
271 701
283 722
297
306 75~
3d5 765
305 774
305 78~
299 77~
254-
254 7~98
253 798
2~7
168 0
128 0
214
E
/$
o
Impact upon~property Taxes.
LPCFWG F~ndi~g Report
· Cost to borrow funds was determined.
· The effect on tax rate and the typical tax bill was determined.
· Cost vs. tax bill relationships were presented in table format.
Basic Taxation Numbers, Town of Southold
Tax Year is December I thru November 30
iscal Year is January 1 thru Decernbe¢ 31
Number of Tax Bills Mailed (total)
Number of Tax Bil s Mailed (excluding exemptio' ns)
Typiba[ A~sed Va ueof a Taxpayer
2002-2003
iE~or~ $;03K cf acd~bona: exoend.tu,e ,esult~ m i$~ e- ~x ra~
5' :' 35~ ~ raised by ~xes ~ ~ ~'~ m~'K ram
Every SI~K of acd;bo~ exosnd;ture resells m [5.~ er~ [~p,osl tax ~i~.
~ ($ 7~)((1.Ot/K)~ '
20O3
99 926 528
Eau'a~ zm~o,' ~am C.023!
Tc~;,n Tax Rs,-e for Ge~ersl ~;';.~/& Ccmmu~=t~ Dov. $173.C~21K I
S1.0; I $I
~ $7.(~7 $7
... end ,pr Assessors' da'pa~ ~s~urc~~ Scdtt Russejl 10/1/03 - (see attached Tax Sheet)
3dated 12/9f03-- Acx~iJnfini~& Fir~nbe Department- source, Comptroller calculations
~h M.~fidn ~ b0!~ded ~ness ~5°,~ for 20 years is ($) on tTpical tax bill >
$~*?900*psSessed ya[pe~umed, am~t~zatJ0n cost includes $7K to issue bond
Ea~ mil[~&n borrbw~ ~2~yesrs h~e~*, aVerage amoCdzation cost of $85.250/year
(~.~ ~) ~ ,~1~/100~ ~]~ ~n.2~ ~ rate
(85250)(7,~7~/'[00~= ~.*03 on typeset 2003 tax b~
.... · ,, .,$,,. ~3K. SO 84 cn 200.'O~ax ,ate
. ~.,"?.'.~ .:6 86;;'00.(= $5 85 o- :vi: esl 2?,;4 :;ix b:'l ..........
C3! 872~81
97 788~G8. -- ]
3 O~Yl, __j
59574557C7 6B,!;on :
5177530;~ ;
I--
$6.01 $6
$5 85 $c
Every $100,000 of additional expenditure results in an increase of about $1 on the
tax rate.
Every $100.000 of additional expenditure results in an increase of about $7 on the
typical tax bill.
Each $1,000;000 of'bonded indebtedness has an average debt service cost of
$85,250 per year. (@5%/yr. for 20 years plus fees)
Therefore, each $1,000,000 of bonded debt has an average cost of $6 per typical
tax bill ($7000 assessment assumed), and a 10 million dollar debt would, therefore,
add $60 to that bill.
The Town tax is about 20% of the total tax bill.
Calculation of additional borrowing on the tax bill:
In 2003, each $100K of additional expense (debt service) costs $1 per K on the
Tax Rate. With a typical assessment of $7000 the effect of borrowing $1 million on
the typical tax bill is $7. If we issue $1 OM of new debt we pick up $852,500 of
additionat debt service cost, therefore ($7)($8.525)= $60 more on the typical tax
bill (all rounded numbers).
Imoact uoon property Taxes (continued)
Town Services Potential Cost Avoidance Calculation:
. $29.3M (2004) Budget divided by 21000 people is $1395/capita in services.
· v~rrth 2.4 people per household times $1395/capita, that's $3349. in services per
household.
In A-C and R-80 it takes 2 acres to extinguish 1 household. But, since some
[and purchased for openspace would not yield 1 household per 2 acres, a more
conservative value of 1 household per 3 acres is used for approximation.
if 3 acres preserved avoids 1 household, that's $1116 per preserved acre
potential~coSt avoidance in2004, with. a cumulative future effect that can be
escalated at 3%,
School Services Potential Cost Avoidance Calculation:
· 13,086 developed acres (48% Of 29,082 acres) produced 3400 students or 0.26
students per acre.
· Each student cost $12,000 to educate in 2004 - 2/3 of that cost is assumed to
be variable and therefore avoidable.
· (cum acres preserved)(0.26 students)($ avoidable cost to educate a student) =
Potential Avoidable Cost.
2005 example: (762 acres)(0.26)($9000*103%) = $1,836,572 potential avoidable
cost. Since 17,800 tax bills were sent out (distributed equally) that is $103 per tax
bill.
Relationships:
Spreadsheets in this report use these relationships to analyze scenarios
addressing various amounts of land to be preserved at different rates.
LPCFWG Funding R~po~t
This report identifies a financial program to support significant land preservation and as
such,provides the board with additional means with which to declare the Town Board's
land preservation objective(s). Such declaration is essential to galvanizing staff action,
community support and further analysis that can now be more readily performed,
The '[owr~ Board to establish a land preservation'objective (albeit tentative) that
inclpdes l~w much ~of ~at type of land is to he preserved and at what rote such
preservatio~ is ~ be piahned, After objective establishment the analyses in. this report
to be refreshed irt:light of the objective
Town Board remains as assumed
preserve 4000 acres of farmland and open: space in
the
In 2004~ b,egin secudng authorization to incrementally borrow $38 million(+) by issuing
bOnds against the Community Preservation Fund income stream.
In 2005 begin authorization to incrementally borrow an additional $79 million with
Genera! Fund bonds.
Issue serial bonds and bond anticipation notes to meet cash flow requirements from
preservation operations, and not before, Continue to withhold issuance of authorized
bonds until the cash is actually needed. Make use of bond anticipation notes if
issuance is delayed too long.
Establish a Sense-of-the-Board resolution that the Town Board would not wait to
authorize additional bonds through referendum - rather, it would authorize a limited
issue through its own author'~y if a burst of preservation was possible.
Clarify which costs ate chargeable to the Community Preservation Fund and draw all
preservation expenses from this fund except those inappropriate to the CPF. Redesign
the accounting of land preservation to operate from one set of accounts apPlying all
flow through the Community Preservation Fund (Chapter 6). By Board resolution,
change the resolution language on bonds authorized but not yet issued to agree with
CPF application.
Do not use the NYS Environmental Facilities Corporation for typical land preservation.
Consider it,for highly special cases only - typically those related to environmental
infrastructure such as road runoff control. General use of this resource would bog
down the preservation process due to its mechanics and criteria.
Take steps to change the Community Preservation Fund Law to further extend end
(sunset) date to help retire out-year debt service.
Continue pursuit of grant opportunities to minimize borrowing and ma~Jmize schedule
front loading. Such Opportunities are already well identified as to source but significant
pOlitical application continues to be required to convert opportunity to success.
Part Two
of
Town of Southold
Land Preservation
Funding
Through the Year 2025
8 December 2004 Draft
Contains reference information,
schedules, construction and
other pertinent support data.
ME:MO NDUM
To: Finance Working Group
From: Bill Edwards
Date: December 14, 2003
Si~bjeet: Projections
Attached find revised versions of three financial projections:
l. Cash flow through 2020 assuming a "pay as you go" strategy of spending only the revenue
on hand (including authorized but unissued bonds) as well as projected CPF income.
2. Cash flow through 2020 assuming the accelerated preservation plan proposed by Ray
Huntington, starting with 800 acres in 2004 and declining 20% per year thereafter.
3. A f'mancial recap comparing the overall consequences of the two scenarios.
Some points to note:
Over the t 7-year period projected we will take in $131.2 million in CPF funds.
If we follow the Accelerated Preservation path we will preserve 3913 acres through 2020,
while under the Pay-As-You-Go approach we will preserve a total of 2810 acres.
The financial projections assume no more general revenue bonds than those already
authorized.
The Accelerated Preservation strategy costs $ l 8.8 million more than the Pay-As-You-Go
strategy and preserves 1100 acres more, primarily because it purchases mom land early in the
period before inflation forces the prices higher. As a result, the cost-per-acre under the
Accelerated program is $1 OK less than under the Pay-as-You-Go scenario.
Borrowing under the Accelerated Preservation program tops out in the $68 million range in
201 t, not including interest. To properly compare the f'mancial impact of the wvo
approaches we would have to add back into the cost of the Accelerated program the cost of
interest paid over the period through 2020 as well as that yet to be paid thereafter.
IVhen you buy the property is as critical as how much you pay. The favorable consequences
of the accelerated program are reflected in the fact that if we were to win the lottery and even
up the land acquisitions in the last year of the program with a huge purchase of an extra 1100
acres at the then prevailing price, it would cost us an additional $90 million, thus causing the
Pay-As-You-Go scenario to cost $72 million more in total than the Accelerated Program.
I will be out of the country from the 16~ through the 26" but will be picking up my e-mail every
day or two.
Page 2
CASHFLOW ASSUMING 4000 ACRE SCENARIO FOR ACCELERATED PRESERVATION
Identification
]16 .... 5~J~A~rais~al) 200~i-2~ TOS 38,000 ........ -36.00 36.00 ..... $t,368,0~_ __ 1368.O .... $1,368
122 ~(Town ~_ff~Laccepted) 2004~2 TPDR 34,500 6.00 _.. ~;~ -- 5.0~~- -- $172.5 172.5 '~;
rE: 2004-4 [TDR] ~ '~ 7(~p~[c~{i~T K) 2004-4 TPDR 29,2~.6~__ ~ 7~-- 79,73 $2,333,0 2333.0 $2~333
* Net of GraRts Received
Assumes 8 per cent growth in CPF income and 6 per cent if~flation in PDR & TOS costs.
Odt-of-p0cket COSTS per deal estimated at $1 OK to cover appra sals, su trey, etc.
MUI~ISTRT SERVICES' ' NO. 00~ P. :~
FAX MESSAGE
DATE:
TO:
COMPANY:
FAX NUMBER:
FROM:
October 8, 2003
John Cuslunan
Town Of Southold
765.1366
Bob SJkora
Open Space Acquisition Program
TOTAL NUMBER PAGES (INCLUDING THIS COVER SHEET):
if you do n~t receive aH pages, please call immediately.
Telephone #: 6311331.8588
Advisors, Iuc.
.D. EBT SERVICE SCHEDULE
TO~N OF SOUTHOLD, SUFFOLK C~, NEW YOEK
AGR!~UTRAL'DE¥~OPMENT EIGHTS
$1,662,500 @ 9.10%
ed: October 1, 1984 ~ast Maturity:
Date of .Sale:
ent: The Chase Manhattan Bank N.A~, in New York, New. York
April 1, 2005
September 18, 1984
Year Bonds Outstand- Principal 1st Interest ' ~d Interest Totai
Ending ing BeginninE Due Payment Due Payment Due Principal
31st. of Fiscal Y.e~_r Apr.i~... lst.. April 1st. October 1st. & Interest
1985 $ -- $ -- $ 75,643.75 $ 75,643.15 $ 151,287.50
1986 1,662,500 67,500 75,643.75 72,572.50 215,716.25
1987 1,595,000 70,000 72,572.50 69,387.50 211,960.00
~988 1,525,000 70,000 69~387.50 ~0 205,590.00
1~89 I~455,000 70,000 66,202.50 63,017.50 199,220.00
1990 ~¢1,385,000 75,.000 63,017.50 59,605.00 197,6!2.50
199t 1,310,000 75~000 59,605.00 56,192.50 190,797.50
1992 1,235,000 75,000 56,192.50 52,780.00 183~972.50
1993 1,I60,000 75,000 52,780.00 49,367.50 17~,14~.50
1~94 1,085,000 75,000 -49,367.50 45,955.00 t70~322.50
11995 1,010,000 85,000 45,955.00 42,087.50 I73~042.50
i996~ 925,000 85',000' 42~087.50 38,220.~00 165~307,.50
1997l 840,000 85~000 38,220.00 34,352.50 157,5~2.50
119981 755,000 85,000 34,352.$0 30,485.00 149,837.50
~999I 670,000 8~,000 '-30,485.00 26,617.50 142~102.50
~000~ 585,000 85~000 26,617.~0 22,750..00 I34~367~50
~001 500,000 10~,000 22,750.00 18,200~00.
0o2 __ 14o,,9 o.oo
400,000 100~000 18,200.00 !3~650.00i 131,850~00
~003 30~,~00 I00~000 13,650.00 9,100.00' 12~,~50.00
~004 200,000 100,000 -- 9,100.00 4,550,00' 113,'650.00
~005 i00,000 100¢000 4,559..p0 -- .10~550.00
~tals
$1~662,500
$9_26 ~380. O0 8850,736.25 $3~43~,6t6.25
DEBT SERVICE SCHEDULE
TOWN OF SOUTHOLD, SUFFOLK COUNTY, NEW YORK
$1,662,500 Acquisition of Open Space Rights
part of $2,708,500 Various Purposes Serial Bonds-199I
Bonds Dffte& February /5, 1991
Interest Due: February 15, 1992 and semiannually
Paying Agent: Citibank NA
~Fiseal Year
Ending Principal Interest
::Decem. ber 3 February 15 Rate
Interest Interest
February 15 August 15 Total
1992 $
1993
1994
1995
1996
1997
1998
F999
68,500 6.375% $ 105,984.38 $
70,000 6.375% 50,808.74
74,000 6.375% 48,577.50
75,000 6.375% 46,218.75
75,000 6.375% 43,828.13
75,000 6.375% 41,437.50
75,000 6.375% 39,046.88
75,000 6.375% 36,656.25
75,000 6.375% 34,265.63
75;000 6.375% 31,875.00
75,000 6.375% 29,484.38
75;000 6375% 27,093,75
75)000 6.375% 24,703.13
lOff~O00 6.375% 22,312150
10O;000 6.375% 19,125.00
100~000 6.375% 15,937.50
10~.,000 6.375% 12,750~00
1,00~000 6.375% 9~562.50
I~O~DO0 6.375% 6,375~00
tOffiO00 6.375% 3,t87:~50
Total $ 1,662,500
Bonds Outstandi
Beginning of Yea
Prepared by Munistat S~rviees, Inc.
6/24/93
50,808.74 $ 225,293.12 $ 1,662,500
48,577.50 169,386.24 1,594,~00
46,218.75 168,796.25 1,524,000
43,828.13 165,046.88 1,450,000
41,437.50 160,265.63 1,375,000
39,046.88 155,484.38 1,300,000
36,656.25 150,703.13 1,225,000
34,265.63 145,921.88 1,150,000
31,875.00 141,140.63 1,075,000
29,484.38 136,359.38 1,000,000
27,093.75 I31,578.13 925,000
24,703.13 126,796.88 850,000
22,312.50 122,015.63 775/000
19,125.00 141,~437 50 700~000
15~37.50 135,062.50 600~000
12fl50.00 i28,687.50 500,~000
~62.50 122,3i2.50 4flO,O00
75.00 u5, 3 .50
3~187.50 109,562.50 ZO0,O00
0.00 103.187.50 H)O,O00
$ 649,230.02 $ 543,245.64 $ 2,854,975.66
DEBT SERVICE. SCHEDULE
TOWN OF SOUTHOLD, SUFFOLK COUNTY, NEW YORK
$1,675,000 Acquisifioa of Development Rights
Part of $2,695,000 Various Purposes Serial Bonds-1993
®
Bonds Dat~l: April 15, 1993
Interest Due: August 15, 1993 and semiannually
Payable Through Depository Trust Company, New York, New York
:lqscal Year
Endiag Principal Interest Interest Interest
~ee~mb~t 3 February 15 Rate February 15 Aumist 15 Total
1994
E9~
~o
1]
1]
0 5.000% $
78,000 5.000%
~o,ooo S:00o%
~,ooo 5:0oO%
~3,ooo 5~OO0%
5,000%
~,OO0 5~0o%
~3~000
0.00 $ 27,916.67 $ 27,916.67
41,1175.00 39,925.00 159,800:00
39,925.00 37;925.00 157,850.00
37,925.00 35,575.00 167,500.00
35,575.00 33,500.00 152,075~00
33,500.00 31~:~00.00 148~900.00
31.,400.00 2~3oO.00 144,700.00
29,300.00 27,,Z25.00 139,525.00
27,225.00 25~200.00 133?~425.00
25,200:00 ~2~,, ~0~e00 12*,400.00
23,200.00 2'1;22~.00 12~,425:00
21,225.00 i~O.O0 119~475J)0
1~}250~00 170'5~.00 ~ 12,600:00
17,330.00 1~45!X00 10~800.00
15.45o:oo i ?o i ,7oo.oo
13,260.00 1,I~10~00 11.0.350~1X)
11,i~00:00 ~5:.00 1o3a0}425.00
1~,3'2~:00 5~5~.00 124~875.00
5,55~0¢ 2L77:[00 [ 19{~25,00
2.~5~)ff ~00 113~775~00
Total $ 1,6~5~00~
$ 439,400.00 $ 425,44L67 $ 2,539,841.67
Prepared by Munistat Services, Inc.
418/93
Bonds Outstanding
Beginning of Year
$ 1,675,000
1,675,000
1,597,000
1,517,000
1,423,000
1,340,000
1,256,000
t.1~2,000
l, O ?OO
OOs;ooo
928.000
849;000
770,000
694~00
6~8~,000~
530~000
444i,0001
333~000
222;000~
ltl;O00,
DEBT SERVICE SCHEDULE
TOWN OF SOUTHOLD
SUFFOLK COUNTY~ NEW YORK
Total Issue
$1,750000 Agricultural Land Preservation Serial Bonds - 1995
Bonds Dated: November 1, 1995
Interest Due: May 1, 1996 and semiannually
Payable Through DepositorY Trust Company, New York, NY
Fiscal Year
Ending Principal Interest Interest
~ ~ ~Rate May I
1996 $0 5.000%
1997 75,000 5.000%
1998 75,000 5.100%
1999 80,000 5A00%
2000 80,000 5.100%
2001 80~000 5A00%
80,000 5. i00%
~80,000 5.100%
2002
2003
2004 90,000 5.1oo%
2005 90,000 530o%
20o~ 9¢0oo 5~1oo%
' 90~000
2007 5.~00%
~o8 10o,ooo
~oo9 lOO~OOO
,2010 foo,0oo 5300%
2Oll mo;ooo ~375%
2012 ~10~000, 5.~100%
~01'3 ~1o~ooo ~oo%
.2m~ ~1o;ooo:
m~ rl02OOO ~o%
$45,700.00
45,700.00
43,825.00
41,912.50
39~g72.50
37,8~2.50
35,792.50
33;752.50
31,712.50
29;417,50
27; 1~22.50
24~827.50
22 552.50
19~ 982.50
17
382.50
14[ 7~2.50
0~5~00
1~ 075.00
lY50.00
3~ 025.00
Interest
November I
$~45,700-00
5,700.00
43,825.00
41;912.50
39;872;50
37,832~50
35;792.50
33,752.50
$91,400.00
166,400.00
162,650.00
163,825.00
159,745.00
155,665.00
151,585.00
147,505.00
153,425.00
148~835.00
144,245.00
139~655.00
145~065.00
13~9~965.00
13~,765,00
134,090.00
128~150.00
1~}22,~ 00.00
UI6,050.00
Total $1.7.50.000
$54~.29Z50 $542.29~50 $2.834,585.00
CUSIP
8445722F0~
8445722G&
8445722H6
8445722J2
8445T2EK9
8445722L7
8445722M5
8445722N3
8445722P8
8445,722Q6,
8445722R4~
8445722S21
844572ET0
844572EU~
844572EV5~
844572EW3~
8445~72EX1~.
8445~72EY~
Prepared by Munistat/PFA, Inc.
11/13/95
ooooo oooo~ooo oooooo
OCT. 8/200~ 4i 1gPM MLIMIST~IT SERVICES ~
NO. ~0i P. 2
Long 'lM~td Office
Port Jefferson S~ New
M ISTA S F, RV! C:E IN C.
'W~itm www, mmfistat,~om ~.~
· &rvingMudc~ali~ie.r andSd~ool~i~ ir~ Ne~ l~rk State Si~e 1977,
Western New York Office
William~vil!e, New Yoflc
October 8~ 2003
Jobn C~shron~
Tow~ Co~plmller
Town of Southold
Tog~ Hall
F~er Hi~ ~il~g I0
620 Tm~ler S~eet
So~uld, New Y~ 11971-0959
VIA FAX
Re: Proposed Open Space Acquisition Program
Dear John:
In accordance with your letter of Oetuber 1, 2003 and our subsequent conversation regarding the above
referenced matter, rite esKmated debt service schedules for each of the respective potential bond issues, struetored at
both the traditional (50% ~le) method and the level debt serdcc method, are transmitted herewith.
In response to your questions regarding the znalysis of the C cmmlmit~ Preservation Fund C'CPF") for Rte
financial community, ~ order to demonsa~te that the projected revenues of file CPF would be sufficient to pay the
debt service on the bonds, financial analysts would be expecting fl~at the CPF could be conservatively projected to
generate at le~t 1.50 times the mmual debt sexviee. Thus, if the debt service were to be $1,000,000 the crPF should
c0nservafiv~ly be projeaed at $1,500,000. In eddltion, if the ~mounts to be borrowed were stthe larger end of the
scale, it would, be to thc Town's benefit flit established a ~eserve fund with excess CPF revenues to protect against
years wb~n the revenues maght be less than originally projected..
If ~e finaueial community were not convirmed that CPF revenues could not support flxe level of debt being
issued the.asls ,.m~ption would be tha~ real pmper~ t~xes would have to be uttltzed to pay debt servme. Such a
scenario would reflect negaively on the Town's abRity to finan0e other needed capital projects (such as road
improvements, etc.) as wall as it ability and willingness m provide the same level of governmental serdees to its
citizens. In shm~, the~e would most likely be downside pressure exerted on the Town's credit rating, thus affecting
its bntrcwing ecsc.
I hope this discussion is of assistance to you. If you have any further questions or ~qulre additional data
please feel fi:ee to em~ta~t me.
With ldedast personal regards -
Robert F. Sikora
President
RFS:~
Enclosures
OCT. 8:~03 4:i~P~ MUMIST~T SKE~iCKS N0.001 P.3
ES~TED DEWf SERVICE $C~DULE
TOWN OF SOUTHOLD~ N~W YORK
OPEN SPACE ACQUISITION BONDS
OPTION I: $10,000,000
TRADITIONAL (~0% RULE) AMORTIZATION METHOD
Tom[
E~t. Iht, Eat Debt
hq~dpal t'~ 5.00% ~ce
Oulst~ng
Bo~d~
2005 400,00O 500,000 900,000 9.600,000
20O6 400,000 480,000 880,000 9,200,000
2007 400,000 460,000 860,000 8,800,000
2008 400,000 440,000 84.0,000 8i400,000
2009 450,000 420,000 870,000 7,950,000
2010 450,000 397,500 84.7,500 7,500.000
2011 450,000 375,000 825,000 7,050,000
2012 450,000 352,500 tt02,500 6,600,000
2013 500,000 330,000 830,000, 61!00,000
2014 500,000 305,000 805,000 5;600~000
2015 500,000 280,000 780,000 5,100,000
2016 500,000 255,000 759,000 4i600,000
2017 550,000 230,000 ?80,000 4.~050,000
20!8 $50,000 202,500 752~500 3~500,000
20~9 550,000 17s~ooo 725,000 23s0,000
2020 550,000 147,500 697,500 2~00.000
~l 600~000 120,000 720,000 t~§o0.o00
2022 600,000 Po, o00 690,000 t,200,~O00
2023 600,1)00 60,000 660,000 600,000
2024 600,000 30~000 6~0,000 0
10,000,000 5,650,000 15,650,000
Assumes bonds issued h 2004; first debt sm'vice payable in 2005.
Prepared by Munistat SerW~, Inn.
Por~ Jefferson l~mtion, N. Y.
100803
OCT. 8~Z003 4:i~PM' M~NISTAT SERVICES ~0.0~ P.4
ESTIMATED DEBT SERVICE SCHEDULE
TOWN OF ~OUTHOLD, NEW YORK
OPEN SPACE ACQUISITION BONDS
OPTION IA- $10,000,000
LEVEL DEBT SERVICE AMORTIZATION METHOD
Year
ESt. Iht Est Debt
prin~p~! (~ 5,00% Servlee
Outsl~nd~ng
J~onds
2005 300,000 500.000 800,000 9,700,000
2006 . 320,000 485,000 805,000 9,380,000
2007 335,000 469,000 . 804,000 9,045,000
2008 350,000 452,250 802~250 8,695,000
2009 365,000 434~750 7991750 8,330,000
2010 385;000 416,500 801,500 7,945,000
2011 405i000 397,250 802,250 7,5g0,000
2012 425,000 377,000 802,000 7,I15,000
2013 445~000 355,750 800,750 6,670,000
2014 470~000 333,500 803,500 6,200,000
2015 490i000 310,000 800,000 5,7:10,000
2016 5/.5,000 285,500 800;500 5,195,000
2017 545,000 259,750 804,750 4,650,000
2018 570,000 232,500 802,500 4,080,000
2019 600~000 204,000 804,000 3,480,000
2020 6BO~O00 174,000 804,000 2,850,000
2021 660,000 142,500 802,500 2,1.90,000
2022 695~01)0 109~500 804,500 1,495,000
2023 730,000 74,750 804,750 765,000
2024 765~000 38~250 803,250 O
10,000,0~ 6,051,750 16,051,750
Assumes bonds issued in 2004~ first debt service payable in 2005.
Prepared by Munist~ SerVices~ Inc.
Pot11effers~n Station, N. Y,
100803
OCT. S.2003 4=E4PM MUMZSTRT sERvzCES H0;00~ P.5
ESTIMATED DElkq~ ~ERVICE SCHEDULE
TOWN 13~ SOUTHOLD, NEW YO~
OPEN SPA~ ACQ~$~ON BO~S
O~ION H: $20,000b000
T~I~ON~ (SO~n R~E) ~ORTIZATION ~THOD
Total
N~st, Iht, Est Debt
pdnek,al ~&0O%
Outstanding
2005 g00.000 1,000,000 1.800.000 ~9.200,000
2006 800.000 960,0OO 1fl60,0o0 18.400.000
2007 800,000 920~000 1.720.000 17,600,000
2{)08 800.000 830.0oo I~30.000 16.~z00.000
20o9 900,000 840.000 1,740,000 15.900~000
20i0 900,000 795,000 1,695~000 ],5,000iOOO
~! 900,0oo 75o,ooo 1~o,0oo 14,,~oo,0oo
2hA2 90~00O 705,000 1~605~000 13~200,00o
~{~ 1,0.~00 6i0,00o
ZO~ 1,~08~,0~0 510.000 lflO.00o 9~200,000
~0,~7 ~i~q~o~ ' ~;i~po t s~o,0oo ~oo ooo
2¢ts L¢e~o 40s,~o ~¢os,00o 7i0o~0,000
20,000,0130 11,300,000 31300,000
Assumes bonds issued in 2004; t~t'~t debt service payable in 2005,
Prepared by Munistat Services, I~o.
Port Jefferson Stolon, N. Y.
100803
OCT~ 8~ £009 4~. i4PM MOMISTAT SERVICES M0.00~ P. 6
ESTEVIATED DEBT SERVICE SCHEDULE
TOWN O17 $OUTItOLD, NEW YORK
OPEN ~?ACEACQUISITION BONDS
OPTION HA- $20,000,000
LEVEL DEBT SERVICE AMORTIZATION METHOD
Total
Est, Iht, Est Debt
Principal (~ 5.00% S~rvlco
Outstanding
Bond~
2005 605,000 1~000,000 1,fi05,O00 [9,395,000
200~ 635,000 969,750 ] ,604,750 [ 8,760,000
2007 665~000 938~000 1.603,000 [8~095,000
2008 700,000 904,750 1,604,750 ! 7,395~000
2009 735.000 869.750 1.604.750 16~fi60,000
2010 770,000 833,000 1.603,000 15~890~000
20 l I 810,000 794,500 1,604,500 15~080,000
2012 850,000 754,000 1,604,000 14.230,000
2013 895,000 711,500 1,606.500 13~35,000
2014 940.000 666,750 I~606,750 12295.000
2015 9~5~,000 619,750 1,61M,750 l 1.410.000
2016 1,035,000 570.500 1,605,500 10i375.000
2017 1,085~000 518,750 1,603,750 9;290,000
2018 ' 1,!40~000 464,500 1,604,~00 8~$0~000
2019 1,200~000 407,500 1,607,500 6!050~000
2020 1,260;0oo 347,500 1,607fi00 5;~90~000
2021 1,320,000 284,500 1,604;500 4,,370~000
2022 1,385,000 218,500 1,603,500 2i985;000
2023 1,455;000 149,2.50 1,60~,250 1,530i000
2024 1,530~000 76,500 1,606,500 0
20,000,000 12,099,250 32,099,250
Assumes bonds issued in 2004; first debt service payable in 2005.
Prepared by Munistat Services, Inc.
Po~ Jefferson Station,
100gO3
OCT.~i£O~S 4:i5P~ MONiSTaT sERvicES MOi001 P.?
~hV[A~'ED ~EBT SERVICE SCHEDULE
TOV~q OF ~OUTHOLD, NEW YORK
OPEN SPAs~-'~AC,QUISITION BONDS
OPTION III:
TaAnI~ION~t~ (S0% ~.~) AMOR'rW_ATION ~rmTHOII
Total
EL Int. Est Ddat
Prin,zil~Ol (~ ~.00% B~rviee
O0tst~ding
Bonds
2005 1,200~000 1~500,000 2,700,000 28~800,000
2006 1,200,000 1~460,000 2,640,000 27,600,000
2007 1,20fl,000 1,~80,000 2,580,000 26~400,000
2008 ~,200,000 1~320,000 2,520,000 25~00.0~
2009 1,350,000 1,260,0~ 2.610.000 23~850,~
2010 1.350,000 I~I92,5~ ~42,500 22e500,~0
20l I t~350~0 I~125,0~ 2.47~,000
2012 1,3SO.OOO 1.057.5~ 2.407.500
2013 1.500~000 ~0,0~ 2~90,000 18.300,000
2014 1,500.~0 91S,000 2.415,000
2015 1,500,000 ~0,000 2.340,000 15~300,0~
2016 ]~500,000' 765,000 ~65.~0 13~800,0~
2017 ].650,000 ~0,000 2.~40,~0 I2~I50.0~
20i8 1.650.000 6~7,500 2~257~500 10.500.0~
2019 1.650,000 ~$,0~ 2,175.000
2020 1.650.000 ~2,5~ 2~092~500 7,200,000
2022 1.800.~0 ZTO~o~ 2.070.000 3~600,000
2~3 1.800.000 ] 80,0~ 1,980.000 1 ~800.000
2~4 1]~Ofl. O00 90,000 1,890,~0 0
30,000,000 16,950,000 46,950.000
Assumes bono issued in 2004; tlm d~bt s~rvioe payable in 2005.
Prepared by Munistat Servieea, ln¢,
Port Jefferson Station, N, Y,
100803
ocT. 8i200~ 4:15P~ MU~ISTAT SERVICES ~0~00~
ESTIMATED DEBT S]~RVICE SCHEDULE
TOWN O1~ SOUTHOLD, NEW YORK
OPEN SPAC~ ACQUISITION BONDS
OPTION HIA - $~0,000,000
LEVEL DEBT $ERVI~]~ AMORTIZATION METHOD
Tatal
Est. lat. Est Debt
P~in ~inal ~ 5.00% Service
Outstanding
2005 910,000 1,500,000 2,4,10,000 29,090,000
2006 955,000 1,454,500 2,409,$00 28a 135,000
2007 1.000,000 1,486,750 2,406,750 27.135,000
2008 I~050~000 1,356,750 2,406,750 26~0~,000
2009 l~lO0,OOO 1,3~,250 2~4~,250 ~985.000
2010 ~.155,000 ~49~250 2.~250 23,830,000
2011 1~2~5~000 1~191,500 2,~ 06~500
2012 1,275,0~0 1.130.7~ 2,405~750 21,340.000
2013 1,340,0~0 1.0fiT,0~ 2.407,000
2014 ' 1 i410.000 1 0~,0~ 2~410,000 18~590,000
2015 I.,480.000 929.500 2.409~5~ 17.110,000
2~16 1,550,000 855.500 2,g05,500 15s560,~00
2017 1.63'0,000 778,000 2~408.000 13,930,000
20~8 1.7~0~0D0 696,5~ 2.406,~0
2019 1.795~000 611,0~ 2,406~0 I 0,425.0~
2020 1~885,000 521.250 2,406~250 8~540~000
202] 1.980,000 427,000 2,407,0~
2~22 .2,080,000 328,000 2,408,000 4.480,000
2023 2,185~000 224~000 2.409~000
20~ 2.295~000 114,750 2.409~750 0
48,146,250
30,000,000 18,146,250
Assumes bonds issued in 2004; first deb; servie~ payablein 2005.
Prepared by Munis~t Services, Ine,
Port Jefferson Statio~ N, Y,
100803
OCT. 8,£01~3 4:J_SPJ'"1 ~IJHTSTI~T SERVICES HO;OOJ.
¥~
Total
Est. Iht, Est Debt
Principal
Outstm;~diug
Bonds
2005 k,600;000 2,000~000 3,600,000 31t,400,000
2006 ~i600;000 1~9211i000 3~20,000 36~1~00~000
2007 ~600;000 I~8~000 3,~0,~ 35,200~000
2008 !~600,000 t,760;000 3~3~,0~ 33,600~000
2009 I;800~000 1~6~0,~0 3B80,000 3ii800,000
2010 1,80¢,~0 1,5~0~ 3,390~000 30~0~000
20~ ~ !,800;0~ Lsoo, ooo !,300,0~ 28,200,000
2012 I~8~000 1,410,~0 3,210,000 2~400,~0
20 t3 ~000~00 ~320¢0~ 3,320,000 24,~0~00fl
2014 ~00~000 1~2~000 3i220~000
2016 2;000,000 1,020,000 3,02¢,000
2017 ~200~000 920,000
2m8 2,2oo~ooo slo~ooo ~;oio, ooo t&ooo, ooo
2m 9 ~;2oo~ooo 7ao,~o 2,~oo, ooo ~ ~,~oo, ooo
2020 ~0~0 5~,000 2,790,000 9,600,0~
2021 ~0~0~ 480,000 2i880,0~ 7~200,000
2o~ a400~oo sao,ooo ~760,ooo ~oo,ooo
202) ~0~000 ~0~000 2,6~0;000
20~ ~}400~000 !20;000 2~520,000
40~001~,000 22,600,000 62,600,000
Assum~ bonds issued in 2004; first debt serviae payable in 2005,
Prepared by Munistat Set'vices, lac,
Port Jefferson Stalicm, N, ¥,
100803
I~S~ATRD DEBT SERVICE SCHEDULE
TOWN O~ [gOUTHOLD, NEW YORK
OPI~ SPAE~E ACQU]~ITIQN' BONDS
OPTION IVA. $40,0§0,0D6
DI~BT SERVICF~ AMORTIZATION METHOD
Total
Eib, iht, Est Debt
Prbmiual ~, 5,00% $ervie~
Outstanding
Bonds
2005 1,210,000 2,000,000 3,210~000 38,790,000
2006 1,270,000 1,939,500 3,209,500 37,520,000
2007 1,335,000 1,876,000 3,211~000 36,185,000
2008 1,400~000 1,809,250 3,209;250 34,785,000
2009 1,470,000 1,739,250 3,209,250 33,31.5,000
2010 1,545,000 '1,665,750 3,210~750 31.770,000
2011 1,620,000 1,588,500 3,208,500 30,~50,000
2012 1,700,000 1,507,500 3,207,500 28,450,000
2013 1,790,000 1,422,500 3,212,500 26,660,000
2014 1,875,000 1,333,000 3,208,000 24,785,000
20t5 1~970,000 1,239,250 3,209~,250 22,815~000
2016 2J)70i000 1,140,750 3~10,750 20,745~000
2017 2~I75;000 1,037,250 3~212,250 18,570,000
2018 2,280,000 928,500 3,208,500 16~290~000
2019 2~395,000 814,$00 3120~500 I3~8~$~000
2020 2,515,000 694,750 3,209,750 11~80,00~
202t 2,640;000 569,000 3~209~000 8i740,000
2022 2,775,000 437~000 3,212,000 5~965~000
2023 2,910,000 298,250 3,2011,25i0 3,055,000
2024 3,055,000 152,750 3,207,750 0
40,000,000 24~193,250 64,193,250
Assmues bonds issued in 2004; first debt service payable in 2005,
Prepared by Munistat Services, ][ne.
Port Jefferson Station, N. Y~
100803
OCT. S~200~ 4: 1BPM HU~iST~T SERVICES Mg~ 00i P~ 11
ESTIMATED IIEBT SERVICE SCHEDULE
TOWN O]~ SOUTHOLD. NEW YORK
OPEN SPACE ACQUISITION BONDS
OPTION V; $50,000,000
TRADITION/~J~ (50% RULE) AMORTIZATION METHOD
Total
Est. Iht, I~t Debt
Outstanding
2o05 2,ooo,ooo 2,500,o0o 4,5o0,ooo 48,ooo,ooo
2oo6 2~ooo,ooo ~4oo, ooo 4,4o0,o00 46,ooo,000
~0~7 2,000,00O 2,3O0,OOO 4,300,000 44,000,000
2008 2,000,000 2,200,000 4,200,000 42,000,000
2009 2,250,000 2,100,000 4,350,000 39,750,000
2010 Z,250,000 1,987,500 4,237,500 37,500,000
2011 2,250,000 t,875,000 4,125,000 35,250,000
2012 2~250,000 1,762~500 4,012~500 33,B00,000
2013 2,500~000 t,680,000 4,]50,000 30,500,000
2014 2,500,000 t,525~000 4,025,000 28,000,000
21>t5 2~500,000 1,4.00,000 ~9001000 25,500,000
2016 2~500,000 ~,275,000 3,775;000 23,000,000
2017 2,750~000 5,150,000 3,900,000 20,250,000
20 [8 2~750,000 1,012,500 3,762,50~ 17~500,000
20[9 2~750,000 875,000 3,625,00ff 14~750,000
2020 2,~$0,000 737,500 3~.487,500 I2,000,000
2021 3,000,000 600,000 3,600,00~ ¢,0~0,000
21122 3,00(~,000 450,000 3,450,001~ 6,000,000
2023 3,000,000 300,000 3,300,000 3,000,000
2024 3~000,000 150,000 3,150,000 0
50,000~000 28,250,000 78,250~000
Assumes bonds issued ia 2004; first debt service payable in 2005,
Prepared by Munistat Sm-~ees, Inc.
Port Jefferson Sintion, N. Y.
100803
ESTIMATEDD~BT SERVICE SCHEDULE
TOV~N O1~ SOUTItOLD, NEW YORK
OPEN $PAC~ ACQUISITION BONDS
OPTION VA
LE~ DEBT ~RVICE AMORTIZATION METHOD
Total
Est, Iht, Est Debt
Prlnoi_~a] ~ 5,00% $ervlc~
2005 1,510~000 2,500,000 4,010,000 48,490,000
2006 1,585,000 2,424,500 4,009,500 46,905~000
2007 1,665,000 2,345,250 4,010,250 45,240,000
2001] 1,750,000 2,262,000 4,012~000 43,490,000
2009 1,840,000 2,174,500 4,014,500 41,650,000
20 t 0 1,930,000 2,082,500 4,012,500 39,720,000
20I I 2,025,000 1,986,000 4,011,000 37~695,000
2012 2,130,000 1,884,750 4,014,750 35,565~000
2013 2,235,000 1,778,250 4,0t3,250 33,330~000
2014 2,345,1300 1,666,500 4,011,500 30,985[,000
2015 2,46&000 1,549,250 4~014,250 28,520,000
20t6 2,590,000 1,426,000 4,016~000 25~930,000
20[7 2,715,000 1,296,500 4,011~500 23,215,000
2018 2,850,000 1,160,750 4,010,750 20~365~000
2019 2,995,000 1,018,250 4,013,250 t7,37q,000
2020 3~145,000 868,500 4,013~500 14,225,000
2021 3,300,000 711,250 4,011,250 10,925,000
2022 3,465,000 546,250 4,011~250 '~,460,000
2023 3,640,000 373,000 4~013,000 3,82:0,000
2024 3,820,000 191,000 4,011,000 0
50,000,000 30,245,000 80,245,000
Assumes bonds issued in 2004; first debt service payable in 2005.
Prepared by Mtmistat Services, Inc.
Port lefferson Station, N, Y.
100803
o
Community Preservation Fund Debt Service
PYimarily Supported by 2% Transfer Tax Revenues
December 31, 2003
2004 2005 2006 2007
2,600,000 18,500,000 11,550,000 5,500,000
Total
2005 208,000
2006 20g 300 1.480.000
2007 20g 040 1.489,250 924
2008 208,585 1,487.400 929
2009 207,935 1.484,163 928
:2010 208.039 1.479.538 926
2011 208 585 1.480.278 923
2012 208,520 1,484,163 924
2013 205. 195 1.483.700 926
2014 208,910 1.481,388 926
2015 208,000 1,486,475 924
2016 208.130 1 ,,~80,000 928
2017 209~235 1,480,925 924
20~t8 208,650 1,488.788 924
2019 209 040 1 ~484,625 929
2020 209,040 1,487,400 926
2021 208,650 1,487.400 928
2022 20~. 170 1:487.400 928
'2023 209,235 1.484.625 926
2024 208~45 1,488,325 92~
2025 1,488,788 929
2026 927
2027
000
775
620
599
711
173
599
310
866
043
000
578
486
888
62O
62O
888
198
486
754
440 000
442 750
442200
441 238
439 863
440 083
441 238
441 100
440 413
441 925
440 000
440 275
442 613
441 375
442~200
442.200
441.375
442.475
442.613
441,788
208,000
1,689,300
2,622,290
3,065,760
3,063,468
3;,056,375
3,053,811
3~056,713
3,058,576
3;O57,845
3~060,4;4~1
3,056,585
3~056',085
3,062,0T~
3,063,4~26
3,065,94;0
3,066,~4;5
3,06~,390
3~062,9~8
3,06,7,74j3
2,86~,~4~9
1,37 ,3 6
Totals
Prim + Int. 61,233,664
Principal 38,150,000
P & I 2005-25 59,421,510
P & I 2026-27 1,812,t54
4,173,104 29,694,628 18,538,212 8,827,720 61,233,664
Existing Debt Schedules
Town of Southold Debt
December 31, 2003
Year I984 1991 1993 1995 1998 1999 Total
1985 151.287
1986 215,716
1987 211.960
1987 205.590
~988 199,220
,~989 197,622
~ggo 190;797
~991 1~972
~2 17~,147
~1993 170~322
225.293
169.386
168.796
165,047
160.266
155.484
150,703
145,922
141,140
136.359
131,578
126,796
122,016
141.438
135,D63
128,687
122.312
115,938
109,563
103.188
2~T9
27,917
159 800
157 850
167 500 91.400
152 075 166,400
1;48 900 162.650 48,553
144 700 163,825 175,188
139 525 159745 171 327
133425 155.S65 167 447
128400 151.585 163 567
123425 147,505 169 445
tl.9 475 153.425 165 080
112 600 148S35 160 715
108 800 144.245 156 350
116 700 139,655 161 743
110 350 145. D65 156 893
130 425 139.965 152 043
124 875 134.765 147193
119 325 129_465 152 100
113 775 134.090 146,765
128,150 141,430
122100 136,081
116,050 140,475
134,625
128,775
122,925
44,650
167,420
163,660
159,900
156,140
152,380
148,620
144,860
150,865
146,635
142,405
138,175
143,710
139,010
134,3~0
139,375
134,205
129,035
123,865
128,460
122,820
151,287
215,716
2tl,960
205,590.
199,220
197,622
~istribufion Ust:
Recommendations for Town of Southold Land Preservation Fundin,q Throu,qh the
~ear 2025, ~8 January 2004 Draft- a report of the Land Preservation Committee
Financial Working Group.
This report w~l be the subject of Town Board briefings during Januar.~/.
Horton, J
Edwards, W.
Evans, L.
Romanelli, J.
Ross, D.
Wickham. T.
Arm, C.
Blum, R
Cushman, J.
Firinegan, P.
Huntington, R.
Jarvis, I~
~(eit, E,
Lee, F.
McAdam. T.
~epenoski, J.
~aPiro; M-
loom, M