HomeMy WebLinkAbout01/08/2004 Draft Recommendations for
Town of Southold
Land Preservation
Funding
Through the Year 2025
RECEIVED
8 January 2004 Draft
Prepared by
Southold Land Preservation Committee Financial Working Group
Tom McAdam, Chairman
John Cushman
Bill Edwards
Patricia Finnegan, Esq.
John Sepenoski
Melissa Spiro
Ray Huntington
JAN 9 200~
Southolcl Town Cleric
JAN 1 3 2004
Preface:
LPCFWG Funding Report
At the regular meeting of the Southold Town Board on September 9, 2003 the
Town Board resolved to create the Land Preservation Committee Finance Work
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, Patricia Finnegan, Raymond Huntington and Thomas Mc, Adam
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, private 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:
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 incrementally borrow an additional $79 million
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 serial bonds and bond anticipation notes to meet cash flow requirements
from preservation operations, and not before.
Make accounting 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 pe#od.
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.
Preservation: How Much, When at Whet Cost to Whom LPCFWG Fllndlng Report
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:
· Preservation was defined, Southold Town goals were interpreted and
assumptions were made concerning acreage to be acquired (preserved) by both
Fee Title (FT) and Easement (EASE or PDR).
s Preservation was defined and additional historically based assumptions were
made concerning how much acreage would be preserved by others (County,
Trust, Private) - with the remainder to be preserved by the Town.
· Time frame and rate of preservation of the remainder to be preserved were
assumed to permit scheduling of funding.
· Price of the acreage to be preserved was projected.
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(1) 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.
· Limit potential residential density (PRD) to 60% of that which could exist under
July 2003 zoning.
· Front load preservation. Cumulative target to be based upon 20% of the
remaining target acreage being preserved each year with virtual completion by
2023.
il) "Preserved", for the work of the LPCFWG, shall mean, "land on which the Town, or other qualified
government or trust, owns the development rights or complete title in perpetuity prohibiting
development. Or, subdivision open space where site plan approval and subsequent deed(a) similady
prohibit development."
· Such ownership is represented by covenants, restrictions, easements or complete title in a
recorded deed,
· "Preserved" land does not include land which only the owner, or an unqualified group, perceives
as "preserved" or "prot;mted". Nor does it include land only stayed from development by
temporary enrollment 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
prohibition on development. It includes: churches, cemeteries, museums, park districts, subdivision parks,
schools and water utilities as well as village, town, county, state and federal land and land owned by
qualified land trusts
Preservation: How Much; When at what Cost to Whom.
How Many Acres will be Preserved? DGEIS Table 3-1 provides "buildout" 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 Tow~
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 arise 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.
Acres to acres per
Year go year
25~0 512
~ 4i 2048 410
2010 7 1049 210
2011 8 839 168
2012 9 671 134
2013 10 537 107
2014 11 429 ,8~
2015 12 3;44
2016 13 275
2017 14 220 44
2018 15 176
L~19 16 141 28
2020 17 113 23
2~ 18 g0 18
19 72 14
2023,20, 58 12
20241 21 46 9
2025 22 37 7
I~~ 20% of the Rarna!nlng Unpreserved Acreage Preserved per Year
/
If 4000 Additional Acres are Preserved, How will it Change the Town?
YellowToGreen3.)ds
"Mainland" on~ Robins leland
................ ~ ~"-*~ ......... " ............... ~' Parcels Acres I
~/ellow unprotected on CPF List 69,; 9263 sum of next two
yellow unprotected onCPFLi~t onFLl(1) 33E 6648 I
yellow unprotected on CPF list Not on FLI 358 2615
I
green )mtected 36; 580~ sumofnexttwo
green )rotected on FLI 1341 2862 I
gree~ )rotected Not on FLI 228~ 2944
I
gree~ Com. Fac. 378! 96(: sum of next two
green Com. Fac. on CPF List 15 202
green Com. Fac. Not on CPF 363: 758
green Com. Fac. on FLI 3: 41 ref.
green Com. Fac. on CPF List on FLI I 33 ref.
382
yellow Unprotected on CPF List 694 9263 5263 After preserving
green Protected 362 580E 9806 an additional
green Com. Fac. 378 96C 960 4000 acres
White Developed x 1305~ 13053
Total Jnknown 29082' 29082 sum
Existing: December 2003
Unprotected
32%
Protected
m Unprotected
II Protected
[] Com. Fac.
[] Developed
(1) FLI = Farmland Inventory
Protected in this display
means Preserved and/or
Protected.
After Preservation of an additional 4000
Acres
Unprotected
18%
De~eloped
Com. Fac.
Preservation: How Much, When at what Cost to Whom LPCFWO Funding 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)
indicates a unit value of $28,000 per acre for 2004. Similarly, a review of Fee Title
purchases (FT) indicates a unit value of $40,000 per acre for 2004.
While in actuality each parcel is unique, these values will be used as the general base
values for estimating futura unit pdces for Easement and Fee Title purchases.
It is widely accepted that improved real property generally appreciates at a rate 2 to
3% more than the rate of inflation. If we assume a long term inflation rate of 3%, real
property should normally appreciate at an average annual rate of 5%.
Properties on the North Fork will likely appreciate at more than 5% -- perhaps one
percent more or 6%. North Fork property is both limited in supply and accessible to
immense purchasing power coming from the West. Currently appraisers appreciate
preperty comparable to that which we seek to preserve at an annual rate of 15% but it
is unlikely that such a rate can be sustained for a long period such as twenty years.
Therefore, the likely unit price 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 s~gnificant 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 ail 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 will become a
smaller fraction of the deal and a larger fraction of the pdce 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 lot 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 rate of 8% from a
base of $2.7M (3) (discounted for bonding conservatism from $3.6M).
Revenue: How Much, When and from Whom. LPCFWG Fundln9 Repo~
Existing and potential income 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 Grants Grants Total
1984-200,~ 14,300,045 6,146.359 376.556 548,884 504.185 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 ' 1,512,208 106,000 102.000 120,000 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 3,779,136 5,500,000 9,130,000 1,901,650 248,228 106,121 124,848 20,789,983
2008 4,081,467 12,600,000 2,616,405 259,631 108.243 127.345 19,793,091
2009 4,407,984 10,400.000 3.625,491 271.734 110,408 129,892 16.945.509
2010 4,760,623 ! 8,400.000 4,444.198 284,588 112,010 132,490 18,134,515
2011 5,141,473 6.600,000 5,112.657 298,248 114,869 135,139 17,402,386
2012 5,552,791 4,800,000 5.525,122 312,774 117,106 137.842 16,445.695
2013 5,997,014 3,650.000 5,777,009 328,228 119,509 1;~0,599 16,012,359
2014 6,475,775 2,400,000 6,065,367 344,679 121.899 143.411 15,552,132
2015 6,994,917 1,260,000 6,247,344 362,202 124,337 148,279 15,135,080
2016 7554,510 200.000 6,222,378 380,876 126,824 149,205 14.633,793
2017 8,158,871 6,231,111 400,785 129,301 152.189 15,072,317
2018 8,811,581 6.226,822 422,023 131,948 155,233 15,747,607
2019 9516507 6,099.915, 444,690 134,587 158,337 16,354.037
2020 10,277,828 5,174,683 ' 468,892 137,279 161,504 16,220,186
2021 4.800,000 5.177,946 140,024 104,734 10,282,704
2022 5,162.130 142,825 168029 5,472.984
2023 4,432,940 '145.681 'i71,390 4,750,011
2024 3,421,370 148,595 174,817 3.744.782
2025 2,577,809 151,567 178314 2,907,689
Totals 115,550,722 36,150,000 79,240,000 102,012,164 5,697,614 3,475,782 4,948.183 349,074.465
Preservation: How Much, When at what Cost to Whom. ,PCP, Ve F~,~
Eadier Analysis:
The Land Preservation Committee Cash Flow Analysis of 5/15/03 is a "try-to-pay-
as-you go" cash-flow study. It was updated (12/11/03) 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
but unissued bonds, projected CPF income and proceeds from
CPF bonding starting with 800 acres in 2004 and declining 20%
per year thereafter.
· Escalate the unit price of Easement and Fee Title acreage at 6%/year.
· Escalate the Community Preservation Income Stream at 8% per year.
This analysis shows restrain on acreage as early as 2005.
5115/03 "Try-To-Pa ,-As-You-Go"
=Year 2003,2004 2005 2006 2007!2008
Balance(MS) 10 0 (4) (~9)(14) (19)
Acres 224 392 250 250 250 250
2/14103 "Pay-As-You-Go"
Year 2003 2004 2005 2006'2007 2008
Balance (MS) 14 1 1 I 1 1
Acres 101 702 110 112 115 118
1616
1258
Comparing the 12/14/03 "Pay-As-You-Go" to the "Accelerated":
12/14/03 "Pay-As-You-Go"
['Year1200312004120051200612007120081
IBalancel;M$)l 14 I 1 I I I 1 I 1 I I I
IAcres I 101 I 7021 1101 1121 11511181
12/14/03 "Accelerated"
Year 2003 2004 2005 2006 2007 2008
Balance(MSI)14 (31 /21) (~36/(;47)(56/
~Cres 101 800 640 512 410 328
Complete spreadsheets can be found in part two of this report.
Study of Borrowing! A,qainst the Community Preservation Fund income
Stream. u,c~w~ Funding RelX~t
Three Options were designed and examined:
Omion 1-Pay-as-you .-ilo: 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.
Option-l.5 - Pay-as-you-go with CPF Bonding: Spend projected CPF income
and the revenue on hand (including authorized but unissued bonds) as well as the
proceeds from CPF bonds. The acreage preserved will be a variable according to
the funding available.
Option 2 - Combined: Spend projected CPF income, the revenue on hand
(including authorized but unissued bonds) as well as the proceeds from CPF bonds
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
acres.
General Comments:
The Tow~ currently has about 14 million dollars available for land preservation
which, even with continued cash flow from the CPF, is insufficient for the amount of
preservation implied by the goal.
The Town may borrow against the Community Preservation Fund (CPF) revenue
stream. The cost of the CPF Debt service will not be part of the tax levy because it
will 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 retiring the generating debt. While in this study we talk about "CPF
Bond/Debt" and Town of Southold or" TOS or GF Bonds/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 goal 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 Iow.
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 O9tion
Pay As You Go
Pay As You Go Bonds
CPF & TOe Bonds
Cum
Year Acres Acres Tax$$ Acres Acres Tax$$ Acres
Acres Tax~
2004 722 722 40 146 722 722 40 146 800 800 40 162
2005 87 809 74 164 1251 1973 74 399 640 1440 74 291
2006 88 897 73 181 0 1973 73 399 512 1952 73 395
2007 90 986 74 200 6 1979 74 400 410 2362 93 478
2008 91 1078 73 218 12 1991 73 403 328 2690 128 544
2009 93 1171 73 237 19 2010 73 407 262 2952 178 597
2010 95 1265 71 256 25 2035 71 412 210 3162 218 640
2011 96 1362 71 275 32 2067 71 418 168 3330 251 674
2012 98 1460 65 295 38 2105 65 426 134 3464 271 701
2013 100 1560 59 316 41 2146 59 434 107 3571 283 722
2014 102 1662 59 336 46 2192 59 443 86 3657 297 740
2015 104 1766 58 357 51 2243 58 454 69 3726 306 754
2016 106 1871 52 378 56 2299 52 465 56 3782 305 765
2017 108 1979 52 400 61 2360 52 477 44 3826 305 774
2018 110 2089 52 422 24 2384 52 482 36 3862 305 781
2019 112 2200 45 445 45 28 3890 299 787
2020 114 2314 39 468 39 23 3913 254 791
2021 3 2317 39 469 39 18 3931 254 795
2022 3 2321 39 469 39 14 3945 253 798
2023 39 0 39 217 0
2024 39 0 39 168 0
2025 126 0
Total 2273 2337 3948
Average 57 56
214
/$
o ~
/?
Impact upon Property Taxes. u~c~w;
· 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 8outhold
Tax Year is December I thru November 30 2002-2003 2003-2004
Fiscal Year is January 1 thru December 31 2003 Rounded 2004 Rounded
Number of Tax Bills Mailed (totalI ' 18,199
Number of Tax Sills Mailed (excluding exempbons/ 17,587 17,600
T~'picel Assessed Value of a Taxpa~/er 6,956 7,000 6,956 7,000
Assessed Valuation of Whole Tovm 98,928,528 99M 101,872,561 102M
~ Valuation of Part Town (w/o Greenport~ 94,866,965 97,788,938
Equalization Rate 0.023 0.0171
Full Value {c,elculatedI 5,957,459,707 6 Bill~on
Town Tax RMe for General, Hw~ & Community Dev. $173.082/K $177.630/K
Cak;ulated Values...
Every $100K of additional expe~litura results in ($) on tax rate $1.01 $1 $0.98
$17,055,730 raised by taxes ~1173.082/K rate
Every $100K of add~ expenditure results in ($) on typical tax bill $7.07 $7 $6.86 $7
IS 700011{1.011KI=
...end of Assessors' data - source Scott Russell 10/1/03 - (see attached Tax Sheet)
uFdat~:] 12/9/03 - Accounting & Finance Department - source, Compb'oller celculMions
F.~ach Million of bonded indebt~neea ~5% f~r 20 years is ($) on typical tax bill · $6.01 $6
$7000 assessed value assumed, amortization cost includes $7K to issue bond
Each million borrowed 20 years has average amo~zation cost of $85,250/year
(85250)(1.01)/100K= $0.86 on 2003 tax rate
(85250/(7.07~/100K= $6.03 on t'/pica12003 tax bill
(85250)(.98)/100K= $0.84 on 2004 tax rate $585 $6
(85250)(6.86~/100K= $5.85 on typical 2004 tax bill
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 Tow~ 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 wa issue $1 OM of new debt we pick up $852,500 of
additional debt service cost, therefore, ($7)($8.525)= $60 more on the typical tax
bill (all rounded numbers).
Impact upon Property Taxes (continued) ~ Fu~,~ ~
Town Services Potential Cost Avoidance Calculation:
· $29.3M (2004) Budget divided by 21000 people is $1395/capita in services.
· With 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
land 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 in 2004, 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 17,600 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.
Steps Toward Improved Financinq of the Town's Pro,qram L~ve F~ ~
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 Town Board to establish a land preservation objective (albeit tentative) that
includes how much of what type of land is to be preserved and at what rate such
preservation is to be planned. After objective establishment the analyses in this report
to be refreshed in light of the objective.
If the objective established by the Town Board remains as assumed, determine time
expectations and means with which to accelerate preservation - change the program -
- establish process capability to preserve 4000 acres of farmland and open space in
the near term.
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 incrementally borrow an additional $79 million with
General Fund bonds.
Issue sedal bonds and bond anticipation notes to__meet cash flow requir~-m~nts from
preservation operations~ Continue to withhold issuance of authorized
bonds until the cash is actually needed. Make use of bond anticipation notes if
issuance is delayed too long.
Establish a Sense-of-the-Board resolution that the Town Board would not wait to
authorize additional bonds through referendum - rather, it would authorize a limited
issue ~hr~wn authodtyif a burst of preservation was possible.
7. Clarify which costs are chargeable to the Community Preservation Fund and draw all
preservation expenses from this fund except those inappropriate to the CPF. Redesign
the accounting of land preservation to operate from one set of accounts applying all
flow ~__rovgh the Com_~servation Fund (Chapter 6), By Board resolution,
~__~nge the resolution language[on bonds authorized but not yet issued to agree with
CPF application.-~
8. Do not use the NYS Environmental Facilities Corporation for typical land preservation.
Consider it for highly special cases only -- typically those related to environmental
infrastructure such as road runoff control. General use of this resource would bog
down the preservation process due to its mechanics and criteria.
9, Take steps to change the Community Preservation Fund Law to further extend end
(sunset) date to help retire out-year debt service.
10. Continue pursuit of grant opportunities to minimize borrowing and maximize schedule
front loading. Such opportunities are already well identified as to source but significant
political application continues to be required to convert opportunity to success.
Two"
of
· .. ·' ::~TOwn. of..$:o~uthO,Id'
· ..Land: Pr. ese~atio'n
.Funding
T:hrough the Yea.r 20:25
8 December 2004 Draft
..Contains reference, information,
schedules, construction and
.,
other pertinent support data.
MEMORANDUM
To: Finance Working Group
From: Bill Edwards
Date: December 14, 2003
Subject: Projections
Attached find revised versions of three financial projections:
1. 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 financial recap comparing the overall consequences of the two scenarios.
Some points to note:
Over the 17-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 $18.8 million more than the Pay-As-You-Go
strategy and preserves 1100 acres more, primarily because it purchases more land early in the
period before inflation forces the prices higher. As a result, the cost-per-acre under the
Accelerated program is $10K less than under the Pay-as-You-Go scenario.
Borrowing under the Accelerated Preservation program tops out in the $68 million range in
2011, not including interest. To properly compare the financial impact of the two
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.
When 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 ;~ith 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.
1 will be out of the country from the 16~ through the 26'~ bot will be picking up my e-mail e~ery
day or two.
Z
OCT. 8.2003 4:iBPM
Long Idaad 0~
MUMISTAT SERVICES
FAX M~SSAGE
DATE:
TO:
COMPANY:
FAX NUMBER:
FROM:
RE:
October 8~ 2003
John Cushman
Town of Southoid
765-1366
Bob $1kora
Open Space Acquisition Program
TOTAL NUMBER PAGES (INCLUDING THIS COVER SI:IF, ET): 12
If you do not receive aU pages, please eau Immediately.
N0.001 P.1
Telephone #: 631/331-8888
Advisors, Inc.
DEBT SERVICE SCHEDULE
TOWN OF SOOTHOLD, SUFFOLK COUN~f, NEW YORK
AGRICULUTRAL DEVELOPMENT RIGHTS
$1,662,500 @ 9.10%
;onds Dated:
iscal Agent:
October 1, 1984 Last Maturity:.
Date of Sale:
The Chase Manhattan Bank N.A., in New York, New York
April 1, 2005
September 18, 1984
lscal Year
Ending
ec. 31st.
Bonds Outstand-
ing Beginning
of Fiscal Year
1985
1986
1987
1988
1989
1990
1,662,500
1,595,000
1,525,000
1,.455,000
%1,385,000
1991
1992
1993
1994
1995
1996~
1998I
1999I
2ooo
2001
2002
2003
2004
2005
1,310,000
1,235,000
1,160,000
1,085,000
1,010,000
925 000
840 000
755 000
670 000
585 000
500 000
400 000
300 000
200 000
100000
Principal 1st Interest 2nd Interest
Due Payment Due Payment Due
April 1st. April 1st. October 1st.
$ -- $ 75,643.75 $ 75,643.75
67,500 75,643.75 72,572.50
70,000 72,572.50 69,387.50
70,000 69,387.50 66~2~2.~0
70,000 66,202.50 63,017.50
75,000 63,017.50 59,605.00
75,000 59,605.00 56,192.50
75,000 56,192.50 52,780.00
75,000 _52,780.00 49,367.50
75,000 49,367.50 45,955.00
85,000 45,955.00 42,087.50
85,000 42,087.50 38,220.00
85,000 38,220.00 34,352.50
85,000 34,352.50 30,485.00
85,000 -30,485.00 26,617.50
85,000 26,617.50 22,750.00
109,000 22,750.00 18,200.00.
100,000 18,200.00 13,650.00
100,000 --13,650.00 9,100.00
100,000 9,100.00 4,550.00
100,000 4~550.00 --
Total
Principal
& Interest
151 287.50
215 716.25
211 960.00
205 590.00
199 220.00
197 622.50
190 797.50
183 972.50
177 147.50
170,322.50
173,042.50
165,307.50
157,572.50
149,837.50
142,102.50
134,367.50
140,950.00
131,850.00
122,750.00
113,650.00
104,550.00
Totals $1,662~500 $926;380.00 ~85.0~736.25 $3 439 616.25
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-1991
Bonds Dated: February 15, 1991
Interest Due: February 15, 1992 and semiannually
Paying Agent: Citibank NA
Fiscal Year
Ending Principal Interest
December 3 February 15 R~te
Interest Interest
February 15 Aunust 15
1992 $ 68,500 6.375% $
1993 70,000 6.375%
1994 74,000 6.375%
1995 75,000 6.375%
1996 75,000 6.375%
1997 75,000 6.375%
1998 75,000 6.375%
1999 75,000 6.375%
2000 75,000 6.375%
2001 75,000 6.375%
2002 75,000 6.375%
2003 75,000 6.375%
2004 75,000 6.375%
2005 100,000 6.375%
2006 100,000 6.375%
2007 100,000 6.375%
2008 100,000 6.375%
2009 100,000 6.375%
2010 100,000 6.375%
2011 100,000 6.375%
105,984.38 $ 50,808.74
50,808.74 48,577.50
48,577.50 46,218.75
46,218.75 43,828.13
43,828.13 41,437.50
41,437.50 39,046.88
39,046.88 36,656.25
36,656.25 34,265.63
34,265.63 31,875.00
31,875.00 29,484.38
29,484.38 27,093.75
27,093.75 24,703.13
24,703.13 22,312.50
22,312.50 19,125.00
19,125.00 15,937.50
15,937.50 12,750.00
12,750.00 9,562.50
9,562.50 6,375.00
6,375.00 3,187.50
3,187.50 0.00
Total $ 1,662,500
TOI:$1
Prepared by Munistat Services, Inc.
6/24/93
$ 225,293.12
169,386.24
168,796.25
165,046.88
160,265.63
155 484.38
150 103.13
145 }21.88
141 140.63
136 359.38
131 578.13
126 796.88
122 015.63
141 437.50
135062.50
128 687.50
122 312.50
115 937.50
109 562.50
103,187.50
$ 649,230.02 $ 543,245.64 $ 2,854,975.66
Bonds Outstandi
Beainnina of Yea
$ 1,662,500
i ,594,000
1,524,000
1,450,000
1,375,000
1,300,000
1,225,000
1,150,000
1,075,000
1,000,000
925,000
850,000
775,000
700,000
600,000
500,000
400,000
300,000
200,000
100,000
DEBT SERVICE SCHEDULE
TOWN OF SOUTHOLD, SUFFOLK COUNTY, NEW YORK
$1,675,000 Acquisition of Development Rights
Part of $2,695,000 Various Purposes Serial Bonds-1993
Bonds Dated: April 15, 1993
Interest Due: August 15, 1993 and semiannually
P~yable Through Depository Trust Company, New York, New York
Fiscal Year
Ending Principal Interest Interest Interest
December 3 February 15 Rate February 15 Au~us~ 15 Total
1993 $ 0 5.000% $ 0.00 $ 27,916.67 $ 27,916.67 $
1994 78,000 5.000% 41,875.00 39,925.00 159,800.00
1995 80,000 5.000% 39,925.00 37,925.00 157,850.00
1996 94,000 5.000% 37,925.00 35,575.00 167,500.00
1997 83,000 5.000% 35,575.00 33,500.00 152,075.00
1998 84,000 5.000% 33,500.00 31,400.00 148,900.00
1999 84,000 5.000% 31,400.00 29,300.00 144,700.00
2000 83,000 5.000% 29,300.00 27,225.00 ! 39,525.00
2001 81,000 5.000% 27,225.00 25,200.00 133,425.00
2002 80,000 5.000% 25,200.00 23,200.00 128,400.00
2003 79,000 5.000% 23,200.00 21,225.00 123,425.00
2004 79,000 5.000% 21,225.00 19,250.00 119,475.00
2005 76,000 5.000% 19,250.00 17,350.00 112,600.00
2006 76,000 5.000% 17,350.00 15,450.00 108,800.00
2007 88,000 5.000% 15,450.00 13,250.00 I 16,700.00
2008 86,000 5.000% 13,250.00 11,100.00 ! 10,350.00
2009 I 11,000 5.000% 11,100.00 8,325.00 130,425.00
2010 111,000 5.000% 8,325.00 5,550.00 124,875.00
2011 111,000 5.000% 5,550.00 2,775.00 119,325.00
2012 111,000 5.000% 2,775.00 0.00 ! 13,775.00
Total $ 1,675,000 $ 439,400.00 $ 425,441.67 $
Prepared by Munistat Services, Inc.
4/8/93
Bonds Outstanding
Be~innin~ of Year
1,675,000
1,675,000
1,597,000
1,517,000
1,423,000
1,340,000
1,256,00O
1,172,000
1,089,000
1,008,000
928,000
849,000
770,000
694,000
618,000
530,000
444,000
333,000
222,000
111,000
2,539,841.67
DEBT SERVICE SCHEDULE
TOWN OF SOUTHOLD
SUFFOLK COUNTY, NEW YORK
Total Issue
$1,750,000 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
~ November I Rate ~
Interest
November I
1996
1997
1998
1999
2000
2001
2002
2003
2004
2O05
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
$0
75,000
75,0O0
80,000
80,000
80,000
80,000
80,000
90,000
90,000
90,000
90,000
100000
1O0000
100 000
100 000
110 000
110 000
110 000
110 000
Total $1.750.00~0
5.000% $45,700.00 $45,700.00 $91,400.00
5.000% 45,700.00 45,700.00 166,400.00
5.1000/0 43,825.00 43,825.00 162,650.00
5.100% 41,912.50 41,912.50 163,825.00
5.100% 39,872.50 39,872.50 159,745.00
5.100% 37,832.50 37,832.50 155,665.00
5.100% 35,792.50 35,792.50 151,585.00
5.100% 33,752.50 33,752.50 147,505.00
5.100% 31,712.50 31,712.50 153,425.00
5.100% 29,417.50 29,417.50 148,835.00
5.100% 27,122.50 27,122.50 144,245.00
5.100% 24,827.50 24,827.50 139,655.00
5.100% 22,532.50 22,532.50 145,065.00
5.200% 19,982,50 19,982.50 139,965.00
5.300% 17,382.50 17,382,50 134,765.00
5.375% 14,732.50 14,732.50 129,465.00
5.400% 12,045.00 12,045.00 134,090.00
5.500% 9,075.00 9,075.00 128,150.00
5.500% 6,050.00 6,050.00 122,100.00
5.500% 3,025.00 3,025.00 !16,050.00
$542:292.50
$542:292.50
CUSIP
844572EE3
844572EE3
844572EF0
844572EG8
844572EH6
844572EJ2
844572EK9
844572EL7
844572EM5
844572EN3
844572EP8
844572EQ6
844572ER4
844572ES2
844572ET0
844572EU7
844572EV5
844572EW3
844572EX1
844572EY9
Prepared by Munistat/PFA, Inc. 11/13/95
~~~oooooooo~ o o
OCT. B.2003 4:~3PM MUNISTRT SERVICES N0.00~ P,2
L~ng ldad
12 Rooseve[t Avemie
Por~ Jefferson Station, New York ! 1776
Phone: (63l) 331-8888
I~x: (631) ~31-8834
MUNISTAT gERVICE INC.
Municipal Finance Advisory S~er-v.~cej ~:'
Webalt m www, mtm iamt.~m ,ff~-.~~L~
· Serving Munlcl;l~li~lt.~ and SchoolDhtriett in New Yon~ &ate Since 1977,
Western New Ye& Office
W'dliamsville, New ¥o~k
October 8, 2003
John Cushmntl
Town Comptroller
Town of Southold
Town Hall .A~mex
Feather Hill, Building 10
620 Traveler Slreet
Southold, New Yerk 11971-0959
VIA FAX
Re: Proposed Opan Space Acqulaltion Program
Deax John:
In accordance with your letter of October 1, 2003 and our subsequent conversation regaxcrmg the above
referenced matter, the estimated debt service subedoles for each o£ the respective potemial bond issues, sm~ctared at
both th~ traditional (50% mis) m~tbod and the level debt se~,ice method, axe tnmamitled herewith.
In reapouse to your qu~fione regarding the --.lyaja oftbe Community Preservation Fund CCPF") for the
financial commuaity, in order to demoustmte that the projected revenues of tim CPF would be sufficient to pay the
debt service on the bonds, financial analysts would be expecting that the CPF could be conservatively projected to
generate at least 1.50 times the annual debt service. Thus, fftha debt service were to be $1,000,000 the CPF slmald
cooservatively be projected at $1 ,~i00,000..ln addiiion, if the amounts to be borrowed were at the laxger and of the
scale, it would be to the Town's banefit if it established a reserve fund with excess C, PF revenues to protect against
years wbon the revenues might be less than originally prejeetod,,
If the financial commtmity were not convinced that CPF revenues could not support the level of debt being
issued the assumption would be that real property taxes would have to be utilized to pay debt service. Such a
scenario would reflect negatively on the Town's ability to fineane other needed capital projects (such aa road
improvements, etc.) as well es it ability and willMgness to provide the same level of govemmentsl services to its
citizens. In sborL there would most likely be downside pressure exerted on the Town's credit rating, thus affecting
its borrowing costs.
I hope this discussion is of assistance to you. If you have any further questions or require additional data
ple~e feel flee to contact me.
With ldndest personal regards -
Robert F. 8ikore
President
Enclosures
OCT. 8.2003 4:I4PM MUMISTAT SERVICES M0.001 P.3
ESTI~ATED DEBT SE~.VICE $CHEDULII
TOWN OF SOLTTHOLD, NltW YORK
OPEN SPa, CB ACQUISITION BONDS
OPTION I: $10,000,000
TRADITIONAL (~;0% RULE) AMORTIZATION M~THOD
Total
~t. Ira, Est Debt
Principal ~ 5.00% Service
Outstanding
Bonds
2005 400,000 500,000 900,000 9,600,000
2006 400,000 480,000 880,000 9,200,000
2007 400,000 460,000 860,000 8,800,000
2008 400,000 440,000 840j000 8~400,000
2009 450,000 420,000 870,000 7,950,000
2010 450,000 397,500 847,500 7,500,000
2011 450,000 375,000 825,000 7~050,000
2012 450,000 352,500 802,500 6,600,000
2013 500,000 330,000 830,000 6,I00,000
2014 500,000 305,000 805,000 5,600,000
2015 500,000 280,000 780,000 5,100,000
2016 500,000 255,000 755,000 4,600,000
2017 550,000 230,000 780,000 4,050,000
2018 550,000 202,500 752,500 3,500,000
2019 550,000 175,000 725,000 2,950,000
2020 550,000 147,500 697,500 2,400.000
2021 600,000 120,000 720,000 1,800,000
2022 600,000 90,000 690,000 1,200,000
2023 600,000 60,000 660,000 600,000
2024 600,000 30jO00 630,000 0
10,000,000 5,650,000 15,650,000
Assuanes bonds issued in 2004; first debt service payable in 2005.
Prepared by Munistat Servie~, Ino.
Port Jefferson Station, N. Y.
100803
OCT. 8.2003 4:14PM MUMISTAT SERVICES N0.001 P.4
ESTIMATED D]?~T SERVICE $cm~ULE
TOWN OF ~O~HO~, ~W YO~
OPEN ~ACE ACQ~ON BO~S
DEBT SER~CE ~OR~ATION ~THOD
y~r
Est. Int. Est Debt
princinal t~ 5.00% Service
Outstanding
Bonds
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 365,000 434,750 799,750 8,330,000
20[0 385,000 416,500 801,500 7,945,000
2011 405,000 397,250 802,250 7,540,000
2012 425,000 377,000 802,000 7,115,000
2013 445,000 355,750 800,750 6,670,000
2014 470,000 333,5~0 803,500 6,200,000
2015 490,000 310,000 800,000 5,710,000
2016 515,000 285,500 800,500 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 630,000 [ 74,000 804,000 2,850,000
2021 660,000 142,500 802,500 2,190,000
2022 695,000 109,500 804,500 1,495,000
2023 730,000 74,750 804,750 765,000
2024 765~000 38,250 803,250 0
10,000,000 6,051,750 16,051,750
Assmnes bonds issued in 2004; first debt a~tMce payablein 2005.
Prepared by Munistat Services, Inc.
Port Jefferson Smfion, N. Y.
100803
OCT. B.200~ 4:14PH MUMISTRT SERVICES M0.001 P.5
ESTIMATED DEBT SERVICE SC~UULE
TOWN OF SOUTHOLD, NEW YORK
OPEN SPACE ACQUISITION BONDS
OPTION H: $20,000~0~0
TRADITIONAL (s0% RULE) AMORTIZATION METHOD
Total
Iht, In~, Est Debt
Outstanding
Bond~
2005 800,000 1,(R)0,000 1,800,000 19,200,000
2006 800,000 960,000 1,760,00{) 18,400,000
2007 800,0{3{) 920,000 1,720,000 17,600,000
2008 800,000 880,000 ] ,680,000 16,800,000
2009 900,000 840,000 1,740,000 15,900,000
2010 900,000 795.000 1,695,000 15,000,000
2011 900,000 750,000 1,650,000 14.100,000
2012 900,000 705,000 1.605,000 13,200,000
20 [3 1,000,000 660,000 1,660,000 12,200,000
20[4 1,000,000 610,000 1,610,000 11,200,000
20[ 5 !,000.000 560,000 1,$60,000 10,200,000
2016 1,000,000 510,000 1,510,000 9,200,000
2017 [,I00,000 460,000 1,560,000 8,100,000
2018 [,I 00,000 405,000 1,505,000 7,000,000
2019 1,I00,000 350,000 1,450,000 5,900,000
2020 I, 100,000 295,000 1,395,000 4,800,000
2021 1,200,000 240,000 1,440,000 3,600,000
2022 1,200,000 180,000 [ ,380,000 2,400,1300
2023 1,200,000 120,000 1,320,000 1,200,000
2024 1,200,000 60,000 1,260,000 0
20,000,000 11,300,000 31,300,000
Assumes bonds issued in 2004; first debt service payable in 2005.
Prepared by Munista~ S~"v/ces, Inc.
Port Jefferson Station, N. Y.
100803
OCT. 8.E003 4:14PM MUMISTAT SERVICES M0.001
ESTIMATED DEBT SERVICE SCHRDULE
TOWN OF $OUTHOLD, N~W YORK
OPEN SPACE AC(~UI~ITION BONDS
OPTION IIA - $20,G~,~0
L~V~L D~BT ~RVICE AMORTIZATION METHOD
To~[
l~, Int. E~t
~ ,'~ 5.00%
Outs~ndin~
2005 605,000 1,000,000 1,605,000 [9,395,000
2006 635,000 969,750 1,604,750 18,760,000
2007 665,000 938,000 1,603,000 l 8,095,000
2008 700,000 904,750 1,604,750 17,395,000
2009 735,000 869,750 1,604,750 [6,660,000
2010 770,000 833,000 [,603,000 { 5,890.000
2011 810,000 794,500 [,604,500 ! 5,080,000
2012 850,000 754,000 [,604,000 1'{-,230,000
2013 895.000 711,5 O0 1,606,500 13 335,000
2014 940,000 666,750 1,606,750 12,395,000
2015 985,000 619,750 1,604,750 [ 1,410,000
2016 1,035,000 570,500 1,605,500 [0,375,000
2017 1,085,000 518,750 1,603,750 9,290,000
2018 1,140,000 464,500 [ ,604,$00 8, [ SO,O00
2019 1,200,000 407,500 1,607,500 6,950.000
2090 1,260,000 347,500 1,607,500 5,690,000
2021 1,320,000 284,500 1,604,500 4,370,000
2022 1,385,000 218,500 1,603,500 2,985,000
2023 1,455,000 149,250 1,604,250 1.530.000
2024 1,530,000 76,500 1,606,500 0
20,000,000 12,099,250 32,099,250
Assurct~ bonds issued in 2004; first debt service payable in 2005,
Prepared by Munistat Services, Inc.
Po~ Jefferson Station, N. Y.
100803
OCT. ~.2003 4:15PM HUNI~TAT SERVZCE~ H0.001
EST;MATED D~BT ~ERVICE SCHEDULE
TOWN OF $OUTHOLI)~ NEW YORK
OPEN ~PACE ACQUISITION BONDS
OPTION m: ~o,~oo,ooo
TRADITIONAL (50% RUL~) AMORTIZATION METHOD
Tote!
~ Int. Eet Debt
Princi_ue! (~ 3.00% Servlo~
Outctauding
]~onds
2005 1,200,000 1 ,$00,000 2,700,000 28,800,000
2006 1,200,000 1,440,000 2,640,000 27,600,000
' 2007 1,200,000 1,380,000 2,580,000 26,400,000
2008 1,200,000 1,320,000 2,520,000 25,200,000
2009 1,350,000 1,260,000 2,610,000
2010 1,3S0,000 1,192,500 2,542,500 22,500,000
2011 1,350,000 1,125,000 2,475,000 21,[50,000
2012 1,350.000 1,057.500 2,407,500 19,800,000
2013 1,500,000 990,000 2,490,000 18,300,000
2014 1,500,000 915,000 2,415,000 16,800,000
2015 1,500,000 840,000 2,340,000 15,300,000
2016 1,500,000 765,000 2,265,000 13,800,000
2017 1,650,000 690,000 2,340,000 12,150,000
2018 1,650,000 607,500 2,257,500 10,500,000
2019 1,650,000 525,000 2,175,000 8,850,000
2020 1,650,000 442,500 2,092,500 7,200,000
202 [ 1,800,000 360.000 2,160,000 5,400,000
2022 1,800,000 270,000 2,070,000 3,600,000
2023 1,800,000 180,000 1,980,000 1,800,000
2024 1,800,000 90,000 1,890,000 0
30,000,000 16,950,000 46,950,000
Aanunes bonds iaaued in 2004; first de. bt se~vie~ payable in 2005.
Prepared by Munistat Servicea, Inc.
Prat Jefferson Station, N, Y.
100803
OCT. B.2003 4:i5PM MUHISTAT SERVICES NU.UUl W.U
ESTIMATED DEBT SERVICE $CHEOULE
TOWN OF SOUTHOLD, NEW YORK
OPEN SPACE ACQUISITION BONDS
OPTION HIA -
LEVEL DEBT SERVICE AMORTIZATION METHOD
Tot~
Ezt. Int. F.~t Debt
P~noio~l ~ 5.00% Sor~ice
Oul~umding
Bonds
2005 910,000 1,500,000 2,410,000 29,090,000
2006 955,000 1,454,500 27109,500 28,135,000
2007 1,000,000 1,406,750 2,406, 750 27,
2008 1,050,000 1,356,750 2,406,750 26,085,000
2009 1,100,000 1,304'250 2,404,250 24,985,000
2010 1,155,000 1,249,250 2,404,250 23,830,000
2011 1,215,000 1,191,500 2,406,500 22,615,000
2012 1,275,000 1,130,750 2,405,750 21,340,000
2013 1,340.000 1,067,000 2.407,000 20.000.000
2014 1,410,000 1,000,000 2,410,000 18
2015 1,480,000 929.500 2,409,500 17.110,000
2016 1,550,000 855,500 2,405,500 15,560,000
2017 1,630,000 778,000 2.408.000 13,930,000
2018 1,710,000 696,500 2,406,500 12,220,000
2019 1,795,000 611,000 2,406,000 10,425,000
2020 1,885,000 521,250 2,406,250 8,540,000
2021 1,980,000 427,1300 2,407,000 6,560,000
2022 2,080,000 328,000 2,408,000 4,480,000
2023 2,185,000 224,000 2,409,000 2.295.000
2024 2,295,000 114,750 2,409,750 0
30,000,000 18,146'250 48,146,250
Assumes bonds issued in 2004; first debt set'vice pay~le in 2005,
Prepared by Munistat Service. s, Inc.
Port Jefferson Station, N. Y.
100803
OCT. 8.200B 4:15PM MUMIST~T SERVICES MO.001 P.~
ESTIMATED DEBT SER~CE SCH~t~UL~
TOWN OF SOUTHOLD, ~[EW YORK
OPEN SPACE ACQUISITION BONDS
OPTION 1V: $40,000,000
TRADITIONAL ($0% RULE) AMORTIZATION METHOD
Int. ]F~t Debt
S.O0% 9arviea
Bonds
2005 1,600,000 2,000,000 3,600,000 38,400,000
2006 1,600,000 1,920,000 3,520,000 36,800,000
2007 1,600,000 1,840,000 3,440,000 35,200,000
2008 1,600,000 1,760,000 3,360,000 33,600,000
2009 1,800,000 1,680,000 3,480,000 31,800,000
2010 1,800,000 1,590,000 3,390,000 30,000,000
2011 1,800,01)0 1,$00,000 3,300,000 28,200,0{)0
2012 1,800,000 1,410,000 3,210,000 26,400,000
20L3 2,000,000 1,320,000 3,320,000 24,400,000
20 ! 4 2,000,000 ] ,220,000 3'220,000 22,4{){),000
2015 2,0O0.0O0 1,120,000 3,[20,000 20,400,000
2016 2,000,000 1,020,000 3,020,000 ! 8,400,000
2017 2,200,000 920,000 3,120,000 16,200,000
20 ] 8 2,200,000 810,O00 3,010,000 14,000,000
2019 2'200,000 700,000 2,900,000 ! 1,800,000
2020 2,200,000 590,000 2,790,000 9,600,000
2021 2,400,000 480,000 2,880,000 7,200,000
2022 2,400,000 360,000 2,760,000 4,800,000
2023 2,400,000 240,000 2,640,000 2,400,000
2024 2,400,000 120,000 2,520,000 0
62,600,000
40,000,000 22,600,000
Assumes bonds issued in 20044 first debt s~cvioe payable in 2005,
Prepared by Munistat Services, Inc,
Port Jefferson Station, N. Y.
100803
OCT. 8.~003 4~15PM MUNIST~T SERVICES NO.001 P.10
ESTIMATED DEBT SERVICE SCHEDULE
TOWN OF SOUTHOLD, NEW YORK
OPEN SPACE ACQUISITION BONDS
OPTION IVA - $40,000,000
LEVEL DEBT S~RVICE AMORTIZATION METHOD
Yea/
Total
Rat, Iht, Eat Debt
Pfinoinal (& 5.00% Service
Oumt~ndiug
Bonds
2005 1.210.000 2.000.000 3.210.O00 38.790,000
2006 [.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 33.315,000
2010 1,545,000 1,665,750 3,210,750 31,770,000
2011 1,620,000 1,588,500 3,208,500 30,150,000
2012 ! ,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
2015 1,970,000 1,239,250 3,209,250 22,815,000
2016 2,070,000 [,140,750 3,210,750 20.745,000
2017 2,175,000 1,037,250 3,212,250 18,570,000
2018 2,280,000 928,500 3,208,500 16,290,000
2019 2,395,000 814,500 3,209,500 I3,895,000
2020 2,515,000 694,750 3,209,750 11,380,000
2021 2,640,000 569,000 3,209.000 8,740,000
2022 2,775,000 437,000 3,212,000 5,965,000
2023 2,910,000 298,250 3,208,250 3,055,000
2024 3,055,000 152,750 3,207,750 0
40,000,000 24,193,250 64.193,250
Assmnes bonds issued in 2004; first debt set'~ee payable in 2005.
Prepared by Munistat Servlc~, Inc.
Port Jefferson Station, N. Y.
100803
OCT. 8.200B 4:16PM MUNIST~T SERVICES N0.001 P.11
ESTIMATED DEBT SERVICE SCI~DULE
TOWN OF SOUTHOLD, N~W YORK
OPEN SPACE ACQUISITION BONDS
O~ION V~ ~0,000,0~
~ION~ (~% R~) ~ORTI~ON METHOD
Total.
~r~ Int. Iht Debt
Pfincipgl ~ 5.00~ Service
Outstanding
2005 2,000,000 2,$00,000 4,500,000 48,000,000
2006 2,000,000 2,400,000 4,400,000 4~,000,000
2007 2,000,000 2,300,000 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 2,250,000 1,987,500 4,237,500 37,500,000
2011 2,250,000 i,875,000 4,125,000 35,250,000
2012 2,250,000 1,762,500 4,012,500 33,000,000
2013 2,500,000 1,650,000 4,150,000 30,500,000
2014 2,500,000 1,525,000 4,025,000 28,000,000
2015 2,500,000 1,400,000 3,~00,000 25,500,000
2016 2,500,000 1,275,000 3,775,000 23,000,000
2017 2,750,000 l, 150,000 3,900,000 20,250,000
2018 2, 750,000 1,012,500 3,762,500 17,500,000
2019 2,750,000 875,000 3,625,000 14,750,000
2020 2,750,000 737,500 3,487,500 12,000,000
2021 3,000,000 600,000 3,600,000 9,000,000
2022 3,000,000 450,000 3,450,000 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
78,250,000
50,000,000 28,250,000
Assumes bonds issued in 2004; first debt service payable in 2005.
P~'pared by Munlstat S~-vices, Inc.
Port Jefferson 8tation~ N, Y.
100803
'- OCT, 8.2003--4:16RM MUMISTAT SERVICES N0.001 P.12
ESTIMATED DEBT SERVICE SCHEDULE
TOWN OF SOUTHOLD, NEW YORK
OPEN SPACE ACQUISITION BONDS
OPTION VA - $M,0B0,~0
LEVEL DEBT SERVICE AMORTIZATION METHOD
Total
l~t. Int. E~t D~t
Pfinciua{ ~ 5.00% Servi~
Outstanding
Bon~
2005 I. 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
2008 1.750,000 2.262,000 4,012.000 43.490.000
2009 1.840.000 2.174.500 4.014.500 4 i .650.000
2010 1.930,000 2,082.500 4,012.500 39.720.000
2011 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 4,013.250 33.330.000
2014 2,345,000 1,666,500 4,01 [,500 30,985,000
2015 2,465,000 1.549,250 4,014,250 28,520,000
20[6 2,590,000 [~426~000 4,016,000 25,9301000
2017 2,7 [ 5,000 1,296,500 4,01 [,500 23,215,000
2018 2,850,000 1,I60,750 4,010,750 20,365,000
2019 2,995,000 1,018,250 4,013,250 17,370,000
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 7,460,000
2023 3,640,000 373,000 4,013,000 3,820.000
2024 3,820,000 191,000 4,011.000 0
50,000,000 30,245.000 80.245.000
Assum~ bonds issued in 2004; first debt sm'vice payable in 2005.
Prepared by Munistat SaoAces, [nc.
Por~ Jefferson Station, N. Y.
100803
~ooo~oo~o~oooo
Community Preservation Fund Debt Service
Primarily Supported by 2% Transfer Tax Revenues
December 31, 2003
2004 2005 2006 2007
2,600,000 18,500,000 11,560,000 5,800,000
Total
2005
2006
2007
2008
2009
2010
2011 .
2012
2013..
2014.
201~
2016
2017
20t8
2019
2020
2021
2022
2023
2024
2025
2026
2027
208,000
209,300 1,480,000
209,040 1,489,250 924,000
208,585 1,487,400 929,775
207,935 1,484,163 928,620
208,039 1,479,538 926,599
208,585 1,480,278 923,711
208,520 1,484,163 924,173
208,195 1,483,700 926,599
208,910 1,481,388 926,310
208,000 '1,486,475 924,866
208,130 1,480,000 928,043
209,235 1,480,925 924,000
208,650 1,488,788 924,578
209,040 1,484,625 929,486
209,040 1,487,400 926,888
208,650 1,487,400 928,620
209,170 1,487,400 928,620
209,235 1,484,625 926,888
208,845 1,488,325 929,198
1,488,788 929,486
927,754
440 000
442 750
442 200
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
3,056,718
3,058,576
3,057,845
3,060,441
3,056,585
3,056,085
3,062,015
3,063,426
3,065,940
3,066,045
3,067,390
3,062,948
3,067,743
2,860,749
1,370,366
441,788
Totals
Prin. + Int.
Principal
P & 12005-25
P & 12026-27
61,233,664
38,150,000
59,421,610
1,812,154
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 1984 1991 1993 1995 1998 1999 Total
151 287
215 716
211 960
205 590
199 220
197 622
190 797
183 972
177 147
170 322
173 042
165 307
157 572
149 837
142 102
134 367
140 950
131 850
122 750
113 650
104 556
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
135,063
128,687
122,312
115,938
109,563
103,188
1985
1986
1987
1987
1988
1989
1990
t991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
201t
2012
2013
2014
2015
2016
2017
2018
2019
27,917
159 800
157 850
167 500 91,400
152 075 166,400
148 900 162,650 48,553
144 700 163,825 175,188
139 525 159,745 171,327
133 425 155,665 167,447
128 400 151,585 163,567
123 425 147,505 169,445
119 475 153,425 165,080
112 600 148,835 160,715
108 800 144,245 156,350
116 700 139,655 161,743
110 350 145,065 156,893
130 425 139,965 152,043
124 875 134,765 147,193
119 325 129,465 152,100
113 775 134,090 146,765
128,150 141,430
122,100 136,081
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
134 310
139 375
134 205
129 035
123 865
128 460
122 820
151,287
215,716
211,960
205,590
199,220
197,622
190,797
t83,972
402,440
367,625
501,638
488,204
576,738
623,796
652,908
808,652
920,107
888,406
857,780
836,961
816,932
712,208
689,318
697,650
681,255
680,776
654,571
647,788
533,640
403,890
397,556
390,730
263,660
252,640
251,385
122,820
Distribution List:
Recommendations for Town of Southold Land Preservation Fundin~l Throu,qh the
Year 2025, 8 January 2004 Draft - a report of the Land Preservation Committee
Financial Working Group.
This report will be the subject of Town Board briefings during January.
Horton, J
Edwards, W.
Evans, L.
Romanelli, J.
Ross, D.
Wickham, T.
Arm, C.
Blum, R
Cushman, J.
Finnegan, P.
Huntington, R.
Jarvis, R.
Keil, E.
Lee, F.
McAdam, T.
Sepenoski, J.
Spiro, M.
Zaloom, M.