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HomeMy WebLinkAboutDocumentation_Regular_Tab 08C_04/14/1994 . "' ` � ; � , VILLAGE OF TEQUESTA Post Oft"ic� Box 3273 • 357 Tequesta Drive � �.'_ Tcque.sta, Flonda 33469-0273 • (407) 575-620U ' � � Fax: (407) 575-6203 s �o �� � . t �� COUM� MEMORANDUM: T0: Village Council FROM: Thomas G. Bradford, Village Manager %� � DATE: April 8, 1994 � SUBJECT: Financial Feasibility Study; PMG Associates, Inc.; Agenda Item Atta�hed hereto, please f ind the Proposal of PMG Associates, Inc., ' to evaluate the financial feasibility of the Christopher Village Foundation Master Plan Proposal. I have reviewed the Proposal and qualifications of the firm and am comfortable with the same. I believe that this financial information will prove to be useful to the Village in the future, with or without the Christopher Village Foundation, as we seek to develop this area for our purposes or to review development proposals of others. The market demand aspects of the Proposal can always be updated periodically, as needed. The Redevelopment Committee has recommended the acquisition of a financial advisor to review the feasibility of the CVF Proposal and to undertake a cost benefit analysis of any Village participation in the same. I recommend that you secure the services of PMG Associates, Inc., authorizing the Village Manager to execute the Proposal in the amount of $8,400 for Phase I. TGB/krb Attachment ` �}-�-94 13:53 PMG ASSOCIATES 486 PB2 `_��.,( • � � �G/� `J � �'/. ECONOM�C, MARKETING AND MANAGEMENT CONSULTANTS � � j � i i I�larch 28, 1994 Tom Bradford� villaqe Manager Village of 'requesta 357 Tequesta Drive, pp gox 3273 , TeQuesta, Florida RE: Village Center of Tequesta Dear �. Bradford, � puc3 ]►ssociates, �c. (P'�i�►) is pleased to submit the following service and price proposal to the Village for the required services � an this projeCt. BCOP� 0! 6ERVIC�3: p�t(� will conduct and provide the necessary research �o assist the Village in evaluating the financial feasibility of this project. The detailed scope of services can be found in Attac3unent A. Should any other sezvices be deemed necessary, they would be at additional cost. IC is our request that the Villaqe assign a •Project Manager• for this assignment, so coordination of efforts can be effective. P![Qi1 will supply the Vil�age with 15 bound Cppies of the report. TIYi ��� The esti.mated time frame for com�pletion for this project will be one month. All efforts will be made to coaq�lete the prxess in less time. p�1G�► will beg�n research upon a notice to proceed �rom �� the Village. FBE: The fee for this enqaQement tAttactm�ent B) is $8,400 wb�.�h includes all salary costs and direat �nSes - No charges Would be made for � loeal South Florida travel. The potential aecond pbase of this ' analysis is priced �t $6 as �ma �b edeteimined e at t the �a� p � Vil�age or the Develope�r � tiatie. ; 3880 N. W. 2ND COURT • OEERFIELD eEACH, FLOR�pA 33aa2 •(305) a2�-5010 If tris proposal is suitabiA, please sign below at the designated space . Please keep one cor_� of this �roposal and returr: or.e copy to u�. '�nie l�ok forward to workir�g with the Village on this exciting project. Accepted - Village of Tequesta Accepted - PMG Associates, Inc. ; __ � ^ � � „ � . ` ,_ ;,/�� � / i C �-�., �� � ` � " -; �. '1 . �%��i��:.:L� i� �= ��% / Title Title � -��-�� Date Date ATTACI�NT A PROP03ED SCOPE OF 88RVICES The following is the proposed Scope of Services for the financial feasibility analysis for the Village Center of Tequesta project. This scope reflects our understanding of the needs of the Village regUrding this matter. TASR 1. - DEMAND ANAI+YSIS Determine the market demand for the project for each of the indi-✓idual elements (retail, office, housing, institute, etc.). The analysis will be completed on a square foctage or unit basis and will reflect the amount of space that could be supported. TASR 2. - BSTIMATION OF COSTS Cost factors will be estimated for both capital costs and operating expenses for the project. 2.1 - Capital Costs Capital requirements will be based on the projections by the developer, local improvement district and engineering consultants. Factors to be assessed include land acquisition, infrastructure, construction costs and impact fees. Additionally, these costs will be allocated to those organizations responsible for their completion. 2.2 - Operating Costs Operating costs for the project will be estimated based on current rates for facilities of similar type. Operating costs will be estimated for salazy and general facility maintenance. Cost of goods sold for the retail portion will not be included. TASR 3. - IMP1�C'1' ANAI+YSIS 3.1 - Bonding Capacity Determine the bonding capacity of the Village including rating and likely interest rates. Estimate debt service for project. 3.2 - Space Requireinents Assess the recent space allocation studies completed for the Village and determine the most reasonable scenario for determining the space needs and the resultant costs. • 04-08-94 13:53 PMG ASSOCIATES 48B P03 3.3 - A9sess Revenues tor Village Determine the expected zevenues to be accrued by Tequesta based on the proposed project. Revenues will include ad valorem ta�ces, assessments, ga9 tax, sales tsx and other State shared revenues. Additionally, the taxabi.lity of property owned by the Village and leased for development will be detennined from interviews with the Property Appraiser. 3.4 - Spin-off Effects i An assessment of the spin-off effects of the development will also 1 be determined and presented to the Village. These effects include: multiplier effeCt, increase in value for su�rounding properties and other benefits. 3.5 � Evaluation of FinancinqlOperdtional Structure � Various methods of obtaining financing for Che project and �ontinued operations will be analyzed to detezmine the most beneficial mechani9m for the Village. Soane of these methods include special distric�s, CRA designation or other organizational procedures. T71.g�C 4. - B�tEFITlC08T 11ZfALY$IS The analyses co�leted in previaus tasks will be combined into a singular analysis comparing the benefits accrued by the project as well as the costs qenerated. This cou�parison will enable the Village Council to as9e9s the effects of the project on Tequesta boCh in the short-run and long range. All of the analyses will be combined into a Final Report which will include all findings, evaluations and recommendations. T�191C S . - COOltDIli�TiO�i The Project Team will maintain constant contact with the Village MaAaQex, oX his designee, to facilitate coordina�ion. In addition, all reports, menws and w�orkinq papers will be �ubanitted in draft form foz review and camneAt . Progress reports wi21 be suba�titted in writing at bi-monthly intezvals. ; , . i � PAOPOS$D SCOPE POTENTIAL 88COND PHASE TASK A. - SPECIFIC COST ANALYSIS Refine �osts for the individual elemeats of the project in�luding all operation expenses. TASR B . - COMPA.R.ABLE RATES Review rates for comparable facilities including retail space, office rents and admission charges. Pnalysis will include pricing recommendations. TASK C. - ESTIMATE REV'ENIIES Using the pricing structure developed in the previous task and the � demand analysis perfonned earlier, an estimate of revenues will be generated. This estimate will include a time frame for receipt of the funds. TASR D. - PRO FORMA A detailed pro forma, covering a five-year time frame, will be completed listing the estimated revenues and expenses for the project on an annual basis. r ATTACI�lBNT B PROPOSED FEE �:iG �.ssociates proposes that this project be cor�censated on a task �as for each completed element of the project. Our proposed feG =�r �ach task follows. Tp�� DESCRIPTION r�MOUNT 1�1UN��R 1 Demand Analysis $ 1,800 2 Estimation of Costs $ 1,200 3 Impact Analysis $ 3,000 4 Benefit/Cost Analysis $ 1,200 5 Coordination $ 1,200 TGTAL $ 8,400 POTENTIAL SECOND PHASE TOTAL FEE $ 6,000 . � ECONOMIC CONSULTING SERVICES t TJ18LE OF CONT8NT8 Section Overview of the Finn -------------------------- I Related Experience ---------------------------- II Firm Personnel -------------------------------- III Market/Feasibility Studies -------------------- IV Economic Planning/Impact Analysis ------------- V . � ov$avssw o� �as ri� The basic business premise of P�dO 1lssociates, Inc. (P�c3A) is to provide economic, management and marketing services to a variety of public and private clients. Our firm was founded in 1984 and has been serving clients throughout Florida, the Caribbean and Mexico since t�at time. pId�311 is a Minority Business Enterprise (Woman Owned Business) which specializes in the financial and planning aspects of development. P�c3A strives to provide our clients with the most cost effective solution to the development questions they face. Market and feasibility studies are performed with emphasis on delivering the client a report that addresses the questions of potential sales and net return. To achieve the desired result, our firm has endeavored to combine the theoretical aspects of economic analysis with the practical applications of marketing and accountinq. Services provided by P![C31► include: �tarket 7►aalysi�, by estimating the total market and the potential attraction of that market. Feasibility 8tudies, which examine the potential revenues as well as the costs of developing and operating the project. � �iaaacial PlaaaiaQ, including an analysis of the return on investment, funding for the project and overall financial operation. D� Reporta addressing the economic, housinq, conmiercial, industrial and marketinq questions of the application. Bcoaomic Zm,pact of projects are analyzed to determine the impact on the surrounding area including the economy, employment and other aspects of the business community. Safraetructura Requiremeat• are addressed through an evaluation of the needs of the community and the subsequent capital projects required to meet these needs. De�roQra�phic ]laaly�i� aad Projectiozss are preforn�ed on many projects to identify the population expected and the characteristica of this qroup including income, age, housing and other factors. Qtati�tico asLd iturwy� addresa the current and future needs of individuals and populations to ascertain goals, marketinq potential and trends. � , , _ .. . �;_�:-=°- . _ .�.. y=�-= = _----_ RsI.�TiD �=RZ�CS Ts718S8ZLITY BZRDISB/1/]1R1C3T �DULY8I8 pROSSCT: DoMntoMa tort Laud�rdal• Sou�ia�p StuQy DESCRIPTZON Conq�leted a marketinq and feasibility study for the development of new housing units in the downtown area of Fort Lauderdale. The study included a survey of the employees in the downtown area assessing their attitudes and desires reqarding the provision of housing. The marketing efforts served the purpose of obtaining financing for the project and assisting in its desiqn. pR0,7'BCT: Devslo�at Potaatial - Bro�vard Couaty DESCRIPTION: Prepared an analysis of the potential for development and the problems that are inherent in the process for the western portion of Broward County. The project uadertook the evaluation of the availability of land for residential develop�ent and the assessment of the advantages and disadvantages of the various sites and municipalities. The result was a complete evaluation of the market poteatial, suitability for development,,pern�ittinq problems and other development criteria. A matrix listing the potential sites and offering a comparison was also produced. pRO�TBCT: �atal 1Latk�t 8t1aQy. BOyatOII B�aCh DESCRIPTION: Surveyed the rental market in the Boynton Beach area for the feasibility analysis of a 280 unit coanplex. T'he analysis consisted of a review of the existinq inveato�cy including determination of: all product types, square footage, rental amounts, vacancies and rental velocity. Other elements of the project included the projection of demand, phasing recomanendations, pricing and service amenities. pRO�T$CT: Silves Laks, P.Q.D. D$SCRIPTION: Coar�letion of the econoaaic analysis of thie 6, 500 unit development in � western Pe�nbroke Pinea/Miramnr. Responsibilities iacluded the preparation of the jusificatio� of ' the market deznand for co�mercial property in the developanent . The market dea�and justification centered on the estimation of disposable inco�►e in the coumwnity and the poteatial for attraction of the retail d�d Qeaerated fro�n thia incaae. Additionally, an a�nalyais of the existinQ and future com�etition to the propoaed � co�m�ercial property was made. � pAOJSCT: vil lan 4! - C000a-#�d�3oD�m�' _�. � �= =-�«�-_ =-_ �= - . �.: � =. _ �_----_ - DESCRIPTION: Analysis of the feasibility of the redevelopment project for Cocoa Beach, Florida. The project included the development of a d00 slip marina and retail, office and residential uses. The project site is located alonq the waterfront of a protected harbor and includes the redevelopment of an aging and blighted neighborhood. Responsibilities on the project included f inancial and economic analysis of each of the seqments identifying all revenues, costs and rate of return. pRO�7�CT: port =n�du�triai puk, ��raaa�diaa B�aab DESCRZPTION: Completion of market study and feasibility analysis for the development of a port related industrial park. The analysis considered the demand for the facility, projections of revenue and determination of costs. The result was a report that was used to obtain industrial revenue bonds for the development of the project. PROJSCT: Ro111aQ 8111�, Davie DESCRIPTZON: Completion of a market and economic analysis for the proposed complex at Rollinq Hills. The project includes residential, comcnercial and hotel facilities and provides an attractive mixed-use community. Duties included the determination of the market demand for the facility as well as an econoanic evaluation of the impacts on the neighboring comnunity. pRO�TSCTs Cro�rn Hay plasa. St. s'�osa�. II.B. VirQia l�lasd� DESCRIPTZON: Market analysis and feasibility studies � for a project to rehabilitate a comnercial area of St. T�oanas, U.S. Virgin Islands. The project includes 86,000 square feet of retail and 46, 004 square feet of office space. Duties included the projection of the total market, market share absorption, revenue return, and impact on the surroundinq area. Other duties involved assistance to the client to obtain development and operation loans for the proj ect pRO�T$CT: 1Peatoa eath i senais Clnb, Bro�rara Caant�y, tlorida . DgSCRIPT�at�T: Caqpleted market aaalysie for a private tennis/bath/social club ia the new tawa co�ama�nitY of Weaton in �� Braward County. Respoanaibilities included: the determinatioa4 of marketability, return on investment, and marketing strategies. One of the primary portione of the study was a detailed attitude survey of the related businesses ia the reQion. Analysis of the conditions necessasy for succeea wae included. � , � � pAOJlCT t ]t��i�no� Zaa tot�l ltaslc�e ItvQy. �lray �aob. �losida DESCRIPTION: Detailed market analysis for the demand for business traveler hotel rooms in the South Palm Beach County reQion. The project also included a detailed inventozy of the commercial and office space available and planned for the market area. The project also included information for the City of Delray Beach outlining the employment and business impact of the hotel development. PROJSCT: tort Pi�rce Yariaa DESCRIPTION: Completed market and feasibility analysis for the addition to the marina at Fort Pierce. The project required the determination of the demand for the proposed new marina slips, the selection of the price structure for the facility and the overall justification for the project. Other financial services included preparation of the bond report to obtain the revenue bonds for the project capital. pRO�TSCT: Park aad Recreatioa piaa, Zadiaa River Couaty DESCRIPTZON: Creation of a comprehensive Park and Reczeation Plan for the County which includes the official establishment of County Department. Other requirements were the analysis of the demand for the facilities and a particular analysis of the applicability of user charges for park use. The result is a detailed plan for park improvements including implementation and financinq. pR0�7sCT : Haus iaQ Yarlat 1►aalys i� DESCRIPTION: Market survey of conditions affecting the sales potential of various housing projects. The purpose is to establish the means to obtain the best return to the owners. Projects include: . o Anchor Bay Condominium, Hallandale . o West Broward Reatals o Ashbersy. Orlando o Heat�eswood, eoca Ratan o Dawntawn Fort I�auderdale o Boynton Beach o Bent Tree, Orlaad�o o North Dade Couaty Rental Study , , pR0�7'sCTs Zsia C�l�a l�aort DESCRIPTION: Preparation of market analysis and feasibility study for a resort complex in the State of Yucatan, Mexico. The project consists of mixed uses with residential, comnercial, hotel and recreational facilities. The development is built around a secure harbor with direct access to the Gulf of Mexico. BAOJSCT �loriaa pr�sb�yt�riaa Scm�a DESCRIPTION: Detezmin�tion of the market potential for conqreqate living facilities for the Lakeland based project. The analysis focused on the potential for expansion of the existinq facilities consisting of independent livinq units, assisted living units and a nursing home. pgOaTBCT �or�st RidQe Com�etitio� Study DESCRIPTION: Completion of analysis of competition for the new development at Forest Ridge in Davie. This analysis included a survey of all competitive developments in the market area. Included in the survey were: sellinq price, amenities, features of f ered in the product and other items . The result of the analysis is a determination of the relative market position of the subject property and the potential for sales. PRO�TSCT Commsrcial l�a�cket Studiea DESCRIPTION: In preparation for applications for La.nd Use Plan amendments, market demand studies are required in Broward County. These plans included projections of the disposable income for the residents of the market area as well as retail spendinq patterns. The end result of the analysis was a determination of the demand for commercial market space defined in square footage. Projects completed include: o Silver Lakes, Pembroke Pines/Miramar o Beth W Property, Cooper City o F.Ts.C.. Property, Davie • o Saata Fe P.II.D., Mir�mnr " o Procter/WKQS Proiect, Cooper City o Flamiago Center, Cooper City , , pAOJSCI': �OS�o� Ial�t Yarina DESCRZPTION: Market and feasibility analysis of the development of a marina complex in the City of New Sinyrna Beach. The project called for a marina for both pleasure craft and commercial vessels. Responsibilities included the determination of demand, the supply in the study area, pricing and evaluation of the competitive market. pROJBCT: pine Lev�l 2n�du�trial and �taautacturinQ Com�l�x DESCRIPTION: This project encampasses a total of 23,600 acres of activity in DeSoto and Manatee Counties in southwestern Florida. The entire project consists of four specific elements including: Phosphate mining operation, cement processing, fertilizer processing and a electric power co-qeneration facility. Reports completed for this project include: an economic baseline study of the region, DRI, environmental impact study and a power siting application. PRO.78CT: Lakecoast Aesorts Yarina Can�les DESCRIPTION: Market dema.nd analysis for a recreational complex located on Lake Okeechobee in the City of Pahokee. The facility consisted of a marina, vacation cottages, an RV park and a club. Specific responsibiliti.es included the measurement of the market and projection of sales volumes. pRO�TBCT: �Te�r Susia�sss 1[arlcetia� Plaaa DESCRIPTION: Preparation of marketing plans for start-up business from the new business incubator proqram at the New Horizon Coaununity Development Corporation. Funded under community development grants, the program is designed to offer businesses assistance in developing their enterprises. Services provided to the new businesses include development of a Marketing Plan as well as support and advise. '_� ....�._ � .,�. - -- _. _ . R=L�TlD s]CPBRI�btCs sCONGD[IC �11CT ]1N�LYSIB pROJSCTB PROJECT: Economic ZmDact o! Yajor L�aQu� Baseball BDriaQ TraiainQ in palm 8�ach Couaty DESCRIPTZON: This study was conducted durinq the Spring Traininq Season to determine the full impact of Major Leaque Baseball in the County. Surveys and interviews were conducted with the Atlanta Braves, Montreal Expos, concessionaires, media representatives and fans to determine spending patterns and amounts. Impacts analyzed included the total impact on tourism, additions to the local economy and the multiplier effect throughout the county. pgpJSCT: Turtle Rua Com�uaity Develop�sat District DESCRIPTZON: Completion of the economic analysis for the Turtle Run Community Development District (CDD) in Coral Springs. This analysis, required by Chapter 190 Florida Statutes, was comprised of a determination of the costs associated with the new district, the implications for the residents and the effect of the community. The analysis was designed to indicate the benefits from the District and the costs required to provide these benefits. PROJSCT: City o! Tamarac Taz Evaluatia� DESCRIPTION: Analyzed the various develop�ent altematives for the City of Tamarac to determine the net impact on the financial position of the City. This evaluation examined the direct and indirect impacts on the City�s budqet and the resulting effects on �the tax base. The result was a direct camparison between all alternatives as well as an analysis of the causes of the benefits and costs to the City. �RO�T�C'r: City ot parl�laa�d Goqprsben�in plaa DESCRIPTION: Co�letion of analysis of the econo�mic im�act of the - Coaa�rehensive Plaa for the City of Parkland. Responsibilities -, included the analysis of the impnct � the tax base, de�aand for certain land uses, capital improve�neats required and the •• feaeibility of the Plan. � .: - pxO.TSCT s Cao��svial rark�t .ltndi�� - _ - - - . � - , DESCRIPTION: In preparation for applications for Land Use Plan amendments, market demand studies are required in Broward County. The purpose of the studies is an evaluation of the impact such amendments will create in the community. These analyses analyze the needs of the community for commercial activity, the availability of existing and planned co�nercial areas and the best methods to meet the needs of the community. Some of the elements of the plans are projections of the disposable income for the residents of the market area as well as retail spending patterns. The end result of the analysis was a deternunation of the dema.nd for commercial market space defined in square footaqe. PRO�78CT: Vi11aQe o! Cocoa RedeveloDmsat DESCRIPTION: Analysis of the redevelopanent of the waterfront area of the Village of Cocoa, Florida. The project included the analysis of a 400 slip marina and retail, office and residential uses to achieve the redevelopment of an aging and blighted neighborhood. Responsibilities on the project included financial and economic analysis of each of the segments identifying all revenues, costs, rate of return and impact on the community. p�t0�7'SCT: Coop�r City =m�act teeo DESCRIPTION: Analysis of two specific impact related assessments applied to new areas annexed into the City. This analysis focused on the costs associated with providing the required capital projects to serve the population. The identification of the costs was accomplished through an evaluation of the direct in�acts created by the incremental population and the specific improvements required to meet the needs of the community. PROJBCT: Aizyort PlanaiaQ Coaaultaats DESCRIPTION: Provides general consulting for operations and potential improvements at Fort Lauderdale/Hollywood Iaternational Airport. Among analyses conducted are evaluations of the impacts of the planned additional terminals, runway extensions and other sirport related services. Specific areas of concern included the impact on the tax base in the City of Dania and detennination of the overall economic impact of the aizport on the region. P''tO�T=CT: polio�/fisy L�aar �N. �t�Qy__. __ .! ._ -.. -�_ _ ���-�. . � DESCRIPTION: Prepared an analysis of the impacts of development on the services provided by the Police and Fire Departments in the City of Sunrise. This analysis included the allocation of costs between existing and future residents of the City. The resultinq allocation of costs led to the development of a comprehensive Police and Fire Impact Fee for the City. This fee assisted in the collection of sufficient funds to offset the capital expansion of the Departments. pR4J�CT: School �1��a ]laalyoi4 - N�atoa DESCRIPTZON: This project included the statistical analysis of the generation of school aqe children for the entire service area. The study provided an incremental demand figure for each year of the development. This analysis demonstrated the dennand for a new school four years earlier than previously predicted by the School Board. The result was an expedited construction program to deliver the new school. pR0�T8CT: State Ol�fice Coa�piez DESCRIPTION: Completion of economic portion of DRI for an office complex to house state employees in Tallahassee. The project includes an analysis of the costs associated with the construction and operation of the activity and the impact on the local econaay. pR0�T8CT: Pine Level =a�du�trial aa�d l�aaulacturiaQ Caqplaz DESCRIPTION: This project encompasses a total of 17,600 acres of activity in DeSoto County in southwestern Florida. The entire project consists of four specific elements including: Phosphate mining operation, cement processing,�fertilizer processing and a electric power co-generation facility. Reports completed for this project include: an economic baseline study of the region, DRI and a power siting application. Economic analysis of the community also included an evaluation of the direct impacts on DeSoto County tax base, budget and operations. pZtckTSCT: AeQioaal sco�omic Co�ultaats D$SCRIPTION: Responsible for �valuatio� and analysis of all econoanic issues and DRI • s for th� Central Florida Reqional PlanninQ Council. Duties include the review of applications for developanent spproval particularly the sections addressing the econcanic impacts of the project. Analysis of the projects include �n assessment of - th� Qows�unsntal iapacta created and the benafits obtained. Concerns over em�loynnent, market demand and other issues are also � addressed. �tOrTSCT: Yuaioinal Zaoos�orati� - N�l1laQto� DESCRIPTION: Analysis of the costs and revenue potential associated with the municipal incorporation of this 3,000 acze P.U.D. in western Palm eeach County. The study included the development of a hypothetical city qovernment and prospective budgets for all municipal departments. Revenue projections were based on the estimated collections from all sources of fees and charges as well as the establishment of an ad valorem charqe for the new city. This study was re-commissioned in 1993, to re-evaluate current situations. Public particiDation once aqain was a priority. PROJSCT geasibility o! ltuaiciDal �ncorporatioa -�e�t Boca Rato� DESCRIPTION: This municipal incorporation analysis considered two scenarios of development with varying boundaries and sizes. Development of an operational budget for the new city considered all potential departments and the most cost effective mode of functioning as a municipality. The cost analysis included the estimation of the number of employees and operational expenses. Public participation consisted of numerous presentations with homeowner groups and at-larqe citizens. R=L�?jD �ZPEAZ�ICE �IN71�iCI11L PL71NNZb� �tdD C71PIT11L 8 PROJBCT: port iaduatrial Park, lsraaadina e�ach DESCRIPTZON: The result of the� analysis was a report that was used to obtain industrial revenue bonds for the development of a port related industrial park project. Included in the analysis was the demand for the facility, projections of revenue and determination of costs. An operational fiscal analysis included rate of return and other financial concerns. PRO�TSCT: �rtl• Rua Co�muaity DsveloDmsat Di�trict DESCRIPTION Campletion of an operational analysis for the Turtle Run Community Development District (CDD) in Cora1 Springs. T'his analysis, required by Chapter 190 Florida Statutes, was comprised of a determination of the costs associated with the new district and an allocation of the costs for the users. This allocation was used to determine the annual charges that would be imposed on the landowners. pA0�7'SCT s Doiphia 8tadivs DRZ DESCRIPTI0�1: Preparation of an fiscal analysis of the developmient project in order to obtain Industrial Revenue Bonds for the proposed Dolphin Stadium Complex. Included in the project was the new sports stadium seating 73,004 people. In addition, the camplex included retail, office and hotel uses as well as a state-of-the-art sports medicine clinic. PROJBCT: dcot�a 8ay Plaza, St. Thcmda�. II.B. Vis�in Salaaas DESCRIPTIO[d Responsibilitiea included ccu�letion of a report to assist the client in obtaining develop�ent and operation loans for the project to rehabilitate a co�anercial area of St. Thoanas, II.S. VirQin Islands. The development included 8fi square feet of retail and 46, 000 square feet of office space. Duties included the projection of the total market, market share absorptioa; revenue returu, and im�act on the surrounding area. �A4JSCT: �oz't li�t0� 11a�iat- - = .- r - - - _ -_ ----- _ - DESCRIPTION:� Financial aervices included preparation of the bond report to o�btain the revenue bonds for the addition to the marina at Fort Pierce. The project required the determination of the demand for the proposed new marina slips, the selection of the price structure for the facility and the overall justification for the project. pRp�78CT: �ark aa�d R�cr�stioa plaa, tn�diaa Riv�r Couaty DESCRIPTION: Creation of a comprehensive Park and Recreation Plan for the County which includes the official establishment of County Department. Of part•icular importance was an analysis of the ap- plicability of user charges and impact fees for park use. The result is a detailed plan for park improvements includinq implementation and financinq. pgO�TSCT: Cayitai Z�provemsats ilemsat DESCRIPTION: Completed the required Capital Improvements Element for the Comprehensive Plan. As required by State law, the Capital Improvements Element must contain a listing of all capital projects planned for the five-year study period. This list includes all projects necessazy to meet the level of service established by the City. Along with the capital projects is a listing of the required funding sources to meet the financial obligations. Plana have been campleted for Parkland, Cooper City and Sunrise. PRO�TiCT s Boca �tatoon aispos't DESCRIPTION: Completion of fiscal analysis of the airport operations in order to develop a long-range capital intprovemeat program. Analyzed the proposed capital im�rovements and scheduled the acquisition of funds required to fund these improvements. T'he result was a detailed financial program designed to meet the demands of the master plan for the airport facility. Financing methods included intemal generation of funds as well as outside borrowinq. PAOJ�CT: Pia�s i+�wi Ia�du4trial aad �[aaulacturia� Cb,piez � DBSCRiPTION: This project enccmpasses a total of 17,600 acrea of activity ia DeSoto.County in aouthwestern Florida. R�e eatire � project consists of four specific elements includinQ: P2�osphate mining operation, cement processinq, fertilizer processing and a electric power co-Qeneratioa fncility. Reports co�leted for this project included a determinatioa of the capital inq�rovement reQuirementa for the project and the community. pRO�TSCT: Oo1Q�a TsiaaQl� �Qioaal 11is�os�t _ _ � , � , ; , ,� . , _ DESCRZPTION: Financial planninq for this small reqional airport, located in Columbus, Mississippi. The program included the development of a financinq plan to fund the planned improvements scheduied for the airport facility. Along with development of a bonding and tax support system, the plan calls for reorganization of lease agreements. Leaseholders of the airport including airlines, rental car companies and concessions at the terminal are responsible for contributions toward facility improvements. , , 1liL�TiD �ntS�CS - -= --- - - ' BT�TISTZCS �?D B�AViYB The following are a liating of the surveys and statistical analyses prepared by PMG Associates, Inc.. Projects included preparation of survey instruments, data gathering, tabulations and su�nary reports. Sconomic �act of lsajor LeaQue Bas�ball, Palm Heach County - Suzveys and cross-tabulation of fans, major league teams, concessionaires and media to measure the impact of Spring Training in the County. �ort Lauderdale-golly�vood =nteraational 1►is�ort - Four surveys have been conducted and include: (1)Identification of economic impact, (2)use of the airport, (3)attitudes of departing passengers and travel patterns and (4)future market potential and needs of large users of the facility. 1Pater SuDDly an�d Demaa�d 1►aalyai� - Proj ection of demographic data and water demand for Broward County by Traffic Analysis Zones (TAZs). �ort Lauderdale HouaiaQ Study - Attitude survey and analysis of demand for housinq in the downtown area. Rsader�hiD Survey, Buaiaeaa =n Sroarard ltaQasiae - Identification of characteristics of readership including conswner habits. 8urvey o! Health Clubs, Bravard County - Detailed analysis of pricing, amenities and facilities. Park lacility IIoer tee Survey, �lorida - Identification of various park services offered and the fees charqed orqanized by type or jurisdiction of agency. Aeaidential Hou4iaQ Coapetitive Survey - Completion of surveys of all residential builders in western Broward County to deterniine nature of product offered. Co�n�reQate Livia� �acilitie�, Ceatral Florida - Detailed analysis of product and services offered for A�CLFs, nursing 2�omaes and other conqreqate livinq facilities. Ds�oQr�hia �roj�ctio�s, pals eeach t:oaaty - Estimates of - population and characteristica of utility de�nd. • Sus�y o� park taailiti�s, ta�diaa Riwr Coaaty - I�entification of all park facilities, services offered and amenities. . � D�moQra,�io �laalysi�, City o� euaris� - Pi�ojections of residential and comnercial development by TAZs for entire City of Sunrise and � � the utility eervice area. � n �•1L ��+�NW scoxotszc zesvsa oa �►nu► DRI services completed include questions regardinq economics, affordable housing, market demand, housing distribution and commercial and industrial activity. Projects completed by PMGA and the major components of the development include: DolDhia Stadium Co�plex, Dade County - Stadium, hotels, commercial and office uses. �Peat Lakelaad P.II.D., Lakelaad - Industrial, warehousing and residential uses. Piasa at Dsertield, Deerlield Beach - Shopping center. Ro11iaQ 8ill�, Davie - Hotel, commercial and residential. Pom�aao Park In4uatrial Park, Po�qpaao Beach - Industrial and shopping mall. Department o! Oeneral Services, Tallahassee - State office building complex. Clevelaad Clinic, Hrov�ard Couaty - Office, industrial, commercial and residential. �estDort, Port St. Luci• - Residential and commercial. 8iiver Lakes, Pembroke Piaes/1[iramar - Residential, Office and com�►ercial . DRS Reviero�, Ceatrai �'lorida ReQional planaiaQ Couacii - As economic consultants, conduct review of DRIs submitted to the RPC. . � . �ZR1� P3R80DtbiiL The staff of PMG Associates, Inc., numbering four, have substantial development and assessment experience addressing the needs of our clients. The personnel of the company is comprised of two economistslfinancial analysts and two manaqement specialists, all with post graduate education. Additional expertise of the staff includes: accounting, computer systems management, budget control and demographic analysis. Capsule sumnnaries of the background of the key personnel follow. , x lU►THI.E3ai R . GONOT, pRSBID�T Areas of Responsibility: Principal-in-Charge, Market Projections, Competitive Analysis, Labor Market Surveys Education: B.S. Sociology; M.S. Guidance and Counseling/Sociology Years of Experience: 19 Related Experience: Contract administration for the firm. Completes population and market demand projeations for residential, commercial and industrial projects. Responsibilities included the f ield survey for the market studies including : a shopping center in St. Thomas, a hotel in Delray Beach, a bath a tennis club at Weston in Broward County, rental projects in Western Broward County, condominium in Hallandale, and residential housing in Boca Raton. Specific duties include the collection of market survey information , including the existing inventozy, vacancies and the proposed new projects. BHILIP Y. OONOT Areas of Responsibility: Project Management, Financial Analysis, Economic Evaluations, Accountinq. Education: B.BA. Economics; M.B.A. Finance; M.Acc. Accounting Years of Experience: 21 Registration: C.P.A. in Florida � Related Experience: Manaqes market analysis and feasibility projects for the fina. Completes financial analysis for development projecta includinq sales potential, retura on, investare�nt and overall fiscal uianaQement . Responsible for benefit/cost analysis of proposed expansion and improvements. �- Cc�npleted areawide planniaq efforts such as econo�aic proqrams for Key West, Fernandina Beach and Miami Beach Florida and Genesse County, Michiqan. Completes economic portion of DRI reports includinQ the DolDbia Stadium ia Dade County, Rollin� Hilla Co�nplex in Davie, and the Pcmnpano industrial Park. . � � Y . �L71RY �Y�L�1 Areas of Responsibility: Economic Evaluation, System Analysis, Development of Software, Computer Systems Assessment. Education: B.A. Economics; M.A. Economics; Ph.D. Economics. Years of Experience: 18 Related Experience: Conducts computer analysis of utility systems including evaluation of financial and operational records. Prepares statistical analysis of user characteristics for the preparation of predictive models. Completed the developm�nt of the Economic Forecasting model for Broward County. As Director of Research for the Broward County Office of Planning, prepared the first Economic Element for the Comprehensive Plan. Conducted a market study for the Deerfield Beach Community Development Target Area. 4 � �PPRQ7►C8 Y71Rl�ET �DiD tE7►SIB2LZTY STQDIEB PMG Associates provides market analysis and feasibility studies to clients for various projects evaluating the potential and assist in obtaininq fundinq. ltar]�et 1►aalysi� The projection of demand is based on the growth of population and commercial/industrial development in the region. As the area progresses, the demand for additional services also increases. The role of the economiclmarket analyst is to assess the qrowth and the subsequent demand, and determine the market potential of the proposed project. Demand analysis then measures the growth that is expected to occur and characteristics of the population and com�nercial activity. The basis for the market demand projections are realistic estimates of the growth in the community. For the South Florida reqion, PI�GA has developed a data bank consistinq of qrowth projections for all of Broward and Palm Beach Counties. This data was developed using the computer data sources of the Planninq Departments and throuqh verification of the information with field efforts. The result is a detailed analysis of the region through the build-out condition. The information is available by small areas using Traffic Analysis Zones (TAZs) and has been developed for ten year periods until the build-out situation is attaiaed. Analysis of the market conditions also include a survey of the existing and poteatial comapetitioa. Determination of market sbare is a factor of both the extent of the supply and the ability to capture the market. Our staff is experieaced in the susvey of the '' ccanpetition and analysis of their current operations. Thie type of review often provides the client with an excellent�overview of the market and the competition�s reaction to it. All surveys are also preformed in a ananr�sr allowinQ complete anoaymity to the clieut and ,� their plans. � �� + • r . Market research results in a projection of the demand, recommendations on phasing and input into the planning of the project. The demand projections will tell the client how quickly the product can sell and to whom. The analysis will also tell the client if the initial scope is correct. Often the analysis will alter the direction of the project, refocusing the project toward the changing market. t�aaibility StuQi�a The concept of feasibility is simple in definition, the project should generate enough revenue to pay for the capital and operating costs. Our approach to any feasibility study is to detennine the likely net return and demonstrate how this figure was generated. The question of feasibility is then addressed through the positive cash flow. Many tiunes the direct return from a project is not the only factor. Other elements such as tax i.mplications and benefits to the community are also considered. These elements are identified in the feasibility analysis and enumerated, if possible. The real decision of the applicability for feasibility purposes is left to the client. Our role is to produce all info�ation and quantify this data as much as possible. / � � 11PBR011CH �CONOMZC PLIIIJNINO �ND D�11CT 11NALY8I8 The basis of economic planning is the analysis of the needs of the community and an assessment of the infrastructure requirements. Impact analysis focuses on the net benefits to the community from undertaking any project. PlaaaiaQ The infrastructure needs of the comanunity are a major factor in the continued development. This infrastructure must also be progranuned to identify the costs associated with the improvements and funding sources to acquire them. The end result is a capital improvements program that is designed to meet the com�unity needs. All comprehensive planning efforts in the individual cities require a detailed capital improvements plan. In addition to this requirement, the prograuuned approach is the only reasonable method to address community needs. Long-range planning in a comanunity is another factor that deserves consideration. Areawide development programs must identify the strengths and weaknesses in the community and prepare a program to foster economic growth. PMGA draws on its experience in developing forecasting models and economic development proqrams to address this concern. Successful programs concentrate on •grass roots• development of interests and aggregation into a comprehensive areawide plan. Scoaomic iatpact Every capital project has a residual impact on the community and the economy. This impact is a source of great concern for planners and co�nunity leaders. Analysis of this impact must focus on the . identification of the elements that are effected and a measurement of the expected results. Many tunes the requirement for this analyais is imposed by outside groups such as the State (DRIs) or Federal aqencies tEISs). The concera of the impact ehould be primarily a local one, however, and the emphasis on the knawledge 9ained should comne form that source. Measurement of the impact should be concerned with increased �layment, additional busineas opportunities, iacreased taxes and other governmental receipts, improved quality of life and other benefits.