DAVID TAUSSIG & ASSOCIATES, INC. LOWER PETROGLYPHS PUBLIC IMPROVEMENT DISTRICT FISCAL YEAR 2014-2015 PRELIMINARY BUDGET MAY 22, 2014 Prepared on Behalf of: LOWER PETROGLYPHS PUBLIC IMPROVEMENT DISTRICT Department of Municipal Development Seventh Floor, Room 7057 Albuquerque/Bernalillo County Government Center One Civic Plaza, N.W. Albuquerque, New Mexico 87102 Prepared by: DAVID TAUSSIG & ASSOCIATES, INC. 5000 Birch Street, Suite 6000 Newport Beach, CA 92660 Public Finance Public Private Partnerships Urban Economics Newport Beach Riverside San Francisco
Table of Contents Section Page INTRODUCTION...1 I. ESTIMATED OPERATION AND MAINTENANCE EXPENSES...2 II. COST OF PUBLIC IMPROVEMENTS FINANCED BY SPECIAL LEVY...3 III. OTHER EXPENDITURES FOR PUBLIC IMPROVEMENTS AND ENHANCED SERVICES...6 IV. COLLECTIONS...7 V. ACCOUNT BALANCES...8 VI. AMOUNTS RAISED TO PAY PID OBLIGATIONS...9 VII. APPORTIONMENT OF SPECIAL LEVY...10 Exhibit A Roll i
Introduction This report and budget provides the following information required pursuant to Section 5-11- 23(F), NMSA 1978 (being a section of the Public Improvement District Act): Estimated operation and maintenance expenses of the district; Cost of public improvements to be financed by the special levy; All other expenditures for public infrastructure improvements and enhanced services proposed to be paid from the special levy; and Amounts raised to pay special levy bonds and/or notes. Any capitalized terms used herein and not otherwise defined shall have the meaning ascribed to them in the Rate and Method of Apportionment of (the "Rate and Method"). City of Albuquerque Lower Petroglyphs Public Improvement District Page 1
I. Estimated Operation and Maintenance Expenses Lower Petroglyphs Public Improvement District (the "PID") will incur no operation and maintenance expenses with respect to public improvements. However, the PID will incur administrative expenses in connection with the governance of the PID, the administration of bonds and/or notes, and the billing and collection of the special levies imposed by the Board of Directors of the PID (the "Board") (the " "). City of Albuquerque Lower Petroglyphs Public Improvement District Page 2
II. Cost of Public Improvements Financed by The and the Bonds, Notes, and other obligations that will be secured by the will provide partial payment of (i) the costs incurred in connection with the formation of the PID and issuance of the Bonds, Notes, and other obligations and/or (ii) certain infrastructure improvements that benefit parcels within the district. These estimated costs are shown in Table 1 on the following pages. City of Albuquerque Lower Petroglyphs Public Improvement District Page 3
Table 1 Lower Petroglyphs PID Estimated Infrastructure Costs Total PID Developer Category Location/Description Budget Funded Funded Off-Site Tierra Pintada Road Improvements $2,565,539 $2,565,539 $0 Road Landscaping $802,725 $802,725 $0 Water Improvements $40,780 $40,780 $0 Sewer Improvements $49,157 $49,157 $0 Storm Drain Improvements $16,425 $16,425 $0 Soft Costs $575,957 $575,957 $0 GRT $283,541 $283,541 $0 Contingency $216,706 $216,706 $0 Subtotal Tierra Pintada $4,550,831 $4,550,831 $0 On-Site Stormcloud 4 Road Improvements $743,931 $185,409 $558,523 Road Landscaping $0 $0 $0 Road Related Grading $83,906 $20,912 $62,994 Water Improvements $367,171 $91,509 $275,661 Sewer Improvements $332,842 $82,954 $249,888 Storm Drain Improvements $158,659 $39,542 $119,117 Park + Other Landscaping $120,000 $0 $120,000 Dry Utilities $618,200 $0 $618,200 Retaining Wall $1,273,789 $0 $1,273,789 Site Grading $289,710 $0 $289,710 Traffic Control & SWPPP $0 $0 $0 Soft Costs $742,087 $92,557 $649,530 GRT $331,121 $35,902 $295,219 Contingency $506,142 $54,878 $451,263 Subtotal Stormcloud 4 $5,567,557 $603,662 $4,963,895 On-Site Stormcloud 5 Road Improvements $420,273 $131,430 $288,842 Road Landscaping $0 $0 $0 Road Related Grading $52,363 $0 $52,363 Water Improvements $207,428 $64,868 $142,560 Sewer Improvements $188,034 $58,803 $129,231 Storm Drain Improvements $89,632 $28,030 $61,602 Park + Other Landscaping $67,792 $0 $67,792 Dry Utilities $303,736 $0 $303,736 Retaining Wall $719,608 $0 $719,608 Site Grading $158,705 $0 $158,705 Traffic Control & SWPPP $0 $0 $0 Soft Costs $419,231 $62,347 $356,885 GRT $183,876 $24,183 $159,693 Contingency $281,068 $36,966 $244,102 Subtotal Stormcloud 5 $3,091,747 $406,628 $2,685,119 City of Albuquerque Lower Petroglyphs Public Improvement District Page 4
Table 1 (Continued) Lower Petroglyphs PID Estimated Infrastructure Costs Total PID Developer Category Location/Description Budget Funded Funded On-Site Stormcloud 4 + 5 Mirehaven Road Improvements $0 $0 $0 Road Landscaping $0 $0 $0 Road Related Grading $0 $0 $0 Water Improvements $0 $0 $0 Sewer Improvements $0 $0 $0 Storm Drain Improvements $498,566 $0 $498,566 Park + Other Landscaping $0 $0 $0 Dry Utilities $0 $0 $0 Retaining Wall $183,500 $0 $183,500 Site Grading $0 $0 $0 Traffic Control & SWPPP $0 $0 $0 Soft Costs $187,043 $0 $187,043 GRT $60,838 $0 $60,838 Contingency $92,995 $0 $92,995 Subtotal Stormcloud 4 + 5 Mirehaven $1,022,941 $0 $1,022,941 On-Site Watershed South Road Improvements $5,652,601 $589,134 $5,063,467 Off-Site Road Landscaping $362,055 $362,055 $0 Road Related Grading $251,173 $32,179 $218,994 Water Improvements $1,916,334 $358,864 $1,557,469 Sewer Improvements $1,991,731 $372,984 $1,618,747 Storm Drain Improvements $3,407,989 $638,201 $2,769,788 Park + Other Landscaping $2,757,135 $0 $2,757,135 Retaining Wall $3,147,780 $0 $3,147,780 Site Grading $1,677,328 $0 $1,677,328 Traffic Control & SWPPP $30,000 $0 $30,000 Soft Costs $6,177,595 $685,966 $5,491,629 GRT $2,077,164 $230,650 $1,846,514 Contingency $3,179,119 $353,012 $2,826,106 Subtotal Watershed South $32,628,003 $3,623,045 $29,004,958 On-Site Watershed North Road Improvements $1,373,663 $0 $1,373,663 Road Landscaping $0 $0 $0 Road Related Grading $113,086 $0 $113,086 Water Improvements $347,721 $159,650 $188,071 Sewer Improvements $526,185 $241,589 $284,596 Storm Drain Improvements $216,760 $99,522 $117,238 Park + Other Landscaping $807,000 $0 $807,000 Retaining Wall $768,210 $0 $768,210 Site Grading $365,748 $0 $365,748 Traffic Control & SWPPP $15,000 $0 $15,000 Soft Costs $1,321,373 $145,960 $1,175,413 GRT $444,301 $49,078 $395,223 Contingency $680,006 $75,114 $604,892 Subtotal Watershed North $6,979,052 $770,913 $6,208,138 Grand Total $53,840,132 $9,960,888 $43,879,244 City of Albuquerque Lower Petroglyphs Public Improvement District Page 5
III. Other Expenditures for Public Improvements and Enhanced Services The PID does not anticipate any other expenditures for public infrastructure improvements or enhanced services for Fiscal Year 2014-15. City of Albuquerque Lower Petroglyphs Public Improvement District Page 6
IV. Collections Fiscal Year 2014-15 will be the first year in which special levies are collected. Consequently, no collection or delinquency data exist for previous fiscal years. City of Albuquerque Lower Petroglyphs Public Improvement District Page 7
V. Account Balances There are currently no funds or accounts for the PID. Funds and accounts are anticipated to be established upon delivery of any bonds, notes, and/or receipt of special levies. City of Albuquerque Lower Petroglyphs Public Improvement District Page 8
VI. Amounts Raised to Pay PID Obligations The PID will levy the Maximum Annual on Undeveloped Platted Property. Undeveloped Platted Property is defined as all Platted Property which is not classified as Developed Platted Property. Developed Platted Property is defined as all Platted Property for which the Final Plat was recorded as of January 1, 2014 and a certificate of occupancy permit had been issued as of April 30, 2014. A breakdown of the amounts to be raised is shown in Table 2 below. TABLE 2 LOWER PETROGLYPHS PUBLIC IMPROVEMENT DISTRICT SPECIAL LEVY REQUIREMENT FISCAL YEAR 2014-15 SOURCES OF FUNDS $206,795 Anticipated Levies $206,795 USES OF FUNDS $206,795 Note Debt Service ($170,159) Interest ($170,159) Administrative Expenses ($36,636) Continuing Disclosure ($0) Legal ($17,500) PID Administrator ($12,000) Rebate Calculation ($0) Trustee ($3,000) Billing and Collection ($4,136) ANNUAL SURPLUS/(DEFICIT) $0 City of Albuquerque Lower Petroglyphs Public Improvement District Page 9
VII. Apportionment of The is apportioned to each parcel in accordance with typical lot width as set forth in Exhibit A of Rate and Method. The Maximum Annual amounts are shown in Table 3. All properties that have been platted as of June 30, 2014 will be classified as either Developed Platted Property or Undeveloped Platted Property for FY 2014-15. A listing of the special levy amounts by the uniform property codes ("UPC") that are valid for FY 2014-15 is attached as Exhibit A. City of Albuquerque Lower Petroglyphs Public Improvement District Page 10
TABLE 3 Classification Undeveloped Platted Property Traditional LOWER PETROGLYPHS PUBLIC IMPROVEMENT DISTRICT APPORTIONMENT OF SPECIAL LEVY BASED ON ANTICIPATED PLATTED MAPS AS OF JUNE 30, 2014 Residential Lots Maximum Annual Per Residential Lot Total 1 Estimated FY 2014-15 Per Residential Lot Total 2 [1] Lot Width < 45' 0 $795.00 [2] Lot Width 45' and < 55' 0 $895.00 $895.00 [3] Lot Width 55' and < 65' 101 $995.00 $100,495.00 $995.00 $100,495.00 [4] Lot Width 65' and < 75' 0 $1,095.00 [5] Lot Width 75' 0 $1,195.00 Active Adult Residential [1] Lot Width < 45' 0 $650.00 [2] Lot Width 45' and < 55' 100 $650.00 $65,000.00 $650.00 $65,000.00 [3] Lot Width 55' and < 65' 59 $700.00 $41,300.00 $700.00 $41,300.00 [4] Lot Width 65' and < 75' 0 $795.00 [5] Lot Width 75' 0 $875.00 Undeveloped Property Traditional [1] Lot Width < 45' 0 $795.00 [2] Lot Width 45' and < 55' 41 $895.00 $36,695.00 [3] Lot Width 55' and < 65' 398 $995.00 $396,010.00 [4] Lot Width 65' and < 75' 49 $1,095.00 $53,655.00 [5] Lot Width 75' 0 $1,195.00 Active Adult Residential [1] Lot Width < 45' 0 $650.00 [2] Lot Width 45' and < 55' 215 $650.00 $139,750.00 [3] Lot Width 55' and < 65' 167 $700.00 $116,900.00 [4] Lot Width 65' and < 75' 0 $795.00 [5] Lot Width 75' 0 $875.00 Totals 1,130 $949,805.00 $206,795.00 1 Total maximum special levy equals residential lots multiplied by maximum annual special levy per lot. 2 Total FY 2014-15 special levy equals residential lots multiplied by FY 2014-15 special levy per lot. http://localhost:9010/resources/clients/albuquerque/district Administration/Lower Petroglyphs PID/2014-15/Annual Report/Lower Petroglyphs Preliminary DFA Local Govt Div Annual Report 5.18.14.DOC City of Albuquerque Lower Petroglyphs Public Improvement District Page 11
EXHIBIT A CITY OF ALBUQUERQUE LOWER PETROGLYPHS PID Roll
Exhibit B City of Albuquerque Lower Petroglyphs Public Improvement District Preliminary Fiscal Year 2014-15 Roll Uniform Property Code Subdivision Lot Certificate of Occupancy Maximum FY 2014-15 1 $650.00 $650.00 1 $995.00 $995.00 2 $650.00 $650.00 2 $995.00 $995.00 3 $650.00 $650.00 3 $995.00 $995.00 4 $650.00 $650.00 4 $995.00 $995.00 5 $650.00 $650.00 5 $995.00 $995.00 6 $650.00 $650.00 6 $995.00 $995.00 7 $650.00 $650.00 7 $995.00 $995.00 8 $650.00 $650.00 8 $995.00 $995.00 9 $650.00 $650.00 9 $995.00 $995.00 10 $650.00 $650.00 10 $995.00 $995.00 11 $650.00 $650.00 11 $995.00 $995.00 12 $650.00 $650.00 12 $995.00 $995.00 13 $650.00 $650.00 13 $995.00 $995.00 14 $650.00 $650.00 14 $995.00 $995.00 15 $650.00 $650.00 15 $995.00 $995.00 16 $650.00 $650.00 16 $995.00 $995.00 17 $650.00 $650.00 17 $995.00 $995.00 18 $650.00 $650.00 18 $995.00 $995.00 19 $650.00 $650.00 19 $995.00 $995.00 20 $650.00 $650.00 20 $995.00 $995.00 21 $650.00 $650.00 21 $995.00 $995.00 22 $650.00 $650.00 22 $995.00 $995.00 23 $650.00 $650.00 23 $995.00 $995.00 24 $650.00 $650.00 24 $995.00 $995.00 25 $650.00 $650.00 25 $995.00 $995.00 26 $650.00 $650.00 26 $995.00 $995.00 27 $650.00 $650.00 Page 1 of 6
Exhibit B City of Albuquerque Lower Petroglyphs Public Improvement District Preliminary Fiscal Year 2014-15 Roll Uniform Property Code Subdivision Lot Certificate of Occupancy Maximum FY 2014-15 27 $995.00 $995.00 28 $650.00 $650.00 28 $995.00 $995.00 29 $650.00 $650.00 29 $995.00 $995.00 30 $650.00 $650.00 30 $995.00 $995.00 31 $650.00 $650.00 31 $995.00 $995.00 32 $650.00 $650.00 32 $995.00 $995.00 33 $650.00 $650.00 33 $995.00 $995.00 34 $650.00 $650.00 34 $995.00 $995.00 35 $650.00 $650.00 35 $995.00 $995.00 36 $650.00 $650.00 36 $995.00 $995.00 37 $650.00 $650.00 37 $995.00 $995.00 38 $650.00 $650.00 38 $995.00 $995.00 39 $650.00 $650.00 39 $995.00 $995.00 40 $650.00 $650.00 40 $995.00 $995.00 41 $650.00 $650.00 41 $995.00 $995.00 42 $650.00 $650.00 42 $995.00 $995.00 43 $650.00 $650.00 43 $995.00 $995.00 44 $650.00 $650.00 44 $995.00 $995.00 45 $650.00 $650.00 45 $995.00 $995.00 46 $650.00 $650.00 46 $995.00 $995.00 47 $650.00 $650.00 47 $995.00 $995.00 48 $650.00 $650.00 48 $995.00 $995.00 49 $650.00 $650.00 49 $995.00 $995.00 50 $650.00 $650.00 50 $995.00 $995.00 51 $650.00 $650.00 51 $995.00 $995.00 52 $650.00 $650.00 52 $995.00 $995.00 53 $650.00 $650.00 53 $995.00 $995.00 Page 2 of 6
Exhibit B City of Albuquerque Lower Petroglyphs Public Improvement District Preliminary Fiscal Year 2014-15 Roll Uniform Property Code Subdivision Lot Certificate of Occupancy Maximum FY 2014-15 54 $650.00 $650.00 54 $995.00 $995.00 55 $650.00 $650.00 55 $995.00 $995.00 56 $650.00 $650.00 56 $995.00 $995.00 57 $650.00 $650.00 57 $995.00 $995.00 58 $650.00 $650.00 58 $995.00 $995.00 59 $650.00 $650.00 59 $995.00 $995.00 60 $650.00 $650.00 60 $995.00 $995.00 61 $650.00 $650.00 61 $995.00 $995.00 62 $650.00 $650.00 62 $995.00 $995.00 63 $650.00 $650.00 63 $995.00 $995.00 64 $650.00 $650.00 64 $995.00 $995.00 65 $650.00 $650.00 65 $995.00 $995.00 66 $650.00 $650.00 66 $995.00 $995.00 67 $650.00 $650.00 67 $995.00 $995.00 68 $650.00 $650.00 68 $995.00 $995.00 69 $650.00 $650.00 69 $995.00 $995.00 70 $650.00 $650.00 70 $995.00 $995.00 71 $650.00 $650.00 71 $995.00 $995.00 72 $650.00 $650.00 72 $995.00 $995.00 73 $650.00 $650.00 73 $995.00 $995.00 74 $650.00 $650.00 74 $995.00 $995.00 75 $650.00 $650.00 75 $995.00 $995.00 76 $650.00 $650.00 76 $995.00 $995.00 77 $650.00 $650.00 77 $995.00 $995.00 78 $650.00 $650.00 78 $995.00 $995.00 79 $650.00 $650.00 79 $995.00 $995.00 80 $650.00 $650.00 Page 3 of 6
Exhibit B City of Albuquerque Lower Petroglyphs Public Improvement District Preliminary Fiscal Year 2014-15 Roll Uniform Property Code Subdivision Lot Certificate of Occupancy Maximum FY 2014-15 80 $995.00 $995.00 81 $700.00 $700.00 81 $995.00 $995.00 82 $700.00 $700.00 82 $995.00 $995.00 83 $700.00 $700.00 83 $995.00 $995.00 84 $700.00 $700.00 84 $995.00 $995.00 85 $700.00 $700.00 85 $995.00 $995.00 86 $700.00 $700.00 86 $995.00 $995.00 87 $700.00 $700.00 87 $995.00 $995.00 88 $700.00 $700.00 88 $995.00 $995.00 89 $700.00 $700.00 89 $995.00 $995.00 90 $700.00 $700.00 90 $995.00 $995.00 91 $700.00 $700.00 91 $995.00 $995.00 92 $700.00 $700.00 92 $995.00 $995.00 93 $700.00 $700.00 93 $995.00 $995.00 94 $700.00 $700.00 94 $995.00 $995.00 95 $700.00 $700.00 95 $995.00 $995.00 96 $700.00 $700.00 96 $995.00 $995.00 97 $700.00 $700.00 97 $995.00 $995.00 98 $700.00 $700.00 98 $995.00 $995.00 99 $700.00 $700.00 99 $995.00 $995.00 100 $700.00 $700.00 100 $995.00 $995.00 101 $700.00 $700.00 101 $995.00 $995.00 102 $700.00 $700.00 103 $700.00 $700.00 104 $700.00 $700.00 105 $700.00 $700.00 106 $700.00 $700.00 107 $700.00 $700.00 108 $700.00 $700.00 109 $700.00 $700.00 110 $700.00 $700.00 111 $700.00 $700.00 Page 4 of 6
Exhibit B City of Albuquerque Lower Petroglyphs Public Improvement District Preliminary Fiscal Year 2014-15 Roll Uniform Property Code Subdivision 1-009-059-131-190-3-15-06 THE CROSSING, TRACT B 1-009-059-131-190-3-15-06 THE CROSSING, TRACT B 1-009-059-131-190-3-15-06 THE CROSSING, TRACT B 1-009-059-198-257-3-15-07 THE CROSSING, TRACT J 1-009-059-198-257-3-15-08 THE CROSSING, TRACT J Lot Certificate of Occupancy Maximum FY 2014-15 112 $700.00 $700.00 113 $700.00 $700.00 114 $700.00 $700.00 115 $700.00 $700.00 116 $700.00 $700.00 117 $700.00 $700.00 118 $700.00 $700.00 119 $700.00 $700.00 120 $700.00 $700.00 121 $650.00 $650.00 122 $650.00 $650.00 123 $650.00 $650.00 124 $650.00 $650.00 125 $650.00 $650.00 126 $650.00 $650.00 127 $650.00 $650.00 128 $650.00 $650.00 129 $650.00 $650.00 130 $650.00 $650.00 131 $650.00 $650.00 132 $650.00 $650.00 133 $650.00 $650.00 134 $650.00 $650.00 135 $650.00 $650.00 136 $700.00 $700.00 137 $650.00 $650.00 138 $650.00 $650.00 139 $650.00 $650.00 140 $650.00 $650.00 141 $650.00 $650.00 142 $700.00 $700.00 143 $700.00 $700.00 144 $700.00 $700.00 145 $700.00 $700.00 146 $700.00 $700.00 147 $700.00 $700.00 148 $700.00 $700.00 149 $700.00 $700.00 150 $700.00 $700.00 151 $700.00 $700.00 152 $700.00 $700.00 153 $700.00 $700.00 154 $700.00 $700.00 155 $700.00 $700.00 156 $700.00 $700.00 157 $700.00 $700.00 158 $700.00 $700.00 159 $700.00 $700.00 $36,695.00 $137,310.00 $41,610.00 $12,935.00 $12,045.00 Page 5 of 6
Exhibit B City of Albuquerque Lower Petroglyphs Public Improvement District Preliminary Fiscal Year 2014-15 Roll Uniform Property Code Subdivision 1-008-059-491-342-1-01-01 WATERSHED TRACT M 1-008-059-491-342-1-01-01 WATERSHED TRACT M 1-008-059-424-161-4-01-01 WATERSHED TRACT N2A19 1-008-059-424-161-4-01-01 WATERSHED TRACT N2A2 1-008-059-424-161-4-01-01 WATERSHED TRACT N2A20 1-008-059-424-161-4-01-01 WATERSHED TRACT N2A20 1-008-059-424-161-4-01-01 WATERSHED TRACT N2A21 1-008-059-424-161-4-01-01 WATERSHED TRACT N2A22 1-008-059-424-161-4-01-01 WATERSHED TRACT N2B 1-008-059-424-161-4-01-01 WATERSHED TRACT N2B 1-008-059-424-161-4-01-01 WATERSHED TRACT N2B 1-008-059-424-161-4-01-01 WATERSHED TRACT N2D Lot Certificate of Occupancy Maximum $45,500.00 $75,400.00 $1,400.00 $30,800.00 $700.00 $1,300.00 $2,600.00 $1,300.00 $38,500.00 $59,150.00 $73,630.00 $172,135.00 FY 2014-15 Total 1,130 Units $949,805.00 $206,795.00 10:06AM 5/19/2014 C:\Users\sdonna\Documents\MISC\Cloud\FoxPro\Albuquerque\Lower Petroglyphs\Prelim Lower Petroglyphs Page 6 of 6