February 26, 2015
Completed Phases 1 & 2 of Design ◦ ◦ ◦ ◦
Held preliminary discussions with UPRR Held preliminary discussions with Westar
◦
In process of completing Phase 3 (Final) Completed Geological Investigation Completed Value Engineering Study (necessary for federal funding) Obtained 7 environmental clearances
Attaching to new bridge
Began R-O-W negotiations ◦ ◦ ◦
Agreed on price for SE quadrant Will be making contact for NE and NW quadrants Wabaunsee County to acquire for SW quadrant
SR (2006): 61.5 SR (2008): 61.2
• BCC Approved Commencement of Design (2009) • Position ourselves if any grant funding became available
SR SR SR SR
(2010): 61.2 (2012): 61.2 (2013): 50.7 (Current): 23.7
Met with Representatives of KDOT and Wabaunsee County to discuss funding assistance ◦ KDOT Advance
Met with Senator Moran to discuss funding assistance Met with Sheriff Staff RE: Increased enforcement and related issues Developed more stringent weight restrictions resolution to provide easier enforcement capabilities
Developed Cashflow Needs Projection
Developed Project Completion Schedules
Developed Potential Funding Strategies
Complete Final Design (Summer 2015)
Complete R-O-W acquisition (July 2015)
Obtain Permits (Nov 2015)
Finalize Funding Package
Bid/Construct
◦ ◦ ◦ ◦ ◦
UPRR* Corps of Engineers KDWR KDHE Notice of Intent KDOT Environmental Services Action Permit
*Critical Path Component
PROJECT PROGRESS SCHEDULE NW Carlson Road (Willard) Bridge over the Kansas River SNCO Bridge Number: BSN 130 SNCO Project No. S-121015.00 KDOT Project No. 89C 0066-01 TASK Jan
Feb Mar
2015 Apr May Jun Jul
Aug Sep
2016 Oct Nov Dec Jan Feb Mar Apr May Jun Jul
Aug Sep
2017 Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb
2018 Mar Apr May
Design Right-of-Way Utility Adjustment SNCO / WabCo Agreement Permitting UPRR Agreement SNCO BID SNCO Award Contract Construction
NOTE: Progress Schedule assumes NO Federal Funding
Bridge
Road Tie-In, Final Grading, Seeding
PROJECT PROGRESS SCHEDULE NW Carlson Road (Willard) Bridge over the Kansas River SNCO Bridge Number: BSN 130 SNCO Project No. S-121015.00 KDOT Project No. 89C 0066-01
TASK
2015 Jan
Feb Mar
Apr May Jun
Jul
2016 Aug Sep
Oct Nov Dec Jan Feb Mar Apr May Jun
Jul
2017 Aug Sep
Oct Nov Dec Jan Feb Mar Apr May Jun
Jul Aug Sep Oct Nov Dec
Design Right-of-Way Utility Adjustment SNCO / WabCo Agreement Permitting UPRR Agreement SNCO BID SNCO Award Contract Construction
NOTE: Progress Schedule assumes NO Federal Funding
Bridge Const.
Road Tie-In, Final Grading, Seeding
REMAINING PROJECT COSTS 2015
2016
2017
Total
Design
$115,625*
$115,625*
R-O-W
$124,000*
$124,000*
$35,000*
$35,000*
UPRR Permit Utility Relocation Construction Const. Engineering
$100,000*
$100,000*
$8,014,000
$12,021,000
$20,035,000
$641,120
$961,680
$1,602,800
Contingencies
$100,000*
$641,190
$961,785
$1,702,975
TOTAL
$374,625*
$9,296,310
$14,044,465
$23,715,400
*Funding is Currently Available
YEAR
AMOUNT (est)
FUNDING SOURCE
2016
$7-$10M
KDOT Advance
STE* (2017-2026)
2016
$2-$3M
2016 Gen Fund
N/A
2017
$6M
CST** Excess
N/A
2017
$1M
Wabaunsee Co.
N/A
2017
$2-$3M
2017 Gen Fund
N/A
2017
$1M
STE/Exch. Funds/PW 391
N/A
2018 (if nec.)
$2-$3M
2018 Gen Fund
N/A
*Sales Tax Extension **Current Sales Tax
REPAYMENT SOURCE
KDOT Financial Advance
Sales Tax Extension County Bridge Allotment
Assistance in Expediting UPRR Agreement
Goal is a Dec 2015/Jan 2016 Bid
◦ Provides Construction Funding in 2016 ◦ Prior to Current Sales Tax Excess Funds Availability ◦ Significantly reduces bonding costs ◦ $32.5M (includes $10M allotted for Willard Bridge) ◦ Provides reimbursement funds for KDOT Advance ◦ KDOT/Sen. Moran
◦ Construction in Jan/Feb 2016
Environmental Restrictions April 1st - August 31st
◦ Completion in Dec 2017
WILLARD BRIDGE
FINANCING
Greiner, Director of
PRESENTATION
Services
February 26, 2015
Let me begin by saying that we have been working on this issue for some me – both internally and with bond counsel. the County has sufficient funds set aside to cover all of the costs up to As Tom Vlach stated in his the construc phase. Therefore, we need to have the final details of our financing plan by the me constr begins which could be as soon as one year from now. I’d like to present some financing op O
that we are looking at and evalua ng.
n1
The County must look to statute for authority to bond. K.S.A. 68-1103 allows bonding for the replacement of a bridge. All the necessary paperwork could be completed in advance so that bonding could be secured prior to n. With the paperwork ready, this process could be completed and funded in 1-2 the start of constr months. The primary factor will be to determine the amount of financing needed. The following factors will affect this amount: 1. JEDO interlocal agreement - It is an ipated that $10 million from the sales tax extension will come to the County in annual allotments over the 15 year term beginning in 2017. 2. costs - Before construc begins, we will have accepted a bid for the project and will have the final constr cost. 3. Federal or state par cipa n in costs 4. Excess from the current sales tax – A more accurate es mate of this excess will be available when the the 2015 sales taxes receipts have been last road project costs have been determined and received. Interest and principal payments on the bonds will start immediately upon the sale of the bonds. Interest will be paid on the en re amount of the bond regardless of how much money has been spent. O
n2
to be issued for the replacement of the bridge, K.S.A. 10-123 Since K.S.A. 68-1103 permits general oblig authorizes the issuance of temporary notes as part of the financing for the replacement bridge. The County could issue a temporary note or series of notes with a local bank for the constr period of the bridge. The term of a temporary note could be six months, one year or one year with a call period. The benefits of the temporary notes are as follows: 1. Interest on the temporary note would only be on the principal amount of the note or series of notes total. rather than on the en re constr
WILLARD BRIDGE
FINANCING
PRESENTATION
progresses and funds are 2. The amount of the temporary notes could be increased as constr needed. 3. When received in 2017, the excess funds from the current sales tax could be used to pay co re all or a n of the temporary notes. costs or 4. When the 2017 sales tax allotment is received, those funds could be used for constr costs rather than issuing a temporary notes. costs paid from temporary notes would be When the bridge is completed, the amount of the co permanently financed with bonds and any temporary notes issued would be paid with bond proceeds. As an example, this method is similar to an individual building a home. They get a constr loan for the constr period. They borrow the money as it’s needed for the constr costs. When the home is completed, they obtain a mortgage and pay off the constr loan. They do not start making mortgage payments un l the house is completed. Since we would be paying interest only on the amounts needed, this op significantly. We will con nue to evaluate the ming and best financing
should cut interest costs
for this bridge.