Loading...
MDD Resolution No. 465 RESOLUTION NO. 465 A RESOLUTION OF THE BOARD OF DIRECTORS OF THE BAYTOWN MUNICIPAL DEVELOPMENT DISTRICT ADOPTING A BUDGET FOR THE ENSUING FISCAL YEAR, BEGINNING OCTOBER 1, 2023, AND ENDING SEPTEMBER 30, 2024; AND PROVIDING FOR THE EFFECTIVE DATE THEREOF. ****************************************************************************** BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE BAYTOWN MUNICIPAL DEVELOPMENT DISTRICT: Section 1: That the budget estimate of the revenues of the Baytown Municipal Development District and the expenses of conducting the affairs thereof for the ensuing fiscal year, beginning October 1, 2023, and ending September 30, 2024, as finally submitted to the Board of Directors by the General Manager of said District, is hereby adopted and approved as the budget estimate of all the current expenses, as well as the fixed charges against said District for the fiscal year beginning October 1,2023,and ending September 30,2024. A copy of the budget is attached hereto as Exhibit"A" and incorporated herein for all intents and purposes. Section 2: This resolution shall take effect immediately from and after its passage by the Board of Directors of the Baytown Municipal Development District. INTRODUCED, READ, and PASSED by the affirmative vote of the Board of Directors of the Baytown Municipal Development District this the 71h day of September, 2023. LA RA ALVARADO, Vice President ATTEST: ANGELA ACKSON, Assistant Sec APPROVED A jTOORM: SCOTT L OND, General Counsel RADenise\RES0LUTI0NS\2023\MDD 09.07WdoptsFY2023-24Budget.docx EXHIBIT "All BAYTOWN MUNICIPAL DEVELOPMENT DISTRICT (MDD) PROPOSED PROJECTS BUDGET 2023-24 B AV AYTOWN S MUNICIPAL DEVELOPMENT DISTRICT (MDD) DIRECTORS BRANDON CAPETILLO, President LAURA ALVARADO, Vice President DAVID P. JIRRELS, Secretary CITY CLERK, Assistant Secretary SHAUNNA BERNSHAUSEN, Director HEATHER BETANCOURTH, Director GARY ENGLERT, Director SARAH GRAHAM, Director KENRICK GRIFFITH, Director MIKE LESTER, Director JACOB POWELL, Director SUHEY RIOS-ALVAREZ, Director DONNA WINFREY, Director BAYTOWN MUNICIPAL DEVELOPMENT DISTRICT MAJOR BUDGET ISSUES FISCAL YEAR 2023-24 On May 5, 2001, in the general election, the citizens of the City of Baytown voted to authorize the creation of the Baytown Municipal Development District (MDD) and the imposition of a sales and use tax at the rate of one-half of one percent for the purpose of financing economic development and parks projects that provide economic benefit, diversify the economic base of the community and improve our quality of life. The board is composed of the Mayor, six council members and four at-large resident members. REVENUES — Sales tax revenue is budgeted at $8,606,525. Along with other miscellaneous revenues, the total revenues for 2023-24 are projected at$8,474,304. EXPENDITURES — Included in this year's program are ongoing economic development expenditures as well as improvements in the areas of utilities and parks. Generally, project costs may include functions such as services, construction or debt service on long-term construction proj ects. MUNICIPAL DEVELOPMENT DISTRICT(MDD) PROGRAM FUND BUDGET SUMMARY for Fiscal Year 2023-24 Adopted Proposed Actual Budget Budget 2021-22 2022-23 2023-24 Revenues Sales Taxes 8,310,984 8,437,770 8,606,525 Rebates (149,261) (146,926) (149,865) Investment Interest 17,298 1,253 17,644 Miscellaneous - - - Loan Repayments - - - Interest on Loans - - - Transfer from Hotel Occupancy Tax - - 350,000 Total MDD Revenues 8,179,021 8,292,097 8,824,304 Expenditures Economic Development Projects Development of New and Expansion of Existing Businesses and Industry 556,063 300,000 200,000 Econ Development Foundation-Basic Economic Development Services 293,554 250,000 250,000 Economic Development Personnel 172,099 285,650 464,527 Econ Development Foundation-Special Economic Development Projects 59,829 40,171 - Economic Incentive-HEB 150,000 150,000 150,000 Convention Center 250,000 - - Convention Center Debt Service - 1,402,400 1,402,400 Hotel/Convention Center Operations - 1,782,361 1,880,000 Property Acquisition for Economic Development 4,750 100,000 100,000 Citizens Bank Building 937,919 1,400,000 - Business Improvement Grant Program 74,550 250,000 250,000 Baytown Revolving Loan Fund - - - Subtotal 2,498,764 5,960,582 4,696,927 Utility Projects Economic Dev. Cost Share with Developers to Upsize New Utilities - 500,000 400,000 Evergreen Strategic Plan 389,778 186,124 - 1-10 Lift Station - - 750,000 NE WW Treatment Plant Debt Service(60%2014, 2015&2016 GO's Refunding) 1,520,891 962,725 968,718 Subtotal 1,910,669 1,648,849 2,118,718 Parks Projects Aquatics Master Plan Phase 1 &2 Construction (Debt Svc on$6mm)Year 6 of 12 389,050 396,575 392,350 Pirates Bay Waterpark Expansion (Debt Service on $5.5mm)Year 12 of 20 360,900 362,754 333,730 Rent/Purchase of Ice Rink for Town Square 101,671 110,000 - Goose Creek Trail-Phase VI 150,000 - - Evergreen Park Land 24,808 - - City Gateway Project III 32,899 14,101 - Park Operations Center 160,943 895 - Goose Creek Trail Phase VII 319,721 62,278 - Ginger Creek Park 52,961 - - "Perfect Trail"Pilot Bundle-Jenkins Park(lighting, signage&security cameras) 93,856 11,390 - MUNICIPAL DEVELOPMENT DISTRICT(MDD) PROGRAM FUND BUDGET SUMMARY for Fiscal Year 2023-24 Adopted Proposed Actual Budget Budget 2021-22 2022-23 2023-24 Median Beautification 4,880 - - City Wide Landscaping 71,397 3,634 - Wetlands Center Kayak Launch 1,500 - - Cedar Bayou Lighting 25,144 - - Security Upgrade-Roseland 6,542 - - EPA Tree Planting Project 9,000 6,000 - BNC Kayak Launch Replacement/Restoration 1,500 79,539 - BNC Wetlands Overlook Walkway 180,225 - - Newcastle Park Phase II - 199,156 - Evergreen Waterfall Repair 250,000 5,000 - Art in The Park 22,252 50,000 - Baytown Sports League Improvements 1,150 - - Duke Hill Courts Paint and Disc Golf Course 5,473 8,346 - Town Square Green Space Improvements 252,924 338,111 - Thompson Area Park with TPWG - 11,000 - Basketball Court Enhancements(Bergeron,Allenbrook &Central Heights)Shade Structures - 420,000 - Disk Golf Course - 111,000 - Lakewood Community Dog Park - - - Wetlands Overlook Walkway - 641 - Wetlands Center Relocation/Chandler Arboretum - - - Pirates Bay Waterpark Splash Pad - - - Subtotal 2,518,796 2,190,420 726,080 Total MDD Projects 6,928,229 9,799,851 7,541,726 Other Project Administration and Overhead 300,000 300,000 300,000 Unforeseen/New Initiatives - 92,148 530,127 Subtotal 300,000 392,148 830,127 Total MDD Expenditures 7,228,229 10,191,999 8,371,853 Beginning working capital 1,023,298 $ 1,974,089 $ 74,187 Revenues over(under)expenses 950,791 (1,899,902) 452,452 Ending working capital $ 1,974,089 $ 74,187 $ 526,639 BAYTOWN BAYTOWN MUNICIPAL DEVELOPMENT DISTRICT ANNUAL REQUIREMENT TO AMORTIZE BONDED DEBT Fiscal Principal Interest Interest Total Annual Year Due 0VOI-10/01 Due 02/O1-04/O1 Due 08101-10/01 Interest Requirement 2024 1,793,952 1,005,862 964,855 1,970,716 3,764,668 2025 1,892,225 964,855 924,412 1,889,266 3,781,491 2026 2,336,290 924,412 871,260 1,795,672 4,131,962 2027 1,748,435 871,260 829,679 1,700,939 3,449,375 2028 2,071,159 829,679 780,375 1,610,055 3,681,214 2029 2,189,030 780,375 728,217 1,508,593 3,697,623 2030 2,272,619 728,217 675,919 1,404,136 3,676,755 2031 1,981,207 675,919 631,569 1,307,487 3,288,694 2032 2,084,796 631,569 584,847 1,216,416 3,301,212 2033 2,168,384 584,847 536,167 1,121,014 3,289,398 2034 1,237,340 536,167 505,770 1,041,937 2,279,277 2035 1,238,503 505,770 475,075 980,845 2,219,348 2036 1,250,000 475,075 443,825 918,900 2,168,900 2037 1,305,000 443,825 411,200 855,025 2,160,025 2038 1,375,000 411,200 376,825 788,025 2,163.025 2039 1,440,000 376,825 340,825 717,650 2,157,650 2040 1,515,000 340,825 302,950 643,775 2,158,775 2041 1,590,000 302,950 263,200 566,150 2,156,150 2042 1,675,000 263,200 229,700 492,900 2,167,900 2043 1,735,000 229,700 195,000 424,700 2,159,700 2044 1,805,000 195,000 158,900 353,900 2,158,900 2045 11880,000 158,900 121,300 280,200 2,160,200 2046 1,950,000 121,300 82,300 203.600 2,153,600 2047 760,000 82,300 67,100 149,400 909,400 2048 790,000 67,100 51,300 118,400 908,400 2049 820,000 51,300 34,900 86,200 906,200 2050 855,000 34,900 17,800 52,700 907,700 2051 890,000 - 17,800 17,800 907,800 $ 44,648,941 $ 12,593,332 $ 11,623,070 $24,216,401 $ 68,865,342 BAYTOWN MUNICIPAL DEVELOPMENT DISTRICT DETAIL DEBT AMORTIZATION SCHEDULES Series 2014 Date of Issue: April 1,2014 is 2100 283 General Obli ation and Refunding Bonds:MDD Allocation Only Term:20 Years Fiscal Interest Principal Interest Interest Total Annual Principal Year Rate Due 02/01 Due 02/01 Due 08/01 Interest Requirement Outstandin 2014 $ - $ - $ 21,885 $ 21,885 $ 21,885 $ 2,100,283 2015 2.000% 115,291 37,163 36,023 73,186 188,477 1,984,992 2016 3.000% 174,064 36,023 33,412 69,434 243,498 1,810,928 2017 3.000% 152,720 33,412 31,121 64,532 217,252 1,658,208 2018 3.000% 135,056 31,121 29,095 60,216 195,272 1,523,152 2019 3.000% 140,208 29,095 26,992 56,087 196,295 1,382,944 2020 4.000% 145,728 26,992 24,077 51,069 196,797 1,237,216 2021 4.000% 130,272 24,077 21,472 45,549 175,821 1,106,944 2022 4.000% 135,792 21,472 18,756 40,228 176,020 971,152 2023 4.000% 142,048 18,756 15,915 34,671 176,719 829,104 2024 4.000% 148,304 15,915 xF> 12,949 28,864 177,168 680,800 2025 4.000% 154,560 12,949 9,858 22,807 177,367 526,240 2026 4.000% 131,744 9,858 7,223 17,081 148,825 394,496 2027 3.250% 43,424 7,223 6,517 13,740 57,164 351,072 2028 3.375% 44,896 6,517 5,760 12,277 57,173 306,176 2029 3.500% 46,368 5,760 4,948 10,708 57,076 259,808 2030 3.500% 48,208 4,948 4,105 9,053 57,261 211,600 2031 3.750% 50,048 4,105 3,166 7,271 57,319 161,552 2032 3.750% 51,888 3,166 2,193 5,359 57,247 109,664 2033 4.000% 53,728 2,193 1,119 3,312 57,040 55,936 2034 4.000% 55,936 1,119 - 1,119 57,055 - $2,100,283 $ 331,863 $ 316,585 $ 648,448 $ 2,748,731 $ - Call Option:Bonds maturing on 02 01 2025 to 02.01 2034 callable in whole or in part on any date beginning 02/01 24 par. Series 2015 Date of Issue: July 7,2015 $ 1770,131 General Obligation and Refunding Bonds:MDD Allocation Only Term:20 Years Fiscal Interest Principal Interest Interest Total Annual Principal Year Rate Due 02/01 Due 02/01 Due 08/01 Interest Requirement Outstandin 2016 $ 21,331 $ 47,057 $ 41,308 $ 88,365 $ 109,696 $ 1,748,800 2017 5.000% f01,060 41,308 38,781 80,089 181,150 1,647,739 2018 5.000% 107,705 38,781 36,089 74,870 182,575 1,540,035 2019 5.000% 114,349 36,089 33,230 69,319 183,667 1,425,686 2020 5.000% 121,692 33,230 30,188 63,418 185,110 1,303,994 2021 5.000% 129,385 30,188 26,953 57,141 186,526 1,174,609 2022 5.0000/o 137,079 26,953 23,526 50,479 187,558 1,037,530 2023 5.000% 145,821 23,526 19,881 43,407 189,227 891,709 2024 5.000% 154,913 19,881 16,008 35,888 190,801 736,797 2025 5.000% 164,704 16,008 11,890 27,898 192,602 572,093 2026 5.000% 95,116 11,890 9,512 21,402 116,518 476,977 2027 5.000% 100,011 9,512 7,012 16,524 116,536 376,965 2028 3.375% 41,263 7,012 6,316 13,328 54,591 335,702 2029 3.500% 42,662 6,316 5,569 11,885 54,547 293,040 2030 3.625% 44,411 5,569 4,764 10,333 54,744 248,629 2031 3.625% 46,159 4,764 3,927 8,692 54,851 202,470 2032 3.750% 47,908 3,927 3,029 6,957 54,864 154,563 2033 3.750% 49,656 3,029 2,098 5,l27 54,783 104,907 2034 4.000% 51,404 2,098 1,070 3,168 54,573 53,502 2035 4.000% 53,503 1,070 - 1,070 54,573 - $1,770,131 $ 368,208 $ 321,151 $ 689,359 $ 2,459,490 $ - Call Option:Bonds maturing on 02101 2026 to 02/01 2035 callable to whole or in part on any date beginning 0210125 par. BAYTOWN MUNICIPAL DEVELOPMENT DISTRICT DETAIL DEBT AMORTIZATION SCHEDULES Series 2016 Date of Issue: July 19,2016 IS 4,493,018 General Obligation and Refunding Bonds:MDD Allocation Only Term: 12 Years Fiscal Interest Principal Interest Interest Total Annual Principal Year Rate Due 02/01 Due 02/01 Due 08/01 Interest Requirement Outstanding 2016 $ - $ - $ 7,811 $ 7,811 $ 7,811 $ 4,493,018 2017 4.000% 113,441 117,158 114,889 232,047 345,488 4,379,577 2018 4.000% 386,455 114,889 107,160 222,049 608,505 3,993,122 2019 5.000% 407,631 107,160 96,969 204,129 611,761 3,585,490 2020 5.000% 431,076 83,825 73,048 156,874 587,949 3,154,415 2021 5.000% 456,789 73,048 61,629 134,677 591,466 2,697,626 2022 5.000% 484,015 61,629 49,528 111,157 595,172 2,213,611 2023 5.000% 510,484 49,528 36,766 96,295 596,779 1,703,127 2024 5.000% 540,735 36,766 23,248 60,014 600,749 1,162,392 2025 4.000% 567,961 23,248 11,889 35,136 603,097 594,431 2026 4.000% 594,431 11,889 11,889 606,319 - $4,493,018 $ 679,141 $ 582,938 $ 1,262,078 $ 5,755,096 $ - Series 2019 Date of Issue: May 2,2019 $ 3,595,000 General Obligation and Refunding Bonds: MDD Allocation Only Term: 12 Years Fiscal Interest Principal Interest Interest Total Annual Principal Year Rate Due 02/01 Due 02/01 Due 08/01 Interest Requirement Outstandin 2019 $ - $ $ 48,046 $ 48,046 $ 48,046 $ 3,595,000 2020 3.5% 280,000 58,075 53,875 111,950 391,950 3,315,000 2021 3.5% 290,000 53,875 50,975 104,850 394,850 3,025,000 2022 3.6% 290,000 50,975 48,075 99,050 389,050 2,735,000 2023 3.8% 305,000 48,075 43,500 91,575 396,575 2,430,000 2024 4.0% 310,000 43,500 38,850 82,350 392,350 2,120,000 2025 4.0% 325,000 38,850 33,975 72,825 397,825 1,795,000 2026 4.1% 325,000 33,975 27,475 61,450 386,450 1,470,000 2027 4.3% 350,000 27,475 20,475 47,950 397,950 1,120,000 2028 4.3% 355,000 20,475 13,375 33,850 388,850 765,000 2029 4.4% 380,000 13,375 5,775 19,150 399,150 385,000 2030 4.4% 385,000 5,775 - 5,775 390,775 - $3,595,000 $ 394,425 $ 384,396 $ 778,821 $ 4,373,821 $ - BAYTOWN MUNICIPAL DEVELOPMENT DISTRICT DETAIL DEBT AMORTIZATION SCHEDULES Series 2021A Date of Issue: December 15,2021 IS 8,720,000 General ObUgation and Refundin Bonds:MDD Allocation Only Term: 12 Years Fiscal Interest Principal Interest Interest Total Annual Principal Year Rate Due 02/01 Due 02/01 Due 08101 Interest Re !!cement Outstanding 2022 52,063 203,725 255,788 255,788 9,720,000 2023 5.0% 605,000 203,725 188,600 392,325 997,325 8,115,000 2024 5.0% 640,000 188,600 172,600 361,200 1,001,200 7,475,000 2025 5.0% 680,000 172,600 155,600 328,200 1,008,200 6,795,000 2026 5.0% 710,000 155,600 137,850 293,450 1,003,450 6,085,000 2027 5.0% 745,000 137,850 119,225 257,075 1,002,075 5,340,000 2028 5.0% 785,000 119,225 99,600 218,825 1,003,825 4,555,000 2029 5.0% 830,000 99,600 78,850 178,450 1,008,450 3,725,000 2030 5.0% 870,000 78,850 57,100 135,950 1,005,950 2,855,000 2031 4.0% 910,000 57,100 38,900 96,000 1,006,000 1,945,000 2032 4.0% 955,000 38,900 19,800 58,700 1,013,700 990,000 2033 4.0% 990,000 19,800 - 19,800 1,009,800 - $ 8,720,000 $ 1,323,913 $ 1,271,850 $ 2,595,763 $ 11,315,763 $ 56,600,000 Series 2021C Date of Issue: September 9,2021 1$ 30,680 000 Combined Limited Sales Tax Revenue&Third Lien Hotel Revenue Bonds Term:30 Years Fiscal Interest Principal Interest Interest Total Annual Principal Year Rate Due 02/01 Due 04101 Due 10/01 Interest Requirement Outstanding 2022 786,902 - 786,902 786,902 30,680,000 2023 701,200 701,200 1,402,400 1,402,400 30,680,000 2024 701,200 701,200 1,402,400 1,402,400 30,680,000 2025 701,200 701,200 1,402,400 1,402,400 30,680,000 2026 5.0% 480,000 701,200 689,200 1,390,400 1,870,400 30,200,000 2027 5.0% 510,000 689,200 676,450 1,365,650 1,875,650 29,690,000 2028 5.0% 845,000 676,450 655,325 1,331,775 2,176,775 28,845,000 2029 5.0% 890,000 655,325 633,075 1,288,400 2,178,400 27,955,000 2030 5.0% 925,000 633,075 609,950 1,243,025 2,168,025 27,030,000 2031 5.0% 975,000 609,950 585,575 1,195,525 2,170,525 26,055,000 2032 5.0% 1,030,000 585,575 559,825 1,145,400 2,175,400 25,025,000 2033 5.0% 1,075,000 559,825 532,950 1,092,775 2,167,775 23,950,000 2034 5.0% 1,130,000 532,950 504,700 1,037,650 2,167,650 22,820,000 2035 5.0% 1,185,000 504,700 475,075 979,775 2,164,775 21,635,000 2036 5.0% 1,250,000 475,075 443,825 918,900 2,168,900 20,385,000 2037 5.0% 1,305,000 443,825 411,200 855,025 2,160,025 19,080,000 2038 5.0% 1,375,000 411,200 376,825 788,025 2,163,025 17,705,000 2039 5.0% 1,440,000 376,825 340,825 717,650 2,157,650 16,265,000 2040 5.0% 1,515,000 340,825 302,950 643,775 2,158,775 14,750,000 2041 4.0% 1,590,000 302,950 263,200 566,150 2,156,150 13,160,000 2042 4.0% 1,675,000 263,200 229,700 492,900 2,167,900 11,485,000 2043 4.0% 1,735,000 229,700 195,000 424,700 2,159,700 9,750,000 2044 4.0% 1,805,000 195,000 158,900 353,900 2,158,900 7,945,000 2045 4.0% 1,880,000 158,900 121,300 280,200 2,160,200 6,065,000 2046 4.0% 1,950,000 121,300 82,300 203,600 2,153,600 4,115,000 2047 4.0% 760,000 82,300 67,100 149,400 909,400 3,355,000 2048 4.0% 790,000 67,100 51,300 118,400 908,400 2,565,000 2049 4.0% 820,000 51,300 34,900 86,200 906,200 1,745,000 2050 4.0% 855,000 34,900 17,800 52,700 907,700 890,000 2051 4.0% 890,000 17,800 17,800 907,800 - $30,680,000 $ 12,593,152 $ 11,140,650 $23,733,802 $ 54,413,802 $ -