9/8 THUR 16:00 | Special Districts and Financing Growth in Florida 1
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Frank Palen “Growth” requires public facilities and services, but in Florida “Growth Should Pay for Itself”! Counties and cities resist using taxes to provide for new residents, shifting the burden to more than 1600 “special districts”. Districts build facilities using borrowed money, repaying debt from annual “assessments” only upon the “benefited” property owners within their boundaries. Until recently, the spigots of exuberant capitalism gushed freely, but the fiscal world has changed. Florida will continue to grow -- but what are the “New Rules” for America’s post-“Meltdown” financial system? Will special districts find the resources to address the needs of Future Florida?
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9/8 THUR 16:00 | Special Districts and Financing Growth in Florida 1
- 1. SPECIAL DISTRICTS AND FINANCING GROWTH IN FLORIDA: THE BUBBLE’S BURST…NOW WHAT? A Presentation to the American Planning Association, Florida Chapter 2011 Conference The Breakers, Palm Beach Thursday, September 8, 2011 Frank S. Palen, Esq., AICP Caldwell Pacetti Edwards Schoech & Viator LLP, Attorneys at Law One Clearlake Centre, Suite 600 250 South Australian Avenue West Palm Beach, Florida 33401 Phone: 561-655-0620 Facsimile: 561-655-3775 www.caldwellpacetti.com ©MMXI CPESV LLC. All Rights Reserved
- 3. Special district financing: The team of professionals 09/28/11 Clark Bennett Todd Wodraska Bill Capko Frank Palen Kevin Mulshine
- 6. Special districts and American local government, trends – 1952-2007 09/28/11 Caldwell Pacetti Edwards Schoech & Viator LLP, Attorneys at Law Source: U.S Census Bureau & FLCIR (2009)
- 7. Government in Florida 09/28/11 Caldwell Pacetti Edwards Schoech & Viator LLP, Attorneys at Law
- 10. Special district development financing - “units of development” in a “298” improvement district 09/28/11
- 11. Development financing: No special district bond funds 09/28/11
- 12. Development financing: Special district bond funds 09/28/11
- 13. Development financing: The team of professionals 09/28/11 Clark Bennett Todd Wodraska Bill Capko Frank Palen Kevin Mulshine
Notes de l'éditeur
- WELCOME SELF-INTRODUCTION GOALS FOR THE SESSION CONFERENCE THEME: -- WHAT DO WE DO NOW? SESSION TRACK: FINANCING GROWTH TWO SESSIONS ON SPECIAL DISTRICTS AS FINANCING MECHANISMS OUR FOCUS WILL BE ON SPECIAL DISTRICTS & THE FINANCING PROCESS IN GENERAL TOMORROW MORNING AT 8AM -- PANEL ON CDDs SPECIFICALLY– CHAIRED BY SHERYL STUART, ESQ. HOPPING GREEN & SAMS, TALLAHASSEE
- GIVE MAXIMUM OPPORTUNITY FOR Q&A
- INTRODUCTIONS: Clark Bennett, Managing Director, Spectrum Municipal Services, Inc., Palm Beach Gardens --, Municipal Financial Advisor William G. Capko, Esq., Shareholder, Lewis Longman & Walker, P.A., West Palm Beach-- Municipal Bond Legal Counsel Kevin Mulshine, Managing Director, MBS Capital Markets, LLC, Longmont, Colorado -- Municipal Bond Underwriter Todd Wodraska, Vice President, Special District Services, Inc., Palm Beach Gardens, Florida, Special District Manager Frank S. Palen, Esq., AICP, Partner, Caldwell Pacetti Edwards Schoech & Viator LLP, Special District Counsel, West Palm Beach
- I WILL DEFER TO TODD WODRASKA TO DISCUSS JUST HOW SPECIAL SPECIAL DISTRICT MAY BE
- SPECIAL DISTRICTS HAVE BEEN A “GROWTH AREA” IN GOVERNMENT OVER THE LAST 60 YEARS
- SPECIAL DISTRICTS COMPRISE THE LARGEST NUMBER OF GOVERNMENT ENTITIES IN FLORIDA OVER 1600 DISTRICTS WITH A VARIETY OF FUNCTIONS
- THEY ARE MORE POPULAR IN CERTAIN COUNTIES, PARTICULARLY IN THE GROWITH AREAS IN SOUTH FLORIDA
- THIS IS AN UNCOMMON BUT IMPORTANT VARIATION – BECAUSE IT REPRESENTS AN ALTERNATIVE TO CDDs CERTAIN “298” DRAINAGE DISTRICTS HAD THEIR POWERS EXPANDED TO BECOME “IMPROVEMENT” DISTRICTS WITH A WIDER RANGE OF POWERS THE “UNIT OF DEVELOPMENT” IS THE BASIS FOR BORROWING – FUNCTIONS LIKE A COLLECTION OF CDDs – EACH UNIT HAS ITS OWN ASSESSMENT BASE – GENERALLY A DISCRETE DEVELOPMENT PROJECT NPBCID CURRENT HAS ABOUT $167-MILLION BONDED DEBT, RANKING IT APPROXIMATELY No. 4 IN THE STATE THE TOP RANK IS HELD BY REEDY CREEK IMPROVEMENT DISTRICT (WITH APPROXIMATELY $540-MILLION IN CURRENT BONDED DEBT) THERE ARE ALSO OTHER VARIARTIONS, LIKE “STEWARDSHIP” DISTRICTS, THAT WERE CREATED TO DEAL WITH SPECIFIC LARGE DEVELOMENT PROJECTS
- GREATLY SIMPLIFIED DEVELOPER LOANS FROM A BANK TO ACQUIRE & BUILD EVERY ASPECT OF THE PROJECT THE DEVELOPER IS RESPONSIBLE FOR THE FULL DEBT & THAT FULL COST IS REFLECTED IN SALE PRICE OF LOTS BANK GETS A MORTGAGE ON THE PROPERTY AS SECURITY THE LOAN IS REPAID AS LOTS OR PARCELS ARE SOLD ACCORDING TO A PARTIAL RELEASE SCHEDULE IF THE DEVELOPER DEFAUILTS, THE BANK CAN FORECLOSE ON THE PROPERTY IT HAS NOT RELEASED
- GREATLY SIMPLIFIED BASIC PRINCIPLE: PUBLIC FUNDS CANNOT BE USED FOR EXCLUSIVELY “PRIVATE” BENEFIT THE BANK LOANS ARE STILL NEEDED FOR ACQUISITION & DEVELOPMENT OF THE PROJECT BUT THE DEVELOPMENT CAN BE SEPARATED INTO PUBLIC AND PRIVATE COMPONENTS CERTAIN COMMON ELEMENTS (LIKE DRAINAGE, WATER & SEWER SYSTEMS, PARKS, BUFFER AREAS, NATURAL PRESERVES, ETC) CAN BE CLASSIFIED AS “PUBLIC” DEPENDING ON THE POWERS OF THE SPECIAL DISTRICT, THOSE “PUBLIC” ELEMENTS CAN THEN BE FUNDED BY PUBLIC BORROWING USING BONDS THAT ARE SOLD TO PRIVATE INVESTORS THE NEW LANDOWNERS GET TO LIVE IN A WONDERFUL NEW COMMUNITY WITH MANY AMENITIES OWNED AND MANAGED BY AN ACCOUINTABLE PUBLIC AGENCY, NOT A FLAKY POA OR CONDO ASSN THE DISTRICT COLLECTS ANNUAL ASSESMENTS TO REPAY THE DEBT & TO MAINTAIN THE FACILITIES, WHICH HAVE THE DIGNITY OF TAXES (WHICH MEANS THEY GET PAID ON THE TAX BILL) & SUPERIORITY IN PRIORITY OVER THE MORTGAGE THE INVESTORS GET INTEREST ON THEIR LOAN, WHICH IS REPAID OVER A PERIOD OF YEARS WITH THE CONFIDENCE THAT THE CASH FLOW WILL BE TREATED LIKE TAXES THE DEVELOPER GETS TO SHIFT PART OF HIS DEVELOPMENT COSTS TO THE DISTRICT & NOT SHOW IT AS A COMPANY DEBT OR IN THE SALE PRICE OF LOTS. LIFE IS GOOD!
- TO EXPLAIN TO YOU JUST HOW GOOD THAT LIFE IS, WE NOW TURN TO OUR PANEL IN THE FOLLOWING ORDER BEGINNING WITH TODD WODRASKA, WHO WILL ADDRESS THE ROLE OF THE DISTRICT THE ROLE OF THE DISTRICT MANAGER IN THIS PROCESS THEN TO BILL CAPKO, AS BOND COUNSEL CLARK BENNETT AS DISTRICT FINANCIAL ADVISOR AND FINALLY KEDVIN MULSHINE AS BOND UNDERWRITER