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North Carolina Aquarium at Pine Knoll Shores
.
PKS Aquarium was appropriated $15 million in 1998 legislative session, butfunding was diverted in September 1999 to aid recovery from Hurricane Floyd.At the time, we were only weeks away from a contract.PKS staff and architects worked to revise the designs since 1999, takingadvantage of lessons learned from construction at Rl and FFNew aquarium will be 90,000 square feet (existing facility is 29,000)New aquarium will feature over 2,500 specimens that represent North Carolina'saquatic habitats "from the Mountains to the Sea."Centerpiece exhibit will be the 306,000 gallon ocean tank featuring a replica ofthe German sub U-352 that sunk of Cape Lookout in 1942. The tank will holdlarge sand tiger sharks, schools of fishes, loggerhead turtles, and othersOther feature exhibits include a Queen Anne's Revenge wreck tank, an exhibit ofriver otters, a mountain trout pool, a stingray touch pool, a jellyfish gallery, and asportfishing exhibitNew aquarium will have staff of 39 (existing has staff of 14)Funding is provided through innovative financing arrangement between the NorthCarolina Aquarium Society, the NC Department of Environment and NaturalResources, and Bank of AmericaOperational budget will increase from $750,000 per year to about $2.5 millionVisitation will increase from 240,000 per year to well over 500,000 per yearVolunteer staff will increase from over 60 active volunteers to over 200New aquarium will have 230+ parking spaces (existing facility has 88)Water Conservation measures include state of the art waste treatment facility with85% water reuse (gray water), a rainwater collection system on the roof, and anatural seawater uptake system to supply water to exhibit tanksEducation resources include new I 50-seat auditorium, discovery classroom,school classroom, and a large multi-purpose room overlooking the salt marshDesign features are in place to accommodate weddings, parties, and eveningrentals, including a catering kitchenNew aquarium will feature a 2,400 square foot gift shop and an outdoor foodservIce areaPrivate donors have been obtained for many of the major exhibits, and the fund-raising effort continues. Over $2 million in private contributions has been raisedthus far.Construction is estimated to take 26 months. Reopening is scheduled for spring2006.
.
SummaryFinancing Arrangement
North Carolina Aquarium, Pine Knoll Shores
With approval from the Council of State, the State Property Office willlease the North Carolina Aquarium, Pine Knoll Shores to the North CarolinaAquarium Society, Inc. for a term of 23 years. During this time, the Society willexpand the Aquarium from 29,000 square feet to over 90,000 square feet andadd new educational exhibits. The contract between the State and the Society isa "Ground Lease" that provides for the reversion of the Aquarium to the Stateupon satisfactory retirement of debt by the Aquarium Society.
The North Carolina Capital Facilities Finance Agency will issue revenuebonds pursuant to Article 2 of Chapter 159D of the North Carolina GeneralStatutes in the amount of $27 million for capitalization of interest and to financeAquarium improvements. The proceeds from the sale of these bonds will beloaned to the Society for the sole purpose of expanding the Aquarium.
The Society and State Property Office will also enter into a Sublease onthe date of issuance of the bonds that authorizes the State to lease the expandedfacility back from the Society at the end of a projected 30-month constructionperiod. The Sublease will be coterminous with the term of the bond financing.The Sublease will require the State to pay to the Society amounts sufficient forthe repayment of the debt service on the bonds. The funds used to make theselease payments will be derived from revenues held in the Aquarium AdmissionFund. The State has the option to make payments from other funds or to pre-paythe bonds with no penalty.
The bonds will be secured by a Letter of Credit issued by Bank ofAmerica. In order to secure its reimbursement obligation, the Society will berequired to grant to the Bank, a Deed of Trust on its leasehold interest in theGro~nd Lease. Such a Deed of Trust will be recorded prior to the Sublease.Thus, if the Society defaults on its repayment obligation to the Bank, theSublease could be wiped out and in foreclosure a purchaser could be entitled touse the Aquarium for the balance of the Ground Lease. Several safeguards havebeen added to prevent this possibility including holding one year's payment inthe Admission Fund as a reserve account.
The Department of Environment and Natural Resources has been anactive partner in the development of this plan. The State Property Office, Officeof State Construction, Department of Insurance, Office of the Attorney Generaland the State Treasurer's Office have provided advice and assistance throughout
the project.
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(Revised 7-30-03)Notes:
(1) Actual fees collected from July, 2001 through June, 2003(Ft. Fisher was closed for expansion until March 19,2002)
(2) Admission fee increase occurred on January 1, 2002(3) Revenue Projections are based on $3.50 per capita from July, 2003 through
December, 2003 (2002-03 actual per capita was $3.40; when PKS closes theper capita will increase due to the higher admission fees at Rl and FF)
(4) Admission Fee Increase $1 in each category on January 1,2004 (Rl and FF)(5) Revenue Projections are based on $4.00 per capita from January, 2004
through April, 2006(6) PKS re-opens in April, 2006(7) Admission fee increase $1 in each category with PKS opening(8) Revenue projections based on $4.75 per capita
,
North Carolina AquariumPine Knoll Shores
Expansion BudgetSeptember 2, 2003
I. Construction Costs: $22.8 million (as calculated from constructiondocuments by an independent professional project estimator andincluding a 5% contingency and 3% project escalation cost asrequired by the Office of State Construction)
n Architectural Costs: $800,000 (to include on-site constructionmanagement, testing, inspections, tap fees, building permits, andproject management)
Aquarium Society Costs: $200,000 (to include projectadministration, accounting, and insurance)
Total Project Costs:
a. Construction $22,800,000b. Architectural 800,000c. Society 200,000d. Total $23,800,000
Capitalized Interest and Expenses: $2,860,000v.
Underwriters Discount: $78,000
Letter of Credit: $112,000
VIII. Cost of Issuance: $150,000
Total Bond Amount: $27,000,000
x Maximum Annual Payment: $2,027,221(b'clsed on an average bond rate of 4% per year for the 20 year lifeof the loan; the past 15 year average bond rate is 3.51%)
SOURCES AND USES OF FUNDS
NC Aquarium SocietyLetter of Credit Scenario; Assumes 4.00% Var Rate
(North Carolina Capital Facilities Finance Agency)
Dated Date
Delivery Date11/20/200311/20/2003
Sources:
Bond Proceeds:Par Amount 26,990,000.00
26,990,000.00
Uses
Project Fund Deposits:
Project Fund 23,800,000.00
Other Fund Deposits:
Capitalized Imerest through May I, 2006
Capitalized Expenses through May I, 20062,605,382.80
251.965.02
2,857.347.82
Delivery Date Expenses:Cost of Issuance
Underwriter's DiscountLetter of Credit (.43%)
143,500.00
77,479.00
111.214..31
332..193.31
Other Uses of Funds:Additional Proceeds 458.87
26,990.000.00
Sep 2, 2003 6: 13 pm Prepared by DBC Finance (Finance 5.000 NC Aquarium:RFP-LOC_7_25) Page
BOND SUMMARY STATISTICS
NC Aquarium SocietyLetter of Credit Scenario; Assumes 4.00% Var Rate(North Carolina Capital Facilities Finance Agency)
Dated DateDelivery DateLast Maturity
11/20/200311/20/200311/01/2026
4.486983%4.6693920,'04.048274%4.723160%4.0002440,'0
Arbitrage YieldTrue Interest Cost (TIC)Net Interest Cost (NIC)All-In TIC
Average Coupon
14.5569.764
Average Life (years)Duration of Issue (years)
Par AmountBond ProceedsTotal InterestNet InterestTotal Debt ServiceMaximum Annual Debt ServiceAverage Annual Debt Service
26,990,000.0026,990.000.0015.715,377.7615,792.856.7642.705,377.762,012,399.991,861,026.03
Underwriter's Fees (per S I 000)Average TakedownManagement FeeOther Fee
0.5557611.5000000.814894
2.870656Total Underwriter's Discount
Bid Price 99.712934
ParValue
Average
CouponAverage
LifeBond Component Price
26,990,000.00 100.000VRDN 4.000% 14.556
26,990,000.00 14.556
(Finance 5.000 NC Aquarium:RFP-LOC_7_25) Page 2Sep 2, 2003 6: 13 pm Prepared by DBC Finance
BOND SUMMARY STATISTICS
NC Aquarium SocietyLetter of Credit Scenario; Assumes 4.00% Var Rate
(North Carolina Capital Facilities Finance Agency)
All-InTIC
ArbitrageYieldTIC
26,990,000.00 26,990,000.00 26,990,000.00Par Value+ Accrued Interest+ Premium (Discount)
-Underwriter's Discount-Cost of Issuance Expense-Other Amounts
-77,479.00 -77,479.00
-143,500.00
-111,214.31-111,214.31 -111.214.31
Target Value 26,801,306.69 26,657,806.69 26,878.785.69
Target DateYield
11/20/20034.669392%
11/20/2003
4.723160%11/20/2003
4.4869830,/.
Scp 2. 2003 6: 13 pm Prepared by DBC Finance (Finance 5.000 NC Aquarium:RFP-LOC_7_25) Page 3
BOND DEBT SERVICE
NC Aquarium SocietyLetter of Credit Scenario; Assumes 4.00% VarRate
(Nonh Carolina Capital Facilities Finance Agency)
Period
Ending Principal Coupon Debt ServiceInterest
11/01/2004
11/01/2005
11/01/2006
11/01/2007
11/01/2008
11/01/2009
11/01/2010
11/01/2011
11/01/2012
11/01/2013
11/01/2014
11/01/2015
11/01/2016
11/01/2017
11/01/2018
11/01/2019
11/01/2020
11/01/2021
11/01/2022
11/01/2023
11/01/2024
11/01/2025
11/01/2026
1,024,145.121.078,856.491,079,599.981,047,799.991,015,298.74
979,125.24943,399.99905,400.03
866,396.26823,832.22781,000.02735.600.01688.673.93638.160.20
586,800.02532,599.99476,327.81416.512.93354, i99.99290.000.04222.353.01151.295.76
77.399.99
1,024,145.121,078.856.49
1.874,599.981,877,799.991.885.298.741,889,125.241.893.399.991.895.400.031,901,396.261.908.832.221,916.000.021.920.600.011.928.673.931.933.160.201.941.800.021.947.599.991.956.327.811.966..512.93
1,974.799.991.985.000.041.992.353.012.001.295.762.012.399.99
795,000830,000870,000910,000950,000990,000
1,035,0001,085,0001,135,0001,185,0001,240,0001,295,0001,355,0001,415,0001,480,0001,550,0001,620,0001,695,0001,770,0001.850,0001,935,000
4.000%4.000%4.000%4.000%4.000%4.000%4.000%4.000%4.000%4.000%4.000%4.000%4.000%4.000%4.000%4.000%4.000%4.000%4.000%4.000%4.000%
26,990,000 15,715,377.76 42.705.377.76
~
Sep 2, 2003 6: 13 pm Prepared by DBC Finance (Finance 5.000 NC Aquarium:RFP-LOC_7_25) Page 4
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CAPITALIZED INTEREST FUND
NC Aquarium SocietyLetter of Credit Scenario; Assumes 4.00% VaT Rate
(North Carolina Capital Facilities Finance Agency)
Caoitalized Interest through Mav I. 2006 (CAP()
ScheduledDraws
Interest
@I%Deposit PrincipalDate Balance
11/20/2003
12/01/2003
01/01/2004
02/01/2004
03/01/200404/01/2004
05/01/200406/01/2004
07/01/2004
08/01/2004
09/01/2004
10/01/2004
11/01/2004
12/01/2004
01/01/200502/01/200503/01/200504/01/200505/01/200506/01/200507/01/2005
08/01/2005
09/01/2005
10/01/200511/01/200512/01/200501/01/2006
02/01/200603/01/200604/01/2006
05/01/2006
2,605,382.80 2.605.382.802.572.846.912.481.154.862.389.462.312.303.920.732.212.479.202.134.750.042.043.308.511.954.816.7.11.863.375.181.771.933.651.683.441.851.601.543.341.:13.051.541.421.610.011.330.168.48
1.147.349.851.155.657.801.073.814.70
982.1:2.65893.388.40801.696.35i 1 0.00';.30
621.270.05-" 81' ") 5~;};}. ~.-445.0i9.00353.336.95
261.694.90178.8"76.27
87,184.22
32.535.8991.692.0591.692.0585.542.08
91,441.5377,729.1691,441.5388,491.8091.441.5391.441.5388.491.8081.898.5188.491.8091.441.5391.441.5382.818.63
91.692,0581.843.1091.692.0588.734.2591.692.0591.692.0588.734.2587.456.8088.734.2591.692.0591.692.0582.818.63
91,692.0587,184.22
32.535.8991.692.0591.692.0585.542.0891.441.5388.491.80
91,441.5388.491.8091.441.53
91.441.5388.491.8091.441.53
88,491.8091.441.53
91.441.5382.818.63
91,692.0588.734.2591,692.0588.734.2591.692.0591,692.0588.734.2591.692.0588.734.25
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91,692.0588.734.25
10,762.64
9..543.02
6.891.15
4,235.25
1,550.03
32,982.09 2,605,382.80 2,638,364.892,605,382.80
(Finance 5.000 NC Aquarium:RFP-LOC_7_2S) Page 6Sep 2. 2003 6: 13 pm Prepared by DBC Finance
NORTH CAROLINA CAPITAL FACILITIES FINANCE AGENCYVariable Rate Revenue Bonds .
(North Carolina Aquarium Society Project), Series 2003---,--
Breakdown of Estimated Cost of Issuance
$13,500
60,000*
20,000*
111,000*
15,000*
2,500
1,500*
2,000*
5,000*
15,000*
4,000*
5,000
Issuer (NC Capital Facilities Finance Agency)
Bond Counsel (Womble Carlyle)
Borrower's Counsel (Smith Anderson)
Letter of Credit Fee (1st Year) (BofA)
Letter of Credit Counsel Fee (Hunton & Williams)
Local Government Commission Fee
Trustee Fees (TBD)
Acceptance Fee
Annual Administrative
Legal and Expenses
Rating Agency:TBD
Estimated Printing of OS and POS (ImageMaster)
Contingency
* Estimate
Bankof America.
NORTH CAROLINA CAPITAL FACILITIES FINANCE AGENCYVariable Rate Revenue Bonds
(North Carolina Aquarium Society Project), Series 2003
Underwriting Fees Information
~
"f~t~ff?; '"'""'COC'S'Total$1$1,000
Management FeeSales CommissionUnderwriting RiskExpenses
15,00040,500
021,994
0.561.500.000.81
Total
20,000114600780500
Expenses:Underwriter's Counsel (Including Expenses)CUSIPDTCPSATravel/LodgingiOut-of -Pocket
~
~ Total Expenses $21,994
Note: Annual remarketing fee of.10% (10 basis points)
8ankofAmerica~~.
§ 143B-289.44. North Carolina Aquariums; fees; fund.
(a) Fees. -The Secretary of Environment and NaturalResources may adopt a schedule of uniform entrance fees for theNorth Carolina Aquariums.
(b) Fund. -The North Carolina Aquariums Fund is herebycreated as a special and non-reverting fund. The North CarolinaAquariums Fund shall be used for repair, renovation, expansion,maintenance, educational exhibit construction, and operational expenses atexisting Aquariums and to match private funds that are raisedfor these purposes.
(c) Disposition of Fees. -All entrance fee receipts shall becredited to the North Carolina Aquariums Fund.
(d) The Division of North Carolina Aquariums shall submit tothe Joint Legislative Commission on Governmental Operations, theHouse and Senate Appropriations Subcommittees on Natural andEconomic Resources, and the Fiscal Research Division bySeptember 30 of each year a report on the North CarolinaAquariums Fund that shall include the source and amounts of allfunds credited to the Fund and the purpose and amount of allexpenditures from the Fund during the prior fiscal year.(1997-286, s. 8; 1997-400, s. 6.3(b); 1997-443, s. 11A.119(b);1999-49, s. 2.)