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020403 Transition Area
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ÍËÔÇÜÉØ ÔÏ×ËÜÊÉËÈÚÉÈËØ ÚÎÏÊÉËÈÚÉÔÎÏ ÍÈÛÑÔÚ ÜÐØÏÔÉÔØÊ ÉÎ Î××ÊØÉ ÉÕØ ÑÎÆØË ÇÜÑÈØ ùØÑÜÄ ÔÏ×ËÜÊÉËÈÚÉÈËØ ÛØÄÎÏÙ ÚÎÏÚÈËËØÏÚÄ ëØÇÔÊØ ÚÎÐÍ ÍÑÜÏ ÉÎ ÑÎÆØË ÙØÏÊÔÉÄ ìÈØÊÉÔÎÏÊ ìÈØÊÉÔÎÏÊ City of Virginia Beach Transition Area CIP & Financing Plan Revenue Schedule 7 8 9 10 11 12 13 14 Future Development Assumptions: 2010 2011 2012 2013 2014 2015 2016 2017 Number of Homes Developed 165 165 165 165 165 165 165 165 Average Value of Home in Transition Area 530,753 551.983 574,063 597,025 620,906 645.742 671.572 698.435 Average Value of New Home, City-wide 291,023 302,664 314,771 327,362 340,456 354,074 368,237 382,967 Appreciation Fadors: (8.5% for 1st 2 yrs & 4% beyond) Incremental Difference between Transition Area & City-wide 239,730 249,319 259,292 269,683 280,450 291.668 303,335 315,468 City Share of Revenue Sharing Formula Schedule of Net City Real Estate Taxes in Transition Area: Year 1 Development 314,891 327,486 340,586 354,209 368,378 383,113 398,437 414,375 Year 2 Development 324,892 337,887 351.403 365,459 380,077 395,280 411,091 427,535 Year 3 Development 274,162 285,128 296,533 308,395 320,730 333,580 346,902 360,778 Year 4 Development 274,162 285,128 296.533 308,395 320,730 333,560 346,902 360.778 Year 5 Devefopment 274,162 285,128 296,533 308,395 320,730 333,560 346,902 360,778 Year 6 Development 226,183 235,231 244,640 254,426 284,603 275,187 286,194 297,842 Year 7 Development 226,183 235,231 244,640 254,426 264,603 275,187 286,194 297,642 Year 8 Development 235,231 244.640 254,426 264,603 275,187 286,194 297,642 Year 9 Development 244,640 254,426 264 ,603 275,187 286,194 297,642 Year 10 Development 254,426 264,603 275,187 286,194 297,842 Year 11 Development 264,603 275,187 286,194 297,642 Year 12 Dev.'opment 275,187 286,194 297,642 Year 13 Development 286,194 297,642 Year 14 Development 297,642 Year 15 DeVelopment Year 16 Development Total Incremental City Real Estate Taxes in Transition Area 1.914,634 2,226,450 2,560,148 2,916,980 3,298,261 3.705.378 4,139,788 4,603,021 City of Virginia Beach Transition Area CIP & Financing Plan Revenue Schedule 33 34 35 36 37 38 39 40 Future Development Assumptions: 2036 2037 2038 2039 2040 2041 2042 2043 Number of Homes Developed Average Value of Home in Transition Area 1,471.497 1,530,357 1,591,571 1 ,655,234 1,721,443 1.7901301 1,861,913 1,936.390 Average Value of New Home, City-wide 8061854 839,128 872,693 907,600 943,904 981.661 1.020,927 1,061,764 Appreciation Factors: (6.5% for 1st 2 yrs & 4% beyond) Incremental Difference between Transition Area & City-wide 664,644 691,229 718,878 747.634 7n ,539 808,640 840,986 874,626 City Share of Revenue Sharing Formula Schedule of Net City Real Estate Taxes in Transition Area: Year 1 Development 873,025 907,946 944,264 982,035 1,021,316 1,062,169 1,104,656 1,148,842 Year 2 Development 900,752 936,782 974,253 1,013,223 1,053,752 1,095,902 1,139,738 1,185,328 Year 3 Development 760.105 790,509 822,129 855,015 889,215 924,784 961,n5 1,000,246 Year 4 Development 760,105 790,509 822,129 855,015 889,215 924,784 961,775 1 ,000,246 Year 5 Development 760.105 790.509 822.129 855,015 889,215 924,784 961,775 1,000,246 Year 6 Development 627,087 652,170 678,257 705,387 733,603 762,947 793,465 8251203 Year 7 Development 627,087 652,170 678,257 705,387 733,603 762,947 793.465 825,203 Year 8 Development 627,087 652,170 678,257 7051387 733,603 762,947 793,465 825.203 Year 9 Development 627,087 652.170 678,257 705,387 733.603 762,947 793.465 825,203 Year 10 Development 627.087 652,170 618.257 705,387 733,603 762,941 793,465 825,203 Year 11 Development 627,087 652, 170 678,257 7051387 733,603 762,947 793,465 825,203 Year 12 Development 627,087 652,170 678,257 705,387 733,603 762,947 793,465 825,203 Year 13 Development 627,087 652,170 678,257 705,387 733,603 762,947 793,465 825,203 Year 14 Development 627,087 652,170 678,257 705,387 733,603 762,947 793,465 825,203 Year 15 Development 627,087 652,170 678,257 705,387 733,603 762,947 793,465 825,203 Year 16 Development 627,087 652,170 678,257 705,387 733,603 762.947 793,465 825,203 323,045 335,966 349,405 363,381 377,916 393.033 408,754 425,105 Total Incremental City Real Estate Taxes in Transition Area 11,275,089 11.726,092 12.195,136 12.682,941 13.1901259 13,717.869 14,266,584 14,837,248 City of Virginia Beach Transition Area CIP & Financing Plan Revenue Schedule Future Development Assumptions: Number of Homes Developed Average Value of Home In Transition Area Average Value of New Home, City-wide Appreciation Factors: (8.5% for 1st 2 yrs & 4% beyond) Incremental Difference between Transition Area & City-wide City Share of Revenue Sharing Formula Schedule of Net City Real Estate Taxes in Transition Area: Year 1 Development Year 2 Development Year 3 Development Year 4 Development Year 5 Development Year 6 Devetopment Year 7 Development Year 8 Development Vear 9 Development Year 10 Development Year 11 Development Year 12 Development Year 13 Development Year 14 Development Year 15 Development Year 18 Development Total Incremental City Real Estate Taxes In Transition Area 41 42 2044 2045 2,013,845 2,094,399 1,104,235 1,148,404 909,611 945,995 1,194,795 1,242,587 1,232,741 1,282,051 1,040,256 1,081,868 1.040,256 1,081,866 1,040,256 1,081,866 858,211 892,540 858,211 892,540 858,211 892,540 858,211 892,540 858.211 892.540 858,211 892,540 858,211 892,540 858,211 892,540 858,211 892,540 858,211 892,540 858,211 892,540 442,109 459,793 15,430,737 16,047,967 City of Virginia Beach Transition Area CIP & Financing Plan: Debt Schedule 1 2 3 4 5 6 2004 2005 2006 2007 2008 2009 Debt Service Obligations: 2004 CIP commitments 112,285 112,285 112,285 112,285 112,285 2005 CIP commitments 99,459 99,459 99.459 99,459 2006 CIP commitments 171,117 171,117 171,117 2007 CIP commitments 184,115 184,715 2008 CIP commitments 368,786 2009 CIP commitments 2010 CIP commitments 2011 CIP commitments 2012 CIP commitments 2013 CIP commitments 2014 CIP commitments 2015 CIP commitments 2016 CIP commitments 2017 CIP commitments 2018 CIP commitments 2019 CIP commitments 2020 CIP commitments 2021 CIP commitments 2022 CIP commitments 2023 CIP commitments 2024 CIP commitments 2025 CIP commitments Operations and Maintenance (O&M) Annual Debt Service and O&M Obligations 112,285 211,743 382,860 567,575 936,361 Annual Variance 243,021 423,291 596,152 723,860 863,826 801,155 Cumulative Total 243,021 666,312 1,262,464 1,986.324 2.850.150 3,651,305 City of Virginia Beach Transition Area CIP & Financing Plan: CIP Program Schedule Infrastructure Needs: 2021 2022 2023 2024 2025 Roadways: Transition Area non-VDOT costs adjusted for construction inflation Nimmo Parkway (West Neck to North Landing) 3,096,060 3.522,61 B 3,513,683 1,879.019 6,026.691 Princess Anne (General Booth to Upton) 0 0 77,129 3.972,137 0 West Neck (North Landing to Indian River) 0 0 0 0 0 West Neck Parkway {North Landing, Nimmo. Dam Neck} 0 0 0 0 0 Indian River Road (North Landing - West Neck) 0 0 0 0 0 Indian River Road (Elbow to North Landing) 491,388 0 0 0 0 Salem (Elbow to North Landing) 2,258.577 2,528,120 2,573,520 524,322 0 Seaboard (Princess Anne Road) 0 0 0 0 0 Princess Anne (Sandbridge to Indian River) 0 0 0 0 0 Total Roadway Costs 5,846,025 6,048,738 6,164,332 6.375,478 6,026,691 Parks and Recreation (Nimmo. West Neck Creek, & borrow pit properties) Fire Station Princess Anne Heritage Park Total Planned CIP expenditures 5,846,025 6,048.738 6,164,332 6.375,478 6.026,691