HomeMy WebLinkAbout1990-07-24 - AGENDA REPORTS - VALENCIA MALL FIN ANNEX (2)NEW BUSINESS
DATE:
SUBJECT:
DEPARTMENT:
BACKGROUND
ri
July 24, 1990
E
AGENDA REPORT
City Manager Appro a
Item to be presented by:
Valencia Mall Financing/Annexation
Finance
Andrea Daroca
On August 28, 1989, City staff met with Newhall Land and Farming at their
request to discuss a proposal by them for financial aid through City sponsored
financing developing the mall site. At that time the request by Newhall Land
was for $12MIL in order to attract a Nordstrom's department store.
At the Planning Commission meeting of February 28, 1990, the Newhall Land and
Farming mall site was approved. There were certain infrastructure requirements
placed on the site as a condition of development. Newhall Land presented no
contests to these conditions at that time.
Staff had no further discussions with Newhall Land until May 16, 1990, when at
their request a new proposal was presented to City staff requesting aid of
approximately $16MIL to finance the infrastructure requirements. The proposal
was not acceptable by staff and certain recommendations were sent to Newhall
including a major issue which would require annexation of the industrial/
commercial area near McBean and Newhall Ranch Road and land west of the I-5
Freeway where "restaurant row" is presently and the hotels are planned for
construction up to Highway 126. The annexation is needed in order to allow an
off -set in revenues to help subsidize the financing effort for infrastructure
and to allow the City to establish City territory on the west side of 1-5 which
was originally included in the cityhood recommendation to the Local Agency
Formation Committee.
Newhall Land and Farming sent the City a written proposal on June 28, 1990.
This is attached. The proposal is for the City to finance $12.8MIL of
infrastructure by allocating 60% of sales tax revenues generated.from the Mall
to pay the debt service on 20 -year bonds. It is staff's position that the
amount of infrastructure to be financed is too high and that the percent of
sales tax to be used for debt service is also too high. Furthermore, to make
this a financially attractive arrangement for the City, the annexations
mentioned above are necessary.
Newhall Land and Farming's position is one of opposition to the annexation.
They feel that major reductions from their proposed level of City subsidy would
reduce the quality of the Mall. NL&F's partner, JMB Urban Development Company,
has said they would cease being a partner in the Mall if the City does not help
finance the Mall. NL&F has also .indicated that they are concerned that if JMB
drops out and delays in the project occur, that the anchor stores for the Mall
may go elsewhere. Newhall Land and Farming will make a brief presentation on
the mall proposal.
APPROVED Agenda Item
i
RECOMMENDATION
- 2 -
0
Alternatives available to the Council:
• Approve NL&F proposal.
• Direct staff to negotiate with NL&F for a reduced level of subsidy and
annexations of the areas mentioned.
• Oppose any subsidy of the Mall.
Staff's recommendation is for Council to direct staff to continue negotiations
with Newhall Land & Farming for a reduced level of subsidy and for annexation of
the areas mentioned.
ATTACHMENT
Newhall Land & Farming proposal
JMB/URBAN DEVELOPMENT CO.
RETAIL DEVELOPMENT GROUP
900 North Michigan Avenue
Chicago, Illinois 60611-1582
312915.3300
VIA TELEFAX
June 28, 1990
Mr. George Caravalho
City Manager
23920 Valencia Road
Santa Clarita, California 91355
Re: Valencia Town Center
Infrastructure Financing
Dear George:
RECEIVED
JUL 0 2 1990,1
CITY MAN"G-R'S OYFICE
CITY OF SANTA CLARITA
I thought that we had a very productive meeting on Tuesday, and I
appreciate you getting all of the appropriate people together from
your staff. The purpose of this letter is to respond to the various
concerns raised at the meeting (and your letter of June 11th). We are
proposing to reduce the basic economic terms of the infrastructure
financing as summarized below:
Amount of Infrastructure
To be Financed
Bond Term
original Proposal
(May 16, 1990)
$15,982,000
30 Years
Current Proposal
$12,800,000
20 Years
Allocation of City Sales 75% Phase I 60% Both Phases
Tax Revenues to Debt 90% Phase II
Service Payments
The cash flow projections based on these revised economic terms are
attached (I hope the faxed copies can be read - originals are coming
to you under separate cover).
9 0
Mr. George Caravalho
City of Santa Clarita
VTC Infrastructure Financing
June 28, 1990
Page Two
I have also prepared an analysis comparing our revised proposal
(indicated as Scenario B1 on the attached Exhibit A) with the original
proposal of 5/16/90 and several other scenarios (Al, A21 A3, B2 and
B3). In all of these scenarios, the amount of infrastructure being
financed was kept constant at $12,800,000, while the allocation
percentages and bond terms were varied. There are several important
facts which should be noted from the figures presented on Exhibit A:
1. The 60% share of the City's sales tax revenues dedicated for
infrastructure debt service payments is the maximum commitment by
the City, and it occurs in the earlier years until the sales tax
dollars build up. Over the course of 30 years, the percentage of
sales tax revenue kept by the City is 80.55% (with 19.45% going
to finance the infrastructure).
2. If you decrease the percentage of City sales tax revenue
dedicated to infrastructure financing from 60% to 40% (Scenario
B3) the return to the.City over the 30 year period actually drops
to 64.79% of total revenue or from $134,500,000 to $108,200,000.
This is due to the significant developer loans which must be made
in the earlier years.
3. The economic benefits occurring to the. city are significantly
higher in the revised proposal as compared to the original
proposal. Total sales tax revenues generated for the City's has
increased from $117,300,000 to $134,500,000 or from 70.24% to
80.55% of total revenues. In addition, the bond term has been
reduced from 30 years to 20 years.
The basic economic. terms of the revised proposal as outlined in this
letter will permit the Valencia Town Center project to go ahead and we
are hopeful that these terms meet the economic objectives of the City
of Santa Clarita.
Our department store commitments require that we start site grading on
July 16th. As we discussed in the meeting, we would like the City as
the first step to approve the basic terms of the infrastructure
financing proposal, realizing that it will take several months to
finalize how specifically it is to be implemented.
Mr. George Caravalho
City of Santa Clarita
VTC Infrastructure Financing
June 28, 1990
Page Three
We and our consultants are available at your convenience for any
additional presentations and/or work sessions.
We look forward to working with you on what will be a very exciting,
project and a major asset to.the City of Santa Clarita..
Sincerely,
JMB/URBAN DEVELOPMENT CO.
Michael Levin
Executive Vice President
Retail Development Group
ML:su
Attachments
cc: Tom Dierckman
Jim Czech
File
EXHIBIT A
COMPARATIVE ANALYSIS
Common Assumptions'
1. Phase I opens in 4/92 and Phase II opens in 8/95
2. No Phase II infrastructure costs are included
3.. The common time horizon over which the sales tax revenues are totaled is 30 years
4. Percent of sales taxes dedlcted is the same for both Phases in Scenarios AI through 82
5. All dollar figures are 1n millions
6/11/90
Soenari,o BASE Al A2 AS
Infrastructure Costs $15.9 $12.6 $12.6 $12.8
(Phase 1)
Tera of Bonds 30 Years 25 Years 25 Years 25 Years
Percent of Sales Tax Dedicated
Year 1
90%/75X
60%
75%
40X
,
Year 2
90%/75%
60%
80%
40%
Year 3 and later
90%/75%
60%
50%
40X
Sales Tax Revenues
60%
60%
50%
areas to City
$167.0
$267.0
$167.0
$187.0
Net to City
$117.3
$131.2
$129.6
x114.7
Net as a X of Gross
70.24X
78.56%
77.72%
66.66%
Payments Made
Lease
$48.5
$34.2
$34.2
$34.2
Interest
$1.3
$1.6
$3.0
$18.1
Note: Projections were made
for a 30 year
period to be comparable to the
original proposal.
M
'
File: JSB\403
[OTIN, BEGAN E MUCBLY, INC.
MCIA6W
$187.0
na�aosa�
$131.4
80.54%
78.68%
$29.6
B1
B2
$12.6
$12.8
20 Years
20 Years
BOX
76X
80%
60%
60%
50%
$167.0 '
$187.0
$134.5
$131.4
80.54%
78.68%
$29.6
$28.8
$2.6
$5.7
27 -Jun -BO
B3
$12.6
•
20 Years
40%
40%
40%
$167.0
$108.2
64.79%
$29�
$29.0
Page 1 ' of 1
•
Scenario: B1 'MELLO-RODS/SALES TAX REVENUE' FINANCING OF PUBLIC INFRASTRUCTURE ELEMENTS
ASSUMPTIONS SUMMARY RESULTS
SALES TAX REVENUES AND DEDICATION
$185.00 Initial Annual Sales per Square Foot In 1992 Dollars
5.00% Inflation Rate for Sales
First Year of Operations
1992 Phase
1995 Phase 11
Sq Ft of Operations
675,647 Phase
735,686 Phase II
1.00% Santa Clarita Sales Tax Revenue as
a Percent of Retail Sales
Dedication of Sales Tau Revenue to Lease Payments
60% Phase 1
60% Phase II
11.00% Interest Rate on Borrowing to Cover
Lease Payment Shortfalls
MELLO-ROOS FINANCING
12,800,000 Direct Cost of Infrastructure Elements to be Financed
17% Fees, Issuance Costs &Capitalized Interest
14,976,000 Total Issue Size
7.70% Interest Rate
20 Bond Term in Years
1,491,445 Approximate Annual Debt Service
OVER THIRTY YEARS
16,702,088,447 Total Retail Sales
167,020,884 Gross Sales Tax Revenues to Santa Clarita
REQUIRED PAYMENTS
29,828,903 Lease Payments to Community Facilities District
+ 2,649,701 Interest on Borrowing to Cover Lease Payments
32,478,604 Total Payments to Support Mello -Roos Financing
19.45% Total of Payments Required to Support Mello -Roos
Financing as a Percent of Total Sales Tax Revenues
ACTUALREVENUES
134,542,280 Actual Net Sales Tax Revenues to Santa Clarita
80.55% Net Revenue as Percent of Gross
0 Accumulated Unpaid Interest at End of Term
...R... vale fir.v
�m
•
0
'MELLO-ROOS/SALES TAX REVENUE' FINANCING OF PUBLIC INFRASTRUCTURE ELEMENTS
SUMMARY RESULTS
YEAR
Annual
Sales
Per Sq Fl
a
DERIVATION OF TOTAL
Sq Ft of VTC Leased
Phase I Phase II
c
Total
Retail
Sales
Gross City
Sales Tax
Revenues
e
PRIORITY
PORTION
RETAINED
BY CITY
Total
Amount
PAID TO CFD/ALLOCATED TO LEASE PAYMENTS
Required Interest on Total
Lease Shortfall Paid Out
Payment by CFD
TOTAL CITY BENEFITS
Surplus Net City
Returned Set" Tats
to Coy Revenues
1992
$105.00
523,626
0
82,340.3
823.4
329.4
494.0
1,491.4
0.0
494.0
0.0
329.4
1993
194.25
620,751
0
120,580.8
1,205.6
482.3
723.5
1,491.4
(109.7)
723.5
0.0
482.3
1994
203.98
641,865
0
13D,916.3
1,309.2
523.7
785.5
1,491.4
(206.3)
785.5
0.0
523.7
1995
218.24
641,865
811,705
220,179.5
2,201.8
880.7
1,321.1
1,491.4
(308.6)
1,321.1
0.0
880.7
1996
235.70
641,865
669,575
309,105.2
3,091.1
1,238.4
1,854.8
1,491.4
(359.1)
1,854.8
0.0
1,238.4
1997
247.48
641,885
699,092
331,865.3
3,318.7
1,327.5
1,991.2
1,491.4
(358.8)
1,991.2
0.0
1,327.5
1998
259.68
641,665
699,092
348,456.5
3,464.6
1,393.0
2,090.8
11491.4
(343.1)
2,090.8
0.0
1,393.8
1999
272.85
641,865
699,092
365,881.5
3,858.8
1,463.5
2,195.3
1,491.4
(314.9)
2,195.3
0.0
1,463.5
2000
286.49
641,865
699,092
384,175.5
3,841.8
1,536.7
2,305.1
1,491.4
(272.1)
2,305.1
0.0
1,538.7
2001
300.82
641,865
699,092
403,384.3
4,033.8
1,613.5
2,420.3
1,491.4
(212.6)
2,420.3
0.0
1,613.5
2002
315.80
641,865
699,092
423,553.5
4,235.5
1,694.2
2,541.3
1,491.4
(133.8)
2,541.3
0.0
1,894.2
2003
331.65
641,865
699,092
444,731.2
4,447.3
1,778.9
2,666.4
1,491.4
(33.0)
1,824.4
144.0
2,822.9
2004
348.23
641,865
699,092
468,987.6
4,889.7
1,867.9
2,801.8
1,491.4
0.0
1,491.4
1,310.4
3,178.2
2005
365.85
641,865
609,092
490,316.1
4,903.2
1,961.3
2,941.9
1,491.4
0.0
1,491.4
1,450.5
3,411.7
2008
383.93
641,865
899,092
514,832.0
5,148.3
2,059.3
3,089.0
1,491.4
0.0
1,491.4
1,597.5
3,658.9
2007
403.13
641,605
699,092
540,573.5
5,405.7
2,182.3
3,243.4
1,491.4
0.0
1,491.4
1,752.0
3,914.3
2008
423.28
641,865
699,092
567,602.2
5,678.0
2,270.4
3,405.6
1,491.4
0.0
1,491.4
1,914.2
4,164.8
2009
444.45
641,865
699,092
595,982.3
5,959.0
2,383.9
3,575.9
1,491.4
0.0
1,491.4
2,084.4
4,468.4
2010
466.67
641,665
699,092
625,781.5
6,257.8
2,503.1
31754.7
1,491.4
0.0
1,491.4
2,263.2
4,708.4
2011
490.00
641,865
699,092
657,070.5
6,570.7
2,626.3
3,942.4
1,491.4
0.0
1,491.4
2,451.0
5,079.3
2012
514.50
641,865
699,092
889,924.1
0.899.2
2,759.7
4,139.5
0.0
0.0
0.0
4,139.5
6,8992
2013
540.23
641,685
699,092
724,420.3
7,244.2
2,897.7
4.346.5
0.0
0.0
0.0
4,346.5
- 7,244.2
2014
567.24
641,865
699,092
760,641.3
7,606.4
3,042.8
4,563.8
0.0
0.0
0.0
4,563.8
71BO8A
2015
595.60
641,865
699,092
798,673.3
7,908.7
3,194.7
4,792.0
0.0
0.0
0.0
4,792.0
- 7,986.7
2018
625.38
641,865
699,092
838,607.0
8,388.1
3,354.4
5,031.8
0.0
0.0
0.0
5,031.6
8,388.1
2017
650.65
641,865
699,092
860,537,3
8,805.4
3,522.1
5,283.2
0.0
0.0
0.0
5,283.2
8,505.4
2018
689.48
641,665
699,092
924,564.2
9,245.6
3,698,3
5,547.4
0.0
0.0
0.0
5,547.4
9,245.6
2019
723.96
641,865
699,092
970,792.4
9,707.9
3,883.2
5,824.8
0.0
0.0
0.0
5,824.8
9,707.9
2020
760.15
641,865
699,092
. 1,019,332.0
10,193.3
4,077.3
6,116.0
0.0
0.0
0.0
6,118.0
10,193.3
2021
798.18
641,865
699,092
1,070,290.7
10,703.0
4,201.2
6,421.5
0.0
0.0
0.0
8,421.8
10,703.0
TOTALS
16,702,088.4
167,020.9
66,008.4
100,212.5
29,828.9
(2,649.7)
32,478.6
67,733.9
134,542.3
Percent of Gross Sales Tax Receipts:
19.45%
60.55%
JMBSC6-Bt
KOTIN, REGAN 8 MOUCHLY, INC.
PAGE 2 OF 4
'MELLO-ROOS/SALES TAX REVENUE' FINANCING OF PUBLIC INFRASTRUCTURE ELEMENTS
SALES TAX REVENUES & ALLOCATION TO LEASE PAYMENTS
PHASE It
Total
Ret5ll
Sales
01
0.0
0.0
0.0
80.099.1
157,818.3
173,014.0
181,664.7
18.748.0
200,285.4
210,299.8
220,614.6
231,855.3
243,448.1
255,620.5
268,401.5
281,821.6
295,912.7
310,708.3
326,243.7
342,555.9
359,683.7
377,867.9
396,551.3
415,378.6
437,197.8
459,057.7
462,010.6
50.111.1
W1,416.7
557,987.5
8,495,374.7
Total City
Sales Tal
Revenues
UI
0.0
0.0
0.0
801.0
1,578.2
1,730.1
1,818.8
1,907.5
2,002.9
2,103.0
2,208.1
2,318.6
2,434.5
2,558.2
2,684.0
2,818.2
2,959.1
3,107.1
3,262.4
3,425.8
3,598.8
3,776.7
3,965.5
4,163.6
4,372.0
4,590.8
4,820.1
5,081.1
5,514.2
3,570.0
84,953.7
06/27/90
COMBINED
Sales Tax
Bq Ft In
Total
TotsICBy
PHASE I
Allocated
Operation
Relall
Sales Tax
Allocated
to Leese
Sales
Revenues
to I""
Annual
Occupancy
Sq Ft In
Total
Total Cay
Sales Tax
Sq F1 in
Sales
Factor
Opemecn
Retail
Sala Tax
Allocated
Operation
Per Sq Ft
Wphase
675,647
Sala
Revenues
to Lease
0.0
675,647
I
It
785.5
460.8
1,411,533
Payments
2,201.8
(a)
(b)
(c)
(d)
(a)
(9
(9)
(h)
6185.00
77.50%
0100%
875,647
82,340.3
823.4
494.0
0
194.25
91.68%
0.OD%
675,647
120,580.8
1,205.8
723.5
0
203.88
95.00%
0.00%
675,647
10.916.3
1,309.2
785.5
0
218.24
95.00%
83.13%
675,847
140,080.5
1,400.8
8405
735,888
235.70
85.00%
90.99%
875,647
151,256.9
1,512,8
907.7
735,888
247,48
95.00%
95.00%
675,647
158,851.2
1,588.5
953.1
735,886
259.BB
95.00%
95.00%
675,647
168,793.8
1,667.8
1,000.6
735,886
272.85
95.00%
95.00%
675,647
175,133.5
1,751.3
1,050.8
735,888
286.49
95.00%
85.00%
675,647
163,890.2
1,838,9
1,103.3
735,886
300.82
95.00%
85.00%
675,647
193,084.7
1,930.8
1,158.5
735,886
315.86
95.00%
95.00%
875,847
202,738.9
2,027.4
1.216.4
735,888
331.65
95.00%
95.00%
675,647
212,875.9
2,128.8
1,277.3
735,888
348.23
95.00%
95.00%
675,647
223,519.7
2,235.2
1,341.1
735,888
365.65
9570%
95.00%
675,647
234,695.8
2,347.0
1,408.2
735,886
383.93
95.00%
95.00%
675,647
246,430.4
2,464.3
1,478.8
735,888
403.13
85.00%
95.00%
675.647
258,751.9
2,587.5
1,552.5
735,888
423.26
95.00%
95.00%
875,647
271,689.5
2,718.8
1,83.1
735,888
44445
85.00%
95.00%
875,647
283,274.0
2,852.7
1,711.6
735,866
466.67
95.00%
95.00%
675,647
299,537.7
2,995.4
1,797.2
735.888
490.00
95.0096
95.00%
675,647
314,514.6
3,145.1
1,887.1
735,888
514.50
95.00%
85,0096
675,647
330,240.3
3,302.4
1,881.4
735,888
540.23
85.00%
95.00%
675,647
348,752.3
3,467.5
2,080.5
735,888
567.24
85.00%
95.00%
675,647
364,090.0
3,640.9
2,184.5
735,588
595.60
95.00%
95.00%
675,647
382,294.5
3,822.9
2,293.8
735,888
625.38
95.00%
95.00%
675,647
401,409.2
4,014.1
2,408.5
735,888
656.65
95.00%
95.00%
675,647
421,479.6
4,214.8
2,528.9
735,688
689.48
95.00%
95.00%
875,67
442,500.8
.. 4,425.5
2,655.3
735,688
723.98
85.00%
95.00%
875,647
484,681.3
4,646.8
2,768.1
735,858
760.15
85.00%
95.0%
675,647
487,915.4
4,879.2
2,927.5
735,858
798.18
95.00%
95.00%
875,647
512,311.1
5,123.1
3,073.9
735,886
8,208,713.7
82,067.1
PHASE It
Total
Ret5ll
Sales
01
0.0
0.0
0.0
80.099.1
157,818.3
173,014.0
181,664.7
18.748.0
200,285.4
210,299.8
220,614.6
231,855.3
243,448.1
255,620.5
268,401.5
281,821.6
295,912.7
310,708.3
326,243.7
342,555.9
359,683.7
377,867.9
396,551.3
415,378.6
437,197.8
459,057.7
462,010.6
50.111.1
W1,416.7
557,987.5
8,495,374.7
Total City
Sales Tal
Revenues
UI
0.0
0.0
0.0
801.0
1,578.2
1,730.1
1,818.8
1,907.5
2,002.9
2,103.0
2,208.1
2,318.6
2,434.5
2,558.2
2,684.0
2,818.2
2,959.1
3,107.1
3,262.4
3,425.8
3,598.8
3,776.7
3,965.5
4,163.6
4,372.0
4,590.8
4,820.1
5,081.1
5,514.2
3,570.0
84,953.7
06/27/90
COMBINED
Sales Tax
Bq Ft In
Total
TotsICBy
Sala Tax
Allocated
Operation
Relall
Sales Tax
Allocated
to Leese
Sales
Revenues
to I""
Payments
Payments
U9
f0
ImI
(n)
(a)
0.0
875,647
82,340.3
823.4
494.0
0.0
675,647
120,580.8
1,205.6
723.5
0.0
675,647
130,918.3
1,309.2
785.5
460.8
1,411,533
220,179.5
2,201.8
1,321.1
946.9
1,411,533
309,105.2
3,091.1
1,854.6
1,036.1
1,411,533
331,865.3
3,318.7
1,991.2
1,090.0
1,411,533
348,458.5
3,484.8
2,080.6
1,144.5
1,411,533
365,881.5
3,656.8
2,195.3
1,201.7
1,411,533
384,175.5
3,841.8
2,305.1
1,261.8
1,411,533
403,384.3
4,033.8
2420.3
1,324.8
1,411,533
423,553.5
4,235.5
2,541.3
1,391.1
1,411,533
444.731.2
4,4x7.3
2,888.4
1,460.7
1,411,533
466,967.8
4,669.7
2,801.8
1,533.7
1,411,533
490,318.1
4,903.2
2$41.8
1,610.4
1,411,533
514,832.0
5,148.3
3,080.0
1,690.9
1,411,533
540,573.5
5,405.7
3.243.4
1,775.5
1,411,533
567,602.2
5,676.0
3,405.8
1,584,2
1,411,533
595,982.3
5,959.8
3,575.9
1,957.5
1,411,533
825,781.5
6,257.8
3,754.7
2,055.3
1,411,533
657,070.5
8,570.7
3,942.4
2,158.1
1,411,533
689,924.1
8,899.2
4,139.5
2,266.0
1,411,533
724,420.3
7,244.2
4,34&5
2,379.3
1,411,533
760,841.3
7,606.4
4,563.8
2,496.3
1,411,573
798,673.3
7,988.7
4,792.0
2,623.2
1,411,533
838,607.0
8,386.1
5,031.8
2,7543
1,411,533
880,537.3
8,605.4
5,283,2
2,892.1
1,411,533
824,564.2
9,245.6
5,547.4
3.030,7
1,411,533
970,792.4
9,707.9
5,824.6
3,188.5
1,411,533
1,019,332.0
10,193.3
6,118.0
3,347.9
1,411,533
1,070,298.7
10,701.0
6,421.6
16,702,068.4 167,02.9 - 100,2125
JMB506-B1 KOTIN, REGAN & MOUCHLY, INC. PAGE 3 OF 4
'MELLO-POOSSALES TAX REVENUE' FINANCING OF PUBLIC INFRASTAJ(CTURE ELEMENTS O527M
LEASE PAYMENTS & CITY'S NET SALES TAX REVENUES
NET SALES TAX REVENUES TO CITY
.M,850 81 KOTIN, REGAN & MOUCHLY, INC. PAGE 4 OF 4
Year
Saks Tex
Required
Current
Prior
Interest
Accumulated
Payment of
Pemelnin0
TOTAL OF
Surplus
Priority
TOTAL
Allocated
Lease Payment
ShoNali
A=mubled
on Prior
ShoNalls
Accumulated
Accumulated
CL1fPENT LEASE
from Amenuee
Porson of
to Lease
A.e. Debt
or Surplus
Shortfalls
Shortfalls
$Interest
ShONals
Shortfalls
AND SHORTFALL
Allocated to
Saba Tu
Payments
Samoa)
Avallable
& Interest
& Interest
& Interest
& interest
PAYMENTS
Lease Payments
Revenues
(A)
(b)
(c)
(N
(e)
4)
(9)
(n)
N
W
lW
10
1952
494.0
1,491.4
(997.4)
0.0
0.0
(997.4)
0.0
(997.4)
494.0
0.0
329.4
329.4
•
19921
723.5
1,491.4
(768.0)
(997.4)
(109.7)
(1,875.1)
0.0
(1,873.1)
7215
0.0
402.3
482.3
1994
765.5
1,491.4
(703.9)
(1,875.1)
(20.31
P.767.3)
0.0
(2.787.3)
785.8
0.0
523.7
523.7
.11995
1,321.1
1,491.4
(170.4)
P,787.3)
("A)
(3,264.3)
0.0
(5264.3)
1,321.1
0.0
660.7
660.7
1998
1.654.6
1,491.4
363.2
(3.264.3)
(159.1)
(3,623.3)
363.2
(3.2011)
1,654.8
0.0
1238.4
1.238.4
1997
1.991.2
1,491.4
499.7
(3.203.1)
(358.6)
(3.618.8)
499.7
(3.119.0)
1091.2
0.0
1,327.5
1,327.5
1996
2,00.8
1,491.4
599.3
(3,119.0)
(343.1)
(3,462.1)
599.3
(2.862.8)
2,00.8
0.0
1,393.6
1,393.8
1999
2,195.3
1,491.4
7018
(2,682.8)
(314.9)
(3,177.7)
703.6
(2.473.9)
2,195.3
0.0
1,483.5
1,483.4
2.'+00
2,30.1
1,491.4
813.6
(2,473.91
RMO
P.746.0)
813.8
(1,9324)
2,303.1
0.0
1,536.7
1,538.7
2001
2,420.3
1,491.4
928.8
(1,932.4)
P12.6)
(2.144.9)
928.9
(1,218.1)
2,420.3
0.0
1,813.5
1,813.5
202
2,541.3
1,491.4
1,0498
(1,216.1)
(133.8)
(1,349.8)
1(348.9
(30.0)
2,541.3
0.0
1,694.2
1,694.2
2003
2.668.4
1,491.4
1,176.9
(300.0)
(33.0)
(333.0)
333.0
0.0
1,824.4
844.0
1,778.9
2,622.9
2004
2,01.6
1,491.4
1,310.4
0.0
0.0
OA
0.0
0.0
1,491.4
1,310.4
1,667.9
3,176.2
2S
2,941.9
1,491.4
1,450.5
0.0
0.0
0.0
0.0
0.0
1,491.4
1,4503
1,961.3
3,411.7
206
3.0.0
1,491.4
1,597.5
0.0
0.0
0.0
0.0
0.0
1,481.4
1,597.5
2,D%.3
3,658.8
iv0]
3,243.4
1,491.4
1,752.0
0.0
0.0
0.0
0.0
0.0
1,491.4
1,752.0
2,182.3
3,914,3
2005
3,405.8
1,491A
1,9142
0.0
0.0
0.0
0.0
0.0
1,481.4
1,914.2
2,270.4
4,184.8
200
3,575.9
1,491.4
2,084.4
0.0
0.0
0.0
0.0
0.0
1,481.4
2,04.4
2,30.9
4,466.4
2010
3,754.7
1,491.4
2,253.2
0.0
0.0
0.0
0.0
0.0
1,401.4
2,203.2
2,03.1
4,768.4
2011
3,942.4
1,491.4
2,451.0
0.0
0.0
0.0
0.0
0.0
1,481.4
2,451.0
2,629.3
5,0793
2012
4,138.5
0.0
4,139.5
0.0
0.0
0.0
0.0
0.0
0.0
4,139.5
2,759.7
6,8S92
2013
4,346.5
0.0
4,346.5
0.0
0.0
0.0
0.0
0.0
0.0
4.3x0.5
2,7.7
7,2442
2014
4,563.6
0.0
4,50.8
0.0
0.0
0.0
0.0
0.0
0.0
4,563.8
3,042.8
7,08.4
2015
4,7920
0.0
4,792.0
0.0
0.0
0.0
0.0
0.0
0.0
4,792.0
3,194.7
7,966.7
2016
5.01.6
0.0
5,01.6
GM
0.0
0.0
OA
0.0
0.0
5,01.6
3,354.4
8,38&1
2317
5,20.2
0.0
5,20.2
0.0
0.0
0.0
0.0
0.0
0.0
5,283.2
3,372.1
6,05.4
2016
5,547.4
0.0
5,547.4
0.0
0.0
0.0
0.0
0.0
0.0
5,547.4
3,06.3
9,245.6
2019
5,824.8
0.0
5,624.8
0.0
0.0
0.0
0.0
0.0
0.0
5,824.8
3,863.2
9,707.9
2023
6,118.0
0.0
8,116.0
0.0
0.0
0.0
0.0
0.0
0.0
8,116.0
4,077.3
10,193.3
2021
6,421.8
0.0
6,421.8
0.0
0.0
0.0
0.0
0.0
0.0
8,421.8
4,281.2
10,70.0
TOTAL
10,212.5
29,828.9
..
(2.649.7)
32,478.8
67,733.9
08,80.4
134,542.3
.M,850 81 KOTIN, REGAN & MOUCHLY, INC. PAGE 4 OF 4