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HomeMy WebLinkAboutagenda.council.worksession.20150728 CITY COUNCIL WORK SESSION July 28, 2015 4:00 PM, City Council Chambers MEETING AGENDA I. Pedestrian and Bicycle Safety and Connectivity Update II. Low Carbon Fuel and Vehicle Technology Analysis Update III. Refunding 2005 Parks Sales Tax Bonds and 2005 Burlingame Bonds MEMORANDUM TO: Mayor and City Council FROM : Trish Aragon, PE, City Engineer J u s t i n F o r m a n , P E , S e n i o r P r o j e c t M a n a g e r I M a t t Kuhn, Trails Manager THRU: Scott Miller, Public Works Director A u s t i n W e i s s , T r a i l s S y s t e m S u p e r v i s o r I I DATE OF MEMO: July 22, 2015 MEETING DATE: July 28, 2015 RE: Pedestrian and Bike Project Update SUMMARY: Below is an update Council on Current Pedestrian and Bike Safety Projects. BACKGROUND: The various pedestrian and bike projects follow the ideals of The AACP. The Plan states “Aspen’s future should be one in which the automobile plays a smaller role in people’s everyday lives… (We) should increase the percentage of trips made via alternative modes of transportation. This can be accomplished by continuing to make….. the pedestrian/bike trail system more convenient, efficient, accessible, affordable and enjoyable. ….. Our commitment to alternative modes of transportation helps reduce traffic congestion, improves air quality, reduces greenhouse gas emissions, promotes public health and reduces our dependence on non – renewable resources.” Additionally these projects follow the city’s Complete Street Principals: The following guiding principles are to ensure that transportation improvements are planned, designed and constructed to encourage walking, bicycling and transit use while promoting safe operations for all users: (a) Plan for, design and construct all new transportation improvement projects to provide appropriate accommodation for pedestrians, bicyclists, transit riders, and persons of all abilities, while promoting safe operation for all users. (b) Operate and maintain the transportation network to improve travel conditions for bicyclists, pedestrians, transit, and motorists in a manner consistent with, and supportive of, the surrounding community; (c) Improvements will include an array of facilities and amenities including: street and sidewalk lighting; pedestrian and bicycle safety improvements; intersection improvements; access improvements, including compliance with the Americans with Disabilities Act; public transit facilities accommodation including, but not limited, to pedestrian access improvement to transit stops and stations; street trees and landscaping; drainage; and street amenities; P1 I. (d) Implement these policies with a master plan approach recognizing that all streets are different and in each case user needs must be balanced DISCUSSION: Below is a summary of current pedestrian and bike safety projects. This includes recently completed and ongoing projects. Project: Mill Street Complete Street: Goals of the project include, improving pedestrian safety through improved crosswalks and detached sidewalks. Project also includes improvements to bike safety through the installation of new bike lanes. Lastly the project provides a traffic calming element to slow traffic within the City’s posted speed limit of 20 mph. Status: Phase I of the project has been completed. The island for Phase I was installed as a temporary measure to obtain community input on the changes to the Street. Initial data has shown that the traffic calming portion of the project has been successful. Data shows that the 85th percentile speeds have decreased from 27 mph to 20 mph through Phase I of the project Comments from Public: Positive:  The island is fine, and offers excellent additional pedestrian protection. The RRFB flashing signal is very effective, and should be considered for additional locations on Main Street.  The Mill Street crossing, before the temporary island was put in, was “problematic” due to “too much going on” to cross safely: especially bad in winter when snow stacked in middle of road after a big dump. Pedestrians need a safe place to be while crossing both lanes of traffic, easier one lane at a time. Negative:  I do think that the pedestrian light at the crosswalk is a good idea, however, I do not think that the pedestrian refuge island on Mill Street is necessary.  It (the island) clearly will need to be removed when winter comes as it would cause accidents and is at the bottom of an icy hill. It is unnecessary. A painted crosswalk is enough. It saved time to have two lanes on Mill Street. One for those going onto Puppy Smith and one for those going toward Red Mountain. Let’s not forget that Aspen was a mining town and keep true to some of its historical aesthetic. Other:  Improve the connectivity to the Rio Grande Trail so that you could ride your bike down Mill Street and connect directly with the Rio Grande Trail (by the Powerhouse). P2 I. Next Steps: Continue developing the final island configuration additionally continue to collect feedback. Project: Mill and Main: New signal pole installation by CDOT in addition to a newly aligned intersection for vehicle safety and to accommodate future bike lanes. Status: Poles have been installed and the curb and gutter has been realigned to give the new signal poles protection from errant vehicles. Additionally the new intersection keeps northbound vehicles from crossing the center line while entering Mill Street from Main Street. Next Steps: Reassess the level of service in the intersection. We suspect there is a decrease in the level of service for the southbound right turning movement from Mill Street. The signal P3 I. timing and lane configuration may need to be revaluated to improve the level of service on Mill Street. Project: Castle Creek /Hallam Street Connectivity: Improve Aspen’s East – West pedestrian and bike connectivity. This includes updating and enhancing the Castle Creek Bridge connections for pedestrian and bicyclist infrastructure. The project also aims to improve the bus stop location and associated crossing infrastructure including ADA accessibility upgrades.    Conceptual view of trail improvements on Castle Creek Bridge  Status: Staff have been counting bicycle use on the bridge since mid-April, and between April 15th and July 15th, there were more than 12,918 bicycle trips across the bridge. There was community concern about the impact of the project on the flow of traffic over the Castle Creek Bridge. As a result the City retained the services of Fox Tuttle to perform a traffic analysis. This analysis will analyze whether or not the improvements proposed will have any effect on traffic over the Castle Creek Bridge. Next Steps: Later this year, the City will be installing a living lab on the Castle Creek Bridge. This lab will be a temporary installation of the improved pedestrian and bike platform on the Castle Creek Bridge. During this time we will engage the community outreach and plan development. P4 I. Project: Pedestrian and Bicycle Master Plan Update: The engineering and parks department began an update to the 1990 Pedestrian Walkway and Bikeway System Plan in late 2014. Staff contracted with Alta Planning and Loris and Associates to provide an analysis of the existing system of sidewalks, on-street bike infrastructure, and trails, and provide a recommended facilities map. Community input was sought through an online questionnaire, an interactive map- based comment tool, and an open house at the Limelight Hotel. Excerpt of Phase I Pedestrian and Bicycle Master Plan  Status: The analysis of the existing system has been completed along with a draft of the recommended facilities map. Staff and Alta have prepared an informational packet and are working on web outreach and stakeholder meetings for the fall. Next Steps: Staff will solicit formal feedback on the recommended facilities from key departments within the City, as well as external stakeholders and the community at large. Following outreach, staff intends to work on a second phase of this project that defines project prioritization and develops a complete plan that incorporates maintenance and other recommendations. This second phase is jointly budgeted between the parks and engineering departments, and will commence in early 2016. P5 I. Project: Neale Ave Improvements: Project includes a traffic calming element to reduce speeds to within posted limits on Neale Avenue. It also includes improvements to pedestrian safety along through the enhancement of the pedestrian and cyclist connections to the surrounding neighborhoods and trail systems. Lastly the project includes an improvement to the drainage infrastructure to address drainage issues in the area and to reduce the discharge of pollutants to the Roaring Fork River. Status: Phase I was completed during the Fall of 2014 and included improvements to the west side of the Neale Avenue centerline. Including enhancements to the Herron Park Entrance and the installation of permeable pavers in the parking area. Phase II construction, will include improvements to the east side of the Neale Avenue centerline, including: storm sewer and water quality improvements, sidewalk, speed table, asphalt paving and Prockter Open Space grading and landscaping. Phase II was bid out earlier this year. However the bid came in over what was budgeted for the project. In order to complete the next phase of the project, the project would need a supplemental approval of $120,000 for a total budget authority of $612,000. Next Steps: If Council would like to proceed with Phase II of the project, Staff intends to utilize a hybrid alternative project delivery method for phase II. This was the same approach used for Phase I. Staff believes this methodology provides the best value to the City while minimizing risk and utilizing resources familiar with City Parks and landscape features. During this phase of work the contractor will be responsible for construction of the higher risk, higher complexity infrastructure elements within the City right of way, including: storm sewer upgrades, water quality vault installation, concrete flatwork, and asphalt paving. The Parks Department construction crew will subsequently mobilize to Neale Avenue to complete the storm sewer outfall area, landscaping and final grading. Project: Main and Maroon Pedestrian Improvements – North of Moore Drive and Maroon Creek Road Intersection at the High School. Students, trail, ARC, and Tiehack users all traverse this heavily used crossing. Various complaints and at least one accident have occurred in the direct vicinity. Currently there are no formal crossing markers or any traffic calming in this area. Status: The Engineering Department has reached out to Excavation Services, Inc. for a bid to install Rectangular Rapid Flashing Beacons (RRRB) at this crossing. Work is scheduled to be completed later this summer/fall. Next Steps: Future installation would include signage such as “Your Speed Is” or other similar traffic calming devices to help further increase safety and reduce speeds in this vicinity of this crossing. P6 I. Project: Main Street Pedestrian Improvements – Intersection of Main Street & 4th Street, Intersection of East Hopkins Avenue & South Original Street This project will enhance pedestrian safety on the Main Street corridor. The City of Aspen Pedestrian and Traffic Safety committee endorsed this project and presented it to City Council on July 28, 2009. Council directed staff to proceed. After further study by Staff and the Main Street Citizens Pedestrian Safety Committee, refined treatments were again presented to Council. Council directed staff to enter these projects into the budget process for 2011. These pedestrian and traffic calming improvements have been developed after extensive study by staff and the Main Street Citizen Pedestrian Safety Committee. Status: The Engineering Department has reached out to Excavation Services, Inc. for a bid to install a Rectangular Rapid Flashing Beacon (RRFB) system at the intersection of Main Street & 4th Street and upgrade the existing RRFB system at East Hopkins Avenue & South Original Street. Next Steps: Installation of both systems will be performed this fall. Project: This project area is located along Park Circle in the general vicinity of the intersection with Brown Lane. The project area was previously identified on March 19, 2013 in the “City Wide 20 MPH” memo to Council as a street having an 85th percentile speed of 31 MPH, and in need of an engineering study to identify recommended traffic calming measures. Improvements included pedestrian crossing signage and striping, tree trimming, traffic calming elements, RFTA bus stop upgrades, and improved pedestrian connectivity. Status: Project was completed in June of 2015. P7 I. Next Steps: Gather speed data to determine the effectiveness of the implemented improvements. Project: Trail update: Oklahoma Flats, Burlingame Connectors: The City of Aspen has been working over the summer on planning for improvements to the Oklahoma Flats trail. This frequently used connection between the Rio Grande Trail and the northeast neighborhoods of Aspen (Hunter Creek & Smuggler area) is currently very steep, and the trail surface is failing. When compared to other frequently used trails in the City of Aspen (see graph), Oklahoma Flats Trail is shown to be used more consistently throughout the year, suggesting that the trail is utilized more for alternative transportation over recreational use, and serving a full-time resident population. Staff are working with property owners in order to negotiate easements and construction agreements. It is the goal of the project to rebuild this trail and reduce the overall grades of the trail, while improving safety for trail users and maintenance staff. P8 I. The Parks Department has also been working over the summer on several trail connections in the vicinity of Burlingame. A connection from Burlingame to the AABC was built in June, and a connection from Burlingame to the Stein Bridge and Rio Grande trail is under construction now. These trail connections will provide better connections between various public lands and trails for residents of the AABC and Burlingame, as well as the greater community. AABC Connector Trail  Status: The Burlingame Connector trails will be completed in early August. Staff continue to work on planning for the improvements to Oklahoma Flats trail. 0 1,000 2,000 3,000 4,000 5,000 6,000 2014‐05‐05 2014‐06‐16 2014‐07‐28 2014‐09‐08 2014‐10‐20 2014‐12‐01 2015‐01‐12 2015‐02‐23 2015‐04‐06 Weekly Trail  Counts for Cemetery Lane Trail  vs. Oklahoma Flats Trail Cemetary Lane Trail OK Flats Trail P9 I. Next Steps: Following the completion of the planning process on the Oklahoma Flats trail, staff will work through the permit process with a planned implementation for the summer of 2016. The parks department has proposed a budget of $350,000 for 2016. Project: Gondola Plaza Improvements: Project included intersection improvements for pedestrian safety and included water quality elements. Status: Project was completed, however subsequent improvements to the rain gardens have been completed. To date, the rain gardens have been replanting and interpretive signage has been installed. P10 I. Next Steps: If additional measures are needed at the rain gardens the next steps can include the installation of a bench at the west garden. For the east garden, benches or other alternatives can be pursued. Project: Rethink Streets: This is an initiative created by Council to prioritize pedestrian access, safety, and wellbeing in the commercial core. Tourism often involves pedestrian activity, and we have fantastic opportunities to promote tourism while also furthering small town character if we ensure that walking in Aspen is safe and pleasant. Project values: o Safety – Streets and sidewalks need to be safe for walkers. o Access - Streets and sidewalks have to perform for everyone regardless of shape, size, ability, agility, or mobility. o Vibrancy – Streets and sidewalks are not just conduits between Point A and Point B. They’re part of the cultural and aesthetic fabric of the city. o Wellbeing – Safe, pleasant streets and sidewalks enhance the physical, psychological, and economic wellbeing of this community and its members. o Parking neutral – Solutions that have minimal or no impact on parking availability are a priority. Status: Initial temporary installations, intended to provide a sense of possibilities, have been placed at Galena and Hopkins. The installations have this far involved bulb-outs with flowers, a wishing tree and limited seating, along with outdoor “living rooms.” Initial survey results show the following: Positive responses (51.2%) to the installation focused on aesthetics, pedestrians, and safety. Naysayers (28.8%) voiced concerns about the bulb outs’ impact on traffic flow and safety. A common objection was that the bulb outs increase congestion in commercial core. 51.20% 28.80% 20.00% Positive Negative Mixed/contingent P11 I. “On the fence” respondents (20%) expressed mixed or contingent support for the concept. Next Steps: Plans are in place to upgrade the existing bulb-outs, to extend the experiment from two corners to all four corners of the intersection and to involve community curators of the spaces. Research on impact and acceptance are an integral part of the approach, and has included pre-installation observations of traffic, bike and pedestrian travel patterns and interactions; surveys; an ice cream event with street interviews; and informal feedback via a blackboard. After the entire installation has been in place for several weeks on all four corners, post-installation research will help establish whether safety has increased for pedestrians and whether use of the areas by pedestrians for lingering and socializing has increased. The team is also considering where next to install a pilot. CITY MANAGER COMMENTS: P12 I. Page 1 of 4 MEMORANDUM TO: Mayor and City Council FROM: Ashley Perl, Climate Action Manager THRU: Randy Ready, Assistant City Manager DATE OF MEMO: July 17, 2015 MEETING DATE: July 28, 2015 RE: Alternative Fuels Analysis and Feasibility Study REQUEST OF COUNCIL: This presentation represents the completion of a 2014/2015 Best Year Yet City Council Top Ten Goal. This worksession provides an opportunity for City Council and the community to learn about clean-burning fuel technology and its uses in Aspen. Staff is requesting direction on how to proceed with the implementation of clean fuels in Aspen. PREVIOUS COUNCIL ACTION: At the City Council retreat in the summer of 2014, City Council members set a goal to “ identify carbon reduction opportunities in transportation and lay out a pathway that infuses appropriate and forward thinking technologies into the Aspen community .” During the last year, staff provided updates on this goal to City Council as part of the regular BYY quarterly update process. BACKGROUND: The community of Aspen must continue to work to limit the number of cars on the road and greatly reduce the congestion caused by those vehicles. Congestion and traffic negatively affect the quality of life in Aspen and lead to numerous health and environmental impacts. At the same time, it is understood that certain types of vehicles will always remain on the road, and it is not possible to remove all vehicles from Aspen’s streets. As a community, we must find a way to ensure that those vehicles that remain on Aspen’s roads are running on the cleanest fuels possible, reducing health risks and minimizing Aspen’s environmental footprint. The City of Aspen is committed to reducing greenhouse gas emissions in the community by 30% by the year 2020 and 80% by the year 2050 below the baseline year 2004. To achieve these goals, Aspen’s fleets, passenger cars, delivery trucks and all other vehicles on the road must use fuels that emit the minimum amount of emissions possible. In 2014, the transportation sector represented 19% of Aspen’s communitywide greenhouse gas emissions. This number can be significantly smaller if Aspen can do two things: 1) continue to implement programs and policies that reduce the number of vehicles on the road and 2) provide opportunities for the remaining P13 II. Page 2 of 4 vehicles to use fuels that produce either low or zero emissions. This BYY goal focused on the second goal by educating the community about the future of clean-burning fuels and identifying actions to increase the use of these fuels locally. To understand more about what might be possible in Aspen and what the community might be able to achieve in the future, it was important that staff and City Council first learn more about alternative fuels. To do this, the City of Aspen worked in partnership with Denver Metro Clean Cities Coalition, a program funded by the U.S. Department of Energy and ran locally though the American Lung Association that specializes in alternative fuel vehicles, to produce a detailed report for Aspen. This report identifies new and existing vehicle fuels and analyzes the short and long term viability of using these clean burning fuels in Aspen based on a series of factors. Fuels included in the report: Plug-in electric vehicles of all types (PEV) Hydrogen fuel cell vehicles (FCV) Renewable natural gas vehicles (RNG) Analysis conducted using these factors: - Benefits and challenges of the fuel - Considerations for use in Aspen - Infrastructure requirements - Case studies - Current and future markets and market direction The executive summary of the Clean Cities report is Attachment A. The full report explains each technology in further detail. The worksession will include a presentation from Tyler Svitak, the primary author of the report, so that City Council can learn about each fuel and its application in Aspen. A copy of the full report is available on request. Plug-in Electric Vehicle (PEV) A plug-in electric vehicle is propelled by electricity that is pulled from an external source, like the electricity grid, then stored in a battery, and used by an electric motor that sends power directly to the wheels. Electricity is stored in a battery onboard the vehicle, and the battery is charged at either a traditional electrical outlet or a specialized electric vehicle charging station, either public or private. Hydrogen Fuel Cell Vehicles (FCV) Similar to a PEV, a hydrogen fuel cell vehicle is powered by an electric motor, but the electricity used to power the motor is generated from the combination of hydrogen and oxygen inside a fuel cell instead of being plugged into an external electric source. Hydrogen is stored in a highly P14 II. Page 3 of 4 compressed tank onboard the vehicles, and when combined with oxygen inside the fuel cell it generates electricity to power an electric motor, with the only by-product being water. Renewable Natural Gas Vehicles (RNG) Natural gas is a colorless, odorless substance that has been used as a transportation fuel for decades. Natural gas is the cleanest burning of all fossil fuels, however unlike PEV’s and FCV’s natural gas vehicles have tailpipe emissions. Natural gas vehicles use an internal combustion engine, with a comparable fuel efficiency to gasoline vehicles. The vast majority of natural gas is produced through traditional extraction methods and hydraulic fracturing. However, renewable natural gas, also called biomethane, is produced from biogas, a gaseous by-product of anaerobic digestion or organic matter. RNG is created when manure or landfills decompose over time and the resulting gases are captured, processed and eventually used as natural gas in vehicles. In addition to commissioning a report on fuel technology from Clean Cities, staff interviewed a number of fleet managers in the community to understand more about what is currently happening to support alternative fuels and what is planned for the future. The following partner organizations were interviewed: Aspen Skiing Company, Pitkin County, Aspen School District, and High Mountain Taxi. Through these interviews, it is apparent that the Aspen community is thinking about alternative fuel technology and would be willing to partner with the City of Aspen to try new fuels and reduce the emission from Aspen’s largest fleets. DISCUSSION and RECOMENDATIONS: Using the report from Clean Cities, the City of Aspen intends to educate ourselves and fellow fleet owners about the future possibilities for developing clean fleets. Once we, as a community, better understand these technologies and the future market projections of these technologies, Aspen can move forward with pilot projects that will allow us to try some of the new technologies in our unique transportation environment. In addition to partnering with the community, the City of Aspen has great opportunities to improve our fleet and make wise decisions with the environment in mind with every vehicle purchase. As the report states, collecting natural gas from either the landfill or the wastewater treatment facility is not feasible at this time. However, it was noted that hydrogen fuel cell vehicles, although not available in the United States at this time, warrants further analysis. The report states that Aspen should continue to watch the hydrogen fuel market as it develops over the next 5+ years. The report strongly recommends that Aspen’s near and long term focus should be on electric vehicles of all types for all uses. The report identifies electric vehicles as readily available, reliable, safe, and clean burning. Electric fuel batteries and manufacturer’s warranties have improved greatly over the last few years, and the make and model of vehicles is increasing regularly. For these reasons and more, as outlined in the report, staff is recommending the City of Aspen firstly look for opportunities within our own vehicle and bus fleet to incorporate more electric vehicles and provide charging locations at city buildings for these fleet vehicles. Secondly, the City of Aspen should create an Electric Vehicle Readiness Plan in partnership with the community. A plan of this type would do the following: - Identify locations for public and private charging stations P15 II. Page 4 of 4 - Establish pricing and use policies for charging stations - Educate local and visiting EV owners on how and when to charge their vehicles - Gain an understanding of Aspen’s electric grid capacity and ability to serve a growing number of electric vehicles. With City Council support and staff work to layout an EV Readiness Plan, Aspen can prepare ourselves to welcome the EV economy and better serve our customers. Aspen’s residents and visitors are purchasing electric vehicles and choosing zero carbon transportation on their own. These customers expect Aspen to support these choices and welcome electric vehicles into our community. Although Aspen currently has a number of private charging stations and one public station, we are not currently set-up to serve this growing group of EV drivers. FINANCIAL/BUDGET IMPACTS: There is currently no formal budget request for this project, however, further analysis could show that specific pilot projects are feasible with support from the City of Aspen, possibly in the form of funding. As locations are identified for new EV charging stations, staff will submit formal budget requests, if needed, to partner with the community to fund these stations. ENVIRONMENTAL IMPACTS: As discussed previously, zero emission and low emission fuels have the opportunity to greatly reduce the greenhouse gas emissions coming from Aspen’s transportation sector. In addition, reducing tailpipe emissions helps preserve Aspen’s air quality and protects the health of Aspen’s residents and visitors. These are all measures that are included in the City of Aspen’s Environmental Sustainability Dashboard. By supporting the adoption of clean burning fuels in Aspen, City Council has the opportunity to move the needle on numerous metrics that are important to Council and the community. RECOMMENDED ACTION: Support staff in the creation of an EV Readiness Plan for the Aspen community and support the inclusion of electric vehicles into the City of Aspen’s fleet. ALTERNATIVES: City Council can choose not to support increased electric vehicle charging stations which would encourage the private sector to install private charging stations. While this would increase the overall number of stations in Aspen, it would limit access to only a few and would not meet the needs of the entire EV community. City Council could also choose to limit the adoption of electric vehicles into the City’s fleet. This decision would keep the City of Aspen’s fleet at current conditions, and wouldn’t allow Aspen to lead by example with the adoption of electric vehicles for City staff use. ATTACHMENTS: Attachment A: Low Carbon Fuel and Vehicle Technology Analysis – Executive Summary P16 II. P 1 7 I I . P 1 8 I I . P 1 9 I I . P 2 0 I I . P 2 1 I I . Page 1 of 2 MEMORANDUM TO: Mayor and City Council FROM: Don Taylor, Director of Finance THRU: Steve Barwick, City Manager DATE OF MEMO: July 24, 2015 MEETING DATE: July 28, 2015 RE: Direction to Proceed with the Refunding of 2005 Parks, Recreation and Open Space Bonds and 2005 Burlingame Housing Inc. Bonds REQUEST OF COUNCIL: This is for the City Council to consider authorizing the issuance of $3,820,000 in Parks, Recreation and Open Space (PROS) Bonds for the purpose of advance refunding certain 2005 Parks, recreation and open space bonds for the purpose of lowering the interest rate cost of those bonds. It is also proposed that City Council consider authorizing the issuance of $5,880,000 in order to advance refund the outstanding 2005 Burlingame Housing Inc. (BHI) Multi-family Affordable Housing Bonds. PREVIOUS COUNCIL ACTION: City council authorized the issuance of refunding bonds in 2005 for both the Parks and recreation Bonds and Burlingame Housing Inc. bonds. Both of these issues have a call date of 11/1/2015. BACKGROUND: Debt of the City is typically in the form of serial term bonds that carry a stated interest rate for each maturity. These issues also typically have a call date also where at the option of the City at a specified date the bonds can be called in early and paid by the City. This gives the city the option to refinance the debt on the call date if interest rates are lower. That is what is being proposed for these two bond issues. DISCUSSION: The total amount of the 2005 PROS bonds that are currently outstanding is $3,740,000. The issuance is expected to generate approximately $86,000 in additional premiums that will be part of the source of funds to execute this refunding. The refunding of this issue is expected to save approximately $267,000 on a present value basis. The total amount of the BHI bonds that are currently outstanding is $6,060,000. This issuance is expected to generate approximately $460,000 in additional premiums which once again is part of P22 III. Page 2 of 2 the source of funds to execute this part of the refinancing. The present value savings on this refunding is approximately $511,000. Detailed information on each of these two transactions are attached for your review. The face amount of bonds to be issued and the stated interest rates may change slightly between now and the time that the ordinance is ready for Council approval based on any change in interest rates that will occur. FINANCIAL/BUDGET IMPACTS: The Parks Recreation and Open Space fund would receive savings in debt service costs in the amount of $267,000. The Burlingame Housing Inc Corporation would receive the benefit of $511,000 in debt service cost savings. RECOMMENDED ACTION: Give staff direction to proceed with preparation documents for Council to consider refunding the Parks Recreation and Open Space bonds and the Burlingame Housing Inc. bonds. Final approval will be by Ordinance for each of these. ALTERNATIVES: The City could postpone issuance of bonds until a later date or cancel the planned issuance. PROPOSED MOTION: CITY MANAGER COMMENTS: ATTACHMENTS: Sources and Uses of Funds P23 III. Jul 21, 2015 1:24 pm Prepared by Stifel (SWESTCO:ASPEN-20152005,20152005) Page 1 SOURCES AND USES OF FUNDS City of Aspen Sales Tax Revenue Refunding Bonds, Series 2015 Dated Date 08/15/2015 Delivery Date 08/15/2015 Sources: Bond Proceeds: Par Amount 3,820,000.00 Premium 85,696.15 3,905,696.15 Uses: Refunding Escrow Deposits: Cash Deposit 0.30 SLGS Purchases 3,833,543.00 3,833,543.30 Delivery Date Expenses: Cost of Issuance 45,000.00 Underwriter's Discount 22,920.00 67,920.00 Other Uses of Funds: Additional Proceeds 4,232.85 3,905,696.15 Note: This analysis was performed with no changes to the term or the structure of the debt service currently outstanding issue. P24 III. Jul 21, 2015 1:24 pm Prepared by Stifel (SWESTCO:ASPEN-20152005,20152005) Page 2 BOND DEBT SERVICE City of Aspen Sales Tax Revenue Refunding Bonds, Series 2015 Dated Date 08/15/2015 Delivery Date 08/15/2015 Period Annual Ending Principal Coupon Interest Debt Service Debt Service 08/15/2015 11/01/2015 65,000 2.000% 16,128.89 81,128.89 81,128.89 05/01/2016 37,550.00 37,550.00 11/01/2016 1,040,000 2.000% 37,550.00 1,077,550.00 1,115,100.00 05/01/2017 27,150.00 27,150.00 11/01/2017 1,060,000 2.000% 27,150.00 1,087,150.00 1,114,300.00 05/01/2018 16,550.00 16,550.00 11/01/2018 1,080,000 2.000% 16,550.00 1,096,550.00 1,113,100.00 05/01/2019 5,750.00 5,750.00 11/01/2019 575,000 2.000% 5,750.00 580,750.00 586,500.00 3,820,000 190,128.89 4,010,128.89 4,010,128.89 Note: This analysis was performed with no changes to the term or the structure of the debt service currently outstanding issue. P25 III. Jul 21, 2015 1:24 pm Prepared by Stifel (SWESTCO:ASPEN-20152005,20152005) Page 3 BOND PRICING City of Aspen Sales Tax Revenue Refunding Bonds, Series 2015 Maturity Bond Component Date Amount Rate Yield Price Serial Bonds: 11/01/2015 65,000 2.000% 0.300% 100.358 11/01/2016 1,040,000 2.000% 0.590% 101.698 11/01/2017 1,060,000 2.000% 0.930% 102.335 11/01/2018 1,080,000 2.000% 1.180% 102.575 11/01/2019 575,000 2.000% 1.350% 102.651 3,820,000 Dated Date 08/15/2015 Delivery Date 08/15/2015 First Coupon 11/01/2015 Par Amount 3,820,000.00 Premium 85,696.15 Production 3,905,696.15 102.243355% Underwriter's Discount -22,920.00 -0.600000% Purchase Price 3,882,776.15 101.643355% Accrued Interest Net Proceeds 3,882,776.15 Notes: This analysis was performed with no changes to the term or the structure of the debt service currently outstanding issue. The interest rate and rating assumptions assumed in this presentation are based on current market conditions and similar credits. The actual results may differ, and Stifel makes no commitment to underwrite at these levels. P26 III. Jul 21, 2015 1:24 pm Prepared by Stifel (SWESTCO:ASPEN-20152005,20152005) Page 4 SAVINGS City of Aspen Sales Tax Revenue Refunding Bonds, Series 2015 Present Value Prior Refunding Annual to 08/15/2015 Date Debt Service Debt Service Savings Savings @ 1.0819347% 11/01/2015 93,625.00 81,128.89 12,496.11 12,496.11 12,467.68 05/01/2016 93,625.00 37,550.00 56,075.00 55,646.38 11/01/2016 1,083,625.00 1,077,550.00 6,075.00 62,150.00 5,996.13 05/01/2017 70,112.50 27,150.00 42,962.50 42,176.55 11/01/2017 1,110,112.50 1,087,150.00 22,962.50 65,925.00 22,421.14 05/01/2018 44,112.50 16,550.00 27,562.50 26,767.88 11/01/2018 1,134,112.50 1,096,550.00 37,562.50 65,125.00 36,283.31 05/01/2019 15,500.00 5,750.00 9,750.00 9,367.29 11/01/2019 635,500.00 580,750.00 54,750.00 64,500.00 52,317.91 4,280,325.00 4,010,128.89 270,196.11 270,196.11 263,444.26 Savings Summary PV of savings from cash flow 263,444.26 Plus: Refunding funds on hand 4,232.85 Net PV Savings 267,677.11 Note: This analysis was performed with no changes to the term or the structure of the debt service currently outstanding issue. P27 III. Jul 21, 2015 1:24 pm Prepared by Stifel (SWESTCO:ASPEN-20152005,20152005) Page 5 SUMMARY OF REFUNDING RESULTS City of Aspen Sales Tax Revenue Refunding Bonds, Series 2015 Dated Date 08/15/2015 Delivery Date 08/15/2015 Arbitrage yield 1.081935% Escrow yield 0.010095% Value of Negative Arbitrage 8,641.08 Bond Par Amount 3,820,000.00 True Interest Cost 1.324823% Net Interest Cost 1.339646% Average Coupon 2.000000% Average Life 2.489 Par amount of refunded bonds 3,740,000.00 Average coupon of refunded bonds 5.059865% Average life of refunded bonds 2.569 PV of prior debt to 08/15/2015 @ 1.081935% 4,169,140.41 Net PV Savings 267,677.11 Percentage savings of refunded bonds 7.157142% Percentage savings of refunding bonds 7.007254% Note: This analysis was performed with no changes to the term or the structure of the debt service currently outstanding issue. P28 III. Jul 21, 2015 1:24 pm Prepared by Stifel (SWESTCO:ASPEN-20152005,20152005) Page 6 SUMMARY OF BONDS REFUNDED City of Aspen Sales Tax Revenue Refunding Bonds, Series 2015 Maturity Interest Par Call Call Bond Date Rate Amount Date Price Sales Tax Revenue Refunding Bonds, Series 2005, 2005STXR: SERIALS 11/01/2016 4.750% 990,000.00 11/01/2015 100.000 11/01/2017 5.000% 1,040,000.00 11/01/2015 100.000 11/01/2018 5.250% 1,090,000.00 11/01/2015 100.000 11/01/2019 5.000% 620,000.00 11/01/2015 100.000 3,740,000.00 Note: This analysis was performed with no changes to the term or the structure of the debt service currently outstanding issue. P29 III. Jul 21, 2015 1:24 pm Prepared by Stifel (SWESTCO:ASPEN-20152005,20152005) Page 7 PRIOR BOND DEBT SERVICE City of Aspen Sales Tax Revenue Refunding Bonds, Series 2015 Annual Period Debt Ending Principal Coupon Interest Debt Service Service 08/15/2015 11/01/2015 93,625.00 93,625.00 93,625 05/01/2016 93,625.00 93,625.00 11/01/2016 990,000 4.750% 93,625.00 1,083,625.00 1,177,250 05/01/2017 70,112.50 70,112.50 11/01/2017 1,040,000 5.000% 70,112.50 1,110,112.50 1,180,225 05/01/2018 44,112.50 44,112.50 11/01/2018 1,090,000 5.250% 44,112.50 1,134,112.50 1,178,225 05/01/2019 15,500.00 15,500.00 11/01/2019 620,000 5.000% 15,500.00 635,500.00 651,000 3,740,000 540,325.00 4,280,325.00 4,280,325 Note: This analysis was performed with no changes to the term or the structure of the debt service currently outstanding issue. P30 III. Jul 21, 2015 1:24 pm Prepared by Stifel (SWESTCO:ASPEN-20152005,20152005) Page 8 ESCROW REQUIREMENTS City of Aspen Sales Tax Revenue Refunding Bonds, Series 2015 Period Principal Ending Interest Redeemed Total 11/01/2015 93,625.00 3,740,000.00 3,833,625.00 93,625.00 3,740,000.00 3,833,625.00 Note: This analysis was performed with no changes to the term or the structure of the debt service currently outstanding issue. P31 III. Jul 21, 2015 1:24 pm Prepared by Stifel (SWESTCO:ASPEN-20152005,20152005) Page 9 UNREFUNDED BOND DEBT SERVICE City of Aspen Sales Tax Revenue Refunding Bonds, Series 2015 Period Annual Ending Principal Coupon Interest Debt Service Debt Service 08/15/2015 11/01/2015 955,000 4.125% 19,696.88 974,696.88 974,696.88 955,000 19,696.88 974,696.88 974,696.88 Note: This analysis was performed with no changes to the term or the structure of the debt service currently outstanding issue. P32 III. Jul 21, 2015 1:24 pm Prepared by Stifel (SWESTCO:ASPEN-20152005,20152005) Page 10 BOND SUMMARY STATISTICS City of Aspen Sales Tax Revenue Refunding Bonds, Series 2015 Dated Date 08/15/2015 Delivery Date 08/15/2015 First Coupon 11/01/2015 Last Maturity 11/01/2019 Arbitrage Yield 1.081935% True Interest Cost (TIC) 1.324823% Net Interest Cost (NIC) 1.339646% All-In TIC 1.807599% Average Coupon 2.000000% Average Life (years) 2.489 Weighted Average Maturity (years) 2.493 Duration of Issue (years) 2.436 Par Amount 3,820,000.00 Bond Proceeds 3,905,696.15 Total Interest 190,128.89 Net Interest 127,352.74 Bond Years from Dated Date 9,506,444.44 Bond Years from Delivery Date 9,506,444.44 Total Debt Service 4,010,128.89 Maximum Annual Debt Service 1,115,100.00 Average Annual Debt Service 952,273.35 Underwriter's Fees (per $1000) Average Takedown Other Fee 6.000000 Total Underwriter's Discount 6.000000 Bid Price 101.643355 Par Average Average PV of 1 bp Bond Component Value Price Coupon Life Duration change Serial Bonds 3,820,000.00 102.243 2.000% 2.489 2.439 946.40 3,820,000.00 2.489 946.40 All-In Arbitrage TIC TIC Yield Par Value 3,820,000.00 3,820,000.00 3,820,000.00 + Accrued Interest + Premium (Discount) 85,696.15 85,696.15 85,696.15 - Underwriter's Discount -22,920.00 -22,920.00 - Cost of Issuance Expense -45,000.00 - Other Amounts Target Value 3,882,776.15 3,837,776.15 3,905,696.15 Target Date 08/15/2015 08/15/2015 08/15/2015 Yield 1.324823% 1.807599% 1.081935% Note: This analysis was performed with no changes to the term or the structure of the debt service currently outstanding issue. P33 III. Jul 21, 2015 1:24 pm Prepared by Stifel (SWESTCO:ASPEN-20152005,20152005) Page 11 GENERAL INFORMATION EXCLUSION DISCLOSURE City of Aspen Sales Tax Revenue Refunding Bonds, Series 2015 Stifel, Nicolaus & Company, Incorporated ('Stifel') has prepared the attached materials. Such material consists of factual or general information (as defined in the SEC's Municipal Advisor Rule). Stifel is not hereby providing a municipal entity or obligated person with any advice or making any recommendation as to action concerning the structure, timing or terms of any issuance of municipal securities or municipal financial products. To the extent that Stifel provides any alternatives, options, calculations or examples in the attached information, such information is not intended to express any view that the municipal entity or obligated person could achieve particular results in any municipal securities transaction, and those alternatives, options, calculations or examples do not constitute a recommendation that any municipal issuer or obligated person should effect any municipal securities transaction. Stifel is acting in its own interests, is not acting as your municipal advisor and does not owe a fiduciary duty pursuant to Section 15B of the Securities Exchange Act of 1934, as amended, to the municipal entity or obligated party with respect to the information and materials contained in this communication. Stifel is providing information and is declaring to the proposed municipal issuer and any obligated person that it has done so within the regulatory framework of MSRB Rule G-23 as an underwriter (by definition also including the role of placement agent) and not as a financial advisor, as defined therein, with respect to the referenced proposed issuance of municipal securities. The primary role of Stifel, as an underwriter, is to purchase securities for resale to investors in an arm's- length commercial transaction. Serving in the role of underwriter, Stifel has financial and other interests that differ from those of the issuer. The issuer should consult with its own financial and/or municipal, legal, accounting, tax and other advisors, as applicable, to the extent it deems appropriate. These materials have been prepared by Stifel for the client or potential client to whom such materials are directly addressed and delivered for discussion purposes only. All terms and conditions are subject to further discussion and negotiation. Stifel does not express any view as to whether financing options presented in these materials are achievable or will be available at the time of any contemplated transaction. These materials do not constitute an offer or solicitation to sell or purchase any securities and are not a commitment by Stifel to provide or arrange any financing for any transaction or to purchase any security in connection therewith and may not relied upon as an indication that such an offer will be provided in the future. Where indicated, this presentation may contain information derived from sources other than Stifel. While we believe such information to be accurate and complete, Stifel does not guarantee the accuracy of this information. This material is based on information currently available to Stifel or its sources and is subject to change without notice. Stifel does not provide accounting, tax or legal advice; however, you should be aware that any proposed indicative transaction could have accounting, tax, legal or other implications that should be discussed with your advisors and /or counsel as you deem appropriate. Note: This analysis was performed with no changes to the term or the structure of the debt service currently outstanding issue. P34 III. Jul 21, 2015 1:29 pm Prepared by Stifel (SWESTCO:BURLING-2015,2015) Page 1 SOURCES AND USES OF FUNDS Burlingame Housing, Inc. Multifamily Housing Project Revenue Refunding Bonds, Series 2005 Dated Date 08/15/2015 Delivery Date 08/15/2015 Sources: Bond Proceeds: Par Amount 5,880,000.00 Net Premium 460,444.95 6,340,444.95 Uses: Refunding Escrow Deposits: Cash Deposit 0.25 SLGS Purchases 6,194,024.00 6,194,024.25 Delivery Date Expenses: Cost of Issuance 100,000.00 Underwriter's Discount 44,100.00 144,100.00 Other Uses of Funds: Additional Proceeds 2,320.70 6,340,444.95 Note: This analysis was performed with no changes to the term or the stucture of the debt service from the currently outstanding issue. P35 III. Jul 21, 2015 1:29 pm Prepared by Stifel (SWESTCO:BURLING-2015,2015) Page 2 BOND DEBT SERVICE Burlingame Housing, Inc. Multifamily Housing Project Revenue Refunding Bonds, Series 2005 Dated Date 08/15/2015 Delivery Date 08/15/2015 Period Annual Ending Principal Coupon Interest Debt Service Debt Service 08/15/2015 11/01/2015 80,000 2.000% 47,344.31 127,344.31 127,344.31 05/01/2016 111,331.25 111,331.25 11/01/2016 325,000 2.000% 111,331.25 436,331.25 547,662.50 05/01/2017 108,081.25 108,081.25 11/01/2017 330,000 2.000% 108,081.25 438,081.25 546,162.50 05/01/2018 104,781.25 104,781.25 11/01/2018 335,000 3.000% 104,781.25 439,781.25 544,562.50 05/01/2019 99,756.25 99,756.25 11/01/2019 345,000 4.000% 99,756.25 444,756.25 544,512.50 05/01/2020 92,856.25 92,856.25 11/01/2020 360,000 4.000% 92,856.25 452,856.25 545,712.50 05/01/2021 85,656.25 85,656.25 11/01/2021 380,000 5.000% 85,656.25 465,656.25 551,312.50 05/01/2022 76,156.25 76,156.25 11/01/2022 395,000 5.000% 76,156.25 471,156.25 547,312.50 05/01/2023 66,281.25 66,281.25 11/01/2023 415,000 5.000% 66,281.25 481,281.25 547,562.50 05/01/2024 55,906.25 55,906.25 11/01/2024 435,000 5.000% 55,906.25 490,906.25 546,812.50 05/01/2025 45,031.25 45,031.25 11/01/2025 460,000 5.000% 45,031.25 505,031.25 550,062.50 05/01/2026 33,531.25 33,531.25 11/01/2026 480,000 3.000% 33,531.25 513,531.25 547,062.50 05/01/2027 26,331.25 26,331.25 11/01/2027 495,000 3.250% 26,331.25 521,331.25 547,662.50 05/01/2028 18,287.50 18,287.50 11/01/2028 515,000 3.500% 18,287.50 533,287.50 551,575.00 05/01/2029 9,275.00 9,275.00 11/01/2029 530,000 3.500% 9,275.00 539,275.00 548,550.00 5,880,000 1,913,869.31 7,793,869.31 7,793,869.31 Note: This analysis was performed with no changes to the term or the stucture of the debt service from the currently outstanding issue. P36 III. Jul 21, 2015 1:29 pm Prepared by Stifel (SWESTCO:BURLING-2015,2015) Page 3 BOND PRICING Burlingame Housing, Inc. Multifamily Housing Project Revenue Refunding Bonds, Series 2005 Maturity Bond Component Date Amount Rate Yield Price Serial Bonds: 11/01/2015 80,000 2.000% 0.320% 100.354 11/01/2016 325,000 2.000% 0.630% 101.649 11/01/2017 330,000 2.000% 0.980% 102.225 11/01/2018 335,000 3.000% 1.250% 105.490 11/01/2019 345,000 4.000% 1.440% 110.421 11/01/2020 360,000 4.000% 1.710% 111.368 11/01/2021 380,000 5.000% 2.030% 117.246 11/01/2022 395,000 5.000% 2.380% 117.263 11/01/2023 415,000 5.000% 2.570% 117.881 11/01/2024 435,000 5.000% 2.720% 118.462 11/01/2025 460,000 5.000% 2.870% 118.732 11/01/2026 480,000 3.000% 3.200% 98.125 11/01/2027 495,000 3.250% 3.340% 99.100 11/01/2028 515,000 3.500% 3.510% 99.891 11/01/2029 530,000 3.500% 3.640% 98.453 5,880,000 Dated Date 08/15/2015 Delivery Date 08/15/2015 First Coupon 11/01/2015 Par Amount 5,880,000.00 Premium 460,444.95 Production 6,340,444.95 107.830696% Underwriter's Discount -44,100.00 -0.750000% Purchase Price 6,296,344.95 107.080696% Accrued Interest Net Proceeds 6,296,344.95 Notes: This analysis was performed with no changes to the term or the stucture of the debt service from the currently outstanding issue. The interest rate and rating assumptions assumed in this presentation are based on current market conditions and similar credits. The actual results may differ, and Stifel makes no commitment to underwrite at these levels. P37 III. Jul 21, 2015 1:29 pm Prepared by Stifel (SWESTCO:BURLING-2015,2015) Page 4 SAVINGS Burlingame Housing, Inc. Multifamily Housing Project Revenue Refunding Bonds, Series 2005 Present Value Prior Refunding Annual to 08/15/2015 Date Debt Service Debt Service Savings Savings @ 2.8495439% 11/01/2015 134,156.25 127,344.31 6,811.94 6,811.94 6,771.37 05/01/2016 134,156.25 111,331.25 22,825.00 22,370.34 11/01/2016 459,156.25 436,331.25 22,825.00 45,650.00 22,056.09 05/01/2017 127,250.00 108,081.25 19,168.75 18,262.81 11/01/2017 462,250.00 438,081.25 24,168.75 43,337.50 22,703.03 05/01/2018 120,131.25 104,781.25 15,350.00 14,216.54 11/01/2018 470,131.25 439,781.25 30,350.00 45,700.00 27,714.07 05/01/2019 112,693.75 99,756.25 12,937.50 11,647.91 11/01/2019 477,693.75 444,756.25 32,937.50 45,875.00 29,237.76 05/01/2020 104,937.50 92,856.25 12,081.25 10,573.56 11/01/2020 484,937.50 452,856.25 32,081.25 44,162.50 27,683.23 05/01/2021 96,862.50 85,656.25 11,206.25 9,534.14 11/01/2021 496,862.50 465,656.25 31,206.25 42,412.50 26,176.94 05/01/2022 87,862.50 76,156.25 11,706.25 9,681.69 11/01/2022 502,862.50 471,156.25 31,706.25 43,412.50 25,854.38 05/01/2023 78,525.00 66,281.25 12,243.75 9,843.73 11/01/2023 513,525.00 481,281.25 32,243.75 44,487.50 25,559.17 05/01/2024 68,737.50 55,906.25 12,831.25 10,028.27 11/01/2024 523,737.50 490,906.25 32,831.25 45,662.50 25,298.84 05/01/2025 58,500.00 45,031.25 13,468.75 10,232.84 11/01/2025 533,500.00 505,031.25 28,468.75 41,937.50 21,325.22 05/01/2026 47,812.50 33,531.25 14,281.25 10,547.44 11/01/2026 542,812.50 513,531.25 29,281.25 43,562.50 21,321.93 05/01/2027 36,675.00 26,331.25 10,343.75 7,426.27 11/01/2027 556,675.00 521,331.25 35,343.75 45,687.50 25,018.51 05/01/2028 24,975.00 18,287.50 6,687.50 4,667.33 11/01/2028 569,975.00 533,287.50 36,687.50 43,375.00 25,245.21 05/01/2029 12,712.50 9,275.00 3,437.50 2,332.17 11/01/2029 577,712.50 539,275.00 38,437.50 41,875.00 25,711.53 8,417,818.75 7,793,869.31 623,949.44 623,949.44 509,042.35 Savings Summary PV of savings from cash flow 509,042.35 Plus: Refunding funds on hand 2,320.70 Net PV Savings 511,363.05 Note: This analysis was performed with no changes to the term or the stucture of the debt service from the currently outstanding issue. P38 III. Jul 21, 2015 1:29 pm Prepared by Stifel (SWESTCO:BURLING-2015,2015) Page 5 SUMMARY OF REFUNDING RESULTS Burlingame Housing, Inc. Multifamily Housing Project Revenue Refunding Bonds, Series 2005 Dated Date 08/15/2015 Delivery Date 08/15/2015 Arbitrage yield 2.849544% Escrow yield 0.010095% Value of Negative Arbitrage 36,756.97 Bond Par Amount 5,880,000.00 True Interest Cost 2.950066% Net Interest Cost 3.079657% Average Coupon 3.935870% Average Life 8.270 Par amount of refunded bonds 6,060,000.00 Average coupon of refunded bonds 4.471686% Average life of refunded bonds 8.415 PV of prior debt to 08/15/2015 @ 2.849544% 6,849,487.30 Net PV Savings 511,363.05 Percentage savings of refunded bonds 8.438334% Percentage savings of refunding bonds 8.696651% Note: This analysis was performed with no changes to the term or the stucture of the debt service from the currently outstanding issue. P39 III. Jul 21, 2015 1:29 pm Prepared by Stifel (SWESTCO:BURLING-2015,2015) Page 6 SUMMARY OF BONDS REFUNDED Burlingame Housing, Inc. Multifamily Housing Project Revenue Refunding Bonds, Series 2005 Maturity Interest Par Call Call Bond Date Rate Amount Date Price Multifamily Housing Project Revenue Refunding Bonds, Series 2005, 2005: TERMA 11/01/2020 4.250% 1,755,000.00 11/01/2015 100.000 TERMB 11/01/2029 4.500% 4,305,000.00 11/01/2015 100.000 6,060,000.00 Note: This analysis was performed with no changes to the term or the stucture of the debt service from the currently outstanding issue. P40 III. Jul 21, 2015 1:29 pm Prepared by Stifel (SWESTCO:BURLING-2015,2015) Page 7 PRIOR BOND DEBT SERVICE Burlingame Housing, Inc. Multifamily Housing Project Revenue Refunding Bonds, Series 2005 Period Annual Ending Principal Coupon Interest Debt Service Debt Service 08/15/2015 11/01/2015 134,156.25 134,156.25 134,156.25 05/01/2016 134,156.25 134,156.25 11/01/2016 325,000 4.250% 134,156.25 459,156.25 593,312.50 05/01/2017 127,250.00 127,250.00 11/01/2017 335,000 4.250% 127,250.00 462,250.00 589,500.00 05/01/2018 120,131.25 120,131.25 11/01/2018 350,000 4.250% 120,131.25 470,131.25 590,262.50 05/01/2019 112,693.75 112,693.75 11/01/2019 365,000 4.250% 112,693.75 477,693.75 590,387.50 05/01/2020 104,937.50 104,937.50 11/01/2020 380,000 4.250% 104,937.50 484,937.50 589,875.00 05/01/2021 96,862.50 96,862.50 11/01/2021 400,000 4.500% 96,862.50 496,862.50 593,725.00 05/01/2022 87,862.50 87,862.50 11/01/2022 415,000 4.500% 87,862.50 502,862.50 590,725.00 05/01/2023 78,525.00 78,525.00 11/01/2023 435,000 4.500% 78,525.00 513,525.00 592,050.00 05/01/2024 68,737.50 68,737.50 11/01/2024 455,000 4.500% 68,737.50 523,737.50 592,475.00 05/01/2025 58,500.00 58,500.00 11/01/2025 475,000 4.500% 58,500.00 533,500.00 592,000.00 05/01/2026 47,812.50 47,812.50 11/01/2026 495,000 4.500% 47,812.50 542,812.50 590,625.00 05/01/2027 36,675.00 36,675.00 11/01/2027 520,000 4.500% 36,675.00 556,675.00 593,350.00 05/01/2028 24,975.00 24,975.00 11/01/2028 545,000 4.500% 24,975.00 569,975.00 594,950.00 05/01/2029 12,712.50 12,712.50 11/01/2029 565,000 4.500% 12,712.50 577,712.50 590,425.00 6,060,000 2,357,818.75 8,417,818.75 8,417,818.75 Note: This analysis was performed with no changes to the term or the stucture of the debt service from the currently outstanding issue. P41 III. Jul 21, 2015 1:29 pm Prepared by Stifel (SWESTCO:BURLING-2015,2015) Page 8 ESCROW REQUIREMENTS Burlingame Housing, Inc. Multifamily Housing Project Revenue Refunding Bonds, Series 2005 Period Principal Ending Interest Redeemed Total 11/01/2015 134,156.25 6,060,000.00 6,194,156.25 134,156.25 6,060,000.00 6,194,156.25 Note: This analysis was performed with no changes to the term or the stucture of the debt service from the currently outstanding issue. P42 III. Jul 21, 2015 1:29 pm Prepared by Stifel (SWESTCO:BURLING-2015,2015) Page 9 UNREFUNDED BOND DEBT SERVICE Burlingame Housing, Inc. Multifamily Housing Project Revenue Refunding Bonds, Series 2005 Period Annual Ending Principal Coupon Interest Debt Service Debt Service 08/15/2015 11/01/2015 310,000 4.250% 6,587.50 316,587.50 316,587.50 310,000 6,587.50 316,587.50 316,587.50 Note: This analysis was performed with no changes to the term or the stucture of the debt service from the currently outstanding issue. P43 III. Jul 21, 2015 1:29 pm Prepared by Stifel (SWESTCO:BURLING-2015,2015) Page 10 BOND SUMMARY STATISTICS Burlingame Housing, Inc. Multifamily Housing Project Revenue Refunding Bonds, Series 2005 Dated Date 08/15/2015 Delivery Date 08/15/2015 First Coupon 11/01/2015 Last Maturity 11/01/2029 Arbitrage Yield 2.849544% True Interest Cost (TIC) 2.950066% Net Interest Cost (NIC) 3.079657% All-In TIC 3.181745% Average Coupon 3.935870% Average Life (years) 8.270 Weighted Average Maturity (years) 8.189 Duration of Issue (years) 7.036 Par Amount 5,880,000.00 Bond Proceeds 6,340,444.95 Total Interest 1,913,869.31 Net Interest 1,497,524.36 Bond Years from Dated Date 48,626,333.33 Bond Years from Delivery Date 48,626,333.33 Total Debt Service 7,793,869.31 Maximum Annual Debt Service 551,575.00 Average Annual Debt Service 548,434.90 Underwriter's Fees (per $1000) Average Takedown Other Fee 7.500000 Total Underwriter's Discount 7.500000 Bid Price 107.080696 Par Average Average PV of 1 bp Bond Component Value Price Coupon Life Duration change Serial Bonds 5,880,000.00 107.831 3.936% 8.270 7.053 4,322.95 5,880,000.00 8.270 4,322.95 All-In Arbitrage TIC TIC Yield Par Value 5,880,000.00 5,880,000.00 5,880,000.00 + Accrued Interest + Premium (Discount) 460,444.95 460,444.95 460,444.95 - Underwriter's Discount -44,100.00 -44,100.00 - Cost of Issuance Expense -100,000.00 - Other Amounts Target Value 6,296,344.95 6,196,344.95 6,340,444.95 Target Date 08/15/2015 08/15/2015 08/15/2015 Yield 2.950066% 3.181745% 2.849544% Note: This analysis was performed with no changes to the term or the stucture of the debt service from the currently outstanding issue. P44 III. Jul 21, 2015 1:29 pm Prepared by Stifel (SWESTCO:BURLING-2015,2015) Page 11 GENERAL INFORMATION EXCLUSION DISCLOSURE Burlingame Housing, Inc. Multifamily Housing Project Revenue Refunding Bonds, Series 2005 Stifel, Nicolaus & Company, Incorporated ('Stifel') has prepared the attached materials. Such material consists of factual or general information (as defined in the SEC's Municipal Advisor Rule). Stifel is not hereby providing a municipal entity or obligated person with any advice or making any recommendation as to action concerning the structure, timing or terms of any issuance of municipal securities or municipal financial products. To the extent that Stifel provides any alternatives, options, calculations or examples in the attached information, such information is not intended to express any view that the municipal entity or obligated person could achieve particular results in any municipal securities transaction, and those alternatives, options, calculations or examples do not constitute a recommendation that any municipal issuer or obligated person should effect any municipal securities transaction. Stifel is acting in its own interests, is not acting as your municipal advisor and does not owe a fiduciary duty pursuant to Section 15B of the Securities Exchange Act of 1934, as amended, to the municipal entity or obligated party with respect to the information and materials contained in this communication. Stifel is providing information and is declaring to the proposed municipal issuer and any obligated person that it has done so within the regulatory framework of MSRB Rule G-23 as an underwriter (by definition also including the role of placement agent) and not as a financial advisor, as defined therein, with respect to the referenced proposed issuance of municipal securities. The primary role of Stifel, as an underwriter, is to purchase securities for resale to investors in an arm's- length commercial transaction. Serving in the role of underwriter, Stifel has financial and other interests that differ from those of the issuer. The issuer should consult with its own financial and/or municipal, legal, accounting, tax and other advisors, as applicable, to the extent it deems appropriate. These materials have been prepared by Stifel for the client or potential client to whom such materials are directly addressed and delivered for discussion purposes only. All terms and conditions are subject to further discussion and negotiation. Stifel does not express any view as to whether financing options presented in these materials are achievable or will be available at the time of any contemplated transaction. These materials do not constitute an offer or solicitation to sell or purchase any securities and are not a commitment by Stifel to provide or arrange any financing for any transaction or to purchase any security in connection therewith and may not relied upon as an indication that such an offer will be provided in the future. Where indicated, this presentation may contain information derived from sources other than Stifel. While we believe such information to be accurate and complete, Stifel does not guarantee the accuracy of this information. This material is based on information currently available to Stifel or its sources and is subject to change without notice. Stifel does not provide accounting, tax or legal advice; however, you should be aware that any proposed indicative transaction could have accounting, tax, legal or other implications that should be discussed with your advisors and /or counsel as you deem appropriate. Note: This analysis was performed with no changes to the term or the stucture of the debt service from the currently outstanding issue. P45 III.