DPFG Services

Land Secured Public Financing Districts

  • Community Facilities District Bonds

  • Assessment District Bonds

  • Statewide Community Infrastructure Program (SCIP)

  • Public Improvement Districts

  • Special Improvement Districts

The use of land secured financing's has been instrumental in solving problematic circumstances created by the passage of property tax referendums that created a void in financing regional and sub regional infrastructure burdens. Today, land developers are expected to pay for schools, roads, fire stations, and parks as a condition of development. With little assistance from state and federal agencies, the financing of infrastructure in new development areas is relying more and more on the use of land secured financing's. DPFG consultants have been directly or indirectly involved in over 2,100 land secured public financing's totaling over $11.0 billion dollars.

Services OFFERED

  • Evaluate feasibility of using land-secured financing's

  • Determine maximum bonding capacity of a project

  • Determine method of apportioning taxes or assessments

  • Determine undeveloped land taxes or assessments

  • Prepare tax formula or assessment methodology

  • Review legal documents for financial consistency

  • Review preliminary and final official statements

  • Review preliminary and final official statements

  • Review bondholder compliance provisions

  • Determine district boundaries

  • Evaluate bond phasing options

  • Prepare engineer's report

  • Evaluate appraisal and market study

  • Review property tax statements for accuracy

  • Prepare administration manuals

  • Conduct educational workshops

  • Prepare CFD policies

  • Determine eligible facilities and fees

  • Assist in DRE and disclosure notices

  • Resolve Public/Private differences

School District

  • School Mitigation Agreements

  • Site Acquisition Analysis

  • School Funding Alternatives

  • School District Negotiations

Land developers and builders are becoming more and more involved in public school construction matters that impact their development projects. Adequate school housing of project students is essential to insuring a successful residential development project. The area of school construction is rapidly changing in many states throughout the U.S., especially in terms of school construction costs, the timing for opening new schools, and the methods of funding new school construction. Some states have already imposed school fees for new school construction and many other states are in the process of establishing new school fees. States that do not currently impose school fees often use alternative methods of obligating new development to cooperate or contribute funding for new school construction costs. DPFG consultants have extensive knowledge in this area.

SERVICES OFFERED

  • Prepare financial proposals for school district consideration

  • Identify Alternative Mitigation Approaches

  • Determine local general obligation bond strategies

  • Determine the appropriate bond leveraging tools

  • Review and comment on school facilities studies

  • Identify appropriate phasing of school construction

  • Negotiate "Iron-Clad Mitigation" agreements

  • Determine appropriate mitigation costs per unit

  • Evaluate alternatives for financing school fees

  • Calculate state reimbursement credits under school agreements

  • Calculate local G.O bond credits

  • Evaluate school district's financial position

  • Determine the reasonable costs of schools

  • Evaluate surplus school site alternatives

  • Assist in securing state funding

  • Restructure existing school agreements

  • Forecast school site and facility requirements

  • Review or assist in preparing appraisals for school sites

Reimbursement & Credit

  • Reimbursement and Credit Structuring

  • Reimbursement and Credit Processing

  • Reimbursement and Credit Monitoring

  • Look-Back Audits

  • Capitalizing Receivables

Land developers and builders often have many different types of reimbursements that are owed to them. Reimbursements owed to a developer or builder can range from a roadway reimbursement due to over sizing to a state funding credit or reimbursement relative to school construction. Inevitably, these reimbursements fall through the developer or builders organizational cracks. DPFG consultants can help developers and builders in tracking, reporting, collecting, or earning reimbursement receivables or credits so that the value is realized and maximized. DPFG has established a proprietary web based system, known as the Reimbursement Tracking System or "RTS" that clients can access via the internet.

SERVICES OFFERED

  • Determine reimbursement or credit approach based on project

  • Assist in documenting reimbursement or credit agreements

  • Monitor projects obligated to repay reimbursements

  • Actively pursue reimbursement collections with agency

  • Identify opportunities for lump sum payment of reimbursements

  • Identify private sector purchase of reimbursement rights

  • Prepare monitoring spread sheet of key dates

  • Determine methods of avoiding reimbursements

  • Prepare reimbursement or credit proposals

  • Determine reimbursement repayments risk factors

  • Assist in accelerating the value of credits

  • Identify company wide reimbursement and credit agreements

  • Identify credit offsets or borrowing between funds

  • Identify credit offsets or borrowing between funds

Fiscal Impact

  • Fiscal Impact Reports

  • Verification of Fiscal Impact Assumptions

  • Negotiate Findings

  • Financing Negative Impacts

Local governments use fiscal impact analysis and reports more and more as a means of compelling new development to mitigate any negative fiscal impact such project may have on the municipality. There are many different reasons why local governments use this analysis ranging from a planning issue to a financial issue. DPFG consultants pride themselves in obtaining a solid foundation of underlying facts to assist the developer in securing a fair outcome in this process. If the project is faced with imposing a negative fiscal impact on the municipality, there are a multitude of financing alternatives that can be used to absorb this cost.

SERVICES OFFERED

  • Evaluate fiscal impact report assumptions for accuracy

  • Compare assumptions to actual agency operating results

  • Assist in documenting issues from fiscal impact analysis

  • Prepare fiscal impact reports

  • Provide public relation firms factual information

  • Compare other agency fiscal impact reports to subject

  • Develop in-lieu alternatives to agency's fiscal impact approach

  • Identify key variables or assumptions for agency discussion

  • Review the agency's historical fiscal impact reports

  • Prepare financial "what-if" analysis

  • Meet with agency to discuss findings

  • Critic other fiscal impact reports

  • Represent developer groups on fiscal impact disputes

  • Perform detailed research on major report assumptions

  • Monitor any ongoing monetary issues of fiscal impact analysis

Service District

  • Police and Fire Taxing Districts

  • Landscape and Lighting

  • Maintenance Districts

  • Parcel Taxes

A more recent wave of new development impacts since the passage of property tax referendums in several states in the U.S. has been local governments off-loading of municipal services and public facilities maintenance to new development. State budgetary pressure and limited local government funding has put local government on the offensive to seek alternative sources of revenue in order to balance their budgets. DPFG consultants, apply their experience to ensure that any local government efforts to require new development to pay for municipal services and public facilities maintenance is properly justified based on the particular facts and circumstances.

SERVICES OFFERED

  • Determine the reasonableness of the maintenance budget

  • Prepare maintenance cost allocation alternatives

  • Determine appropriate maintenance tax or assessment rate

  • Evaluate state propositions impacting maintenance taxes or assessments

  • Evaluate appropriateness of area of benefit taxed or assessed

  • Evaluate if annexing into an existing district is advantageous

  • Represent developer consortium or BIA in disputes

  • Assist in documenting maintenance or services obligations

  • Identify opportunities to reduce maintenance costs

  • Determine which statue is most appropriate to use

  • Determine phasing alternatives given funding constraints

  • Prepare special tax or assessment formulas for property tax levies

  • Determine availability of other funding sources unrelated to district

  • Perform surveys of other agencies maintenance or services rates

  • Determine if services off-loading is justifiable

  • Identify other benefiting participants

Municipal District

  • Community Development Districts

  • General Improvement Districts

  • Municipal Utility Districts

  • Community Services District

  • Municipal Management Districts

Several states in the U.S. allow for the establishment of the municipal districts which are unique and different from traditional government agencies. These municipal districts often have greater limited special purpose functions than traditional governmental agencies; however, they operate in a very similar manner as a traditional governmental agency in terms of establishing an oversight board, establishing an operating budget with direct and indirect labor costs, and establishing a capital facilities budget relative to the construction and/or acquisition of public improvements. These new municipal districts help developers mitigate and resolve development impediments they might not otherwise overcome, as well as provide greater control over the level of services and public improvements within their development projects.

SERVICES OFFERED

  • Monitor and file all district reporting requirements to the applicable governmental agencies

  • Perform district management, treasurer, accounting and clerk functions on behalf of the municipal district

  • Solicit and negotiate bids for maintenance relates services of the district

  • Provide comparatives of other districts and their tax rates and fee charges

  • Levy assessments necessary to pay bond debt service requirements

  • Prepare fee charges and development fee studies for district

  • Prepare multi-year operating budget projections

  • Prepare bid packages for public improvement contracts

  • Act as a liaison between the developer and the traditional governmental agency relative to any impediments involved in forming the district

  • Assist in completing the legal requirements necessary to form the municipal district

  • Utilize MUNIS governmental accounting software to account for all district transactions

  • Meet regularly with the board and provide recommendations

  • Model bond issuance alternatives to determine best alternative

  • Monitor and comply with all bond issuance reporting requirements

  • Provide accounting information for outside independent audit and audit report

  • Identify Municipal district opportunities and the pros and cons of such districts

  • Establish the districts operating budget

Development Impact Fee

  • Development Fee Studies

  • Evaluation of Fee Methodology

  • Litigation Support

Local government relies on development impact fees to equitably distribute the cost of regional public improvements that serve new development areas. The amount and type of development impact fees that are charged to new development are influenced by many factors, such as, economics, politics, and, of course, technical benefit analysis. Many different cost allocation methods can be deployed in performing technical benefit analysis to yield significantly different development fee impact amounts. DPFG consultants have the requisite experience to establish or evaluate the appropriateness of development impact fees being imposed by local government.

SERVICES OFFERED

  • Evaluate historical fees and methodologies of local government

  • Assist in documenting development impact fee agreements

  • Identify other funding sources that could offset impact fee

  • Develop strategies to reasonably reduce impact fees

  • Evaluate appropriateness of impact fee methodology

  • Determine adequacy of area of benefit

  • Determine appropriate fee credits or reimbursements

  • Develop impact fee leveraging alternatives

  • Develop alternatives to establishing development impact fees

  • Prepare impact fee cash flow revenue/expenditure model

  • Critique development impact fee studies prepared by others

  • Survey applicable development fees of other agencies

  • Determine impact fee offset and borrowing strategies

  • Prepare development impact fee reports

  • Prepare development impact fee tracking models

Redevelopment District

  • Redevelopment Proposals

  • Tax Allocation Bonds or Notes

  • Pass-Through Agreements

  • Redevelopment Cash Flow Projections

  • Tourism Improvement Districts

  • Tax Increment Areas

Many states in the U.S. have authorizing statues that provide for the establishment of redevelopment project areas to assist local government with the ability to redirect funds generated by development toward rebuilding or constructing better land uses. Redevelopment's unique aspects of development and market risk, infrastructure burdens and project subsidies provide both land developers and local government a playing field that can foster a win-win situation. Today, redevelopment district financing's represent one of the largest areas of real estate public/private partnerships. Oftentimes, redevelopment projects can become political so it's important to craft a financing plan that is acceptable to the developer, municipality, and community.

SERVICES OFFERED

  • Identify Or Evaluate Redevelopment Opportunities

  • Develop Redevelopment Financing Structures

  • Calculate Sources Of Redevelopment Revenues

  • Evaluate Affected Agency Agreements

  • Determine Redevelopment Compliance Measures

  • Develop Bond Leveraging Opportunities

  • Assist In Preparing Memorandum Of Understandings

  • Project Agency Revenues And Expenses

  • Assist In Preparing Owner Participation Agreements

  • Prepare Redevelopment Proposals

  • Assist In Negotiating Redevelopment Transactions

  • Prepare Reuse Analysis Or Reports

  • Restructure Existing Redevelopment Transactions

  • Evaluate Existing, Prior, And Senior Subordinate Pledges

  • Assist In Selling Agency Notes In Secondary Market

  • Identify Pass-through Agreement Opportunities

  • Prepare Redevelopment Plans

AFFORDABLE HOUSING FINANCING

  • Housing Revenue Bonds

  • Inclusionary Housing Requirements

  • Financing Set Aside Funds

  • Tax Credits

Perhaps one of the most challenging areas in the real estate development process is providing a sufficient level of affordable housing stock to consumers of low and moderate incomes. Achieving an equitable balance in affordable housing requires mutual cooperation among public and private sector participants. The affordability gap can be significant in many housing markets across the U.S. and this makes the goal of providing affordable housing even more difficult to achieve. DPFG consultants understand that the future requires the application of creative ideas and solutions because no single legislative tool exists to solve this dilemma.

Services Offered

  • Calculate Inclusionary Housing Requirements

  • Determine Other Agencies Inclusionary Housing Requirements

  • Structure Methods Of Financing Affordable Housing

  • Develop Public/private Partnership Arrangements

  • Evaluate Redevelopment Funding Options

  • Evaluate Alternative Housing Construction Strategies

  • Structure For-sale Housing Options

  • Structure Multi-family Bond Issues

  • Review Local, State And Federal Programs

  • Summarize Current Affordable Housing Approaches

  • Determine Most Successful Affordable Housing Model

  • Identify Cost Gap Funding Alternatives

  • Assist In Valuing Affordable Housing Alternatives

  • Identify Project Subsidy Options To Neutralize Valuation

OTHER PUBLIC FINANCING

  • Certificates of Participation

  • G.O. Bonds

  • Infrastructure Financing Districts

  • Industrial Development Bonds

State and local governments have numerous financing tools that can be used to solve many different kinds of funding-related problems. For example, Mello-Roos financing in California, if structured properly, can serve as an efficient line of credit for an agency to finance public improvements within its five-year capital facility plan. Industrial Development Bonds can serve a critical role in attracting or retaining company relocations and jobs. Local general obligation bonds can help close the funding gap on new school construction or other necessary public improvements. These are just a few examples of how DPFG consultants can help.

SERVICES OFFERED

  • Calculate Bond-supported Revenue Streams

  • Identify Industrial Development Bond Opportunities

  • Determine Maximum Bond Amounts

  • Prepare Industrial Development Bond Applications

  • Develop Bond Credit Criteria For Bondholder Security

  • Prepare Financing Proposals

  • Interrelate Multiple Financings To Solve Funding Gaps

  • Identify Marks-roos Opportunities

  • Identify Infrastructure Financing District Opportunities

  • Develop Bridge Financing Alternatives

  • Assist In Compiling Information For Local G.o. Bond Campaign

  • Prepare Cash Flow Analysis Of Revenues And Costs

  • Calculate Certificates Of Participation Lease Payments

  • Evaluate Federal Or State Funding Possibilities

  • Prepare Financing Proposals To Appropriate Public Agencies

COMPLIANCE

  • Compliance Analysis

  • Property Tax Reviews

  • Appraisal Reviews

  • Dispute Resolution

Proper planning and implementation of financing transactions should ultimately lead to proper administration of the transaction so that any ongoing compliance matters are easily processed. Many times local governments and developers are left to deal with complicated financing programs or agreements with little or no assistance from the participants originally involved in structuring the financing's. Sometimes, these complicated agreements are not very clear or are silent on certain financial related matters, in which case a quest for the intent is necessary. Additionally, many agreements have ongoing obligations that require the developer's compliance. DPFG consultants have the expertise and experience in this area.

SERVICES OFFERED

  • Analyze bondholder covenant compliance provisions

  • Evaluate property tax statements for accuracy

  • Review annual tax levies from land-secured financing's

  • Review other agreements for compliance

  • Process property tax refund claims

  • Review merchant builder purchase agreements

  • Evaluate school fee studies of school districts

  • Calculate escrow release provisions

  • Prepare DRE submittals

  • Review RDA pass-through agreement payments

  • Evaluate value conclusion of appraisal

  • Review state funding applications for new school construction

  • Provide recommendations when disputes arise to avoid litigation

  • Prepare public financing information for financial statements

  • Process utility refunds

ENTITLEMENT ANALYSIS

  • Development Agreement Analysis

  • Impacts of Conditions and Exactions

  • EIR Alternatives

  • Public Facilities Financing Plan

When approval to develop a project is received, local government imposes conditions under which the project can proceed. These conditions can have a significant financial impact on the developer, and can sometimes over burden the project feasibility. It is important that alternative methods of satisfying the conditions be evaluated. An important result of the entitlement process is approval of a project with well-balanced conditions so that it will ultimately succeed from both a public and private perspective. DPFG consultants can determine the costs and benefits of this process and provide meaningful recommendations for cost effective solutions.

SERVICES OFFERED

  • Determine Equity And Fairness In Conditions

  • Assist In Preparing Specific Plan

  • Develop Cost Reduction Strategies

  • Prepare Public Facilities Financing Plan

  • Determine Financial Impacts Of Alternative Conditions

  • Evaluate Traffic Studies

  • Calculate Financial Impact Of Eir Alternatives

  • Recommend Mitigation Measure Alternatives

  • Quantify Financial Net Benefits In Development Agreements

  • Recommend Project Conditions Language

  • Evaluate Annexation Opportunities

  • Participate In Entitlement Negotiations

  • Calculate Financial Impact Of Map Conditions

  • Assist In Litigation Support

  • Recommend Public Financing Language In Development Agreements

CASH FLOW FEASIBILITY ANALYSIS

  • Acquisition and Disposition Analysis

  • Project Financing

  • Restructuring Analysis

  • Portfolio Analysis

The importance of properly evaluating the cash flow of a real estate transaction in today's real estate environment has never been more critical. Given the volatility and uncertainty in prices, costs and financing, the wise developer is evaluating project cash flow projections on a regular basis. Realistic project inputs will undoubtedly provide realistic project cash flow results and DPFG consultants are uniquely positioned to provide this service. Additionally, the timing recognition of revenues and costs in cash flow analysis needs to be properly verified to obtain accurate valuation results.

SERVICES OFFERED

  • Evaluate and verify project inputs

  • Incorporate public financing in cash flow

  • Incorporate reimbursements into cash flow

  • Assist in preparing project information brochure

  • Independently confirm project assumptions

  • Prepare custom cash flow models

  • Assist in developing data room

  • Develop iterative "What-if" analysis

  • Perform loan staff function for client

  • Provide recommendation to improve cash flow

  • Review market studies

  • Review appraisals

  • Development cost review

  • Evaluate third party pro forma

PROJECT MANAGEMENT

  • Due Diligence

  • Plan Check Processing

  • Risk Management

  • Budget Management

A real estate development project will often stumble if it is not properly staffed with an experienced project manager. A project manager must take on the daunting task of solving a multitude of project issues to position the project for development. In a sense, the project manager is like a quarterback in football whereby he or she has to coordinate and process project issues at the same time with many different types of industry specialists. Comprehensive project management is essential in today's business environment and building a team with DPFG's technical resources from across its diverse practice areas in real estate will improve the overall success of your project. DPFG consultants are there every step of the way to ensure your project is on time, within budget, and a superior project.

SERVICES OFFERED

  • Expediting of plan check review process, building permits and fee payments

  •  Negotiate mitigation, development, and fee deferment agreements

  •  Process loan draws

  •  Represent the client's project in public meetings

  •  Negotiate cost sharing agreements and MOU's with developers

  •  Create and maintain the development schedules and provide weekly status reports

  •  Prepare, submit, process and expedite project submittal packages

  • Obtain land-use approvals from local, state, and federal agencies

  • Investigate legal, environmental, physical and political aspects of project

  • Determine cost of agency fees, R.O.W., and improvements necessary for project development

  • Meet with client design team consultants to provide direction, quality control, and streamline the project design and plan check approval process

  • Create and maintain budgets, monthly cash flows, project proformas, and development schedules

  • Submit and track utility reimbursement packages

CAPITAL MARKET SERVICES

  • Provide recommendations to reduce cost of capital

  • Recommend the optimal capital structure

  • Prepare restructuring plan with existing capital participants

  • Assist in identifying and accessing appropriate capital sources

  • Review cost of capital and timing requirements for each component in the capital stack

PROPERTY TAX APPEALS

  • Ad Valorem Appeals

  • Special Taxing District Appeals

  • Appeal Processing

  • Valuation

  • Refund Collection

The real estate development business is subject to up and down cycles just like any other business. When the cycle turns down and values become depressed, a proactive property owner will seek to appeal and reduce their assessed value for property tax purposes which in turn will reduce their property tax expense. Aside from the appeal process itself, a key aspect in any successful appeal is to accurately support the value of the property. Property tax rates based on ad valorem taxes and oftentimes additional special taxing districts can be significant and a successful appeal can result in significant property tax savings. The consultants at DPFG are uniquely positioned to perform property tax appeals due to their integrated experience in real estate valuation and special taxing district financing's.

SERVICES OFFERED

  • Recommend capital partners and investors covering the entire risk spectrum

  • Provide capital solutions for securing interim financing to reposition or stabilize a property, moving up the leverage curve on new projects, or releasing "trapped equity" on an existing asset or portfolio

  • Evaluate capital sources and cost of capital of equity financing, mezzanine loans, pre-sale investments, sale leaseback transactions, and a variety of other structured finance transactions

  • Identify The Owner's Opinion Of Value(s) And/or Target Value(s) For Tax Year In Question

  • Prepare And File Documentation To The Appraisal District And/or Local Taxing Agency

  • Assist In An Advisory Role In Any Property Tax Valuation Litigation On Behalf Of The Property Owner(s)

  • Gather Information From Property Owner(s) In Order To Prepare The Most Effective Petition For Tax Year In Question

CDD MANAGEMENT SERVICES

DPFG provides a full range of CDD Management and CDD Special Assessment Services to meet the needs of both developer and resident controlled District Boards. For the long term well-being and prestige of your community, our CDD Management Team has the expertise, intelligence, financial acumen and creativity to work with the District Board to preserve and enhance CDD infrastructure, refine and plan CDD operating budgets, manage funds and implement board decisions and policies.
DPFG’s approach is based on a solid reputation for financial stewardship, open communication between CDD Board members and the members of our team, and our ability to strive to get the most benefit from each component of your budget and programs.

Our CDD Management Services include the following:

CDD Management – Manage the CDD pursuant to Chapter 190 and related provisions of Florida Statutes; advise the CDD Board on substantive, procedural and regulatory issues relating to District matters; CDD budget development and implementation; administer contracts regarding community infrastructure and amenities; oversee management team, District field manager and other staff
CDD Records Administration – Prepare legal notices, agendas and meeting packets; prepare official minutes; manage, organize, and archive official records; file appropriate records and reports with government agencies; process records requests and other communications
Manage Government Fund Accounting System – Prepare financial statements; implement government investment policy; prepare government mandated financial reports; coordinate with auditors on annual independent audits; perform all other government required financial functions pertaining to District administration
CDD Special Assessment Services – Provide professional CDD assessment management and related CDD financial advisory services; levy and collect CDD special assessments; services include preparing an annual CDD assessment roll and coordinating with county taxing authorities for the collections
CDD Bond Issuance Services – Work with the CDD underwriter and CDD financing team regarding CDD bond issuances; prepare assessment methodology reports; analyze and recommend assessment structures; restructure CDD assessments; benefit analysis; testify at CDD bond validation and CDD assessment hearings; provide ongoing advice to the Board regarding bond financing matters
CDD Field Operations – Responsible for the daily operations of the CDD to preserve and enhance infrastructure and asset protection; direct field contract projects; coordinate with CDD Manager and Project Manager on contract administration; and administer field staff and related functions

FIELD SERVICES

For Information regarding Field Services, please visit our website at www.dpfgfieldservices.com

DISCLOSURE SERVICES

For Information regarding Disclosure Services, please visit our website at www.dpfgdisclosure.com