Transcript Port Everglades 2009 Master / Vision Plan Update Broward County Board of County Commissioners Workshop January 11, 2011

Port Everglades
2009 Master / Vision Plan Update
Broward County Board of County Commissioners Workshop
January 11, 2011
Port Everglades
Agenda
• Project Background
• Update of Master/Vision Plan
– Stakeholder Outreach Efforts
– Key Factors Affecting the Updated 20-year Vision Plan
– Status of 2006 Master Plan Projects
– Strategic Changes from 2006 Plan
• Review of Approach to Turning Notch Expansion
– Southport Mangrove Creation-Enhancement Project
– Turning Notch Expansion at Existing Depth
– ACOE Channel Deepening and Widening
• Costs and Affordability Analysis Results
• Next Steps
November 6, 2015
Page 3
Project Background
• 2006 Master/Vision Plan was approved by the Board of
County Commissioners in December 2007, with the
exception of projects associated with the Turning Notch
extension and Berth 29 expansion
• BOCC directed that Port Master Plan be updated every
two years
• Notice to Proceed for the 2009 Master/Vision Plan Update
issued in February 2009
November 6, 2015
Page 4
Master/Vision Plan Elements
• Phase I – Completed in October 2009
–
–
–
–
Facilities Assessment
Market Assessment
Facilities Needs and Throughput Enhancement
Strategy Development (Business Strategy, Asset Utilization & Master Plan Development)
• Phase II – Scheduled to be completed in March 2011
– Strategy Development (Master Plan Development, Financial Strategy & Economic Impact
Analysis)
– Final Plan (Executive Summary)
– Implementation Plan
• Phase III – Scheduled to be completed by December 2011
– Update Deep Water Port Component of County’s Comprehensive Plan
November 6, 2015
Page 5
More than 15 Stakeholder Outreach Meetings on the
Port Master/Vision Plan Have Been Conducted
Date
03/06/09
03/20/09
03/27/09
04/29/09
06/08/09
06/15/09
06/18/09
08/07/09
06/24/10
07/09/10
07/29/10
08/31/10
09/16/10
09/27/10
09/28/10
Meeting Description
Port Everglades Association Meeting 1
Focus Group Meeting 1
Tenant / Stakeholder Meeting 1
Environmental Outreach Meeting
Focus Group Meeting 2
Environmental Stakeholder Meeting
Tenant/Stakeholder Meeting 2
Port Everglades Association Meeting 2
Focus Group meeting 3
Port Everglades Association Meeting 3
Tenant / Stakeholder Meeting 3
Public Meeting at Broward County Library
Presentation to Metropolitan Planning Organization (MPO)
Presentation to MPO Technical Coordinating Committees (TCC)
Presentation to MPO Community Involvement Roundtable (CIR)
November 6, 2015
Page 6
Port Everglades
Southport
November 6, 2015
Midport
Page 7
Northport
20-Year Market Forecast Drives the Plan
25,000,000
(25%)
20,000,000
15,000,000
10,000,000
5,000,000
0
(5%)
(26%)
(12%)
Containers
(TEUs)
Dry/Neo-Bulk
(Tons)
Petroleum
(Tons)
Cruise
(Passengers)
2006 Plan
2,734,704
8,028,035
22,489,376
6,986,711
2009 Plan
2,401,230
7,625,627
16,699,008
5,161,118
2010`Actual
793,227
762,596
15,483,856
3,674,226
November 6, 2015
Page 8
Bigger Ships need Longer Berths and Deeper Water
Calling PEV
Today Lightly
Loaded
Calling
PEV
Today
November 6, 2015
Page 9
Possible
After
Deepening
Facility/Infrastructure Needs
Over 20 year planning horizon
• Ability to berth fully laden Post-Panamax vessels;
7,000 TEUs
• More and longer cargo berths
• Rail to Southport and ICTF
• Longer cruise berths and larger cruise terminals
• Reconfiguration of Northport slips
• Upland improvements to terminals and intermodal access
• New berth for crushed rock/aggregate ship
November 6, 2015
Page 10
Status of 2006 Master Plan Projects
Project
Status
Midport Roadway (Eller Drive) Improvements
Completed and in operation
Mobile Harbor Crane at Midport
Completed
Cruise Terminal 18 Expansion
Completed and in operation
Intermodal Bridge over FPL Canal
Opened June 2010
Southport Container Yard Improvements
Construction to be completed in early 2011
Eller Drive Overpass
FDOT Construction begins in 2011
McIntosh Road Improvements
Construction procurement begins in 2011
By-Pass Road
Design in progress
Phase 1 construction procurement begins in early 2011
Phase 2 programming underway
Cruise Terminal Improvements at CT 2, CT 19,
CT 21 and CT 26
In design
Cruise Terminal 4
90% design
Pending issue of permit from City of Fort Lauderdale
November 6, 2015
Page 11
November 6, 2015
Page 12
November 6, 2015
Page 13
November 6, 2015
Page 14
Phase 1
November 6, 2015
Page 15
Phase 2
November 6, 2015
Page 16
Strategic Changes from 2006 Plan
• New Upland Enhancement – Conservation Easement
• Single phase approach to Turning Notch expansion
• Refinement of ACOE Deepening and Widening program
• Vessel and Crane Positioning due to FAA Object Height
Restrictions pending
• Revised phasing of bulkhead projects
• Inclusion of potential ferry operations
• ICTF advanced, Crushed Rock facility delayed
November 6, 2015
Page 17
Aggregate project
was in 5-year plan
And ICTF was in
10-year plan
2006 5-Year Master Plan
By-Pass road in
single phase
Turning Notch
expansion was in
10-year plan
New Bulkheads
for Berth 9 and 10
were in 20-year plan
Slip 2 lengthening
was in 10-year plan
Upland
enhancement
off-port
Updated 5-Year Master Plan
Aggregate project
postponed to 10-year
plan. ICTF moved
forward in 5-year plan
Turning Notch
expansion moved
forward in 5-year plan
By-Pass road in
two phases
Relocated Bulkheads
for Berth 9 and 10
moved in 5-year plan
Slip 2 lengthening
in 5-year plan
On-port
upland enhancement
area of 16.5 acres
November 6, 2015
Page 18
ICTF project was planned
in the 10-year plan
2006 10-Year Vision Plan
Lengthening and
widening of Slip 2
Multimodal center
built in one phase
Slip 3 was widened
Berth 29 was
extended to increase
berth capacity
Tracor Basin was
proposed to be filled
Aggregate project comes
in the 10-year plan
Updated 10-Year Vision Plan
No widening of Slip 2 and
Slip 3 in 10-year Plan
A small ferry
Vessel berth
Multimodal center built
in two phases. Phase 1
starting in 10-year plan
Berth 29 extension
not considered per
BOCC direction
November 6, 2015
No filling in Tracor Basin.
Page
19 with catwalk
Replace finger
pier
in 5-Year Plan
New bulkheads for
Berths 1,2,3 and 16,17,18
2006 20-Year Vision Plan
All bulkheads in Midport and
Northport were scheduled
to be replaced in 20-year plan
Ro-Ro berths
relocated in DCC
Updated 20-Year Vision Plan
Majority of bulkheads
will be replaced
in 20-year plan
Ro-Ro berths relocated
on the Western end of
expanded Turning Notch
Multimodal center
built in two phases.
Phase 2 starting in
20-year plan
November 6, 2015
Page 20
Widening of
Slips 1, 2 and 3
Southport Mangrove Creation-Enhancement Project
• September 2010 BOCC
and FDEP signed
agreement on Southport
Mangrove creationenhancement project
16.5
acres
• 8.68 acres is replaced with
approximately 16.5 acres
8.68
acres
November 6, 2015
Page 21
Southport Mangrove Creation-Enhancement Project
16.5
acres
Fee Simple Transfer Area
60 Acres
8.68
acres
November 6, 2015
• Conservation Easement
becomes approximately
60 acres of Fee Simple
Area
• Conservation Easement
remains on Fee Simple
Area and is assigned to
the Broward County
Audubon Society if they
agree to serve as land
manager for the State
• RLI in process for design
and permitting
Page 22
Turning Notch Project
The 2006 Plan called for lengthening in two phases
Phase 1
1450’ long
November 6, 2015
Phase 2
2450’ long
Page 23
Turning Notch Project (at Existing Water Depth)
• Project included in Port’s 5-year Capital
Improvement Program
• Projected Broward County Economic
Impact
–
3,843 Local Jobs
– $9.4 Million per year in Local Taxes
– $173.6 Million per year in Economic Activity
November 6, 2015
Page 24
Increase Berth Capacity:
Turning Notch Expansion (at Existing Water Depth)
• Cost
–
–
–
–
Project Cost
$ 119.5 M
Less Projected State Grants $ (30.2)M
Less Federal Fund
$
0 M
Cost to Port
$ 89.3 M
• Schedule
– Start operations in 2017
– Full use operations in 2024
• Additional Gross Revenue at Full
Use
– $37.72 M per year
– Revenue Supported by Market
Assessment
November 6, 2015
Page 25
2006 PORT EVERGLADES/U.S. ARMY CORPS
OF ENGINEERS DEEPENING & WIDENING PROGRAM
November 6, 2015
Page 26
UPDATED PORT EVERGLADES/U.S. ARMY CORPS
OF ENGINEERS DEEPENING & WIDENING PROGRAM
Draft National Economic Development (NED) Plan
November 6, 2015
Page 27
ACOE Deepening and Widening
• May 4, 2010 BOCC supports continuing
with fully funded ACOE study
• Benefit/Cost Ratio
2/1
• Projected Broward County Economic
Impact
– 1,037 Local Jobs
– $2.6 Million per year in Local Taxes
– $43.3 Million per year in Economic Activity
• Cost
–
–
–
–
–
November 6, 2015
Project Cost
$ 255 M
Less Projected State Fund (uncertain)
Less Projected Federal Fund $ 155 M
Cost to Port
$ 100 M
Potential Add’l Cost to Port $ 23 M
Page 28
ACOE Deepening and Widening Study
Schedule
•
•
•
•
•
•
•
•
•
•
Mar 2011 - Draft Report available for Cooperating Agency Review
Dec 2011 – Released for Public Comment
Nov 2012 - Final Report to include Broward County support letter
Nov 2012 - Design Agreement to include Broward County financial
commitment for design (estimated $1M of $4M total)
Nov 2012 - Design Start
Oct 2013 – Authorization
Jun 2014 - Design Complete
Jun 2014 - Project Partnership Agreement to include Broward County
financial commitment for construction
Jan 2015 - Construction Start
Jan 2017 - Construction Complete
November 6, 2015
Page 29
No-Build Impact of No Turning Notch & No Deepening
• Unable to Meet Market Forecast
– 1.9 M TEU (year 2020)
– 2.4 M TEU (year 2029)
• No Capacity to Handle Additional
– 930,000 TEUs of containerized cargo
– 4,000,000 Tons of bulk cargo
• Potential Loss of Existing
Customers
• Loss of Potential Gross Revenue of
$45.26 M per year
• Lost Opportunity for Broward
County Economic Benefits
– 4,880 Local Jobs
– $12 Million per year in Local Taxes
– $217 Million per year in Economic Activity
November 6, 2015
Page 30
Airport – Seaport Coordination on Object Heights
To allow for higher air draft vessels and
larger cranes at Midport and Southport
November 6, 2015
Page 31
Bulkhead Replacement Schedule Summary
• 5-year Plan
– Berths 9,10
• 10-year Plan
– Berths 1,2,3
– Berths 16, 17, 18
• 20-year Plan
–
–
–
–
–
–
–
Berths 19, 20
Berths 7, 8, 8A
Berths 21, 22
Berths 14, 15
Berth 4, 5
Berths 23, 24, 25
Berths 11, 12, 12A, 13, 13A
November 6, 2015
Page 32
The Project-Decision Matrix Considers these sensitivities:
• Decision Matrix used to evaluate projects for potential
placement into the 5-Year CIP
• Project Cost
• Return on Incremental Investment (ROI)
• Net Present Value (NPV)
• Economic Impact
• Environmental Impact
• Customer/Regulatory Need
November 6, 2015
Page 33
Decision Matrix Used on These Projects:
Intermodal Container Transfer Facility (ICTF) Development (Overall Project)
Total Project
Cost
$42M
ROI
12.3%
Economic Impact
Net
Total
Present
Income
Taxes
Value
(000's)
Jobs
(000's)
$31.9M $1,485,574 43,825 $109,933
Environmental Impact
High
Mid
Low
X
Permit
Required
Customer /
Regulatory Needs
High
Mid
X
Low
Cruise Terminals 2, 19, 21, 26 Expansion (Base Case at Minimum Guaranteed Volume)
Total Project
Cost
$34M
ROI
14.2%
Net
Present
Value
$25.7M
Economic Impact
Total
Income
Taxes
(000's)
Jobs
(000's)
$293,630 6,062 $21,729
Environmental Impact
High
Mid
Low
X
Permit
Required
Customer /
Regulatory Needs
High
X
Mid
Low
Cruise Terminal 4 (CT-4) Redevelopment
Total Project
Cost
$13M
ROI
14.7%
Net
Present
Value
$8.1M
Economic Impact
Total
Income
Taxes
(000's)
Jobs
(000's)
$33,927
710
$2,511
Environmental Impact
High
Mid
Low
X
Permit
Required
Customer /
Regulatory Needs
High
X
Mid
Low
Cruise Terminal 18 (CT-18) Parking Garage Construction (1600 Spaces Garage)
Total Project
Cost
$32M
ROI
5.6%
Net
Present
Value
$2.4M
Economic Impact
Total
Income
Taxes
(000's)
Jobs
(000's)
$172,127 3,844 $15,857
Environmental Impact
High
Mid
Low
X
Permit
Required
Customer /
Regulatory Needs
High
X
Mid
Low
Southport Turning Notch Expansion
Total
Construction
Cost
$96M
ROI
6.9%
Net
Present
Value
$14.3M
Economic Impact
Total
Income
Taxes
(000's)
Jobs
(000's)
$393,143 5,529 $29,092
November 6, 2015
Environmental Impact
High
Page 34
Mid
X
Low
Permit
Required
X
Customer /
Regulatory Needs
High
X
Mid
Low
5-Year Master Plan Projects and Costs
5-Year Master Plan Years 2011 - 2015
Northport
Midport
Southport
Port-wide
Slip 1 New Bulkheads and Reconfiguration - Phase 1
By-Pass Road - Phase 1
By-Pass Road - Phase 2
Cruise Terminal #2 Improvements
Cruise Terminal #4 Improvements
New Petroleum Tank Farm
Slip 2 Westward Lengthening
Cruise Terminal #19 Improvements
Cruise Terminal #21 Improvements
Cruise Terminal #26 Improvements
CT #18 Parking Garage
Tracor Basin Finger Pier Replace with Catwalk+Dolphin
McIntosh Road Improvements
Upland Enhancement
Westlake Mitigation
Super Post Panamax Crane (1)
Turning Notch Expansion - Contract 1
ICTF- Rail & Yard
ACOE Deepening and Widening Design
ACOE Deepening and Widening Construction
(Depending on schedule)
Total
Estimated Cost
(Millions)
$
55.00
$
6.00
$
30.00
$
4.20
$
13.00
$
75.00
$
23.00
$
11.43
$
5.05
$
13.32
$
32.00
$
5.20
$
11.20
$
11.00
$
12.60
$
12.00
$
67.08
$
42.00
$
4.00
$
$
FUNDED IN PRIOR CAPITAL BUDGETS
November 6, 2015
Page 35
20.00
453.08
Projected Debt Service Coverage (2011-2015)
2011
2012
2013
2014
2015
Revenues
$ 131,325,380
$ 147,380,705
$ 158,433,263
$ 159,927,413
$ 164,599,687
Expenses
(80,788,110)
(84,052,900)
(90,771,940)
(98,420,040)
(102,770,870)
Amount available for debt service
$ 52,310,970
$ 63,783,705
$ 67,541,423
$ 61,232,773
$ 62,103,617
Existing debt service
$ 32,043,144
$ 32,049,872
$ 32,043,681
$ 32,048,068
$ 32,050,655
New debt service
-
-
-
2,980,516
10,924,806
Total debt service
$ 32,043,144
$ 32,049,872
$ 32,043,681
$ 35,028,584
$ 42,975,461
Test (125%)
1.82
2.22
2.35
1.93
1.56
Test (110%)
1.63
1.99
2.11
1.75
1.45
-
$ 27,095,599
$ 72,220,811
$ 50,071,844
Projected new debt required
$
November 6, 2015
-
$
Page 36
Projected Debt Service Coverage (2016-2020)
2016
2017
2018
2019
2020
Revenues
$ 172,957,401
$ 179,599,260
$ 185,845,950
$ 195,986,420
$ 204,974,740
Expenses
(107,952,560)
(112,025,240)
(118,941,410)
(125,431,310)
(131,183,830)
Amount available for debt service
$ 65,141,241
$ 67,895,220
$ 66,751,840
$ 70,473,510
$ 73,832,110
Existing debt service
$ 32,051,244
$ 22,520,596
$ 22,523,588
$ 22,528,667
$ 22,527,702
New debt service
16,432,708
18,714,406
26,694,882
33,225,211
37,755,051
Total debt service
$ 48,483,952
$ 41,235,002
$ 49,218,470
$ 55,753,878
$ 60,282,753
Test (125%)
1.44
1.79
1.45
1.34
1.30
Test (110%)
1.34
1.65
1.36
1.26
1.22
$ 20,742,711
$ 72,549,782
$ 59,366,630
$ 41,180,368
$ 43,350,643
Projected new debt required
November 6, 2015
Page 37
Projected Debt Service Coverage Without Deepening
(2011-2015)
2011
2012
2013
2014
2015
Revenues
$ 131,325,380
$ 147,380,705
$ 158,433,263
$ 159,927,413
$ 164,599,687
Expenses
(80,788,110)
(84,052,900)
(90,771,940)
(98,420,040)
(102,770,870)
Amount available for debt service
$ 52,310,970
$ 63,783,705
$ 67,541,423
$ 61,232,773
$ 62,103,617
Existing debt service
New debt service
$ 32,043,144
-
$ 32,049,872
-
$ 32,043,681
-
$ 32,048,068
2,980,516
$ 32,050,655
10,924,806
Total debt service
$ 32,043,144
$ 32,049,872
$ 32,043,681
$ 35,028,584
$ 42,975,461
Test (125%)
1.82
2.22
2.35
1.93
1.56
Test (110%)
1.63
1.99
2.11
1.75
1.45
-
$ 27,095,599
$ 72,220,811
$ 30,071,844
Projected new debt required
$
November 6, 2015
-
$
Page 38
Projected Debt Service Coverage Without Deepening
(2016-2020)
2016
2017
2018
2019
2020
Revenues
$ 172,957,401
$ 179,599,260
$ 185,845,950
$ 195,986,420
$ 204,974,740
Expenses
(107,952,560)
(112,025,240)
(118,941,410)
(125,431,310)
(131,183,830)
Amount available for debt service
$ 65,141,241
$ 67,895,220
$ 66,751,840
$ 70,473,510
$ 73,832,110
Existing debt service
New debt service
$ 32,051,244
14,232,708
$ 22,520,596
14,232,708
$ 22,523,588
16,939,895
$ 22,528,667
19,097,176
$ 22,527,702
22,072,933
Total debt service
$ 46,283,952
$ 36,753,304
$ 39,463,483
$ 41,625,843
$ 44,600,635
Test (125%)
1.52
2.03
1.85
1.84
1.79
Test (110%)
1.41
1.85
1.69
1.69
1.66
-
$ 24,610,795
$ 19,611,643
$ 27,052,333
$ 27,668,525
Projected new debt required
$
November 6, 2015
Page 39
Estimated Cost Comparison of 2009 vs. 2006
Master/Vision Plans
2009 Cost
($M)
2006 Cost
($M)
5-Year Master Plan
$ 453
$ 395
10-Year Vision Plan
$547
$ 737
20-Year Vision Plan
$461
$ 810
$1,461
$ 1,942
November 6, 2015
Page 40
Next Steps
• Consideration of Adoption of Master/Vision Plan update by
Board of County Commissioners
• Upon adoption, the Deep Water Port Component of the
County’s Comprehensive Plan will be modified
www.portevergladesmasterplan.com
November 6, 2015
Page 41