August 19, 2015

Mr. Ken Kushner, Executive Director

Mr. Dale Bartholomew
Ms. Nadine Gelter
Mr. Tom Turchiano
Mr. Rob Herking
Ms. Angie Stocker
Anderson Township Park District
8249 Clough Pike
Cincinnati, Ohio 45255
Re: Beech Acres Parenting Center
Dear Mr. Kushner and Board Members:
Based on the letter from the Park Board posted on the District website on August 11th, it is clear that the
information previously provided by our group was either not received or has been overlooked. For the
purpose of clarity, the following details are being re-submitted.
1. No Gap in Funding/No More Taxes
As stated in the attached letter sent on July 27th, all money required to build the new Anderson
High School and community campus on the Beech Acres site is available; there is no gap in
funding.
Project Budget:
Land Costs (est)
Anderson High School (with auditorium, natatorium, and auxiliary gym)
Site Improvements:
Including football soccer stadium; baseball stadium; softball stadium
Soft Cost/Contingency/Misc.
Total
Funding:
Partial Reallocated School District Renovation Funds
Guaranteed TIF Funding
Total

$ 6,900,000
$ 57,000,000
$ 5,500,000
$ 4,200,000
$ 73,600,000
$ 25,000,000
$ 48,600,000
$ 73,600,000

Any road improvement costs (estimated by the Township at $10M) associated with the
redevelopment of the existing high school site could be funded by multiple methods.
Options Include:
1) JEDD revenues derived from the new-mixed use development and the new Anderson High School
2) Excess TIF (potentially $40M or more) over the life of the 30-year TIF covering the mixed-use development
3) Excess TIF revenues derived from the new Kroger development TIF, located across Beechmont Avenue from the
existing Anderson High School.
4) TIF from the Townships area-wide TIF, which will be extended an additional 15 years with this years State of Ohio
Budget.

5027 Madison Rd, Cincinnati, OH 45227

Within the past two weeks, our group has met with two Park Board members, Mr. Herking and
Mr. Turchiano, explaining that we are able to allocate $2 million toward the renovation of the
existing RecPlex. The funds are within our construction budget and delineate four acres around
the existing facility to be solely used by the Park District should the November levy be
unsuccessful. Furthermore, the Forest Hills School Board has expressed a willingness to deed
over property which they own at Ayer and Sherwood Elementary Schools, in addition to the
aforementioned acreage (see images below). In total, the Park District will be gaining more than
10.5 acres of usable property.

Based on the above facts, the Park Board would not need to ask voters for any new taxes, yet
the community and the Board would still receive additional land and a renovated RecPlex.
Should you choose to pursue the November bond issue request, the total funds generated could
then be used for the construction of Park Board improvements to include a new RecPlex.
We welcome the review of the Anderson Township 2020 Plan by any financial expert in the
community.

5027 Madison Rd, Cincinnati, OH 45227

2. The Plan is Legal

The plan is 100% legal. Attorneys at Schroeder, Maundrell, Barbiere and Powers (SMB&P) have
provided a written statement testifying to the legality of the proposed procedure and structure
of Tax Increment Financing required by the Anderson Township 2020 plan. This letter was
provided to your board as an attachment to the July 27th letter. We presently are securing a
similar opinion letter from another law firm to further validate the proposal. Similar funding
plans have already been executed for West Clermont Local Schools, The Banks (City of
Cincinnati), 4th and Race Tower (City of Cincinnati) among the many, demonstrating an
acceptance of the legality and financing of these endeavors.
Please note: Forest Hills School Board President Randy Smiths statement referenced on August
11th by the Anderson Park Board was taken prior to his review of Attorney Barbieres legal
opinion. Mr. Smith will be the first to tell you that he is neither an attorney nor a financial
expert in this area, and what he said at the time may no longer support his current perspective.
3.

TIF Money is Secure/No Credit Risk

As part of the July 27th package provided to the Park Board, Continental Real Estate Companies
(CREC) provided a letter testifying to the financial security of the TIF revenue. Another
attachment to that package was a sophisticated financial model tested by Andrew Brossart, CPA
of Fifth Third Securities, demonstrating that the TIF potential from the redeveloped existing
Anderson High School is $48.6 million dollars. The plan is not risky by even the most modest of
financial projections.
The credit risk that the Township has experienced with other TIF projects will not exist with the
Anderson Township 2020 Plan because the Hamilton County Port Authority will be the Issuer of
the bonds for this project. The Township will have no involvement other than directing the TIF
funds to the Port Authority. The Township has no risk.
For comparisons sake, please consider the following: In January 2015, a similar plan for the
West Clermont School District was rated by Moodys as very high. In fact, the deal ultimately
resulted in an enhanced credit rating for that district.

4. Existing Beech Acres Park/Amphitheater Will Be Unaffected

In the most recent site design, the existing Beech Acres Park and Amphitheater are unaffected.
While the design process is ongoing, we recognize the importance of listening and responding to
concerns of both the local government and the community. As a result of this consideration, the
current site design maintains all of the existing facilities associated with the current RecPlex
campus.

5027 Madison Rd, Cincinnati, OH 45227

5. Parking is Increased
The Anderson Township 2020 site design guarantees that park visitor parking would not be
impacted by school functions. In fact, the new high school will provide an additional 535 parking
spaces. This new parking will serve the entire community, including residents who regularly
patronize the park and its facilities, as well as those attending special events such as Anderson
Days. Increased parking will make access to park facilities and programs easier for all attendees.
6. Due Diligence is Complete
Our development team and numerous consultants have worked with multiple groups in
Anderson Township over the last four months as we realize the potential of the Anderson
Township 2020 plan. Many meetings, letters and conversations have occurred in order to
properly vet the design of the plan and all concerns and questions have been addressed by the
respective authorities. The resulting research and information have been compiled and
presented to the Park Board, School Board, Anderson Township Trustees and all other inquiring
parties. Should you wish to review any or all of the cumulative documentation, we are more
than happy to meet with you and your Board and walk you through the process that supports
the validity of this plan.
7. RFQ Response
The joint collaboration of attorneys, developers, financiers and all of the individuals involved in
Anderson Township 2020 has provided a financially sound plan that brings tremendous benefit
to the entire Anderson Township community. We have spoken with Beech Acres Parenting
Center and believe we can come to a solution which benefits all involved. Mr. Hartmann,
representing the Parenting Center, wrote on July 14, It has been our strongest desire that the
Park Board, School Board and Trustees be able to work together to find a mutually beneficial
solution to which all parties could agree. That solution exists, and we can make it work for all
involved.

5027 Madison Rd, Cincinnati, OH 45227

8. Partnership
It is our hope that this letter helps to correct and clarify several of the items you outline as
obstacles to your interest in the Anderson Township 2020 Plan. Just as the members of the
School Board and the Township Trustees did, we ask that you reexamine the information
provided and recognize what a tremendous opportunity the plan provides for the community.
At your convenience, we are more than happy to meet with you individually, or with your board,
to explain the specifics of the plan and the due diligence that led to its creation.
It is all up to you and the Anderson Township Park District Board Members.

Sincerely,

Rob Smyjunas
Vandercar Holdings, LLC.

E. Thomas Fernandez
SFA Architects, Inc.

CC:

Mr. Josh Gerth, Anderson Township Trustee

Mr. Russell Jackson, Anderson Township Trustee
Mr. Andrew Pappas, Anderson Township Trustee
Mr. Randy Smith, Forest Hills School Board President
Ms. Julie Bissinger, Forest Hills School Board
Mr. Jim Frooman, Forest Hills School Board
Dr. Forest Heis, Forest Hills School Board
Mr. Tony Hemmelgarn, Forest Hills School Board
Attachments:
Letter to the Forest Hills School Board dated 7/27/15 (w/ updated financials listed below)
TIF Development Projections
TIF Revenues with Debt Service
Anderson High School COPS Bonds

5027 Madison Rd, Cincinnati, OH 45227

July 27, 2015

Mr. Randy Smith, President
Ms. Julie Bissinger
Mr. Jim Frooman
Dr. Forest Heis
Mr. Tony Hemmelgarn
Forest Hills Local School District
7550 Forest Road
Cincinnati, OH 45255
Dear Board Member:
It has been a pleasure to work with the Forest Hills School Board over the last four months in
realizing the potential of the Forest Hills School District and Anderson Township community.
We are proud that, together with the Anderson Township Trustees, we have worked to envision
an exciting future for the community through the Anderson Township 2020 plan. In recent
weeks much progress has been made to further investigate the plans financial viability, funding
strategy and legal structure. The progress made to date is presented below.
We are excited to continue our discussions with you and the community. It is our belief that the
proposed master plan adds significant value to the Township by boosting its economy,
enhancing the quality-of-life of its residents and improving the academic atmosphere for its
youth.
Summary of the Plan:
The Anderson Township 2020 plan is designed as a public/private partnership to strengthen the
community of Anderson Township by building a new high school and athletic complex on the
Beech Acres site without raising any new taxes. Our development team has provided Anderson
Township and Forest Hills School District with a letter of intent to purchase Beech Acres
property at 6881 Beechmont Ave. Upon this site the team has proposed to build the District a
new High School, athletic campus and renovated recreation center for a total of $73.6 million.
Project Budget:
Land Costs (est)
Anderson High School (with auditorium, natatorium, and auxiliary gym)
Site Improvements:
Including football (soccer stadium), baseball stadium, softball stadium
Soft Cost/Contingency/Misc.

$ 5,500,000
$ 4,200,000

Total

$ 73,600,000

5027 Madison Rd, Cincinnati, OH 45227

$ 6,900,000
$57,000,000

This new academic campus will be realized in part through Tax Increment Financing (TIF)
resulting from the redevelopment of the current 48-acre high school site at 7560 Forest Road.
The redevelopment of the site will host a $120 million plus mixed-use development and
produce $48.6 million in guaranteed TIF dollars. The additional $25 million delta is resolved
through the reallocation of Anderson High School renovation funds approved by voters in 2014.
All money required to build a new Anderson High School is available; there is no gap in funding.
Funding:
Partial Reallocated School District Renovation Funds
Guaranteed TIF Funding
Total

$ 25,000,000
$ 48,600,000
$ 73,600,000

Since our original proposal, our team has received inquiries for additional information. The
below items address these specific lines of inquiry:
TIF Security Letter:
Attached are two documents prepared by Continental Real Estate Companies (CREC)
reaffirming the financial security of the TIF revenue as proposed to the Anderson Township
Board of Trustees, Anderson Township Park District Board of Commissioners and the Forest
Hills Board of Education in past communications. On June 25, 2015 a Letter of Interest was
sent by CREC to the Anderson Township Board of Trustees outlining their intent for
redevelopment on the current Anderson High School property. In a separate letter dated July
27, 2015, CREC President Mr. David E Kass provides assurance of the financial tools proposed
and demonstrates surety of corporate underwriting.
Fifth Third Bank Financial Analysis:
Andrew Brossart, CPA of Fifth Third Securities has performed diligent forecasting and
analysis of the proposed funding. The thorough financial projections are attached. Fifth Third
Banks highly sophisticated financial model demonstrates that the TIF potential for the Forest
Road site is $48.6 million dollars.
Legal Opinion:
The attached Legal Opinion is a letter formatted by the legal partnership of
Schroeder/Maundrell/Barbiere/Powers (SMB&P). The Legal Opinion confirms the procedure
and structure of Tax Increment Financing required by the Anderson Township 2020 plan is
achievable.
The Anderson Township Park District Board of Commissioners recently approved a motion to
place a bond levy on the November 2015 ballot to increase property taxes in order to purchase
the Beech Acres Site. This land is an integral part of the Anderson Township 2020 plan.
Needless to say, the aforementioned planned expansion of the communitys business core and
construction of a new, state-of-the-art high school campus will not be possible without full
cooperation from the Park Board.

5027 Madison Rd, Cincinnati, OH 45227

It is the intention of the development team to answer any and all questions you may have
regarding the Anderson Township 2020 plan. We believe this plan presents a unique win-win
opportunity for all parties involved. Please let us know if you have any additional questions
that we may help answer.
Sincerely,

Rob Smyjunas
Vandercar Holdings, LLC.

E. Thomas Fernandez
SFA Architects, Inc.

CC:
Mr. Dale Bartholomew, Anderson Park Board
Ms. Nadine Gelter, Anderson Park Board
Mr. Rob Herking, Anderson Park Board
Ms. Angie Stocker, Anderson Park Board
Mr. Tom Turchiano, Anderson Park Board
Mr. Josh Gerth, Anderson Township Trustee
Mr. Russell Jackson, Anderson Township Trustee
Mr. Andrew Pappas, Anderson Township Trustee

5027 Madison Rd, Cincinnati, OH 45227

PLANNED NEW
ANDERSON HIGH SCHOOL

Rec

Plex

PROPERTY
RESERVED FOR
ANDERSON
TOWNSHIP PARK
DISTRICT

EXISTING
ANDERSON TOWNSHIP PA
RK
DISTRICT PROPERTY

Schroeder, Maundrell, Barbiere & Powers

John W. Hust1
Lawrence E. Barbiere1
Todd M. Powers1,2
Christopher L. Moore1,2,3
Jay D. Patton1,3
Scott A. Sollmann
Kurt M. Irey1
Katherine L. Barbiere
John M. Milligan

Attorneys and Counselors at Law

5300 SOCIALVILLE-FOSTER ROAD, SUITE 200
MASON, OHIO 45040
Tel. 513-583-4200
Fax. 513-583-4203

Of Counsel:
William P. Schroeder
Michael E. Maundrell
Robert S. Hiller1
Megan C. Ahrens1,2,4
Brian E. Hurley

Writers Direct Dial Number

Keating Ritchie & McGary LPA

1
2
3
4

Also Admitted in Kentucky

Also Admitted in West Virginia
Also Admitted in Indiana
Also Admitted in Massachusetts

July 27, 2015

(513) 583-4210
cmoore@smbplaw.com

BOARD OF TRUSTEES OF
ANDERSON TOWNSHIP, OHIO
7850 Five Mile Road
Cincinnati, Ohio 45230

FOREST HILLS LOCAL SCHOOL DISTRICT

75550 Forest Road
Cincinnati, Ohio 45255

Re:

Development of New Forest Hills High School and Beech Acres Recreation Center
and Redevelopment of Old Anderson High site

Dear Sirs:
I am writing you on behalf of our client, Vandercar Holdings, to provide you with additional details
concerning the proposal to develop a new High School Facility for the Forest Hills School District, a future
recreation center on the Beech Acres site and the redevelopment of the current Anderson High School site. We
believe the project, as proposed, meets the legal requirements for the use of funds in Ohio as would be
generated under the proposed TIF.
The project envisions the use of a TIF, to be placed on the present Anderson High School Site, (Old
School Site), to facilitate the contemplated development. The TIF, as contemplated would be for 30 years and
100% of the increase in property value. We recognize that under the Ohio Revised Code, there are certain
restrictions which exist concerning the use of the funds generated by the TIF and in particular, the Code does
not allow for the distribution of PILOTs from tax increment funds to a school district in an amount which would
exceed the amount of real property taxes that such school district would have received from the improvement if
it were not exempt from taxation. (See ORC 5709.75 (C)(1)(a)).
Fortunately, this should not be an issue as under the draft proposal, the PILOTs as may be generated
under this proposal would be directed towards the Township. The project also contemplates the possibility of
directing portions of the PILOTs to the Anderson Township CIC, or to the Port Authority to retire debt as may
appropriately be attributed to the project. Either use of funds as may be generated by the TIF would be
appropriate under the law.

Moreover, we also note that the Revised Code provides for various ways for a public body to convert
TIF PILOT cash flows to a lump sum up front payment, available to pay project or infrastructure costs. For
example, in this project, as contemplated, the Old School Site could be purchased and held by a third party
public entity acting as a conduit for the development. In this instance, the Port Authority acting as the purchaser
of the property would issue debt to fund the purchase and the contemplated improvements on the parcel, which
would be backed by a pledge of PILOTs. Under such a framework, the debt is held by the Port Authority and
the revenue as generated would be used to retire this debt. For this reason, should the parties choose to address
certain expenses, up front, there is also a process, under the law, by which this can be accomplished.
Under the structure outlined above, the project as envisioned can be completed to the benefit of the
entire community. Should you have any question regarding this correspondence, please do not hesitate to
contact me.

Very truly yours,

Christopher L. Moore

AndersonTownship,HamiltonCountyOhioTIFDistrictDevelopments

TIFYear

Assessed
Year

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34

2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
2042
2043
2044
2045
2046
2047
2048
2049
2050
Totals

Collection
Year

2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
2042
2043
2044
2045
2046
2047
2048
2049
2050
2051

NewDevelopment
OfficeComplex
2016Const
$

15,000,000
15,000,000
15,000,000
15,450,000
15,450,000
15,450,000
16,222,500
16,222,500
16,222,500
16,709,175
16,709,175
16,709,175
17,210,450
17,210,450
17,210,450
17,726,764
17,726,764
17,726,764
18,258,567
18,258,567
18,258,567
18,806,324
18,806,324
18,806,324
19,370,513
19,370,513
19,370,513
19,951,629
19,951,629
19,951,629

NewDevelopment
NewDevelopment
NewDevelopment
NewDevelopment
TotalYearly
Total
Multifamily
OfficeComplex
Multifamily
AssistedLiving
IncreasedEstimated
Increased
2016Const
2017Const
2018Const
2018Const
NewAddedValue
TIFValue
$
$
$
$
$
$

30,000,000


45,000,000 45,000,000
30,000,000 15,000,000

15,000,000 60,000,000
30,000,000 15,000,000


60,000,000
30,900,000 15,450,000 40,000,000 20,000,000 60,000,000 121,800,000
30,900,000 15,450,000 40,000,000 20,000,000
121,800,000
30,900,000 15,450,000 40,000,000 20,000,000
121,800,000
32,445,000 16,222,500 42,000,000 21,000,000
127,890,000
32,445,000 16,222,500 42,000,000 21,000,000
127,890,000
32,445,000 16,222,500 42,000,000 21,000,000
127,890,000
33,418,350 16,709,175 43,260,000 21,630,000
131,726,700
33,418,350 16,709,175 43,260,000 21,630,000
131,726,700
33,418,350 16,709,175 43,260,000 21,630,000
131,726,700
34,420,901 17,210,450 44,557,800 22,278,900
135,678,501
34,420,901 17,210,450 44,557,800 22,278,900
135,678,501
34,420,901 17,210,450 44,557,800 22,278,900
135,678,501
35,453,528 17,726,764 45,894,534 22,947,267
139,748,856
35,453,528 17,726,764 45,894,534 22,947,267
139,748,856
35,453,528 17,726,764 45,894,534 22,947,267
139,748,856
36,517,133 18,258,567 47,271,370 23,635,685
143,941,322
36,517,133 18,258,567 47,271,370 23,635,685
143,941,322
36,517,133 18,258,567 47,271,370 23,635,685
143,941,322
37,612,647 18,806,324 48,689,511 24,344,756
148,259,561
37,612,647 18,806,324 48,689,511 24,344,756
148,259,561
37,612,647 18,806,324 48,689,511 24,344,756
148,259,561
38,741,027 19,370,513 50,150,196 25,075,098
152,707,348
38,741,027 19,370,513 50,150,196 25,075,098
152,707,348
38,741,027 19,370,513 50,150,196 25,075,098
152,707,348
39,903,258 19,951,629 51,654,702 25,827,351
157,288,569
39,903,258 19,951,629 51,654,702 25,827,351
157,288,569
39,903,258 19,951,629 51,654,702 25,827,351
157,288,569

19,951,629 51,654,702 25,827,351

97,433,682

51,654,702 25,827,351
77,482,054

25,827,351
25,827,351

25,827,351
25,827,351
$120,000,000

RealEstate
Escalation
Reappraisal/
Factor
Update
0.00%
0.00%
5.00%
R
0.00%
0.00%
3.00%
U
0.00%
0.00%
5.00%
R
0.00%
0.00%
3.00%
U
0.00%
0.00%
3.00%
R
0.00%
0.00%
3.00%
U
0.00%
0.00%
3.00%
R
0.00%
0.00%
3.00%
U
0.00%
0.00%
3.00%
R
0.00%
0.00%
3.00%
U
0.00%
0.00%
0.00%
R
0.00%
0.00%
0.00%
U

EffectiveTotal
TaxRate
89.56
89.56
89.56
89.56
89.56
89.56
89.56
89.56
89.56
89.56
89.56
89.56
89.56
89.56
89.56
89.56
89.56
89.56
89.56
89.56
89.56
89.56
89.56
89.56
89.56
89.56
89.56
89.56
89.56
89.56
89.56
89.56
89.56
89.56
89.56
89.56

TotalIncreased
Taxes
$

1,410,560
1,880,747
1,880,747
3,817,916
3,817,916
3,817,916
4,008,812
4,008,812
4,008,812
4,129,076
4,129,076
4,129,076
4,252,949
4,252,949
4,252,949
4,380,537
4,380,537
4,380,537
4,511,953
4,511,953
4,511,953
4,647,312
4,647,312
4,647,312
4,786,731
4,786,731
4,786,731
4,930,333
4,930,333
4,930,333
3,054,135
2,428,735
809,578
809,578
$ 130,670,938

8/6/2015

Bond
Life
0
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40

Payment
Year
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
2042
2043
2044
2045
2046
2047
2048
2049
2050
2051
2052
2053
2054
2055

PILevy
Contribution
$

Totals

PILevyUses
$

NetTIF
Total
Revenues
Resources
$
$

1,410,560 1,410,560
1,880,747 1,880,747
1,880,747 1,880,747
3,817,916 3,817,916
3,817,916 3,817,916
3,817,916 3,817,916
4,008,812 4,008,812
4,008,812 4,008,812
4,008,812 4,008,812
4,129,076 4,129,076
4,129,076 4,129,076
4,129,076 4,129,076
4,252,949 4,252,949
4,252,949 4,252,949
4,252,949 4,252,949
4,380,537 4,380,537
4,380,537 4,380,537
4,380,537 4,380,537
4,511,953 4,511,953
4,511,953 4,511,953
4,511,953 4,511,953
4,647,312 4,647,312
4,647,312 4,647,312
4,647,312 4,647,312
4,786,731 4,786,731
4,786,731 4,786,731
4,786,731 4,786,731
4,930,333 4,930,333
4,930,333 4,930,333
4,930,333 4,930,333
3,054,135 3,054,135
2,428,735 2,428,735
809,578 809,578
809,578 809,578

ForestHillsAndersonDevelopmentProject
2016COPS
2016Cops
2016
IssueNets
Annual
DebtService
PublicImpBond
$48.6mm
Excess
Coverage
Nets$9mm
DebtService
(Deficiency)
Rates
DebtService
$
$
$
$

1,079,738
330,823 1.31
2,179,475
(298,728) 0.86
2,198,875
(318,128) 0.86
2,887,675
930,241 1.32
2,890,775
927,141 1.32
2,888,688
929,229 1.32
2,890,325
1,118,487 1.39
2,890,475
1,118,337 1.39
2,887,000
1,121,812 1.39
2,891,950
1,237,126 1.43
2,889,875
1,239,201 1.43
2,891,000
1,238,076 1.43
2,890,000
1,362,949 1.47
2,891,500
1,361,449 1.47
2,890,250
1,362,699 1.47
2,891,250
1,489,287 1.52
2,889,250
1,491,287 1.52
2,889,250
1,491,287 1.52
2,891,000
1,620,953 1.56
2,889,250
1,622,703 1.56
2,889,000
1,622,953 1.56
2,890,000
1,757,312 1.61
2,892,000
1,755,312 1.61
2,889,750
1,757,562 1.61
2,888,250
1,898,481 1.66
2,887,250
1,899,481 1.66
2,891,500
1,895,231 1.66
2,890,500
2,039,833 1.71
2,889,250
2,041,083 1.71
2,887,500
2,042,833 1.71
2,890,000
164,135 1.06
2,426,250
2,485 1.00
799,250
10,328 1.01
798,000
11,578 1.01

$130,670,938 $130,670,938 $90,396,100 $40,274,838

Annual
Excess
(Deficiency)
$


330,823
(298,728)
(318,128)
930,241
927,141
929,229
1,118,487
1,118,337
1,121,812
1,237,126
1,239,201
1,238,076
1,362,949
1,361,449
1,362,699
1,489,287
1,491,287
1,491,287
1,620,953
1,622,703
1,622,953
1,757,312
1,755,312
1,757,562
1,898,481
1,899,481
1,895,231
2,039,833
2,041,083
2,042,833
164,135
2,485
10,328
11,578

2016COPS
RecPlex
Nets$10mm
DebtService
$

$40,274,838 $

Annual
Excess
(Deficiency)
$


330,823
(298,728)
(318,128)
930,241
927,141
929,229
1,118,487
1,118,337
1,121,812
1,237,126
1,239,201
1,238,076
1,362,949
1,361,449
1,362,699
1,489,287
1,491,287
1,491,287
1,620,953
1,622,703
1,622,953
1,757,312
1,755,312
1,757,562
1,898,481
1,899,481
1,895,231
2,039,833
2,041,083
2,042,833
164,135
2,485
10,328
11,578

EndofYear
FundBalance
(Deficiency)
$

330,823
32,094
(286,034)
644,207
1,571,349
2,500,577
3,619,064
4,737,401
5,859,213
7,096,339
8,335,541
9,573,617
10,936,565
12,298,014
13,660,712
15,149,999
16,641,287
18,132,574
19,753,527
21,376,230
22,999,183
24,756,495
26,511,806
28,269,368
30,167,849
32,067,330
33,962,561
36,002,394
38,043,477
40,086,310
40,250,445
40,252,931
40,263,259
40,274,838
40,274,838
40,274,838
40,274,838
40,274,838

$40,274,838

8/6/2015

Forest Hills Local School District, Ohio

$44,225,000 Anderson HS COPS Bonds-W Natatorium & Athletic
A1 - A+ Dated: June 1, 2016 - Tax Exempt

Table of Contents
Report
Sources & Uses

Pricing Summary

Net Debt Service Schedule

Anderson HS COPS Bonds-W | SINGLE PURPOSE | 8/ 6/2015 | 3:41 PM

Fifth Third Securities, Inc.

Public Finance

Forest Hills Local School District, Ohio

$44,225,000 Anderson HS COPS Bonds-W Natatorium & Athletic
A1 - A+ Dated: June 1, 2016 - Tax Exempt

Sources & Uses

Dated 06/01/2016 | Delivered 06/01/2016

Sources Of Funds
Par Amount of Bonds
Reoffering Premium
Transfers from Prior Issue BCF Funds

$44,225,000.00
3,972,446.70
25,693,000.00

Total Sources

$73,890,446.70

Uses Of Funds
Costs of Issuance
Surety Bond
Deposit to Capitalized Interest (CIF) Fund
Athletic Fields
Construction Fund w/Natatorium and Performance Aud
Rounding Amount
Total Uses

663,375.00
43,380.00
4,318,950.00
5,000,000.00
63,862,000.00
2,741.70
$73,890,446.70

Anderson HS COPS Bonds-W | SINGLE PURPOSE | 8/ 6/2015 | 3:41 PM

Fifth Third Securities, Inc.

Public Finance

Page 1

Forest Hills Local School District, Ohio

$44,225,000 Anderson HS COPS Bonds-W Natatorium & Athletic
A1 - A+ Dated: June 1, 2016 - Tax Exempt

Pricing Summary
Maturity
12/01/2019
12/01/2020
12/01/2021
12/01/2022
12/01/2023
12/01/2024
12/01/2025
12/01/2026
12/01/2027
12/01/2028
12/01/2029
12/01/2030
12/01/2031
12/01/2032
12/01/2033
12/01/2034
12/01/2035
12/01/2045
12/01/2051
Total

Part 1 of 2

Type of Bond
Serial Coupon
Serial Coupon
Serial Coupon
Serial Coupon
Serial Coupon
Serial Coupon
Serial Coupon
Serial Coupon
Serial Coupon
Serial Coupon
Serial Coupon
Serial Coupon
Serial Coupon
Serial Coupon
Serial Coupon
Serial Coupon
Serial Coupon
Term 1 Coupon
Term 2 Coupon

Coupon

Yield

Maturity Value

Price

3.000%
3.000%
3.000%
4.250%
4.250%
4.250%
4.500%
4.500%
4.500%
4.500%
5.000%
5.000%
5.000%
5.000%
5.000%
5.000%
5.000%
5.000%
5.000%

1.670%
1.930%
2.200%
2.450%
2.640%
2.810%
2.960%
3.130%
3.220%
3.330%
3.380%
3.450%
3.510%
3.560%
3.600%
3.640%
3.670%
3.850%
4.200%

20,000.00
40,000.00
730,000.00
755,000.00
785,000.00
820,000.00
855,000.00
890,000.00
935,000.00
975,000.00
1,020,000.00
1,070,000.00
1,125,000.00
1,180,000.00
1,240,000.00
1,300,000.00
1,365,000.00
18,035,000.00
11,085,000.00

104.503%
104.590%
104.122%
110.755%
110.889%
110.820%
112.671%
111.183%
110.404%
109.461%
113.070%
112.464%
111.948%
111.520%
111.180%
110.840%
110.586%
109.077%
106.213%

$44,225,000.00

Anderson HS COPS Bonds-W | SINGLE PURPOSE | 8/ 6/2015 | 3:41 PM

Fifth Third Securities, Inc.

Public Finance

Page 2

Forest Hills Local School District, Ohio

$44,225,000 Anderson HS COPS Bonds-W Natatorium & Athletic
A1 - A+ Dated: June 1, 2016 - Tax Exempt

Pricing Summary

Part 2 of 2

Maturity

YTM

Call Date

Call Price

Dollar Price

12/01/2019
12/01/2020
12/01/2021
12/01/2022
12/01/2023
12/01/2024
12/01/2025
12/01/2026
12/01/2027
12/01/2028
12/01/2029
12/01/2030
12/01/2031
12/01/2032
12/01/2033
12/01/2034
12/01/2035
12/01/2045
12/01/2051

c
c
c
c
c
c
c
c
c
c
c
c

3.235%
3.399%
3.556%
3.757%
3.869%
3.961%
4.037%
4.099%
4.155%
4.199%
4.445%
4.641%

12/01/2025
12/01/2025
12/01/2025
12/01/2025
12/01/2025
12/01/2025
12/01/2025
12/01/2025
12/01/2025
12/01/2025
12/01/2025
12/01/2025

100.000%
100.000%
100.000%
100.000%
100.000%
100.000%
100.000%
100.000%
100.000%
100.000%
100.000%
100.000%

20,900.60
41,836.00
760,090.60
836,200.25
870,478.65
908,724.00
963,337.05
989,528.70
1,032,277.40
1,067,244.75
1,153,314.00
1,203,364.80
1,259,415.00
1,315,936.00
1,378,632.00
1,440,920.00
1,509,498.90
19,672,036.95
11,773,711.05

Total

$48,197,446.70

Bid Information
Par Amount of Bonds
Reoffering Premium or (Discount)
Gross Production
Bid (108.982%)
Total Purchase Price
Bond Year Dollars
Average Life
Average Coupon
Net Interest Cost (NIC)
True Interest Cost (TIC)

$44,225,000.00
3,972,446.70
$48,197,446.70
48,197,446.70
$48,197,446.70
$1,018,212.50
23.023 Years
4.9586948%
4.5685555%
4.3000580%

Anderson HS COPS Bonds-W | SINGLE PURPOSE | 8/ 6/2015 | 3:41 PM

Fifth Third Securities, Inc.

Public Finance

Page 3

Forest Hills Local School District, Ohio

$44,225,000 Anderson HS COPS Bonds-W Natatorium & Athletic
A1 - A+ Dated: June 1, 2016 - Tax Exempt

Net Debt Service Schedule

Date

Principal

Coupon

Interest

Total P+I

CIF

Net New D/S

12/01/2016
12/01/2017
12/01/2018
12/01/2019
12/01/2020
12/01/2021
12/01/2022
12/01/2023
12/01/2024
12/01/2025
12/01/2026
12/01/2027
12/01/2028
12/01/2029
12/01/2030
12/01/2031
12/01/2032
12/01/2033
12/01/2034
12/01/2035
12/01/2036
12/01/2037
12/01/2038
12/01/2039
12/01/2040
12/01/2041
12/01/2042
12/01/2043
12/01/2044
12/01/2045
12/01/2046
12/01/2047
12/01/2048
12/01/2049
12/01/2050
12/01/2051

20,000.00
40,000.00
730,000.00
755,000.00
785,000.00
820,000.00
855,000.00
890,000.00
935,000.00
975,000.00
1,020,000.00
1,070,000.00
1,125,000.00
1,180,000.00
1,240,000.00
1,300,000.00
1,365,000.00
1,435,000.00
1,505,000.00
1,580,000.00
1,660,000.00
1,745,000.00
1,830,000.00
1,920,000.00
2,015,000.00
2,120,000.00
2,225,000.00
2,335,000.00
2,450,000.00
2,575,000.00
2,240,000.00
725,000.00
760,000.00

3.000%
3.000%
3.000%
4.250%
4.250%
4.250%
4.500%
4.500%
4.500%
4.500%
5.000%
5.000%
5.000%
5.000%
5.000%
5.000%
5.000%
5.000%
5.000%
5.000%
5.000%
5.000%
5.000%
5.000%
5.000%
5.000%
5.000%
5.000%
5.000%
5.000%
5.000%
5.000%
5.000%

1,079,737.50
2,159,475.00
2,159,475.00
2,159,475.00
2,158,875.00
2,157,675.00
2,135,775.00
2,103,687.50
2,070,325.00
2,035,475.00
1,997,000.00
1,956,950.00
1,914,875.00
1,871,000.00
1,820,000.00
1,766,500.00
1,710,250.00
1,651,250.00
1,589,250.00
1,524,250.00
1,456,000.00
1,384,250.00
1,309,000.00
1,230,000.00
1,147,000.00
1,059,750.00
968,250.00
872,250.00
771,500.00
665,500.00
554,250.00
437,500.00
315,000.00
186,250.00
74,250.00
38,000.00

1,079,737.50
2,159,475.00
2,159,475.00
2,179,475.00
2,198,875.00
2,887,675.00
2,890,775.00
2,888,687.50
2,890,325.00
2,890,475.00
2,887,000.00
2,891,950.00
2,889,875.00
2,891,000.00
2,890,000.00
2,891,500.00
2,890,250.00
2,891,250.00
2,889,250.00
2,889,250.00
2,891,000.00
2,889,250.00
2,889,000.00
2,890,000.00
2,892,000.00
2,889,750.00
2,888,250.00
2,887,250.00
2,891,500.00
2,890,500.00
2,889,250.00
2,887,500.00
2,890,000.00
2,426,250.00
799,250.00
798,000.00

(1,079,737.50)
(2,159,475.00)
(1,079,737.50)
-

1,079,737.50
2,179,475.00
2,198,875.00
2,887,675.00
2,890,775.00
2,888,687.50
2,890,325.00
2,890,475.00
2,887,000.00
2,891,950.00
2,889,875.00
2,891,000.00
2,890,000.00
2,891,500.00
2,890,250.00
2,891,250.00
2,889,250.00
2,889,250.00
2,891,000.00
2,889,250.00
2,889,000.00
2,890,000.00
2,892,000.00
2,889,750.00
2,888,250.00
2,887,250.00
2,891,500.00
2,890,500.00
2,889,250.00
2,887,500.00
2,890,000.00
2,426,250.00
799,250.00
798,000.00

Total

$44,225,000.00

$50,490,050.00

$94,715,050.00

(4,318,950.00)

$90,396,100.00

Anderson HS COPS Bonds-W | SINGLE PURPOSE | 8/ 6/2015 | 3:41 PM

Fifth Third Securities, Inc.

Public Finance

Page 4