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Page 1
TECHNICAL MEMORANDUM – REVISED
FINAL
Stantec Consulting Services, Inc.
6900 Professional Parkway East
Sarasota, FL 34240 Telephone: (941) 504-7239
DATE: February 24, 2020
TO: Tom Benton, Village Manager, Miami Shores Village
CC: Holly Hugdahl, Finance Director, Miami Shores Village
FROM: Kelly Westover, Managing Consultant Stantec Financial Services
Kyle Stevens, Managing Consultant Stantec Financial Services
RE: FY 2020 WATER & SEWER INFRASTRUCTURE FUNDING STUDY UPDATE
INTRODUCTION: Burton & Associates (now Stantec) conducted a Study in 2015 that
established a water and wastewater assessment for the construction
of water and sewer infrastructure to serve 27 parcels in the downtown
area. The costs included in the assessments were estimated costs
based upon engineering evaluations provided by the Village. The
project scope was to replace the existing smaller water mains with a
12” main and to construct Low Pressure Sewer Systems (LPSS) on each
of the identified parcels and connect them to the existing Miami-
Dade County sewer infrastructure. Upon project completion, the
water and sewer lines were to be conveyed to Miami-Dade County,
but the Village will continue to own the wet wells and grinder pumps
and incur annual sewer maintenance costs.
The project has been completed and current actual costs are
available for both the capital projects and the sewer maintenance
costs. The Village has retained Stantec to update the assessment
amounts based upon current actual cost data. This Technical
Memorandum presents the results of this update and a schedule of
amended water and sewer assessments by parcel to be effective for
FY 2021 and subsequent years.
OBJECTIVE
Miami Shores Village (Village) retained Stantec to perform a Water & Sewer
Infrastructure Funding Study Update (Update Study), with the goal of refining the
previously developed plan of water and sewer special capital assessments and annual
sewer maintenance assessments for the group of parcels benefitting from the above
described project. The objectives of this Update Study were to:
1.Update the costs associated with the assessment to reflect actual costs versus
the initially estimated project costs as provided to Stantec by Village staff;
Exhibit "B"
TECHNICAL MEMORANDUM - DRAFT FY 2019 WATER & SEWER INFRASTRUCTURE ASSESSMENT UPDATE
Stantec Page 2
2. Update the calculation of the annual water and sewer capital assessments that
would be paid by each benefitting parcel, based upon an updated 30-year
debt financing, assuming a 3% interest rate, or alternatively, parcels could
choose to pay off the remaining capital balance in a lump sum; and
3. Update the allocation of current annual sewer maintenance costs based upon
the benefit to each parcel.
BASE DATA
The analysis was performed using the list of 27 parcels provided by the Village, based
on data from the Miami Dade Property Appraiser (MDPA) and the Village Planning &
Zoning Director. The following data items were relied upon in the conduct of the Study:
1. Folio numbers, owner names, parcel addresses, developed square feet, number
of buildings and number of floors for each benefitting parcel from MDPA data,
as provided by Village staff.
2. MDPA property use codes, corresponding Department of Revenue use codes,
and business descriptions, as provided by staff.
3. Parcel square feet from MDPA data, adjusted for alley/roadway easements, as
provided by staff.
4. An assumed 30-year revenue bond issued at a 3% interest rate.
5. Actual Capital Project costs for the 27 parcels provided by the Village and actual
annual sewer maintenance costs, provided by the Village.
6. Closing costs and other fees associated with the assessment as provided by
Village staff.
Figure 1- 27 Assessed Parcel Locations
TECHNICAL MEMORANDUM - DRAFT FY 2019 WATER & SEWER INFRASTRUCTURE ASSESSMENT UPDATE
Stantec Page 3
SPECIAL ASSESSMENTS
The development of a special assessment for any capital improvement or municipal
service requires that 1) the parcel assessed must derive a special benefit from the
improvement, service or facilities provided, and 2) the assessment must be fairly
apportioned among the parcels that receive the special benefit. Simply stated, there
must be a logical relationship between the service provided and the benefit to real
parcel assessed for the service.
In order to satisfy this requirement, the costs associated with providing the service must
be fairly and reasonably apportioned to the parcels that receive a benefit from the
service provided, in proportion to the benefit received. Therefore, the recommended
updated water and sewer assessments calculated in this study were developed such
that the actual costs of providing water and sewer service will be recovered through
assessments to parcels in proportion to the benefit received by the availability of water
and sewer service to those parcels.
ANALYSIS
This section describes the assumptions and analyses conducted during the original
Study, all of which hold true relative to this Update Study. The original Study was
conducted in two work elements. Work Element I consisted of allocating benefit among
benefitting parcels and assigning estimated water and sewer capital costs and debt
service to pay for water and sewer capital costs accordingly. Work Element II consisted
of allocating benefit for expected annual sewer maintenance costs among benefitting
parcels and considering methods for assessing the portion of the annual cost assigned
to each benefitting parcel. Both work elements were updated in this Update Study to
reflect known actual costs. A more detailed description of the updated analysis
conducted in these work elements is described below.
Work Element I – Water & Sewer Capital Assessment Methodology and Calculation
In this work element, the requirements for development of a special assessment were
considered. First, as the parcels to be assessed require sufficient water and/or sewer
service to support a variety of new commercial uses, there is a special benefit conferred
upon all of the properties by construction of a water main and LPSS to bring water and
sewer service to the identified parcels, in a manner that will meet the Miami-Dade
County water and sewer standards, to support businesses such as restaurants and cafes.
Next was the consideration of fairly apportioning benefit. For the capital assessment,
the apportionment methodology used is based upon parcel size. Larger parcels benefit
more from water and sewer service as they can support larger developed square
footage and, therefore, more potential usage. Once the benefit apportionment was
completed, the annual debt service that would be paid by each parcel if the capital
costs were financed over 30 years with a municipal bridge loan for five (5) years and
municipal bond for the remaining twenty five (25) years of the 30 year assessment
period was estimated. We then met in several interactive work sessions with Village staff
TECHNICAL MEMORANDUM - DRAFT FY 2019 WATER & SEWER INFRASTRUCTURE ASSESSMENT UPDATE
Stantec Page 4
to review the preliminary results and made appropriate adjustments based upon input
from Village staff.
Work Element II – Annual Sewer Maintenance Cost Recovery
In this work element, the original Study considered the most reasonable apportionment
methodology and the best method of recovering the ongoing costs of sewer
maintenance. The apportionment methodology applied to this maintenance
assessment is based upon developed square footage because the benefit from annual
maintenance is proportionate to use, which is better approximated by the size of
existing structures than by parcel size. Next, the original Study considered the method
of recovering these costs from the benefitting parcels. While the allocated portion of
sewer maintenance could be added to the sewer utility bill, the billing and customer
service would be contracted to Miami-Dade County, which would require annual
updates according to the actual cost of sewer maintenance (subject to a maximum
annual increase) and any change in developed square footage in that year. This
approach would require a complicated and administratively burdensome and costly
relationship with Miami-Dade County. Therefore, it was determined by the Village that
an annual sewer maintenance assessment would be a more appropriate method of
cost recovery.
TECHNICAL MEMORANDUM - DRAFT FY 2019 WATER & SEWER INFRASTRUCTURE ASSESSMENT UPDATE
Stantec Page 5
RESULTS
This section presents the results of the Updated Study.
the total project cost in the original study was estimated at $4,622,514. The updated
schedule of actual costs totaled $4,584,801 as provided to Stantec by Village staff for
the Capital Assessment. A summary of the actual project costs for water and sewer
projects are presented in Table 1.
Table 1- Actual Project Cost
The calculation of annual debt service for the capital assessment is presented in the
following table.
Table 2- Debt Service Calculation
Water Sewer Total
Allocation 28%72%100%
Project Costs 1,211,717$ 3,115,844$ 4,327,561$
Loan Fees 2,800$ 7,200$ 10,000$
Collection Fees 12,837$ 33,011$ 45,848$
Assessment Discount 51,350$ 132,042$ 183,392$
Stantec Fees (1)2,800$ 7,200$ 10,000$
Attorney Fees (2)2,240$ 5,760$ 8,000$
Total 1,283,744$ 3,301,057$ 4,584,801$
Total If Prepaid (3)1,216,757$ 3,128,804$ 4,345,561$
(1) Actual cost
(2) Estimated Cost
(3) No Closing Costs, Collection Fees or Prepayment Discount
Sources of Funds
Amount of Borrowing $4,584,801
Cash from Other Sources $0
Total Sources of Funds $4,584,801
Uses of Funds
Project Costs $4,327,561
Loan Fees $10,000
Collection Fees 1.0%$45,848
Assessment Discount 4.0%$183,392
Stantec Fees $10,000
Attorney Fees $8,000
Total Uses of Funds $4,584,801
Annual Debt Service $233,913
Term in Years 30
Interest Rate 3.00%
Debt Service Calculations
TECHNICAL MEMORANDUM - DRAFT FY 2019 WATER & SEWER INFRASTRUCTURE ASSESSMENT UPDATE
Stantec Page 6
The calculation of the sewer maintenance assessment as provided by Village Staff is
presented in the table below. The annual maintenance assessment amount provided
by Village staff is based upon contract maintenance costs and pump outs required for
the grinder pumps at each parcel.
Table 3- Sewer Maintenance Assessment Calculation
Folio Owner Business Address
Parcel Sq
Ft
Developed
Sq Ft
FY 2020 Asmt
per station
M&A Contract
FY 2021 Asmt
2 pump outs
M&A
Contract FY
2021 Asmt
FY 2021
Asmt 5% Disc
Total FY
2021 Asmt
11-3206-013-1960 MIAMI SHORES VILLAGE 10050 NE 2ND AVE 31,850 11,890 2 Duplex 4,743$ 1,200$ 297$ 6,241$
11-3206-013-2080 MIAMI SHORES VILLAGE 9990 NE 2ND AVE 13,775 8,070 Duplex 2,372$ 600$ 149$ 3,120$
11-3206-013-2100 MIAMI SHORES VILLAGE None - Vacant 6,500 0 N/A -$ -$ -$ -$
11-3206-013-2110 MIAMI SHORES VILLAGE 9900 NE 2 AVE 13,000 8,853 Duplex 2,372$ 600$ 149$ 3,120$
11-3206-013-2230 MIAMI SHORES CENTER LLC 180 NE 99 ST 5,850 2,494 Duplex 2,372$ 600$ 149$ 3,120$
11-3206-013-2240 MIAMI SHORES CENTER LLC 9830 NE 2 AVE 13,459 16,735 Duplex 2,372$ 600$ 149$ 3,120$
11-3206-013-2241 MIAMI SHORES CENTER LLC 9806 NE 2 AVE 12,541 13,575 Duplex 2,372$ 600$ 149$ 3,120$
11-3206-013-2340 MIAMI SHORES AUTO REPAIR INC 9734 NE 2 AVE 12,216 2,008 Duplex 2,372$ 600$ 149$ 3,120$
11-3206-013-2350 SHORES LANDING LLC 9710 NE 2 AVE 19,500 13,544 Duplex 2,372$ 600$ 149$ 3,120$
11-3206-013-2500 PALAZZO LEONI LLC 9636 NE 2 AVE 11,850 11,065 Duplex 2,372$ 600$ 149$ 3,120$
11-3206-013-2510 PALAZZO LEONI LLC 9600 NE 2 AVE 19,500 23,108 Duplex 2,372$ 600$ 149$ 3,120$
11-3206-013-2630 LEOCAVA LLC 9534 NE 2 AVE 19,500 19,229 Duplex 2,372$ 600$ 149$ 3,120$
11-3206-013-2660 MIAMI-DADE COUNTY, FIRE 9500 NE 2 AVE 19,366 4,423 Duplex 2,372$ 600$ 149$ 3,120$
11-3206-013-2780 MSVC LLC 9400 NE 2 AVE 35,425 12,717 Duplex 2,372$ 600$ 149$ 3,120$
11-3206-013-4650 MIAMI SHORES VILLAGE 10021 NE 2 AVE 31,850 8,092 Duplex 2,372$ 600$ 149$ 3,120$
11-3206-013-4490 CITY NATL BNK OF FLA TRU 9999 NE 2 AVE 31,850 47,771 Triplex 3,558$ 600$ 208$ 4,365$
11-3206-013-4360 SOUTHTRUST BANK NAT'L ASSOC 9899 NE 2 AVE 12,350 3,235 Duplex 2,372$ 600$ 149$ 3,120$
11-3206-013-4370 VILLAGE LODGE NO 315 F & AA 9855 NE 2 AVE 6,500 4,680 Duplex 2,372$ 600$ 149$ 3,120$
11-3206-013-4380 9801 PARK LLC 9801 NE 2 AVE 13,000 10,803 Duplex 2,372$ 600$ 149$ 3,120$
11-3206-013-4210 GATOR 9723 NE 2ND AVE LLC 9723 NE 2 AVE 12,350 9,459 Duplex 2,372$ 600$ 149$ 3,120$
11-3206-013-4220 ODAMISE LLC 9713 NE 2 AVE 6,500 3,000 Duplex 2,372$ 600$ 149$ 3,120$
11-3206-013-4230 COCHRAN MIAMI SHORES LLC 9705 NE 2 AVE 13,000 15,885 Duplex 2,372$ 600$ 149$ 3,120$
11-3206-013-4050 1101 MIAMI SHORES LLC 9699 NE 2 AVE 5,850 2,306 Duplex 2,372$ 600$ 149$ 3,120$
11-3206-013-4060 ATLANTIC OIL INC 9601 NE 2 AVE 26,000 4,276 Duplex 2,372$ 600$ 149$ 3,120$
11-3206-013-3910 DVS LLC 9537 NE 2 AVE 13,000 5,116 Duplex 2,372$ 600$ 149$ 3,120$
11-3206-013-3920 DVS LLC 9501 NE 2 AVE 26,000 24,807 Duplex 2,372$ 600$ 149$ 3,120$
11-3206-013-3760 BANK OF AMERICA NA 9475 NE 2 AVE 35,425 20,067 Duplex 2,372$ 600$ 149$ 3,120$
468,007 307,208 65,221$ 16,200$ 4,071$ 85,492$
TECHNICAL MEMORANDUM - DRAFT FY 2019 WATER & SEWER INFRASTRUCTURE ASSESSMENT UPDATE
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The water and sewer capital assessments and sewer maintenance assessments by
parcel are presented in the table below.
Table 4- Capital Assessment and Sewer Maintenance Assessment Calculation
Water & Sewer Capital Assessments
Based on
Parcel Sq Ft
Business Address Property Use Code
Parcel Sq
Ft
Assessment
%
Annual
Water
Payment
Annual
Sewer
Payment
Total
Annual
Water &
Sewer
Payment
FY 2021
Assessment (2)
10050 NE 2ND AVE0040 MUNICIPAL 31,850 6.81%4,461$ 11,470$ 15,931$ 6,241$
9990 NE 2ND AVE 0049 MIXED USE - GOVERNMENTAL 13,775 2.94%1,929$ 4,961$ 6,890$ 3,120$
None 0081 VACANT LAND (2)6,500 1.39%761$ 1,957$ 2,718$ -$
9900 NE 2 AVE 0013 OFFICE BUILDING 13,000 2.78%1,821$ 4,682$ 6,503$ 3,120$
180 NE 99 ST 0013 OFFICE BUILDING 5,850 1.25%819$ 2,107$ 2,926$ 3,120$
9830 NE 2 AVE 0013 OFFICE BUILDING 13,459 2.88%1,885$ 4,847$ 6,732$ 3,120$
9806 NE 2 AVE 0015 ENTERTAINMENT 12,541 2.68%1,756$ 4,517$ 6,273$ 3,120$
9734 NE 2 AVE 0019 AUTOMOTIVE OR MARINE 12,216 2.61%1,711$ 4,400$ 6,110$ 3,120$
9710 NE 2 AVE 0013 OFFICE BUILDING 19,500 4.17%2,732$ 7,025$ 9,757$ 3,120$
9636 NE 2 AVE 0013 OFFICE BUILDING 11,850 2.53%1,660$ 4,268$ 5,927$ 3,120$
9600 NE 2 AVE 0013 OFFICE BUILDING 19,500 4.17%2,731$ 7,023$ 9,754$ 3,120$
9534 NE 2 AVE 0013 OFFICE BUILDING 19,500 4.17%2,731$ 7,023$ 9,754$ 3,120$
9500 NE 2 AVE 0047 DADE COUNTY 19,366 4.14%2,712$ 6,975$ 9,687$ 3,120$
9400 NE 2 AVE 0011 RETAIL OUTLET 35,425 7.57%4,961$ 12,758$ 17,719$ 3,120$
10021 NE 2 AVE 0040 MUNICIPAL 31,850 6.81%4,461$ 11,470$ 15,931$ 3,120$
9999 NE 2 AVE 0013 OFFICE BUILDING 31,850 6.81%4,461$ 11,470$ 15,931$ 4,365$
9899 NE 2 AVE 0013 OFFICE BUILDING 12,350 2.64%1,730$ 4,448$ 6,177$ 3,120$
9855 NE 2 AVE 0042 CLUB OR HALL - PRIVATE 6,500 1.39%910$ 2,341$ 3,251$ 3,120$
9801 NE 2 AVE 0013 OFFICE BUILDING 13,000 2.78%1,821$ 4,682$ 6,503$ 3,120$
9723 NE 2 AVE 0011 RETAIL OUTLET 12,350 2.64%1,730$ 4,448$ 6,177$ 3,120$
9713 NE 2 AVE 0013 OFFICE BUILDING 6,500 1.39%910$ 2,341$ 3,251$ 3,120$
9705 NE 2 AVE 0009 MIXED USE - RESIDENTIAL 13,000 2.78%1,821$ 4,682$ 6,503$ 3,120$
9699 NE 2 AVE 0013 OFFICE BUILDING 5,850 1.25%819$ 2,107$ 2,926$ 3,120$
9601 NE 2 AVE 0026 SERVICE STATION - AUTOMOTIV 26,000 5.56%3,641$ 9,364$ 13,005$ 3,120$
9537 NE 2 AVE 0029 MIXED USE - COMMERCIAL 13,000 2.78%1,821$ 4,682$ 6,503$ 3,120$
9501 NE 2 AVE 0029 MIXED USE - COMMERCIAL 26,000 5.56%3,641$ 9,364$ 13,005$ 3,120$
9475 NE 2 AVE 0013 OFFICE BUILDING 35,425 7.57%4,961$ 12,758$ 17,719$ 3,120$
Total 65,399$ 168,168$ 233,566$ 85,492$
(1) Annual payments assume debt financing at 3.00% interest for 30 years.
Sewer
Maintenance
Per Station
Cost if Assessment Paid In
Annual Payments - 30 Year
Financing (1)
(2) The annual sewer maintenance assessment for FY 2020 is based on the Village Staff's direction of $85,492 per year (detailed in the
prior table) and is assumed to escalate at 3% annually. Vacant land does not pay for grinder pump capital cost (tier 2)
TECHNICAL MEMORANDUM - DRAFT FY 2019 WATER & SEWER INFRASTRUCTURE ASSESSMENT UPDATE
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A 10 year pro-forma projection of the assessment program is presented in the following table. Small annual defcits of
apprximately ($347) are to be expected for the remainer of the assement program driven by lower than estimated actual
capital cost, the total cost over the life of the remaining 25 years of the assessment, inclusive of the first five years of assessments
collected, is anticipated to be breakeven.
Table 5- Assessment Pro-forma
1 2 3 4 5 6 7 8 9 10
FY FY FY FY FY FY FY FY FY FY
Description 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
Gross Revenues
Water Special Assessment 65,399$ 65,399$ 65,399$ 65,399$ 65,399$ 65,399$ 65,399$ 65,399$ 65,399$ 65,399$
Sewer Special Assessment 168,168$ 168,168$ 168,168$ 168,168$ 168,168$ 168,168$ 168,168$ 168,168$ 168,168$ 168,168$
Sewer Annual Maintenance 85,492$ 88,057$ 90,699$ 93,420$ 96,222$ 99,109$ 102,082$ 105,145$ 108,299$ 111,548$
Total Gross Revenues 319,058$ 321,623$ 324,265$ 326,986$ 329,789$ 332,675$ 335,648$ 338,711$ 341,865$ 345,114$
Operating Expenses
Project Costs - Water -$ -$ -$ -$ -$ -$ -$ -$ -$ -$
Project Costs - Sewer -$ -$ -$ -$ -$ -$ -$ -$ -$ -$
Annual Maintenance - Sewer 85,492$ 88,057$ 90,699$ 93,420$ 96,222$ 99,109$ 102,082$ 105,145$ 108,299$ 111,548$
Total Operating Expenses 85,492$ 88,057$ 90,699$ 93,420$ 96,222$ 99,109$ 102,082$ 105,145$ 108,299$ 111,548$
Net Revenues Available for Debt Service 233,566$ 233,566$ 233,566$ 233,566$ 233,566$ 233,566$ 233,566$ 233,566$ 233,566$ 233,566$
Senior Lien Debt Service Requirements
Annual Debt Service - Water 65,496$ 65,496$ 65,496$ 65,496$ 65,496$ 65,496$ 65,496$ 65,496$ 65,496$ 65,496$
Annual Debt Service - Sewer 168,417$ 168,417$ 168,417$ 168,417$ 168,417$ 168,417$ 168,417$ 168,417$ 168,417$ 168,417$
Total Senior Lien Debt Service Requirements 233,913$ 233,913$ 233,913$ 233,913$ 233,913$ 233,913$ 233,913$ 233,913$ 233,913$ 233,913$
Revenue Surplus/Shortfall ($347)($347)($347)($347)($347)($347)($347)($347)($347)($347)
TECHNICAL MEMORANDUM - DRAFT FY 2019 WATER & SEWER INFRASTRUCTURE ASSESSMENT UPDATE
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CONCLUSIONS & RECOMMENDATIONS
Based upon the analysis presented herein, we have reached the following conclusions
and recommendations regarding the Village’s water and sewer capital assessments
and annual sewer maintenance costs:
Conclusions:
1. The benefit from the construction of the water main is derived from the
availability of water service to each parcel and is best allocated according to
parcel square footage.
2. The benefit from the construction of the LPSS has two tiers. The first tier is the
availability of sewer service to each parcel. This availability benefits both
developed and undeveloped parcels. The second tier is the provision of a lift
station on each developed parcel but does not benefit undeveloped parcels.
The two benefit tiers are best allocated according to parcel square footage, with
the parcel square footage for the vacant parcel being excluded from the
calculation for the second tier of benefit.
3. The benefit from annual sewer maintenance is derived by users of the system.
The usage benefit is best allocated according to the number of grinder pumps
on the parcel and recovered in an annual sewer maintenance assessment.
Recommendations:
1. Allocate the water and sewer capital assessments according to parcel size,
adjusted for public roadway/alley easements.
2. Assess the benefitting properties their allocated share of water and sewer capital
costs based upon the assessment schedule presented herein. If the parcel owner
elects to pay the annual capital assessment, the capital assessment will cease
or expire after FY 2045 because five years of the 30 year assessment term have
already occurred prior to FY 2021. The Village should review the amount paid by
each parcel for the FY 2021 through FY 2026 compared to the above assessment
amounts for those years to determine refunds or additional charges, as
appropriate, to reflect the actual costs for those years.
3. Allocate sewer maintenance costs according to the number of grinder pumps
per parcel and recover the costs in an annual sewer maintenance assessment
based upon the assessment schedule presented herein. Escalate the sewer
maintenance assessments by 3% per year to adjust for inflationary increases in
operations and maintenance costs and adjust annual sewer maintenance costs
each year to reflect these changing costs.
TECHNICAL MEMORANDUM - DRAFT FY 2019 WATER & SEWER INFRASTRUCTURE ASSESSMENT UPDATE
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Disclaimer
This document was produced by Stantec Consulting Services, Inc. (“Stantec”) for the Village of Miami
Shores (Village) and is based on a specific scope agreed upon by both parties. Stantec’s scope of work
and services do not include serving as a “municipal advisor” for purposes of the registration requirements
of the Dodd-Frank Wall Street Reform and Consumer Protection Act (2010) or the municipal advisor
registration rules issued by the Securities and Exchange Commission. Stantec is not advising the Village,
or any municipal entity or other person or entity, regarding municipal financial products or the issuance of
municipal securities, including advice with respect to the structure, terms, or other similar matters
concerning such products or issuances.
In preparing this report, Stantec utilized information and data obtained from the Village or public and/or
industry sources. Stantec has relied on the information and data without independent verification, except
only to the extent such verification is expressly described in this document. Any projections of future
conditions presented in the document are not intended as predictions, as there may be differences
between forecasted and actual results, and those differences may be material.
Additionally, the purpose of this document is to summarize Stantec’s analysis and findings related to this
project, and it is not intended to address all aspects that may surround the subject area. Therefore, this
document may have limitations, assumptions, or reliance on data that are not readily apparent on the face
of it. Moreover, the reader should understand that Stantec was called on to provide judgments on a
variety of critical factors which are incapable of precise measurement. As such, the use of this document
and its findings by the Village should only occur after consultation with Stantec, and any use of this
document and findings by any other person is done so entirely at their own risk.