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Presentation to Orange County Board of County Commissioners

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Presentation to Orange County Board of County Commissioners November 29, 2011 ... Series 2011/2012, in an Aggregate Principal Amount not to Exceed $55,000,000. – PowerPoint PPT presentation

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Title: Presentation to Orange County Board of County Commissioners


1
Presentation to Orange County Board of County
Commissioners November 29, 2011
  • Long-term effective biosolids solution
  • High-value slow-release fertilizer
  • Proven technology and experienced team
  • Sustainable business
  • Substantial financial support from Denham Capital

2
Key Milestones
VitAgs Zellwood Biosolids-to-Fertilizer
Project
  • Strategic agreement with Shelleys Environmental
    Services of Zellwood
  • 25 year history in Central Florida
  • Service provider to Orange County, Daytona, etc
  • 20 year biosolids supply contract with VitAg
  • 62 acre site with rail (Jones Avenue)
  • 3 plant build-out over time
  • Environmentally community friendly
  • Year-round fertilizer marketing nearby



3
VitAgs AM Plant Design For Zellwood
4

addition to local tax base

3 X 14 permanent green jobs for operating plants

US made equipment
Zellwood Orange County

cutting edge/green biosolids technology

engineering construction done locally

odor control technology


3 X 160,000 labor hours for plant construction
3 X 70M total investment

3 X 30M in annual economic activity/benefit
VitAg Impacts
5
Key Aspects of Business Model
VitAg Florida Financing Plan
  • Zellwood total project costs of approximately
    70 million
  • Up to 55 million of tax-exempt bonds
  • Approximately 18 million of equity (minimum 25)
  • Company is the borrower no financial support of
    proposed bond issue by Orange County or any
    municipality
  • Tax-exempt bonds will be
  • Eligible for Municipal Solid Waste exemption
  • Unrated (below Investment Grade)
  • Have a minimum projected Debt Service Coverage
    Ratio of 1.25x
  • Bonds will be sold
  • In minimum denominations of 250,000/100,000
  • Only to Sophisticated Investors



6
Key Aspects of Business Model
VitAg Zellwood Project Status
  • Significant progress obtaining permits/approvals
  • Finalizing construction cost
  • OC IDA will be conduit
  • Citigroup selected as lead bond underwriter
  • \
  • KL Gates is bond counsel
  • SAIC/RW Beck retained as independent engineer
  • Targeting 12/11-2/12 financial closing



7
Key Aspects of Business Model
Requested Action
Approval and execution of the TEFRA resolution
entitled Resolution Approving the Issuance of
Orange County Industrial Development Bonds (VitAG
Florida, LLC Project) Series 2011/2012, in an
Aggregate Principal Amount not to Exceed
55,000,000.


8
THANK YOU!
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