Dormitory Authority of the State of New York Fiscal Year Ended March 31, 2008 ( 2008 ) Operations and Accomplishments
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1 Dormitory Authority of the State of New York Fiscal Year Ended March 31, 2008 ( 2008 ) Operations and Accomplishments Mission Statement The Dormitory Authority of the State of New York (DASNY) will be the public finance and construction partner of choice, providing customers with low-cost quality sources of capital and facilities delivered on time by a responsive, innovative team of professionals. Public Finance DASNY delivered $3.6 billion par value of bonds during 2008, ending with an outstanding bond portfolio of $35.6 billion. Of the total bonds delivered during the year, $3.0 billion financed new capital projects and $.6 billion refunded and refinanced existing debt. DASNY took advantage of refunding opportunities, resulting in present-value savings of $24.8 million for Authority customers. During 2008, 51 percent of the total par value of bonds delivered by DASNY were for DASNY s public clients, such as the State University of New York (SUNY), the City University of New York (CUNY), other State Agencies and School Districts; 23 percent were for its independent higher education clients and other not-for-profits clients; and 26 percent were for independent health care clients. The largest public client bond issues included: three issues of State Personal Income Tax Revenue Bonds totaling $1.4 billion, $145.4 million for State University of New York Dormitory Facilities, and a total of $110.1 million for the School Districts Revenue Bond Financing Program. The total par amount of bonds issued for public credits during 2008 was $1.8 billion. DASNY also delivered a total of $1.8 billion of bonds in 2008 for its private-sector clients. Health care facilities accounted for 54 percent of these issuances, while higher education and other not-for-profit facilities accounted for the remaining 46 percent of these issuances. The largest issues on behalf of private-sector clients included: $296.0 million for New York and Presbyterian Hospital, $284.8 million for North Shore Long Island Jewish Medical Center, $126.0 million for Montefiore Medical Center, $126.1 million for New York University, $120.8 million for Mount Sinai School of Medicine, $110.9 million for the FIT Student Housing Corporation, $103.2 million on behalf of Rockefeller University, and $81.0 million for Barnard College. The Authority s Tax-Exempt Equipment Leasing Program (TELP) is one of the largest of its kind in the nation. During 2008, the Authority executed nearly $171.5 million in leases for our customers telecommunication, information technology, diagnostic, and other medical equipment needs, saving them an average of 10 percent of their annual lease costs over taxable rates. Since the program s inception, DASNY has helped clients secure more than 325 leases to finance 1
2 nearly $1.7 billion in MRIs, CT scanners, computer systems, energy efficiency and other hightech equipment. Construction At the close of 2008, DASNY had a total construction workload of more than 770 projects worth $11.0 billion. Total construction expenditures were approximately $3.4 billion in 2008 and include both projects actively managed by the Authority and those for which the Authority s role is limited to providing the necessary financing. Expenditures on projects managed by the Authority totaled $766.6 million. As of March 31, 2008, the Authority s construction pipeline for projects it manages currently contains more than 670 projects worth $6.3 billion. In addition, there are nearly 100 projects valued at more than $4.7 billion for which DASNY is providing financing. Among the major projects completed this year are: Construction of a new 200-bed apartment style townhouses at the State University College at Brockport ($18.2 million); A new 150-bed student residence townhouse complex at SUNY College of Technology at Alfred ($14.5 million); Complete rehabilitation of Riggs Hall at the State University College at Oswego ($12.2 million); and Major projects under way include: The decontamination and deconstruction of Fiterman Hall and construction of a new building at Borough of Manhattan Community College ($210.0 million); A new CUNY Advanced Science Research Center and new City College Science Facility ($431.4 million); John Jay College of Criminal Justice expansion project ($587.3 million); A new academic building at Medgar Evers College ($183.6 million); West Quad project at Brooklyn College ($143.9 million); New science facility for Lehman College ($68.5 million); Kings County Hospital Center, new behavioral health center, which is Phase IV of the Hospital s modernization plan ($153.4 million); Harlem Hospital Center, a major modernization ($318.0 million); New construction and renovations at Gouverneur Healthcare Services ($159.0 million); New York State Veterans Home at Oxford, a new building to replace the current facility ($66.2 million); Rockland Children s Psychiatric Center, a new building to replace Building 124 ($55.5 million); Bernard Fineson Developmental Disabilities Services Office, a new 9-building campus ($95.9 million); Central New York Psychiatric Center renovations, new construction and demolition ($27.6 million); 2
3 New parking garage at SUNY Upstate Medical Center ($32.0 million); Staten Island Criminal and Family Court, a new court facility ($208.2 million); Bronx Family/Criminal Courthouse modernization ($57.6 million); Bronx Civil/Civil Supreme Court modernization ($41.1 million); New York State Unified Courts System renovation of two training academies, one in Brooklyn ($32.5 million) and the other in Saratoga County ($22.7 million); Renovation of biology and chemistry labs at Queens College s Remsen Hall ($39.1 million); Bronx Psychiatric Center has a major redevelopment program underway, comprised of several new buildings totaling more than $304.0 million; Albany Public Library has five renovation projects, a complete renovation of the Pine Hills branch ($4.7 million), as well as a new construction of a branch library on Henry Johnson Blvd ($5.7 million), a new construction of a branch on New Scotland Avenue ($4 million), and two more complete building renovations of existing facilities ($5.2 million) and ($4.7 million); Beacon Institute for Rivers and Estuaries a new laboratory, the Center for Advanced Environmental Technology ($48.0 million); State University College at Oswego a new 200-bed townhouse residence hall ($32.0 million); The East Campus housing project, including eight new residence halls and a collegiate center at the State University of New York at Binghamton ($330.6 million); A new 600-bed residence hall at the State University of New York at Stony Brook ($74.0 million); and Phase 2 of new residence hall construction at the State University College at Geneseo ($9.5 million). New projects added to the Dormitory Authority pipeline during the past fiscal year include: Construction of a three-story addition for the expansion of program and administrative space at Central New York Psychiatric Center ($25.0 million); New construction of a support services building at Rockland Psychiatric Center ($23.1 million); Part of the Mental Health Redevelopment program, Bronx Psychiatric Center is updating campus utilities and other infrastructure ($18.7 million); Design and construction of a new laboratory for the Department of Health s Griffin Laboratory in Albany ($20.0 million); Modernization projects at Jacobi Medical Center ($53.5 million); Rehabilitation to Lehman, Bowman, and Knowles Halls at the State University College at Potsdam ($15.2 million); Renovations and conversion into lab and office space at the Fashion Institute of Technology ($24.1 million); Roswell Park Cancer Institute to fit-out two floors of the Center for Genetics and Pharmacology ($20.3 million); Eight new projects for the Office of Alcoholism and Substance Abuse Services program ($73.0 million); 3
4 Fifteen projects around the state for the Homeless Housing Assistance Program ($147.0 million); and A variety of statewide projects for State University Community Colleges, including Adirondack, Columbia-Greene, Erie, Fulton-Montgomery, Nassau, Orange, and Westchester ($33.6 million). Grant Programs The Dormitory Authority continues to administer a large number of grant programs for the Governor and the Legislature, and in some cases, in cooperation with other State agencies as listed below. In 2008, the Dormitory Authority sold $996.0 million in bonds to support community-based economic development, education, healthcare, high-technology, housing and public safety projects. Community Enhancement Facilities Assistance Program (CEFAP) Community Capital Assistance Program (CCAP) Strategic Investment Program (SIP) Rebuilding the Empire State Through Opportunities in Regional Economies (RESTORE) Generating Employment Through New York Science (Gen*NY*sis) New York Regional Economic Development Program (NYS RED) New York State Technology and Development Program (NYS TAD) New York Economic Development Capital Program (NYEDCP) New York Economic Development Program (NYEDP) Multi-modal Program Child Care Facilities Development Program (CCFDP) Jobs 2000 (NYSTAR) Local Enhanced Wireless 911 Services Program Higher Education Capital Match Program (HECap) Health Care Efficiency and Affordability Law of New Yorkers (HEAL-NY) Capital Grant Program Public Broadcasting Facilities Assistance Program Expanding Our Children s Education and Learning (EXCEL) Public Library Construction Program Environmental Initiatives All-Green, Only-Green Construction Policy - DASNY promotes and supports sustainable design approaches and construction practices. Our internal processes will facilitate integrated design and recognition of sustainable opportunities in every project, regardless of size or complexity, using all the tools available to us. Initial programming meetings for every project will define specific sustainable goals which will be included in all discussions, including those determining budget and scheduling. 4
5 In addition, as of January 1, 2008, all projects for which the Authority is providing construction services that are new construction, addition, or significant renovation will be submitted to the US Green Building Council (USGBC) for a LEED Silver rating. Green Building Collaborative (Opportunity Assessments) - The Green Building Collaborative Working Group ( CWG ) is a collaboration between agencies and authorities in New York State. The goal of the collaborative is to harness the financial and technical resources of all participating organizations in an effort to increase energy efficiency and build more environmentally sustainable buildings throughout the state. The four primary CWG members include the Dormitory Authority of the State of New York ( DASNY ), the New York Power Authority ( NYPA ), the Long Island Power Authority ( LIPA ), and the New York State Energy Research and Development Authority ( NYSERDA ). In addition, several other agencies are playing important roles in the effort. Working together, these collaborative members have undertaken a total of 16 Opportunity Assessments for a variety of entities. During an Opportunity Assessment, collaborative members perform a site visit and discuss a number of issues with the requesting institution, including potential new building projects and green components that can be incorporated into building design and construction. In addition, collaborative members inform the entity as to financial incentives that may be available for them to complete the project, including funding through DASNY financing, NYSERDA or LIPA incentives, and grant opportunities. Five Up-Five Down In December 2007, DASNY announced an innovative yet common-sense energy reduction policy of setting the thermostat at 68 degrees at its Albany headquarters during the winter. The 68-degree winter temperature will be matched by a summer setting of 78 degrees at DASNY s 180,000 square-foot building at 515 Broadway. Previously, temperature controls were set at a constant 73 degrees yearround. The new energy program - called Five Up-Five Down - is conservatively estimated to reduce the Authority s energy use for heating and cooling by 6.5 percent in winter and 27.5 percent in summer. Other environmental initiatives at the Dormitory Authority s headquarters building include: o Applying for LEED-EB (Existing Building) certification from the U.S. Green Building Council; o Generating six percent of the building s electricity with roof-top solar panels; o Buying power exclusively from renewable sources for the building s remaining electric needs; o Circulating glycol beneath the sidewalk to melt ice in winter and pre-heat tap water in summer; and o Reducing solid waste from eight cubic yards to four cubic yards per day since June
6 Management Initiatives Undertook Analysis of the Authority s Construction and Financing Programs o Parsons Brinckerhoff During 2008, DASNY hired PB Consult (Parsons Brinckerhoff), our construction consultant, to conduct a thorough review of our construction program. Based upon the guidance provided by PB Consult and management s own assessment, DASNY is proceeding with four fast track initiatives as follows: 1. Health and Hospitals Corporation Reorganization PB Consult worked with DASNY staff and HHC to develop a new model for delivering Construction Division services for the HHC program. DASNY has reorganized its staffing for this program in order to more effectively provide construction services. Reorganization within the Division occurred with new leadership appointments. The HHC program will be the first to implement our new business model, which better aligns the Authority s design and construction expertise with project assignments. 2. Small Projects Processing PB Consult recommended that DASNY study small project processing, and build efficiencies into our current method. DASNY traditionally processed both small and large capital projects in a similar fashion. The initiative looks to break down the one-size-fits-all mentality, and deliver small projects in a more efficient, costeffective fashion. 3. Project Controls Implementation PB Consult identified project controls as an area of improvement for Construction. Project controls includes a strong focus on estimating, scheduling, risk management and budget, resulting in management information that can be used for decision-making purposes. The Construction Division is in the process of getting to better understand the business problem identified. The proposed plan is to implement some controls functionality, likely scheduling initially, on HHC projects. If successful, we will continue implementation across the Program, and extend to other DASNY Programs. 4. Customer Feedback DASNY s Communications Department surveys our customers following completion of their capital projects. PB Consult identified the fact that the Construction Division has not followed up on the recommendations in these surveys with customers. As a result, the Construction Division will look to close the loop on this process, which we believe will lead to increased customer satisfaction. 6
7 o Financial Advisors - The Authority executed contracts with four financial advisory firms that were approved at the September 2007 Board meeting. Projects include reviewing our security guidelines as they relate to highly-rated higher education and other non-healthcare 501(c )(3) organizations; providing financial assistance in undertaking on a competitive basis a $600 million Personal Income Tax Revenue Bond issuance; reviewing the Authority s efficiency in the capital markets; reviewing the Swap Counterparty Request for Proposals; providing assistance in response to the auction rate market dislocation; and providing assistance in developing green financing initiatives. Auction Rate Securities (ARS)/Variable Rate Demand Bond (VRDB) Restructurings Recent disruptions in the economic and financial markets, including those in the subprime mortgage market, have led to, among other things, downgrades in the credit ratings of certain municipal bond insurers. Beginning in February 2008, the markets for auction rate securities and certain variable rate demand bonds were disrupted by, among other things, the credit rating downgrades to certain municipal bond insurers, investor concerns over liquidity, and reduced participation of investment banks in the auction rate security market. This resulted in increases in interest rates of varying magnitude for auction rate securities and variable rate demand bonds that the Authority issued on behalf of private not-for-profit institutions as well as the State of New York and other governmental borrowers. Immediately, the Authority s senior staff and members of its Public Finance, Legal, and Finance Divisions began working closely with its private not-for-profit clients and municipal to help them devise and implement strategies that include the reoffering, remarketing or refunding of auction rate and variable demand bonds that were affected during this period of disruption. Some of the strategies have been fully implemented -- Cornell University, Memorial Sloan Kettering Cancer Center, and Royal Charter, among others -- while others are in process. At the same time, Authority senior staff -- and management at other state authorities that sell bonds for state purposes -- coordinated closely on a strategy to best address the auction rate and variable rate demand bond challenge with the state Division of Budget. Some these transactions have been completed and others are in process. DASNY also included extensive information on its external website, on its auction rate security portfolio to make sure that investors had real-time information regarding their affected securities. This information was intended to answer the many questions that investors had regarding the status of their auction rate securities. Met Annual MWSBE goals During 2008, the Dormitory Authority met its overall 20 percent MWBE goals with nearly 12 percent minority-owned business enterprise (MBE) participation and more than 8 percent women-owned business enterprise (WBE) participation. 7
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