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Presentation to Orange County Board of County Commissioners November 29, 2011

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.

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Presentation to Orange County Board of County Commissioners November 29, 2011

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  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. VitAg’s Zellwood Biosolids-to-Fertilizer Project Key Milestones • Strategic agreement with Shelley’s 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. VitAg’s 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 X10 local service hires 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. VitAg Florida Financing Plan Key Aspects of Business Model • 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. VitAg Zellwood Project Status Key Aspects of Business Model • Significant progress obtaining permits/approvals • Finalizing construction cost • OC IDA will be conduit • Citigroup selected as lead bond underwriter • \ • K&L Gates is bond counsel • SAIC/RW Beck retained as independent engineer • Targeting 12/11-2/12 financial closing

  7. Requested Action Key Aspects of Business Model 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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