Title
Resolution Approving an Increase in the Aggregate Bond Amount for the USAFA Visitors Center Business Improvement District for Issuance of Series A, B and C Bonds Previously Authorized by Resolution No. 103-19 and Extending the Deadline for Issuance
(Legislative Item)
Presenter:
Carl Schueler, Comprehensive Planning Manager, Planning & Community Development
Bob Cope, Economic Development Officer
Body
Summary:
This is a request to increase the maximum aggregate combined par amount of marketed Series A, Series B and Series C 2019 bonds to be issued by the USAFA Visitors Center Business Improvement District ("District") previously authorized by City Council. The prior cap of $80,000,000 for all three issues would be increased to no more than $90,000,000. The amended resolution would also further extend the deadline for issuance of debt from no later than October 22, 2021 to no later than December 31, 2021 to be synchronous with Air Force and Colorado Office of Economic Development deadlines that have recently been extended. The provisions of Resolution No. 103-19 as originally approved will otherwise remain effective.
With the exception of this increase in combined aggregate amount of issuance, the prior approval would remain in force and effect including the requirement for this debt to be issued in a manner substantially consistent with the draft bond documents as previously reviewed by Council.
If the District were to need to substantially restructure the terms of these debt issuances, subsequent Council authorization will be required.
This item was presented at City Council Budget Committee meetings on January 12, 2021 and January 18, 2021, and introduced at a January, 25, 2021 Council Work Session.
Background:
In October of 2019 this BID agreed to a combined aggregate par amount of no more than $80,000,000 for their Series A, B, C bond issues, and this limit was included in Resolution 103-19. The BID is now requesting an increase in ...
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