Title
A Resolution Extending the Deadline for Issuance of the USAFA Visitors Center Business Improvement District Series A, B and C Bonds Previously Authorized by Resolution Nos. 103-19, 94-20 and 18-21
(Legislative Item)
Presenter:
Carl Schueler, Comprehensive Planning Manager, Planning & Community Development
Peter Wysocki, Director of Planning and Community Development
Bob Cope, Chief Economic Development Officer
Body
Summary:
This is a request to extend the deadline for issuance of Series A, B and C bonds by the USAFA Visitors Center Business Improvement District ("District") previously authorized by City Council. The most recent Council-approved deadline or December 31, 2021 is proposed to be further extended to be synchronous with Air Force and Colorado Office of Economic Development deadlines that are anticipated to also be extended to no later than February 28, 2022. The District is in the final process of pricing and issuing these bonds, but this will not have been completed by year end 2021.
Other than extending this deadline by not more than 2 months, all provisions of Resolution No. 18-21 (and the prior resolutions that resolution refers to) will otherwise remain applicable. Specifically, the not-to-exceed limit for the BID three bonds would remain unchanged at $90,000,000.
District representatives will be available to provide details on the exact status of the issuance and reasons for the delay.
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. This limit was increased to no more than $90,000,000 and the deadline to issue was extended to December 31, 2021 by Resolution No. 18-21. The BID is now requesting a further extension of up to two additional months to complete the final process of bond pricing and closing. Similar extensions are being processed with the United States Air Force A...
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