Title
Resolution Approving an Extension of Time for the USAFA Visitors Center Business Improvement District to Issue Series A, B and C Bonds Previously Authorized by Resolution No. 103-19
(Legislative)
Presenter:
Carl Schueler, Comprehensive Planning Manager, Planning & Community Development
Bob Cope, Economic Development Officer
Body
Summary:
This is a request to extend the deadline for issuance of debt by the USAFA Visitors Center Business Improvement District ("District") as originally approved by Resolution No. 103-19, from no later than October 22, 2020 to no later than October 22, 2021.
This previously authorized debt issuance would be in the form of marketed Series A, Series B and Series C 2019 bonds in an aggregate combined limit of no more than $80,000,000 for all three issues. With the exception of this extension of the customary one year to issue, 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 would be required.
This item was introduced at a October 12, 2020 Council Work Session, at which time Council requested language be added to resolution limiting the term of this extension to one year from the date of Council approval, but also no later than the Colorado Economic Development Commission deadline for access to Regional Tourism Act funding, noting that deadline may be extended. A revised resolution is attached.
At the Work Session a Council member also requested an update on the overall continued viability of the project and specifically asked for information on whether there is expected to be any significant change to the originally forecasted interest rates.
Staff notes that Council Resolution No. 103-19 did not establish not-to-exceed intere...
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