Title
A Resolution authorizing the USAFA Visitors Center Business Improvement District to issue debt in the form of Series 2019A Special Revenue Bonds, Taxable Series 2019B Special Revenue Bonds, and Series 2019C Subordinate Special Revenue Bonds.
(Legislative Item)
Presenter:
Carl Schueler, Comprehensive Planning Manager, Planning & Community Development
Bob Cope, Economic Development Officer
Body
Summary:
This is a request to approve issuance of debt by the USAFA Visitors Center Business Improvement District ("District") in the form of marketed Series A, Series B and Series C 2019 bonds. These will be repaid from a combination of limited property tax, specific ownership tax, public improvement fees (PIFs) and property and sales tax increment financing (TIF) revenues from both the overlying urban renewal area, and the State Regional Tourism Act. PILOT (Payment in Lieu of Taxes) revenues from agreements with non-profit ownerships or businesses within the BID may also be available. The Series A and B bonds will be issued at parity with each other. The Series C bonds will be subordinate to the A and B bonds. The Series A bonds will be in the approximate principal amount of $20,000,000 the Series B bonds will be in the approximate principal amount of $52,000,000, and the Subordinate Series C bonds are expected to be in the amount of $15,000,000. Notwithstanding these estimated individual bond amounts, the applicants have now also agreed to an aggregate combined limit of no more than $80,000,000 for all three issues.
The City's Special District Policy and the District's approved Operating Plan and Budget require that City Council's approval be obtained prior to issuing any debt. Approval of this debt issuance will require a 2/3rds majority of the entire City Council (at least six affirmative votes) pursuant to City Charter Section 7-100.
This item will be presented for additional discussion and comments at the October 8, 2019 City Council Budget ...
Click here for full text