csuralogov2
MEETING

June 22, 2016

AGENDA

Date:

June 22, 2016

Time:

11:00 a.m.

Place

City Hall – Pikes Peak Conference Room

107 N. Nevada Ave, Second Floor

Colorado Springs, Colorado 80903

Agenda:

Call to Order

1.

Approval of May 25, 2016 CSURA Minutes

2.

Approval of the Financial Report as of May 31, 2016 – Jason Carroll, CLA

3.

Citizen Comment

4.

US Olympic Museum Update - BJ Hybl

5.

USOM Bond Financing Status – GKB -Robyn Moore; USOM Finance Committee-BJ Hybl, Valerie Hunter (CSURA)

6.

North Nevada Financing – Jason Carroll, CLA

7.

Executive Session *

8.

Other Matters

Adjournment

The next Regular meeting of the CS Urban Renewal Authority Board will be held on July 27, 2016.

Documents:

1.1

CSURA Meeting Minutes May 25, 2016 draft

Open PDF

1.2

Financial Report 05-31-16_2016

Open PDF

2.1

Check Register

Open PDF

5.1

Preston CO Springs - Summary of Terms 6 9 16

Open PDF

5.2

USOM DP Proposal - UMB

Open PDF

Audio:

June 22, 2016 Transcript - Part 1

June 22, 2016 Transcript - Part 2

Final Meeting Minutes of the Regular CSURA Board Meeting

Held on Wednesday, June 22, 2016

Pikes Peak Conference Room – City Hall – 10:00 A.M.

In attendance were:

COMMISSIONERS:

Merv Bennett

Tiffany Colvert

Toby Gannett

Valerie Hunter

Brian Olson

Wynne Palermo

Peter Scoville

Robert Shonkwiler

Jack Wiepking

Absent:

Randy Case

Gary Feffer

Jim Mason

Jim Raughton

Jack Wiepking

Also in attendance:

David Neville

CSURA Legal Counsel

Jason Carroll

CliftonLarsonAllen, CPA

Jim Rees

CSURA Executive Director

Dean Beukema

CSURA Staff

Bob Cope

City Economic Development Manager (absent)

Peter Wysocki

City Planning Director

BJ Hybl

USOM

Mike Devine

USOM

Robyn Moore

George K. Baum

Bill Murray

CS City Council Member

Ryan Tefertiller

City Urban Planning

Jariah Walker

City Economic Development

Citizens in attendance:

See attached signup sheet

Chair Wynne Palermo called the meeting to order at 11:00 a.m.

Item 1 – Approval of the May 25, 2016 CSURA Meeting Minutes

A motion was made by Commissioner Brian Olson, seconded by Commissioner Valerie Hunter to approve the meeting minutes of May 25, 2016. The motion passed 7-0.

Item 2 – Approval of the Financial Report as of May 31, 2016

Jason Carroll, CliftonLarsonAllen, CPA reviewed the monthly revenue and expenditures report as of May 31, 2016 including the property tax increment received from each Urban Renewal Area as well as the check register as provided in the agenda packet.

A motion was made by Commissioner Merv Bennett, seconded by Commissioner Valerie Hunter to approve the Financial Report and check register as of May 31, 2016. The motion passed 7-0.

Item 3 – Citizens Comment Period

No citizen comments.

Commissioner Robert Shonkwiler entered the meeting

Item 4 – US Olympic Museum Update

B J Hybl, United States Olympic Museum stated the fund raising continues for the United States Olympic Museum with online donating setup on the website. The RFP for the bond offering was distributed by George K. Baum and two responses were received for the proposal. The USOM Board and the USOM Finance Committee have reviewed the proposals and their recommendation to the CSURA Board is to continue to negotiate with UMB.

Item 5 – USOM Bond Financing Status - GKB

Robyn Moore with George K. Baum and Company went over the RFP process that was followed to date. Robyn Moore listed the banks that received the RFP’S and reviewed the reasons that several banks decided not to submit a proposal. Twenty five RFP’S were sent out and two proposals were received. Robyn Moore went over the two proposals received:

UMB at a tax exempt rate of 2.80% for 10 years, par amount of up to $39 million. UMB will commit to lending $15 million while leading a syndication effort for the remaining $24 million. (Note) proposal requires an origination fee of 50 basis points and the existing funds of the 2014 and 2015 tax increment totaling$1,522,860 applied to DSRF requirement. Assumes 10-year rate fully amortizing to 22years as per the final term sheet.

Preston Hollow at a 9.00% rate for 16 years, par amount of $30 million with a total debt service of $62,600,000. There would be no debt service reserve fund requirement. Preston Hollow’s proposal was only available through June 22, 2016.

The Board directed staff and the underwriter to pursue the UMB proposal and return with a recommendation once UMB finalizes the term sheet and successfully puts a syndication with additional banks together for the larger amount. The Board also directed the underwriter to continue to pursue the dual track approach and work with a rating agency to determine the investment grade of a potential public bond. Full copies of the two proposals are attached in the agenda packet.

Chair Wynne Palermo stated they were taking the Executive Session next due to time restraints. Item 6 on the agenda will be after the Closed Executive Session.

Item 7 Executive Session*

Chair Wynne Palermo read the legal explanation *As per CRS 24-6-402(4)(e) (I) Determining positions relative to matters that may be subject to negotiations; developing strategy for negotiations; and instructing negotiators.to go into executive session. A motion was made by Commissioner Valerie Hunter, seconded by Commissioner Brian Olson to enter into executive session. The motion carried 8-0.

The Colorado Springs Urban Renewal Authority Board came out of executive session.

Item 6 – North Nevada Financing

David Neville explained the procedures for moving forward with the refinancing of North Nevada and providing clean disclosure documents and bond documents.

Jason Carroll, CliftonLarsonAllen, went over the accounting standards involved with the refinancing of North Nevada and the different options on the obligations involved with the revised representation letter. It is anticipated that this will be completed by the end of June and the refinancing documents will be ready for Board action in July.

A motion was made by Commissioner Valerie Hunter, seconded by Commissioner Brian Olson to have Jason Carroll from CliftonLarsonAllen and the audit team to move forward with restating the CSURA 2015 financial statements. The motion passed 8-0.

Item 8 Other Matters

Chair Wynne Palermo passed out the next board meeting dates and stated that every member should have the meeting dates in their calendar. Commissioners should notify the staff if they will NOT be in attendance. Otherwise it is assumed you will be present at the meeting. We want to make sure we have a quorum for the meeting ahead of time.

The CSURA Board decided to move the next regular board meeting of July 27th to July 20th.

There being no further business the meeting adjourned.

The next regular Urban Renewal Authority Board Meeting is scheduled for July 20, 2016.

Copies of the Board agendas, minutes and audio recordings are posted on the Colorado Springs Urban Renewal Authority website.

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