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Revitalization Commission <br />Minutes <br />April 8, 2013 <br />Page 3 of 3 <br /> <br /> c. Core Project Cost Reimbursement Agreement with DELO LLC <br />Aaron DeJong gave a recap of the cost reimbursement agreement with DELO <br />LLC. There is a cap of $3,000 for Aaron and Sam’s time on this agreement. <br />Comments included revisions to Recital B to include the word “public” to be <br />added before “infrastructure”. A motion was made by Carlos Hernandez and <br />seconded by Karl Becker to authorize the Chair to sign the agreement as <br />amended. The motion carried unanimously. <br /> <br /> d. Core Project Term Sheet - Dee Wisor of Sherman & Howard and Aaron <br />DeJong addressed the Core Project Term Sheet revisions. The closing will take <br />place 3 days after the documents are finalized. The Bond issue is for $3.5 <br />Million, bonds will be repaid by 2033; 7% interest rate tax exempt, Bank <br />Qualified, Non-AMT, LRC may redeem bonds at their option at any time, the <br />base valuation will be from January, 2012. <br /> <br />Rick Brew of DELO, LLC requested additional revisions. An increase in the <br />amount of the Bonds to $4 Million and a five year no call period. <br /> <br />A motion was made by Carlos Hernandez and seconded by Michael Menaker to <br />authorize the Chair to sign the term sheet with an amendment to include a <br />minimum 5 year no call period. The motion carried unanimously. <br /> <br />The Board would like the communication to City Council and the public to be <br />clear that the work to be performed is public infrastructure. <br /> <br />Karl Becker and Michael Menaker will work with staff to develop a presentation <br />for the City Council study session meeting for April 23rd. <br /> <br />Commissioners’ Comments – None <br /> <br />Meeting Adjourned at 9:21 AM <br /> <br />