Laserfiche WebLink
Wigert introduced Dill Smith, Vice-President of <br /> EquiSearch, Inc., which is an investment banking <br /> venture capital firm. BquiSearch is acting as <br /> Financial and Marketing Consultant. <br /> Wigert stated that the development joint venture <br /> is comprised of three entities/ 1) Gary Johnson, <br /> Johnson Domes, Inc., • substantially experienced <br /> residential and commercial real estate developer; <br /> 2) Pat Mato, Johnson's partner in residential and <br /> commercial development; and 3) Vic Caranci, Jr., <br /> president of Flagstaff Construction Enterprises, <br /> Inc., who has served as the land developer for the <br /> Ponderosa Pin• Subdivision and will also serve as <br /> construction manager for the joint venture. <br /> Wigert also introduced Wayne Nielsen and Watt <br /> Dalton. Wayne Nielsen, vice President of Public <br /> Finance at United Bank of Denver, represents the <br /> bond co-underwriters in cooperation with Banker's <br /> Trust Co. in Mew York for the issue of the note. <br /> Matt Dalton, of Calkins, Drawer, Griashaw <br /> Earring, Denver, CO will serve as Special Tax <br /> Counsel and prepared the Inducement Resolution for <br /> this venture. <br /> Bill Smith gave several examples of how the <br /> proceeds from the arbitrage created by this method <br /> of financing could be made available to <br /> prospective buyers thereby reducing actual <br /> mortgage costs. Smith explained that this is not <br /> an entry level project. This is an up-scale <br /> development bringing in previously existing home <br /> buyers with greater spending power and perhaps <br /> attracting young professionals. <br /> Smith will launch a pro-active community <br /> involvement program the goal of which is to <br /> generate as many pre-sales of these units via <br /> qualified buyers as possible. Short presentations <br /> will be made to service clubs, credit unions, <br /> municipal employee organisations, local <br /> corporations, municipal celebrations, etc. in an <br /> attempt to gather a pool of pre-qualified buyers <br /> for purchase of these homes. <br /> Wigert summarised stating that the Ponderosa <br /> Pines Subdivision is an approved subdivision <br /> existing of 64 lots and is zoned low density <br /> residential. There are no proposed Changes to the <br /> subdivision plat nor to the zoning for this <br /> proposed project. As recommended by staff, 40% of <br /> the homes in this project will be dedicated for <br /> the moderate income buyer. The average sales <br /> price of custom/s mi-cu tom design.be $120,000 of a <br /> 5 <br />