HomeMy WebLinkAboutDowntown Development Authority - Minutes - 03/05/1987DOWNTOWN �
DEVELOPMENT
AUTHORITY
102 REMINGTON STREET, FORT COLLINS, COLORADO 80524
Regular Directors Meeting
March 5, 1987
The Board of Directors of the Downtown Development Authority met in
regular session at 7:30 a.m., March 5, 1987 in the DDA Conference
Room.
There were present:
George Betz, Chairman presiding
Eldon Ward
Chuck Wanner
Barbara Schofield
Lucia Liley
Jeanne Abdelnour
Earl Wilkinson
Staff :
Also:
Chip Steiner, Executive Director
Jan Martin
Alan
Krcmarik
David
Agee
Kay
Rios
Pete
Dallow
Dave
Dwyer
Greg
Denton
Absent:
Larry Estrada
Bill Friedrichsen
George Betz called the meeting to order and asked for approval of the
minutes of February 5, 1986. Earl Wilkinson moved for approval
seconded by Chuck Wanner.
The only item on the agenda was the refunding of the 1985 refunded
bonds. Chip Steiner gave some background on the refunding, including
that the DDA is allowed one more refunding. The Board then heard
presentations on proposals from two bond underwriters.
(303) 484-2020
PRESENT
ABSENT
MINUTES
REFUNDING
The first presentation was by Doug Houston of Kirchner Moore & Company.
Mr. Houston presented several options. In summary, the total cost to
refund with Kirchner Moore is as follows:
Bond Counsel
Cost of Issuance
Insurance
Financial Analysis
Underwriting discount
Total
$50,000
$36,500-46,000
$80,500(figure includes rating fees)
$10,000-12,000
9$ 8,000
$275,000-286,500
The second proposal was from Boettcher & Company, presented by Bill
Wildman and Linda Clark. Total cost to refund with Boettcher &
Company is as follows:
Bond Counsel $50,000
Cost of Issuance $25,000(This is maximum figure. Boettcher
will pay additional costs.)
Insurance $83,000(Figure includes rating fees.)
Financial Analysis (Boettcher included this cost in "Cost of
Issuance")
Underwriting discount $124,000
Total $282,000
After hearing these proposals, discussion followed. Barbara Schofield
suggested that the Board needed time to read over proposals before
making a decision. Chairman George Betz entertained a motion to
table the item until the next meeting. Ms. Schofield so moved,
seconded by Chuck Wanner. A roll call vote was taken and the motion
passed unanimously. This item will be taken up at the March 26
meeting.
There being no other business, the meeting was adjourned.
Earl Wilkinson, Secretary
KIRCHNER MOORE
BOETTCHER
ITEM TABLED
ADJOURN