HomeMy WebLinkAbout2003-11-05 Agenda Packet - Board (16) Agenda Item #
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Memorandum
To: Board of Directors
From: Steve Hollabaugh �
Date: August 1, 2003
Subject: Professional Services agreement with Fieldman, Rolapp & Associates
1. Why this matter is before the board
Larry Rolapp has completed the Community Facilities District study, Phase 1 of his Professional
Services agreement. Phase 2 and Phase 3 would not be initiated until the board was happy
with the results of Phase 1 and authorizes proceeding to the next step.
2. History
East West Partners asked the District to consider forming a CFD to help finance infrastructure at
Old Greenwood and Grays Crossing developments. The board approved a Community
Facilities District Study Funding and Reimbursement Agreement was executed by East West
Partners. Under the terms of that Agreement, East West Partners agreed to pay the cost of a
feasibility study, and to deposit an initial sum of$20,000.
On April 16, 2003, the Board accepted a proposal from Fieldman, Rolapp & Associates to
conduct a review of forming a Community Facilities District (Phase 1).
3. New information
The next step is to continue to retain the services of Fieldman, Rolapp & Associates as a
financial advisor who have had experience in Community Facilities District formation. Attached
for your review is the proposal from Fieldman, Rolapp & Associates originally presented at the
April 16, 2003 board meeting and information about the Fieldman Rolapp firm from their Web
page.
Fieldman, Rolapp &Associates will continue with Phase 2 and Phase 3.
1. Establish Financing Objectives
2. Develop the Pre-community Facilities District Formation Timetable
3. Monitor the Community Facilities District Formation and Transaction Process
4. Review the Official Statement
5. Procure and Coordinate Additional Service Providers
6. Provide Financial Advise to the District Relating to Financing Documents
7. Compute Sizing and Design Structure of Debt Issue
8. Plan and Schedule Investor Briefings
9. Conduct Credit Enhancement Evaluation
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10. Conduct Market Analysis and Evaluate Timing of Market Entry
11. Recommend Award of Debt Issuance
12. Provide Pre-Closing and Closing Activities
These activities will be covered from Bond proceeds.
4. Recommendation
I recommend that the board continue to retain Fieldman, Rolapp & Associates for Phase 2 and
Phase 3 to assume primary responsibility for assisting the District in coordinating the planning
and execution of the formation of the Community Facilities District.