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Home My WebLink AboutMINUTES Estes Park Building Authority 1991-10-28Estes Park Building Authority Minutes October 28,1991 Attending:Dr.James Durward,Jerry Souers,Richard Widmer,Monte Vavra Absent:Jim Banker Also Attending:Gary Kiaphake,Andy Wills President 1fdmer called the meeting to order at 8:40 A.M. A budget for 1991 was presented by Treasurer Vavra.There was aquestionastowhethertheBuildingAuthoritylegallyhadtoadoptanannualbudget;thus the delay to October.It was moved andseconded,fSouers/Durward)to adopt the budget for 1991,and itpassedunanimously.C See attached copy.) Treasurer Vavra presented the Financial Statement through September1991.No action was taken. Gary Kiaphake presented future projects for the Building Authority: 1..,The town had planned to purchase a new fire truckthroughtheBuildingAuthority.The estimated costwouldbeapproximately$400,000,to be financed over seven years.Current events may bring about the transaction sooner than anticipated. Therefore,the town will explore traditional lease— purchase financing as opposed to using the Building Authority for this transaction. 2.Stanley Park Arena:The town wishes to finance theproposedarenaattheStanleyParkfairgrounds through the Building Authority.Before any action can be taken,the’town will need to clear the title as there is a clause in the deed that states that the town cannot sell or use the property for purposes that are not in the deed,or the property can revert to the heirs f or trust)of F.0. Stanley.The town interprets this clause to mean that a mortgage on said property could trigger the reverter clause in the deed.The project has been suspended to allow Town Attorney White to research •methods to clear the title.Once clear title is received,the town will request’the Building Authority to pursue financing. Discussion ensued as to the merit of constructing an indoor arena vs.a multi purpose facility. 3.‘Andy Wills,of the Estes Park Medical Center, presented preliminary plans that the Medical Center is exploring that may require financing.An alternative to G.O.bonding would be to obtain V financing through the Building Authority.V Mr. Wills described the projects to the Building V Authority Board and requested that they be kept confidential at this time. The meeting was adjourned at 10:10 A.M.V 0.o 1991 BUDGET ESTES PARK BUILDING AUTHORITY CONSTRUCTION FUND 1990 1991 REVENUE Actual Budget EVRPD Contribution 0 175,355 Bond Proceeds 1,024,100 0 Interest Earned 40,674 8,000 TOTAL REVENUE 1,064,774 183,355 EXPENDITURES Bond Issuance Costs 74,471 0 Furniture/Equipment 0 50,105 Building/Structures 187 ,185 212 ,735 Land Improvements 525,239 198,394 TOTAL EXPENDITURES 786,895 461,234 Revenues Over!(Under) Expenditures 277,879 (277,879) Beginning Balance 0 277,879 Ending Balance 277,879 0 •0*.0 ESTES PARK BUILDING AUTHORITY 1991 DEBT SERVICE FUND 1990 1991 REVENUE Actual Budget Lease Rental Revenue 99,872 104,946 Other Revenue 625 500 Interest Earnings 357 500 Transfer from Reserve Fund 6,995 10,000 TOTAL REVENUE 107,849 115,946 EXPENDITURES Bond Payment 40,000 25,000 Interest V 65,712 79,150 Paying Agent Fees V V 625 500 TOTAL EXPENDITURES 106,337 104,650 Revenues Over!(Under) Expenditures 1,512 11,296 Beginning Balance 0 1,512 Ending Balance V 1,512 12,808 .0•0 ESTES P7RK BUILDING AUTHORITY 1991 RESERVE FUND 1990 1991REVENUEActualBudget Bond Proceeds 110,900 0InterestEarnings6,995 10,000 TOTAL REVENUE 117,895 10,000 EXPENDITURES Transfer to Debt Service 6,995 10,000 TOTAL EXPENDITURES 6,995 10,000 Revenues Over!(Under) Expenditures 110,900 0 Beginning Balance 0 110,900 Ending Balance 110,900 110,900