HomeMy WebLinkAboutMINUTES - Urban Renewal Authority - Joint Session 1988-08-02BRADFORD PUBLISHING CO.
RECORD OF PROCEEDINGS
Joint Session
Town Board/Estes Park
August 2, 1988
Board of Trustees:
Urban Renewal Authority
Board of Commissioners:
Attending:
Also Attending:
Absent:
Mayor Dannels, Trustees Aldrich, Barker,
Dickinson, Garrett, Habecker, and Hix
Chairman Phares, Commissioners Ericson,
Godbolt, Hondius, Pauley, and Pohl
Mayor Dannels, Trustees Dickinson,
Garrett, Habecker, and Hix, Chairman
Phares, Commissioners Ericson, Hondius,
and Pohl
Town Administrator/Commissioner
Klaphake, Public Works Director Widmer,
Finance Officer Vavra, Technical Planner
Joseph, Clerk O'Connor
Trustees Aldrich and Barker, Commission-
ers Godbolt and Pauley, Executive
Director Anderson
Chairman Phares called the joint session of the Town Board and
EPURA to order at 1:30 P.M.
BOND REFINANCING - DISCUSSION.
Chairman Phares reported Kirchner Moore and Company has advised
it is now favorable to refinance EPURA's Tax Increment Bonds. An
average interest rate of 7.692127%, plus a savings of approxi-
mately $94,594.00 could be realized if the bonds are refinanced,
and if the bonds receive a minimum "Baa-l" rating.
The Moody Investor Service will perform a physical inspection of
Estes Park on Thursday, August 4, 1988. Should they rate the
bonds, Estes Park will have obtained their first bond rating.
The bonds currently contain certain binding covenants which could
be modified should EPURA be successful in refinancing the bonds.
The Board of Trustees do not have an official action in this
regard; however, the Town Board offered support and cooperation
in all EPURA's efforts towards refinancing the Tax Increment
Bonds.
Town Administrator/Commissioner Klaphake will meet with the EPURA
Board, staff, and Town staff to discuss assignments for the Moody
inspection.
There being no further business, Chairman Phares adjourned the
meeting at 1:48 P.M.
Vickie O'Connor, Town Clerk