HomeMy WebLinkAboutA022 - Email from Finance Director dated July 16, 2021 - East 13th Street development Voss, Diane
From: Pitcher, Duane
Sent: Friday, July 16, 2021 2:10 PM
To: Schainker, Steve
Cc: Wisecup, Roger; Phillips, Brian;Voss, Diane;Joiner, John; Diekmann, Kelly; Masteller,
Nancy
Subject: RE: GO Bond Issue
Steve,
We've held the public hearing, so we can issue bonds again later. However, we will need to go through all the steps
assuming this is another public sale with the various disclosures and rating calls we do for a bond issue. $2.7M would
be a very small issue and fixed costs would be high. I can check with our bond attorney and see if would could pass a
bond reimbursement resolution and start spending early and fund from the bond issue next year. At this point, we
would most likely be starting the project no early than next spring and there would probably not be much expense.
This is only for the E 131h development, the bond funding for the East Industrial (Lincoln Way) has already been issued.
Duane
Duane Pitcher, CPA, CPFO
Director of Finance
City of Ames
515 Clark Avenue
P.O. Box 811
Ames, Iowa 50010
Phone (515) 239-5114
From: Schainker, Steve<steve.schainker@cityofames.org>
Sent: Friday,July 16, 2021 1:47 PM
To: Pitcher, Duane<duane.pitcher@cityofames.org>
Cc:Wisecup, Roger<roger.wisecup@cityofames.org>; Phillips, Brian<brian.phillips@cityofames.org>;Voss, Diane
<diane.voss@cityofames.org>;Joiner,John<john.joiner@cityofames.org>; Diekmann, Kelly
<kelly.diekmann@cityofames.org>; Masteller, Nancy<nancy.masteller@cityofames.org>
Subject: RE: GO Bond Issue
Duane:
It doesn't appear that we will have identified a project on 13th Street to abate the debt for the sewer extension or have
finalized our Lincoln Way redevelopment agreement with a TIP rebatement incentive by late Monday. So, I don't
believe we can (should) include either on these projects in this offering statement. Hence, we will have to wait another
year to issue the bonds for these two TIF projects. Or, can the Council, sometime later this fiscal year,take action to
authorize the issuance of additional bonds for either,or both, of these projects?
Steve
From: Pitcher, Duane<duane.pitcher@cityofames.org>
Sent: Friday,July 16, 2021 1:38 PM
To:Schainker, Steve <steve.schainker(c@cityofames.org>
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�Cc:Wisecup, Roger<roger.wisecup@citvofames.org>; Phillips, Brian<brian.phillips@cityofames.org>;Voss, Diane
<diane.voss@cityofames.org>;Joiner,John<iohn.ioiner@citvofames.org>; Diekmann, Kelly
<kelly.diekmann@citvofames.org>; Masteller, Nancy<nancy.masteller@cityofames.org>
Subject: GO Bond Issue
Importance: High
Steve,
We are getting down to wrapping up information for the upcoming bond issue. The Preliminary Official Statement
(offering statement) is going to the next council meeting. The bond issue includes$2.7M of TIF abated debt to extend
utilities on 13th Street east of 1-35. Since we have not year established a URA or have a developers agreement. We'll
need to know by late Monday whether or not that will be included.
Duane
Duane Pitcher, CPA, CPFO
Director of Finance
City of Ames
515 Clark Avenue
P.O. Box 811
Ames, Iowa 50010
Phone (515) 239-5114
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