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23. Closing MemorandumPiperJaff ray TO: Closing Participants FROM: P. Jonathan Heroux Jonathan Ruth Piper Jaffray & Co. DATE: November 21, 2013 RE: Closing Details HC 1?" Steet, 9iite 125q Demer, CO82 2 -5856 Tel: 303 405-0865 Tel: 800274-4406 Fax 3103405-0891 Piperdaffay& Co. ace 1855. MenterFAPC and NYSE. $6,825,000 AVON URBAN RENEWAL AUTHORITY, COLORADO TAX INCREMENT REVENUE BONDS, SERIES 2013 1. Time /Date of Closing: 9:00 a.m. Mountain Monday, December 2, 2013 2. Location: Sherman & Howard LLC 633 17th Street, Suite 3000 Denver, CO 80202 3. BB &T (the "Purchaser ") will pay Avon Urban Renewal Authority, Colorado (the "Authority "), for its Tax Increment Revenue Bonds, Series 2013 ( "2013 Bonds ") the amount computed as follows: Par Amount $6,825,000.00 In combination with the proceeds from the 2013 Bonds, the Authority will contribute the following: Authority Contribution Total 2009 Loan Payment Account $364,667.75 2009 Reserve Account 552,525.00 Total $917,192.75 4. On the day of closing, the Purchaser will initiate two wires as follows: 5. Wires Total Wire to Vectra Bank $5,464,330.45 Wire to Authority (Wells Fargo) 1,360,669.55 Total $6,825,000.00 For application to the prepayment of the 2009 Loan, the Purchaser will wire $5,464,330.45 to Vectra Bank as follows: Wiling_Instmaions: Bank Vectra Bank, Colorado ABA 102003154 Acct. # 4593001586 Borrower Avon Urban Renewal Authority Loan No. 00149669001 Attn Valerie Meyer, Commercial Loan Servicing For deposit to the Authority's Reserve and Project Accounts, the Purchaser will wire $1,360,669.55 to the Authority as follows: Bank Wells Fargo ABA 12100024 Acct. # 1018043565 FFC Avon Urban Renewal Authority Attn Scott Wright (970) 748 -4055 On the day of closing, Vectra Bank will apply the wire from the Purchaser and the Authority's 2009 Loan Payment Account and 2009 Reserve Account for prepayment of the 2009 Loan as follows: 2009 Loan Prepayment Total Wire from Purchaser $5,464,330.45 2009 Loan Payment Account 2009 Reserve Account Total Prepayment Amount z 364,667.75 552,525.00 $6,381,523.20 Piperjaffray 6. The Authority will deposit the funds received from the Purchaser as follows: Deposits Total Project Account $598,000.00 Reserve Account 628,240.00 Cost of Issuance 134,429.55 Total $1,360,669.55 7. All requests for payment of invoices associated with the Costs of Issuance related to the transaction should be presented to Scott Wright at the Authority. A sources and uses, debt service schedule and distribution list are attached. 9. If you have any questions, please call P. Jonathan Heroux at (303) 405 -0848 or Jonathan Ruth at (303) 405 -0863. Thank you. Piperjaffray Sources and Uses of Funds Avon Urban Renewal Authority, Colorado Tax Increment Revenue Bonds, Series 2013 Sources Total Par Amount $6,825,000.00 2009 Loan Payment Account 364,667.75 2009 Reserve Account 552,525.00 Total $7,742,192.75 Uses Total Project Account $598,000.00 2009 Loan Prepayment 6,381,523.20 Reserve Account 628,240.00 Cost of Issuance 134,429.55 Total $7,742,192.75 Piperjaffray Bond Debt Service Avon Urban Renewal Authority, Colorado Tax Increment Revenue Bonds, Series 2013 Date Principal Interest Debt Service 6/1/2014 $0.00 $119,452.67 $119,452.67 12/1/2014 305,000.00 120,120.00 425,120.00 61112015 0.00 114,752.00 114,752.00 12/1/2015 320,000.00 114,752.00 434,752.00 6/1/2016 0.00 109,120.00 109,120.00 12/1/2016 410,000.00 109,120.00 519,120.00 6/1/2017 0.00 101,904.00 101,904.00 12/1/2017 395,000.00 101,904.00 496,904.00 6/1/2018 0.00 94,952.00 94,952.00 12/1/2018 410,000.00 94,952.00 504,952.00 6/1/2019 0.00 87,736.00 87,736.00 12/1/2019 425,000.00 87,736.00 512,736.00 6/1/2020 0.00 80,256.00 80,256.00 12/1/2020 440,000.00 80,256.00 520,256.00 6/1/2021 0.00 72,512.00 72,512.00 12/1/2021 455,000.00 72,512.00 527,512.00 6/1/2022 0.00 64,504.00 64,504.00 12/1/2022 470,000.00 64,504.00 534,504.00 6/1/2023 0.00 56,232.00 56,232.00 12/1/2023 485,000.00 56,232.00 541,232.00 6/1/2024 0.00 47,696.00 47,696.00 12/1/2024 505,000.00 47,696.00 552,696.00 6/1/2025 0.00 38,808.00 38,808.00 12/1/2025 525,000.00 38,808.00 563,808.00 6/1/2026 0.00 29,568.00 29,568.00 12/1/2026 540,000.00 29,568.00 569,568.00 6/1/2027 0.00 20,064.00 20,064.00 12/1/2027 560,000.00 20,064.00 580,064.00 6/1/2028 0.00 10,208.00 10,208.00 12/1/2028 580,000.00 10,208.00 590,208.00 $6,825,000.00 $2,096,196.67 $8,921,196.67 5 Piperjaffray. Distribution List Avon Urban Renewal Authority, Colorado Tax Increment Revenue Bonds, Series 2013 ISSUER PLACEMENT-AGENT Avon Urban Renewal Authority Piper Jaffray & Co. 1 Lake Street 1200 17th Street, Suite 1250 PO Box 975 Denver, CO 80202 Avon, CO 81620 303 405 -0891 (FAX) Scott Wright P. Jonathan Heroux 970 748 -4055 303 405 -0848 swrig_ht&avon.org p.i.heroux(opic.com 633 17th Street, Suite 3000 Jonathan Ruth TOWN COUNSEL 303 405 -0863 Heil Law & Planning, LLC jonathan.d.ruth pjc.com 2696 S. Colorado Blvd., Suite 550 8190 S. University Blvd. Denver, CO 80222 LENDER'S COUNSEL 303 299 -8228 Kline Alvarado Veio, PC Eric Heil 1775 Sherman Street, Suite 1790 303 975 -6120 Denver, CO 80203 ericheillaw&gmail.com 303 831 -1011 (FAX) 6 Piperjaffray Brent Kline BOND COUNSEL 303 534 -3390 Sherman & Howard LLC bkline&kvfirm.com 633 17th Street, Suite 3000 Denver, CO 80202 REGISTRAR/PAYINGAGENT 303 298 -0940 (FAX) UMB 8190 S. University Blvd. Dee Wisor Littleton, CO 80122 303 299 -8228 303 721 -6387 (FAX) dwisor&shermanhoward.com o Ken Buckius Kimberley Crawford 303 267 -9486 303 299 -8044 kenneth.buckius&umb.com kcrawfordnshermanhoward.com 2009_LOA1SLI'RO V-IDER VECTRA BANK LENDER Commercial Loan Servicing Branch Banking and Trust, Co. 7800 E Dorado Place, Suite 100 5130 Parkway Plaza Blvd. Greenwood Village, CO 80111 Charlotte, NC 28217 303 721 -6387 (FAX) Taylor Vick Melinda Masaitis 704 954 -1707 720 947 -7555 TVick o,BBandT.com melinda.masaitisnvectrabank.com 6 Piperjaffray