Development Team Meeting Notes (96-99)

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~ COURTHOUSE SQUAI Design Team Meeting November 7, 1996 , PRESENT: Dan Beney, Project Coordinator; Randy Curtis, Marion County RG Andersen- Wyco~ Salem Transit; Gordon Hanna, Attomey; Mike Hansen, Le al Counsel; Ben Featherson GUEST: Patrick Boylston, Stoel Rives LLP III; Dan opened the meeting by introducing Patrick Boylston, of Stoel Rives LLP. Pat 'ck is attending in the place of Edward Einowski, who is bond counsel for the county. Dan gave Patr~ck an overview of the proposed design of the project. ,~ Patrick described different approaches to financing the project and explained the tions. Interim financing was discussed. Ben suggested that planning for several options wo d be practical, depending on the market when we are ready to issue the COP's. , There was discussion around when to issues the COP's and the possibility of borro ~' g against the COP's or anticipated finances, to meet short term obligations. Patrick stated that eople generally ~ approach this cautiously when it spans a fiscal year. Dan said that he is reluctant o do this when there is a"drop dead" date. Mike said that he does not expect this to be a problem hen borrowing from the county's own funds. Dan said that we have not chosen an undeivvriter and asked if it would make a di$'e~ one was selected. Pat e~lained that choosing the underwriter would depend on w work best for the project. Each underwriter has his own book of clients and the RFP's will reflect who they think will best like this offering. He recommended not to select the underwriter if we have a couple of options to explore. Mike said tl laying out two or three options now. Dan asked for information to help him prepare some models. He asked if the best be to have the condo owners own the land or lease the land. Pat responded that he may be a little better and would put the county in a more favorable position in ten He does not think long term leases aze going to be a problem. ;e as to which i strategy will ~ponses to the iting too long we should be -ategy would nks the lease of financing. Pat stated that if we go the condo route and we don't have the ablitiy to say who the funding sources are, then what we are getting is a project that is not ready on day one and the money is lined up. In terms of financing, the condo approach makes it difficult to guarent the finances. The underwriters are looking for one firm source in case they have to forclose. T s dimishes the universe of people who are willing to buy. ; ~,,; Pat explained that in recommending a practical investment strategy, the condo wo I ld be the best rate, but it may impact the vatue of the COP's. RG asked what would be the best appr~ach. Gordon