Aspen View Academy Request for COP, Property Board of Education Meeting Tuesday, June 19, 2012 Pat McGraw, Development and Innovation Officer Bill Moffitt,

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Presentation transcript:

Aspen View Academy Request for COP, Property Board of Education Meeting Tuesday, June 19, 2012 Pat McGraw, Development and Innovation Officer Bill Moffitt, Chief Operating Officer

AVA Request for Certificate of Participation Up to $15.5 million dollars M – MBuilding Fund.80 – 1.1 M1 st Year’s Principal & Interest.80 – 1.1 MOne Year Principal & Interest Reserve MCost of Issuance

2012 Certificates of Participation Parameters Resolution a.Total principal amount of rental payments to be received by the District from the Trustee under the Site Lease shall not be less than $12 M b.Site Lease Term shall not exceed the Lease Term by more than 10 years c.Aggregate principal amount of the base rentals shall not exceed $15.5 M d. Lease term shall end no later than June 30, 2037 e.Lease shall be subject to prepayment at the option of the District no later than January 15, 2023 without prepayment penalty f. Purchase price of Certificates shall not be less than 98% g. Maximum amount of the base rentals payable in any year shall not exceed $1.5 M h.Maximum net effective interest rate on the interest component of the base rentals shall not exceed 5.00%

AVA Request for Property Low Meadows Filing #18 Long Range Planning Recommendation

Staff Recommendation Conditional approval for both the COP and Property Requests.

Staff Conditions for Approval Aspen View Academy partners with the Douglas County School District to address capacity concerns utilizing a weighted lottery, consulting on an annual basis. All Aspen View Academy facility plans will be reviewed and approved by DCSD staff and appropriate governmental entities as applicable. Douglas County School District will retain ownership of the property.

Questions