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GID Advisory Board Items for DiscussionGID Advisory Board Items for Discussion 1) Who are you appointing to the GID Advisory Committee? a. Scott Stenman, Mak Keeling, and Shawn Gleason 2) What projects between the GID and the Metro Districts have been completed? a. See attached Metro District Cost Schedule "'4— o/--� 3) What is left to complete? C of✓ r a. See attached Metro District Cost Schedule (' 4) What are the costs of both the completed projects and future projects and the timing of these projects? \\ ' �p a. See attached Metro District Cost Schedul�) ww, 5) On any projects that the Town is constructing, how does reimbursement tpl the costs of the projects work? a. As each Monthly Pay Application. is received by the town; it must be reviewed and certified by the District Engineer Nolte. Once Nolte has certified the costs; the Pay Application will be submitted to the District CPA for reimbursement. At that time the payment will be sent to the town and the town will send the funds to the contractor. 6) What was approved on the increased metro district voted authorization and what parameters would limit future issuances? (please provide us with a copy of the ballot language) a. Canvass Board Election Results for both districts from the November 2007 election are attached. 7) Are you going to be requesting a mill levy increase above the agreed upon 49.5 mills? a. No, we feel that the mill levy will be sufficient. The increased property values will allow us to support a higher Debt Capacity with the same mill levy. 8) What is the timing of your need for more mills and is it for debt, operations or both? a. No more mills are needed; the timing of the requested increase in the Debt Capacity would be some time within the second half of 2008. 9) What is the total amount of the bond issue? a. $47,750,000 split into two series. 10) What is the structure of the debt? a. Both series are issued by District 2 — the Series A is secured by a US Bank letter of credit and the underlying tax base; the Series B is secured by a US Bank letter of credit, a subordinate interest in the tax base, and a guaranty of the developer which is fully secured by a letter of credit from Hypo Real Estate bank International (the real estate construction lender for Phase 1 and the Garage). The A Bonds involve an interest rate swap for 3 years and the B Bonds will be subject to a slightly less than three year interest rate cap. Both series will be rated in the highest possible short- term rating category by Standard and Poor's. 11) What is the timing (schedule) on the debt and how does that dovetail with the project costs? a. At present, it appears that all net proceeds of the Bonds can and will be used to reimburse the developer for public infrastructure costs incurred to date. 12) Provide the Town with the sources and uses for the debt structures. Including the funding for the individual projects that were agreed upon for the Metro District and the GID. a. Please see the Bernstein and Associates exhibit A for the latter schedule; also attached is the current draft of the bond sources and uses of funds. 13) What are the debt service coverage projections on the proposed debt? a. All debt has been sized by US Bank (and is covenanted as such) to a 1.35x debt coverage factor. 14) What are the most recent projections on the assessed valuation for the project during the life of the bonds? Are you still using a consultant i.e. Stan Bernstein to do the overall revenue, expense and debt model. Can you provide us with the n forecast you are using in your bonding proposal? a. Attached. 5) How and when does the Town receive our payb ck of the $2M for the Wood 1 V Road Roundabout/bridge? 4r14"'I-1 a. The repayment is projected by the Bernstein model toer occur year 2012-2014. 6) Explain the reconfiguration of within your two districts of the commercial property and its purpose. a. We have reconfigured District #2 to include all Residential property and all commercial property related to Skier Services. We have excluded all commercial property not related to Skier Services from District #2 and included it in District #1. This was done to achieve a lower mill levy on commercial property included in District #1. 17) Who is the point person that the Town can speak to for future questions and updated information regarding these issues? a. Scott Stenman or Shawn Gleason