HomeMy WebLinkAbout810385.tiff CERTIFIED- RECORD
OF
PROCEEDINGS
OF
THE- BOARD- OF- COUNTY- COMMISSIONERS
OF
WELD- COUNTY . COLORADO
RELATING- TO
A- RESOLUTION
PROVIDING- FOR- THE- ISSUANCE
OF- ITS
INDUSTRIAL" DEVELOPMENT- REVENUE" BONDS
(HORACE GREELEY- =- PHASE- II - PROJECT)
SERIES- 1981
•
• 31U38�
•
STATE OF COLORADO )
ss .
COUNTY OF WELD - - )
The Board of County Commissioners of Weld County, Colorado , met in
regular session at the County Courthouse , Greeley, Colorado , on
Monday, the 10th day of August , 1981 , at the hour of 10 :30 a .m .
The following members of the Board of County Commissioners ,
constituting a quorum thereof, were present:
Name Title
Chuck Carlson Chairman
Norman Carlson Commissioner
C.W. Kirby Commissioner
June K. Steinmark Commissioner
John T. Martin Commissioner
The following members of the Board of County Commissioners were
absent:
JUNE" K." STETNMARK
The following persons were also present :
Keitha White. Deputy County Clerk
Tom Davis , County Attorney
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•
RESOLUTION NO .
IN THE MATTER OF THE ISSUANCE OF WELD COUNTY,
COLORADO, INDUSTRIAL DEVELOPMENT REVENUE BONDS
(HORACE GREELEY - PHASE II PROJECT) , SERIES 1981 ,
FOR THE PURPOSE OF FINANCING THE ACQUISITION ,
IMPROVEMENT AND CONSTRUCTION OF A BUSINESS FACILITY
AND AUTHORIZING THE PREPARATION OF DOCUMENTS AND
INSTRUMENTS RELATING THERETO.
WHEREAS, the Board of County Commissioners ( the Board) of Weld
County, Colorado ( the County) , pursuant to the statutes of the State
of Colorado and the Home Rule Charter of the County ( the Charter) , is
vested with the authority of administering the affairs of the County;
and
WHEREAS , the County, acting through the Board , is authorized by
the provisions of part 1 of article 3 of title 29, Colorado Revised
Statutes 1973 , as amended ( the Act) , to finance , acquire , own , lease ,
improve and dispose of properties to the end that business enterprises
will locate in the County, and the County is further authorized
thereby to issue revenue bonds for the purpose of defraying the costs
of financing , acquiring , improving and equipping such facilities ; and
WHEREAS, Horace Greeley - Phase II , a Colorado joint venture ( the
Company) , proposes to acquire , construct , improve , and equip an
existing high school building for conversion to and use as an office
building ( the Project) , located within the City of Greeley, Colorado
and the County ; and
WHEREAS , the Company has represented to the County that the
Project will be designed to qualify as a "project" within the meaning
of the Act; and
WHEREAS , the Company has requested the County to issue and sell
its revenue bond or bonds ( the Bonds) pursuant to the provisions of
the Act for the purpose of financing the Project; and
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WHEREAS , pursuant to the requirements of Ordinance No . 69-A of the
County, the Board has scheduled and held a pubilc hearing for the
purpose of discussing the Project and considering public comment on
the Project and the Bonds ; and
WHEREAS , the County considers that the financing of the Project
will induce the Company to locate the Project in the County, thereby
adding to the business and aesthetic development of the County and
helping secure and maintain a balanced and stable economy in the
County and that the Project will provide increased employment
opportunities within the County, all of which will promote the public
health , welfare and safety of the County and its citizens ; and
WHEREAS, prior to the issuance of the Bonds the County will
consider and approve by ordinance the final details of the Bonds and
will authorize and approve , subject to the conditions of this
Ordinance , the Act , the Charter and Ordinance NO. 69-A of the County,
all acts and the execution of all documents and instruments necessary
or desirable in connection with the issuance thereof; and
WHEREAS, no public official of the County who has exercised or
will exercise any discretionary function on behalf of the County with
respect to the financing of the Project , has a personal financial
interest in or will personally and financially benefit from the
financing of the Project or has other conflicts of interest relating
to the financing of the Project .
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY
COMMISSIONERS OF WELD COUNTY, COLORADO, THAT:
Section 1 . The Board hereby finds , intends and declares that this
Resolution shall constitute its official binding commitment to issue
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the Bonds , subject to the terms hereof and thereof, and that the
adoption of this Resolution is and constitutes the taking of
affirmative official action by the County, acting by and through the
Board , toward the issuance of the Bonds .
Section 2. In order to insure the completion of the Project and
the public benefit which is expected from the operation thereof , the
County, subject to the terms and conditions of the Memorandum of
Agreement between the County and the Company attached hereto as
Exhibit A ( the Memorandum of Agreement) and by this reference made a
part hereof, will issue the Bonds pursuant to the provisions of the
Act and the Charter in a principal amount necessary to pay the cost of
financing the Project , together with any necessary reserves and the
costs incident to the authorization , issuance and sale of the Bonds ,
which Bonds will not exceed in principal amount the sum of $2 , 300 , 000 .
Section 3. The Bonds shall bear such interest rate or rates , be
in such denominations , bear such dates , mature at such dates , be in
such form, carry such registration privileges , be executed in such
manner , be payable at such place , and be subject to such terms of
redemption consistent with the Act as shall be authorized and approved
by subsequent ordinance of the Board adopted prior to the issuance of
the Bonds .
Section 4 . Any mortgage , trust indenture , deed of trust , lease ,
sublease , installment purchase agreement , loan agreement , security
agreement , rental agreement , option to purchase , or other agreement or
security device , or any combination thereof, entered into in
connection with the financing of the Project ( the Financing
Agreements) and any other documents relating to the Project and the
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Bonds shall also be authorized and approved prior to the issuance of
the Bonds .
Section 5 . The proceeds of the Bonds will be used to finance the
Project . The major components of the Project are described in a
schedule attached hereto as Exhibit B and by this reference made a
part hereof .
Section 6 . The County will enter into mutually agreeable
Financing Agreements with the Company with respect to the Project as
more fully described in the Memorandum of Agreement .
Section 7 . The form of the Memorandum of Agreement is hereby
approved , and the Chairman of the Board is hereby authorized and
directed to execute the Memorandum of Agreement on behalf of the
County.
Section 8 . The entire cost of financing the Project will be paid
from the proceeds of the sale of the Bonds or from other Company
funds . The Bonds will not be a general obligation of the County.
Neither shall the Bonds , including interest thereon , constitute the
debt or indebtedness of the County within the meaning of any
limitation of the Constitution or statutes of the State of Colorado or
the Charter nor give rise to a pecuniary liability of the County or a
charge against its general credit or taxing powers . The Bonds shall
be payable solely from and secured by a pledge of the revenues derived
from and payable pursuant to the Financing Agreements .
Section 9 . Nothing contained in this Resolution or the Memorandum
of Agreement shall constitute a debt or indebtedness of the County
within the meaning of the Constitution or statutes of the State of
Colorado or the Charter nor give rise to a pecuniary liability of the
County or a charge against its general credit or taxing powers .
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The above and foregoing resolution was , on motion duly made and
seconded , adopted by the following vote on the 10th day of August ,
A. D. , 1981 .
BOARD OF COUNTY COMMISSIONERS
WELD COUNTY, COLORADO
A e "
Ch ck Carlson , airman
( COUNTY)
( SEAL )
-Absent date-signed (Aye)- "
r
�-/� �` Norman Carlson , A
�J I � � Commissioner
ATTEST: �J � t2n�wi
Weld County Clerk and Recorder � ti (Aye}
/ and Clerk to the Board C.W. Kirb , Co issioner
—i kyCount
Clerk June K. Steinmark, Commissioner
APPROVED AS TO FORM: j i ")92n in-v- (Aye)"
J T. Martin , Commissioner
County Attorney DATE PRESENTED: August 12, 1981
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Exhibit A
MEMORANDUM OF AGREEMENT
This Memorandum of Agreement is between Weld County, Colorado ( the
County) , and Horace .Greeley - Phase II , a Colorado joint venture ( the
Company) .
1 . Preliminary Statement. Among the matters of mutual
inducement which have resulted in the execution of this Memorandum of
Agreement are the following :
( a) The County is authorized and empowered by part 1 of
article 3 of title 29, Colorado Revised Statutes 1973, as amended
( the Act) , to finance , acquire , own , lease , improve and dispose of
properties to the end that business enterprises will locate ,
expand or remain in the County, to issue revenue bonds for the
purpose of defraying the costs of financing , acquiring , improving
and equipping such facilities , and to enter into agreements with
respect to the financing of such facilities upon such terms and
conditions as the Board of County Commissioners ( the Board) of the
County deems advisable .
( b) In order to provide such facilities , the Company
proposes to acquire , construct , improve , and equip by means
permitted by the Act , an existing high school building for
conversion to and use as an office building ( the Project) , located
within the City of Greeley, Colorado and the County.
( c ) The County has indicated its willingness to proceed with
the issuance of revenue bonds as provided by the Act ( the Bonds)
to finance the Project and has advised the Company that , subject
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to due compliance with all requirements of law and the obtaining
of all necessary consents and approvals and to the happening of
all acts , conditions , and things required precedent to such
financing , the County will issue the Bonds pursuant to the Act in
a principal amount sufficient to pay the costs of financing the
Project, together with the costs and expenses of issuance and sale
of the Bonds, which Bonds will not exceed in aggregate principal
amount the sum of $2,300 ,000 .
( d) The County considers that the financing of the Project
and the entering into of agreements relating to the Project, such
as a mortgage , trust indenture , deed of trust , lease , sublease ,
installment purchase agreement , loan agreement, security agree-
ment , rental agreement , option to purchase or other necessary
documents ( the Financing Agreements) with the Company with respect
to the Project will induce the Company to locate the Project in
the County, thereby adding to the business and aesthetic
development of the County and helping secure and maintain a
balanced and stable economy in the County and that the Project
will provide increased employment opportunities within the County,
all of which will promote the public health , welfare and safety of
the County and its citizens .
2. Undertakings by- the County. Subject to the foregoing
Paragraph 1 , the County agrees as follows :
( a ) It will authorize and issue the Bond pursuant to the
terms of the Act in a principal amount sufficient to pay the cost
of financing the Project, together with any necessary reserves and
the costs incident to the authorization , issuance , and sale of the
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Bonds , which Bonds will not exceed in principal amount the sum of
$2,300 ,000 .
( b) It will adopt or cause to be adopted such proceedings
and authorize the execution and delivery of such documents as may
reasonably be necessary or advisable for the authorization ,
issuance and sale of the Bonds , the financing of the Project, and
the execution of the Financing Agreements with the Company and
other documents relating to the Project and the Bonds as shall be
authorized by the Act or other law and mutually satisfactory to
the County and the Company.
( c) The aggregate sums to be paid by the Company under the
Financing Agreements shall be required to be sufficient to pay the
principal of, interest on , and any premiums due in connection with
the redemption or prepayment of the Bonds as and when the same
shall become due .
( d) It will take or cause to be taken such other action and
adopt such further proceedings as may reasonably be required to
implement the aforesaid undertakings .
( e) The Bonds shall provide that they shall be payable
•solely from the revenues derived from the Financing Agreements ,
that they shall never constitute the debt or indebtedness of the
County within the meaning of any provision or limitation of the
Constitution or statutes of the State of Colorado or the Home Rule
Charter of the County, and that they shall not give rise to a
pecuniary liability of the County nor a charge against its general
credit or taxing powers .
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( f) In authorizing the issuance of the Bonds pursuant to
this Memorandum of Agreement , the County will make no warranty,
either expressed or implied , that the proceeds of the Bonds will
be sufficient to pay all costs of the Project .
3 . Undertakings on the Part of the Company. Subject to the
foregoing Paragraph 1, the Company agrees as follows :
( a) The Company will acquire , construct , improve , and equip
the Project by means permitted by the Act .
( b) Prior to the delivery of the Bonds the Company will
enter into the Financing Agreements with the County under the
terms of which the Company will obligate itself to pay to the
County, whether from the proceeds of the Bonds or otherwise , sums
sufficient in the aggregate to pay or reimburse the County for :
expenses incurred by it in connection with the authorization ,
issuance and sale of the Bonds and the payment of the principal
of, interest on, and any premiums due in connection with the
redemption or prepayment of the Bonds as and when the same shall
become due and payable ; all fees and expenses of any trustee for
the benefit of the holders of the Bonds incurred under any trust
indenture ; all utility charges , taxes, assessments , and casualty
and liability insurance premiums; and any other expenses or
charges relating to the ownership, use , operation , maintenance ,
occupancy and upkeep of the Project . The Financing Agreements
shall contain such other provisions as may be required by law and
such other provisions as shall be mutually acceptable to the
County .and the Company.
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( c) It will take such further action and adopt such further
proceedings as may be required to implement the aforesaid
undertakings .
4 . General Provisions..
( a) All commitments of the County under Paragraph 2 hereof
and of the Company under Paragraph 3 hereof are subject to the
condition that on or before twelve months from the date of this
Memorandum of Agreement ( or such other date as shall be mutually
satisfactory to the County and the Company) the County and the
Company shall have agreed to mutually acceptable terms for the
Bonds and of the issuance , sale and delivery thereof , and mutually
acceptable terms and conditions of any Financing Agreements and
other documents referred to in Paragraph 3 and the proceedings
referred to in Paragraphs 2 and 3 hereof .
( b) Prior to the issuance of the Bond , there shall be a
reasonable showing to the County that the Company is capable of
carrying out its financial obligations under the Financing
Agreements .
( c) If the events set forth in subsection ( a) of this
paragraph do not take place within the time set forth or any
extension thereof and the Bond is not issued and sold within such
time , the Company agrees that it will reimburse the County for all
reasonable and necessary direct out-of-pocket expenses which the
County may incur arising from the execution of this Memorandum of
Agreement and the performance of the County' s obligations
hereunder , and this Memorandum of Agreement shall thereupon
terminate .
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IN WITNESS WHEREOF, the parties have entered into this Memorandum
of Agreement by their duly authorized officers this -TOth day of
August , 1981 .
WELD COUNTY, COLORADO
( COUNTY)
( SEAL ) By _ _
airman
Board of County Commissioners
ATTEST:
7rar..
County clerk and Recorder
By . . ; . . -
e ty County lerk
HORACE GREELEY - PHASE II ,
a Colorado joint venture
By : SINCO INTERNATIONAL
INVESTMEN , INC ,
a Delaw e cor -orat, on
By: A/A- i nt rin
Sine Simantob , Preside t
ATTEST:
itz-2
Constance Norrie , Secretary
( COMPANY)
( SEAL
By : PIONEER INVESTMENTS , INC . ,
a Colorado corpo at'on
By : - -
Ronald Cape , President
ATTEST:
/� Secretary
( COMPANY)
( SEAL )
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Exhibit B
The major components of the proposed Project are presently
contemplated to be as follows :
The construction , reconstruction and improvement of the
building known as the "Old School House" located in downtown
Greeley, Colorado for conversion to and use as an office
building , together with all appurtenant improvements for site
development .
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STATE OF COLORADO )
ss .
COUNTY OF WELD )
I , Mary Ann Feuerstein , County Clerk and Recorder of Weld County,
Colorado ( the County) , do hereby certify that the foregoing pages ,
numbered 1 to 14 , inclusive , constitute a full , true and correct copy
of the record of proceedings of the Board of County Commissioners ( the
Board) of the County taken at a regular meeting thereof , held at the
County Courthouse , Greeley, Colorado , the regular meeting place
thereof , on Monday, the 10th day of August , 1981 , insofar as said
minutes relate to Resolution No . , a copy of which is therein
set forth; that said copy of Resolution No . , is a full , true
and correct copy of the original of said resolution as adopted by the
Board at said meeting ; that the original of said resolution has been
duly executed and approved by the Chairman of the Board and myself , as
County Clerk and Recorder , sealed with the seal of the County, and
recorded in the official records of the County kept in my office .
I further certify that the Chairman and "four other member( s)
of the Board , constituting a quorum thereof , were present at the
meeting ; and that the members thereof voted for the adoption of
Resolution No . , as in the minutes set forth .
IN WITNESS WHEREOF , I have hereunto set my hand and the seal of
the County this " " 10thday of August" " " " " " " , 1981 .
( COUNTY) County Clerk and Recorder
( SEAL )
By:
//)A( >
puty County Clerk
yy „
0
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An application to Weld County for the issuance
of Industrial Bonds for "The Old School House. "
Respectfully submitted by:
HORACE GREELEY-PHASE II ,
a joint venture between
Sinco International Invest-
ments, Inc. , and Pioneer
Investments, Inc.
July 29, 1981
INDEX
SECTION SUBJECT
(1) STATEMENT OF INTENT
(2) BOND COUNCILS OPINION LETTER
(3 ) BOND UNDERWRITERS LETTER
(4) HISTORY OF THE APPLICANTS
(5) BANK REFERENCE AND RATING
(6) RESUME' S
(7) PROFORMA: A FIVE YEAR FINANCIAL
ANALYSIS
(8) FINANCIAL STATEMENTS
(9) A BREAKDOWN OF THE COSTS RELATED TO
Ttth PURCHASE, RENOVATION, CONSTRUC-
TION, AND FINANCING COSTS
HORACE GREELEY - PHASE II
A JOINT VENTURE
A STATEMENT OF INTENT
The goal of Horace Greeley/Phase II is to renovate the "Old
School House" into a landmark office building in downtown
Greeley. It is our wish to give back to the community a "page of
history" for the general and business populace to enjoy in future
years.
We envision the school to be the cornerstone of Greeley' s effort
to revitalize its downtown area. Sinco International and Pioneer
Investments are accepting the responsibility of taking a leading
role in this attempt at revitalization. The building will be
living proof that the people and the city fathers of Greeley
truly care about the future of their city.
The building will strike the proper balance between the old and
the new. It will provide an excellent work environment for those
who choose to use the "Old School House" as their place of bus-
iness, and it will restore a piece of history for all the commun-
ity to enjoy.
This project has become a reality because all the parties involv-
ed have worked together in a cooperative manner. Everyone in-
volved, the developers, the city government, the county govern-
ment, and the Downtown Development Corporation have all shown
their sense of commitment to the community of Greeley. The
project is proof that the private and public sectors can success-
fully work together to meet a well defined goal: The revitaliza-
tion of a building, city and community.
LAW OFFICES OF
DEMUTH, KEMP & BACKUS
1600 WESTERN FEDERAL SAVINGS BUILDING
LAEL S.DEMUTH TERREL E.DAVIS
718 SEVENTEENTH STREET
WILLIAM G. KEMP IRVING G. FINKEL
DENVER,COLORADO 80202
ALAN C.DEMUTH THOMAS J.MANCUSO
303'629-1800
ROBERT A.BACKUS
CRAIG D.JOYCE
DONALD A.HOULEHAN
CHARLES A. HILLESTAD
DANIEL C. LYNCH
LORING E.HARKNESS III
GEORGEANN BECKER July 29 , 1981
Board of County Commissioners
Weld County
915 10th Street
Greeley, Colorado 80631
Horace Greeley Phase II
Mr. Sina Simantob and
Mr. Ronald J. Cappello
1401 Walnut, Suite 305
Boulder , Colorado 80302
Re: County of Weld, Colorado
Industrial Development Revenue Bonds
(Horace Greeley Phase II Project)
Series 1981
Ladies and Gentlemen:
This law firm has been retained to act as bond counsel in
connection with the issuance of the above-referenced proposed
industrial development revenue bonds . In this regard we have
conferred with representatives of Horace Greeley Phase II , a
Colorado general partnership, concerning the facility to be
acquired, constructed and installed with the proceeds of the pro-
posed bonds , which facility is to consist of the renovation and
reconstruction of an approximately 40, 000 square foot high school
building to be converted to office space. Based upon such review
it is our opinion that the proposed facility qualifies as a
"project" within the meaning of the Colorado County and
Municipality Development Revenue Bond Act, part 1 of article 3
of title 29 , Colorado Revised Statutes 1973 , as amended.
Very truly yours ,
DeMUTH, KEMP & BACKUS
ithii p
Daniel C. Ly
DCL:bab
GERWIN AND COMPANY
INVESTMENT BANNERS/MUNIGPAL BONDS
621 SEVENTEENTH STREET/SUITE 2800/DENVER,COLORADO 80293/(303)572-8515
July 10, 1981
Mr. Sina Simantob
Sinco International Investments Inc.
Highland Offices
885 Arapahoe Avenue
Boulder, CO 80302
LETTER OF INTENT
Dear Mr. Simantob:
We understand you are considering the use of Industrial Devel-
opment Revenue Bonds to finance the renovation and construction of
a new office building to be located in Greeley, Colorado. In order
to analyze the merits and specific limitations of this financing method
you will need to be informed of and review (1) the various applicable
state and federal statutes and regulation, (2) the legal requirements
which must be met to produce a valid bond issue, (3) the specific
procedures which must be followed and the probable timetable therefore,
and (4) the economic advantages and disadvantages (if any) to be
realized.
As qualified underwriters experienced in I.D.R.B . financing
we are in a position to provide this essential information and guidance
to you in a timely and expeditious manner during the preliminary
discussion and developmental stage of your project, leading up to the
final decision-making process.
We are pleased to offer you these various pre-commitment financial
services necessary to initiate this undertaking. Functioning in this
manner we shall expect to assign experienced personnel to work with
you and to assemble information and data from numerous sources pertin-
ent to your project, including bond counsel and adoption, if necessary,
of the required ecomonic inducement resolution by the prospective
issuing authority.
Therefore, in consideration of the foregoing services to be pro-
vided by us it shall be our mutual understanding that at the appro-
priate time - when and if you have determined to proceed with the
acquisition of I.D.R.B . financing - you will be receptive to the sub-
- mission on an exclusive basis by us of a specific underwriting proposal
relating to your project, for review and acceptance. Should you
decide not to accept our proposal you will have no financial obligation
to us for the pre-commtment service which we have performed, unless
prior written approval for related expenses has been obtained from you.
MEMBERS NATIONAL ASSOCIATION OF SECURITIES DEALERS,INC/SECURITIES INDUSTRY ASSOCIATION
Page 2
Mr. Sins Simaninb
It is further and mutually agreed that until such definitive
action is taken, both parties shall cooperate and work together
exclusively in the preliminary development of the proposed project
financing. Upon the execution of this Letter of Intent and its
return to us we shall undertake the preliminary steps necessary for the
issuance of Industrial Development Revenue Bonds. Within ninety
(90) days after receipt of the above and unless extended by mutual
agreement, we shall either release you from this obligation or furnish
you with a specific financing proposal including terms, conditions,
probable interest rates, and timetable for issuance of bonds.
Sincerely yours,
GERWIN AND ,COMPANY
/ / /
by / . _/
f/ A .'.
Richard A. / ontane
Municipal/ inance Department
7
Accepted this ih day of ,r , 983.
/ ,----
by /,.., / P,-,
On beh 1f of Sinco Interns Tonal
Investments Inc.
SINCO INTERNATIONAL INVESTMENTS, INC.
HISTORY
Horace Greeley/Phase II is a joint venture between
Sinco International Investments, Inc. and Pioneer
Investments, Inc. of Boulder, Colorado for the pur-
chase, renovation and reuse of the "Old School House"
in Greeley, Colorado. The experience and financial
background of these two corporations are to provide the
expertise and organization necessary to accomplish the
task of rehabilitation of the Old School House.
Sinco International Investments, Inc. (hereinafter
referred to as Sinco) , was registered as a corporation
in the State of Delaware on November 26, 1979 with Mr.
Sina Simantob as president and sole owner. Sinco was
founded for the purpose of doing business in the area
of real estate development, historic renovation, inter-
ior design and the sale of fine art and antiques .
Sinco International 's decision to specialize in the
renovation, rehabilitation and reuse of pre-1930 struc-
tures was prompted by the energy shortage and energy
price increases of 1973 and by the Federal and State
tax incentive rulings of 1976 for the preservation of
Historic Landmarks.
Since the passage of IRS Rule 191 five years ago, Sinco
International has undertaken and successfully completed
the following projects:
1 . The historic Highland School, constructed in 1895,
had been vacant for 12 years and was in an ad-
vanced state of disrepair when purchased by Sinco
in 1978. Sinco acted as developers and designers
to convert the building into 23, 000 square feet of
modern professional offices employing state-of-
the-art electronic office equipment, a sauna/
jacuzzi spa, modern kitchen facilities, an art
gallery and fully landscaped grounds . Completed
in 1980, Sinco has won the following awards for
the renovation of the Highland School Building:
AWARD OF MERIT from Historic Boulder, Inc.
" . in recognition of distinguished accom-
plishment towards historic preservation with
notable credit given for the endeavor of
renovation. "
PIONEER INVESTMENTS, INC.
HISTORY AND BACKGROUND
Pioneer Investments, Inc. was formed in October, 1980,
and became an operating entity in January, 1981.
Pioneer was founded to act as an investment vehicle for
investors who wish to participate in real estate, and
real estate oriented investment ventures. Presently,
the group of investors Pioneer represents are individ-
uals who are in the oil and energy related field.
Through Pioneer they are expanding their interests into
the area of real estate.
Pioneer' s activity is directed, and managed by Ronald
J. Cappello. Mr. Cappello acts as president of Pioneer
and is it' s sole employee. Pioneer is designed to be a
closely held one man firm. This structure allows for
the most efficient application of Mr. Cappello ' s know-
ledge of real estate and management skills .
Since it' s formation, Pioneer' s activity has been
concentrated in two areas; the acquisition of con-
structed property to be held as part of a portfolio,
and the second area is the participation in the devel-
opment of to-be-built projects on a joint venture
basis.
The first half of 1981 has proven to be very rewarding;
a summary of activity follows:
1. The purchase of two Larimer Place condomin-
iums located in downtown Denver. The port-
folio value is $325, 000.
2 . Entered into contract to purchase two Windsor
condominiums. Delivery is scheduled for
June, 1982 . The portfolio value is $340, 000.
3 . The purchase of four turn-of-the-century
homes located in Denver, Colorado. The homes
will be renovated and sold as luxury single
family homes . The project' s value is 1 . 5
million dollars.
The above listed projects, coupled with the formation
of a joint venture with Sinco International Investments
for the renovation of the Old Greeley School House has
indeed made our activity to date a very rewarding
experience. Pioneer Investments is anticipating a very
bright and successful future.
This report has been prepared forr'. o1' ;`': Y .
SUBSCRIBER: 067- 151640LC
BE SURE NAME , BUSINESS AND ANSWERING zeller •
ADDRESS MATCH YOUR FILE . INQUIRY
., IS REPORT MAY NOT BF REPRODUCED IN WHOLE OR IN,,PART IN ANT MANNER WHATEVER. M.
DUNS : 09-928-2394 DATE PRINTED SUMMARY
SINCO INTERNATIONAL JUN 18 1980 RATING BA2
INVESTMENT , INC FORMERLY
+HIGHLAND DESIGN REAL ESTATE , ER8
+HIGHLAND OFFICES INTERIOR DESIGN, STARTED 1979
+INTERNATIONAL ART EXCHANGE ART DEALER E PAYMENTS SEE BELOW
+COMBS TRAVEL TRAVEL AGENT SALES $450 , 000
PROJECTED
885 ARAPAHOE AVE SIC NOS . WORTH F $365 , 267
BOULDER CO 80302 73 99 59 99 47 22 EMPLOYS 10
TEL : 303 447-2644 65 13 HISTORY CLEAR
CONDITION GOOD
CHIEF EXECUTIVE : SINA SIMANTOB , PRES
FINANCE
06/06/80 Fiscal Interim
Partial Consolidated
Dec 31 1979 Feb 29 1980
Curr Assets 24 , 501 6 , 949
Curr Liabs 21 , 612 200
Other Assets 10 , 417 358 , 512
Worth 12 , 603 365, 267
Sales 93 , 044
Het Income 2 , 603
Interim Consolidated statement dated FEB 29 1980 :
Cash $ 1 , 433 Accts Pay $ 139
Accts Rec 240 Taxes 61
Deposits 5 , 276
Current 6 , 949 Current 200
Fixt E Equip 26 , 613
Highland Design 175 , 990
Intl Art Exchanger 1-5II440. —
Investment k y ` "'z' ''E fors PI APly�"3°S°dE"1{ It }' 376 , 713
enel<t ,.J w tT T g'(`if�1{1NtiStS ( 1 1 , 446 )
Company In t arslan t, ay_ ' � ._ r ' .t. At nre r
eitmioi ree eT p L': F '�.'m Mt report In
qpRr Total Assets on �� xLoo,l'in* s74 EoS
EVE pe AIA*t s:r rrneacei,ed 365, 467
Submitted Apr 15otraMei vTce...PresTdent. Extent of audit, if any,
not indicated.
--0--
_. On Jun 6 1980 Paul Lev-Ary, vice president, referred to the above figures as
still representative.
He submitted the following estimates:
Projected annual sales are $ 950 , 000 .
Projected sales derived from: annual sales projected for Sinco International
Investment Inc. , 520,000; Highland Design, 520,000; International Art Exchange,
5120,000; Combs Travel, 5500,000; New Orleans Apartments, 540,000; Highland Offices,
5150,000 .
Condition regarded as good.
BANKING
2/80 Balances average moderate four figures. Relations satisfactory.
HISTORY
06/06/80
SINA SIMANTOB , PRES PAUL LEV-ARY , V JPRES
CONSTANCE MORRIE, SEC-TREAS
DIRECTOR(S ) ' THE OFFICER(S)
Incorporated Delaware Jul 1 1979. Authorized capital consists of 100 shares
common stock, no par value. Business started 1979. 100% of capital stock is owned by
Simantob.
SIMANTOB born 1952 married. 1976 received masters degree in Business and
Engineering from the University of Colorado. 1976 started Highland Design, Boulder,
-- Colorado as partner. Became president upon incorporation.
LEV-ARY born 1952 single. 1976 graduate of University of Colorado with masters
degree in finance. 1976-79 Green Mountain Herbs, Boulder, Colorado. Started herein
( CONTINUED)
- THIS REPORT, FURNISHED PURSUANT TO CONTRACT FOR THE EXCLUSIVE USE OF THE SUBSCRIBER AS ONE FACTOR TO CONSIDER IN CONNECTION WITH CREDIT.
INSURANCE, MARKETING OR OTHER BUSINESS DECISIONS, CONTAINS INFORMATION COMPILED FROM SOURCES WHICH DUN & BRADSTREET, INC.DOES NOT CONTROL AND
WHOSE INFORMATION, UNLESS OTHERWISE INDICATED IN THE REPORT, HAS NOT BEEN VERIFIED. IN FURNISHING THIS REPORT. DUN 8 BRADSTREET, INC. IN NO WAY
ASSUMES ANY PART OF THE USER'5 BUSINESS RISK, DOES NOT GUARANTEE THE ACCURACY, COMPLETENESS, OR TIMELINESS OF THE INFORMATION PROVIDED. AND
SHALL NOT BE LIABLE FOR ANY LOSS OR INJURY WHATEVER RESULTING FROM CONTINGENCIES BEYOND ITS CONTROL OR FROM NEGLIGENCE. 9R2-107801281
l A This report has been prepared for t( : Cfa
C.
•
SINCO INTERNATIONAL JUN 18 1980 Page 2
BOULDER CO FULL REVISION-RATING CHANGE
I .:IS REPORT MAY NOT BE REPRODUCED IN WHOLE OR IN PART IN ANY MANNER WHATEVER.
- .vR'
kp ,R
HISTORY
(Cont'd) upon incorporation.
NORRIE born 1949 married. 1974 graduate of University of Colorado. 1974-76 self
employed as an interior designer. Discontinued that business with no outstanding
obligations to start partnership in Highland Design.
OPERATION
06/06/80 Operates in interior design (25%) , art dealer (25%) , travel agency (25%),
apartment complex operator (15%) and real estate agent (10%) .
Sells to commercial and general trade. Territory United States. Terms vary as per
type of operation involved, to include cash and net terms.
Nonseasonal .
EMPLOYEES: 10 including officers.
FACILITIES: Owns 7,500 sq. ft. four story brick building in good condition.
LOCATION: Commercial section on main street. 067
06- 18 ( 254 /7 ) 0000/00 00000
THIS REPORT, FURNISHED PURSUANT TO CONTRACT FOR THE EXCLUSIVE USE OF THE SUBSCRIBER AS ONE FACTOR TO CONSIDER IN CONNECTION WITH CREDIT.
INSURANCE. MARKETING OR OTHER BUSINESS DECISIONS. CONTAINS INFORMATION COMPILED FROM SOURCES WHICH DUN 8 BRADSTREET, INC. DOES NOT CONTROL AND
WHOSE INFORMATION. UNLESS OTHERWISE INDICATED IN THE REPORT, HAS NOT BEEN VERIFIED. IN FURNISHING THIS REPORT, DUN 8 BRADSTREET. INC. IN NO WAY
ASSUMES ANY PART OF THE USER'S BUSINESS RISK. DOES NOT GUARANTEE THE ACCURACY, COMPLETENESS, OR TIMELINESS OF THE INFORMATION PROVIDED. AND
SHALL NOT BE LIABLE FOR ANY LOSS OR INJURY WHATEVER RESULTING FROM CONTINGENCIES BEYOND ITS CONTROL OR FROM NEGLIGENCE. 9R2-t0 p30121Y
Central
Bank
of Denver
January 28, 1981
Mr, Sina Simatob
885 Arapahoe Street
Boulder, Colorado 80302
Dear Sina:
The purpose of this letter is to confirm that you have been a
customer of the Central Bank of Denver for approximately
three years. You presently have a Certificate of Deposit in
the amount of $200 ,000. 00 with our bank, and you have
handled your credit in a satisfactory manner. We have loaned
you $195,000.00 on an unsecured basis , and this debt has
been retired in a timely and satisfactory manner.
I understand that you wish to use this in reference to a
potential bonding. We value your business, and look forward
to future business with you.
Sincerely,
i (fl,e(e-)Lit ((—
Michael W. Lubchenco
Vi ce President
MWL:smw
1515 Arapahoe St. - P.O. Box 5548 T.A. - Denver, Colorado 80292 - 303/893-3456
RECEIVED .
jutcaireitI
Bank
of Denver
July 24, 1981
Mr. Sina Simantob
Sinco International Investments, Inc.
885 Arapahoe Avenue
Boulder, Colorado 80302
RE: Greeley High School
Dear Sina:
I am please to inform you that we will be willing to loan Sinco International
Investments, Inc. and yourself $ 225,000.00, for the purpose of the acquisi-
tion and exterior rehabilitation of the historic Greeley High School. You
are to provide $ 75,000.00 toward the acquisition price and we will loan up
to $ 125,000.00 to complete the purchase. An additional $ 100,000.00 will be
made available by us through our construction loan funding procedure to do the
exterior rehabilitation. This commitment from us shall be valid for 90 days.
We will have a first lien on the real estate and all of our normal conditions
and procedure will apply. We reserve the right to review all of the purchase
documentation and restrictions that may be placed upon the real estate and
withdraw our loan commitment if we feel they create an adverse position for
the security for our loan. The loan will be for a term of one year and the
rate will be 2% over our base rate floating plus a 2% origination fee.
It is understood by us that you may sell a 50% interest in this project to
equity partners and this loan will be paid off from the proceeds of that
sale. If the sale is consumated prior to the acquisition of the real estate,
then you will not call upon this loan to be funded.
Sincerely,
CENTRAL BANK OF DENVER
7 Q-
Terry D. Martin
Assistant Vice President
TDM:csa
1515 Arapahoe Street, Denver,Colorado 80292/(303)893-3456
U_CENTRAL BANCORPORATION.INC.
SINCO INTERNATIONAL INVESTMENTS INC.
RESUME
SINA SIMANTOB
915 Maxwell Avenue
Boulder, Colorado
(303) 442-5535
PROFESSIONAL OBJECTIVE: To utilize my international abilities and connections
to further the development of Sinco International
Investments, Inc. Sinco's goal is to promote new
concepts in energy efficient real estate development
and renovation of historic landmarks.
EDUCATION: University of Colorado Graduate School of Business
Administration, MBA, 1974-76
University of Colorado School of Engineering Design
and Economic Evaluation (EDEE), 1970-74
Colorado Academy, Englewood, Colorado 1968-70
_ BUSINESS EXPERIENCE: August 1979 - Present: President and sole share-
holder of Sinco International Investment, Inc. , a
Delaware corporation. Sinco is the parent company
for many of the assets and/or companies listed be-
low.
August 1978 - Present: Developer of Highland
Offices. Engineered the $1.4 million purchase and
renovation of the 23,500 square foot historic land-
mark. Acted as electrical engineer, project super-
visor and designer. Project received both Historic
Boulder and City awards for renovation as well as
City, State and Federal tax benefits.
1979 - Present: International Art Exchange, a
gallery of antiques, oriental carpets and structural
antiques. Contains $120,000 in inventory at book
value.
1978 - Present: Established Highland Design Asso-
ciates, a contract and residential interior design
firm responsible for many of Sinco's development
projects listed.
1978 - 1980: Limited partner in Boulderado Hotel.
Sold in 1980 for $2,100,000.
1978 - 1980: Conceptualized and acted as presi-
dent of Combs International Travel, a travel
agency which attained $600,000 in yearly sales.
HIGHLAND OFFICES 885 Arapahoe Avenue, Boulder, Colorado 8O3O2 USA 3O3 447 2649
Resume
Sina Simantob
Page -2-
1977 - 1980: Purchased $88,000 Victorian home
on Pine Street, Boulder. Renovated and sold for
$175,000.
1977 - 1980: New Orleans Apartments, a thirteen
unit complex at 1030, 32, 34 Pine Street, purchased
for $220,000, renovated and managed to substantiate
a 120% rental increase in 33 months. Sold in August
of 1980 for $335,000.
1977 - 1979: Consultant, investor and developer of
Gold Lake Ranch Resort and Conference facility,
Ward, Colorado. A 100 acre camp with log cabins
converted to a winterized guest ranch with new
water system and complete individually furnished
bungalows. Project expense - $1,400,000.
1976 - 1978: Investor and business consultant for
Fleur de Lis Restaurant in the Boulderado Hotel.
Sold to Boulderado Hotel.
1974 - 1976: Sills & Sina Antiques, Denver, an im-
porter of oriental carpets and exporter of antiques
to the Middle East, managed incorporation and all
business aspects.
PERSONAL DATA: Birth Date: April 16, 1952
Marital Status: Married, two daughters
Health: Excellent
INTERESTS: FORTRAN - COBOL computer language
Organizational behavior studies
Antique and art collector
FUTURE PROSPECTS: Purchase and renovation of a 43,000 square foot
historic landmark in Greeley, Colorado adjacent to
the proposed downtown mall.
Construction of thermal envelope/passive solar con-
dominiums in conjunction with Milburn/Sparn Archi-
tects. Currently property owned in downtown
Boulder for small prototype (8 units). Plans to ex-
pand along Front Range area.
BACKGROUND: Represented Societe Meykadeh in Tel Aviv, Geneva,
Tehran and London.
REFERENCES: Michael Lubchenko, Central Bank of Denver
Jack Minniman, United Bank of Boulder
SINCO INTERNATIONAL INVESTMENTS INC.
RESUME
PATRICK CULLIE
Vice President/Operations
441 Marine Street
Boulder, Colorado
(303) 494-4050
PROFESSIONAL OBJECTIVE: To utilize my business/personal management skills
and experience effectively at Sinco and to further
my personal interest in energy efficient real estate
development of naturally complimentary habitats. I
am also interested in bringing my Art History ed-
ucation and background as a collector to fruition in
interior design work.
EDUCATION: Minneapolis School of Art 1964-1965
Kent State University 1965-1969
English Literature - Major
Art History - Minor
BUSINESS EXPERIENCE: June 1978 to June 1980 - Art and Advertising Dir-
ector/Product Manager for Contemporary Communica-
tions Corporation, New York City. Was responsible
agent for CCC's four highest grossing artists.
Booked tours, was liason to CBS Records Group,
guided careers creatively. Wrote, produced and
directed all radio and television advertising, was
Design Liason for all album cover art production.
February 1977 to February 1978 - President and
Sole Owner of Out West Management, Boulder,
Colorado. Handled all personal management aspects
(creative career direction, legal, accounting, adver-
tising, concert touring, etc. ) for Carole King &
Navarro, Capitol Records recording artists.
January 1977 to June 1977 - Director of Northstar
Studios, Boulder, Colorado. Was consultant for
reorganization and restructuring of Northstar, a 24
track audio recording studio.
July 1972 to December 1976 - Administrative Vice
President of Front Line Management, Los Angeles,
California. Was tour liason/office manager for the
world's highest grossing talent management firm.
Was responsible for all phases of tour production,
art and advertising, merchandising and press, and
publicity.
HIGHLAND OFFICES 885 Arapahoe Avenue, Boulder, Colorado 8O3O2 USA 303 447 2649
Resume
Patrick Cullie
Page -2-
September 1969 to June 1972 - Was a tour director
"on-the-road" for numerous musical groups. My
clients included Rolling Stones, Bob Dylan, Deep
Purple, Joe Walsh, Eagles, Dan Fogelberg and Ted
Nugent.
AWARDS: RIAA (Recording Industry Association of America),
Gold Records Awards for the sale of over 1,000,000
units for Simple Things (Carole King), Silk Degrees
(Boz Scaggs), Souvenirs (Dan Fogelberg), Smoker
(Joe Walsh), So What (Joe Walsh), Lowdown (Boz
Scaggs).
- INTERESTS: Classic Automobiles, Skiing, Ice Skating, Film,
Music.
REFERENCES: George Wilson
2435 Topaz, Boulder, Colorado (447-1975)
David Krebs
65 West 55th Street, New York City, New York
(212-765-2600)
Jay Rubenstien
2153 Kress Street, Los Angeles, California
(213-654-8182)
PERSONAL DATA: Birth Date: October 24, 1946
Marital Status: Single
Health: Good
BACKGROUND: Born and raised in the Midwest. I have lived and
traveled extensively in North America, South Amer-
ica and Europe.
SINCO INTERNATIONAL INVESTMENTS INC.
RESUME
LARRY D. MANGIN
Salina Star Route
Boulder, Colorado 80302
(303) 443-6066
PROFESSIONAL OBJECTIVE: To increase the productivity and efficiency of the
design firm through the use of my problem solving
talents.
EDUCATION: North Dakota State University
Bachelor of Architecture - 1970
Indiana University
Graduate work on Future Evolution of Higher Educa-
tion in U.S. - 1972
Associated General Contractors' seminar:
Coordination Between General Contractor and Me-
chanical Contractor - 1976
Public Service Company course:
Lighting Design for Commercial and Industrial Ap-
plications - 1977
National Sanitation Foundation seminar:
Kitchen Design - 1978
PROFESSIONAL EXPERIENCE: October 1980 - Present: Coordinator and supervisor
of Highland Design Associates. Entails delegating
responsibilities to designers, concepts for draftsmen
and job site supervision.
1973 - September, 1980: Nobel, Inc. , design de-
partment supervisor and estimator. Responsibilities
include scheduling all drafting work for five drafts-
men and overseeing design development and adher-
ence to local codes for this $7 million/year contract
design firm specializing in restaurant, hotel, office
and condominiums. Personally handled all lighting
design. Estimated all interior design projects. In-
itiated competitive bidding for office supplies there-
by reducing the budget by fifty percent.
1972 - 1973: Designs for Business, Denver, archi-
tectural designer. Handled design and job site
supervision for firm specializing in retail stores.
Performed all functions of office manager.
HIGHLAND OFFICES 885 Arapahoe Avenue, Boulder, Colorado 8O3O2 USA 303 447 2649
Resume
Larry Mangin
Page -2-
1970 - 1972: Delta Upsilon International Frater-
nity, Director of Chapter Services. Evaluated
organizational structure and programming of 110
chapters. Made recommendations to improve
management. Designed new programs.
1968 - 1970: Part-time college experience consist-
ed of:
Design work for Northwest Restaurant Supply
Company, Fargo, North Dakota;
Industrial steel building and custom home de-
sign and drafting for Anderson & Son Con-
struction Company, Fargo, North Dakota;
Eight-plex apartment and shopping center
design and drafting, project constructed in
Moorhead, Minnesota.
PERSONAL DATA: Birth Date: 1946
Marital Status: Married, one child
Health: Excellent
INTERESTS: Designing homes and millwork
Outdoor sports, bridge, painting and reading
BACKGROUND: Raised in North Dakota, attended North Dakota
University School of Engineering before transferring
to architecture. Instrumental in starting Delta
Upsilon Chapter at NDSU. Colorado resident for
eight years; have designed and built own residence
outside of Gold Hill.
REFERENCES: Harley Turnbeaugh
Johnson & Turnbeaugh Sales, Denver, Colorado
SINCO INTERNATIONAL INVESTMENTS INC.
The following is a partial list of the approximately 120 projects Larry D. Mangin
has been involved with from design through site supervision in eight years.
Four Seasons Motor Inn Colorado Springs, Colorado
Cowpalace Lamar, Colorado
Elk's Club Goodland, Kansas
Slim & Swim Club Greeley, Colorado
Sports Arena Kearny, Nebraska
D.L. Yocum's Lounge and Patio Boulder, Colorado
Tico's Lincoln, Nebraska
Holiday Inn Grand Junction, Colorado
Sundance Saloon Vail, Colorado
Sun Terrace Retirement Home Albuquerque, New Mexico
Durocher's Farmington, New Mexico
Mozer's Fine Foods Denver, Colorado
Hilton Inn Garden City, Kansas
Claim Jumper Frisco, Colorado
L.C. Benedict's Winter Park, Colorado
Organ Grinder Denver, Colorado
Sundance Bank Sundance, Wyoming
Gondolier Boulder, Colorado
Elk's Club Scottsbluff, Nebraska
International Athletic Club Denver, Colorado
Copper Mountain Village Copper Mountain, Colorado
Monarch Ski Lodge Monarch, Colorado
Beaver Creek Ski Area Vail, Colorado
Serra Blanc Swim 8i Racquet Club Rio Dosa, New Mexico
Hilton Inn Casper, Wyoming
Coffee Bar Estes Park, Colorado
Furphy's Colorado Springs, Colorado
Dicky Dugans Dance Hall & Saloon Kearny, Nebraska
Sourdough Bread Company Boulder, Colorado
HIGHLAND OFFICES 885 Arapahoe Avenue, Boulder, Colorado 8O3O2 USA 3O3 447 2649
RESUME
RONALD J. CAPPELLO
P.O. Box 419
Boulder, Colorado
(303) 442-0698
PROFESSIONAL OBJECTIVE: To utilize my management and marketing abil-
ities to further the interests of Pioneer Invest-
ments, Inc. Pioneer's goal is to maximize the
return on investment to investors through the
efficient management of real estate development
and real estate investment.
EDUCATION: University of Colorado
Economics, BA
September 1974-December 1977
American University of Ciro, Egypt
Semester of study, 1975
University of New Mexico, 1973-1974
Amity Regional Highschool
Woodbridge, Connecticut 1970-1973
BUSINESS EXPERIENCE: January 1981 - Present:
President of Pioneer Investments, Inc. , a
Colorado corporation. Responsible for the
management, and the development of real
estate investments for a group of investors.
Areas include: the purchase of existing
property, and acting as a joint venturer in the
development of to be built and renovation pro-
jects.
October 1979-December 1980:
LaGarde'Eklund, LTD, Boulder, Colorado.
Acted as realty operations manager. Worked
directly in conjunction with the two principles,
and was involved in all levels of meetings, and
decision making. My time was concentrated in
Resume
Ronald J. Cappello
Page -2-
the areas of marketing and finance. Prior to
my leaving to form Pioneer Investments, Inc. ,
I was involved in two projects in the Vail
area. Sunriver, a 64 unit condominium in
Eagle-Vail, and Chambertin, a 16 unit luxury
townhome project in Avon, at Beaver Creek.
1979 - Present:
1979, invested in real estate for my own ac-
count. Purchased 3740 Iris, No. C; 830 20th
Street, No. 209; and 665 Manhattan Drive, No.
10. 100% occupancy has been maintained since
closing. 1980, entered into contract for pur-
- chase for unit D101 in the Sunriver Project.
1981, closed Sunriver, and entered into con-
tract for purchase for unit No. 1709 in the
Windsor, a new highrise condominium project in
downtown Denver, Colorado.
September 1978-August 1979:
Storage Technology Corporation, Boulder,
Colorado. Marketing support for a memory
computer product produced by Intersil for
STC. Interfaced with field engineering, the
manufacturer and STC marketing staff.
March 1978-September 1978:
Grayson Construction Company, Boulder,
Colorado. The period between graduation and
starting along a career path was spent doing
work as a laborer. This exposed me to the
building process and helped me to understand
the management tasks involved in delivering a
completed project.
PERSONAL DATA: Birth Date: September 3, 1955
Marital Status: Single
Health: Excellent
INTERESTS: Reading, travel, skiing and tennis
FUTURE PROSPECTS: The renovation of four, turn of the century
homes in Denver, Colorado. The purchase was
finalized in June, 1981. The project's sell out
value is 1.5 million dollars.
Resume
Ronald J. Cappello
Page -3-
The purchase and renovation of a 40,000
square foot historical landmark in Greeley,
Colorado. This project will be done on a joint
venture basis with Sinco International Invest-
ments, Inc. The building will have an approx-
imate renovation budget of 2 million dollars.
(Raised through investment revenue bonds. )
BACKGROUND: Born and raised in Connecticut. Began work-
ing with a landscape company at age twelve,
during the summer months. I also had my own
painting business. I have traveled extensively
in North America, Europe and have lived in
the Middle East.
REFERENCES: Mr. "Swede" Johnson, Boulder, Colorado
Mr. Robert L. Barr, Hennessy, Oklahoma
Mr. Howard LaGarde', Boulder, Colorado
Mr. Robert M. Hart, Boulder, Colorado
CONFIDENTIAL
CENTRAL BANK OF DENVER, Denver, Colorado
Sipco International
M maker Investments , Inc. Address 885 Arapahoe , Boulder, Colorado 80302
C Maker
(' ae below) Address
All assets and income listed below are the sole property of the Maker and/or Co-Maker (if any), unless otherwise indicated. This statement and
ar— applicable supporting schedules may be completed jointly by both married and unmarried persons if their assets and liabilities are sufficiently
jc ed so that the statement can be meaningfully and fairly presented on a combined basis; otherwise separate statements and schedules are
re fired.
0 Completed Jointly Not Completed Jointly
(r-s joint statement — both signatures are required on the reverse side.)
T' undersigned furnish(es) the following true financial statement as of December 31 19 80 to the Central Bank of Denver.
ASSETS LIABILITIES
C.- :h In Bank— Name of Bank S Notes Payable $
Central 5 ,741. 70 To Central Bank of Denver(see Schedule C)
'inpa Account—Name of Bank Central p To Other Banks(see Schedule C)
'ertificate of Dep . w/Bank. ,211 , 784.02 To Others (see Schedule C)
Securities Instalment Accounts Payable
Gov't.and Listed thee Schedule A) Automobile (see Schedule C)
Unlisted (see Schedule A) Other (see Schedule C) Deposits 6 , 105 . 00
In- vestment in Own Business( %owned) Accounts Payable(Credit Cards.etc.)(see Schedule C) 11 , 588. 79
A vounts end Notes Receivable 12 , 939 . 93 Unpaid Income Tax Sales/Payroll 2, 792 . 32
Work in Progress 6 , 356.99 Other Unpaid Taxes and Interest
Other(Good) (see Schedule A-t) Other Debts— _ Concigned Goods 24, 418.00
SUB TOTAL—Current Assets 236, 822. 64 SUB TOTAL—Current Liabilities 44, 904. 11
F ilEstathOwned Highland Off. Bld gl 263. 714. 57 MortgagesPayebleonRealEsfeteEmpire Say. 1, 150 ,000.00
L_,h Value Life Insurance (Face Amt ) Loans on Lite Insurance Policies
Vested Interest in Deferred Compensation Plans (Include Premium Advances)
s omobile(s) 1976 Volvo 4,666 .90 OtherDebts—Itemize Equipment-Lease 7, 108. 76
P.D. /Note 1-2 500 .00
_'repaid Ins . /Expenses 2 ,491.00 ,
Personal Property and F_rnitureF&F/Inventory 156 , 800.09
C —ar Assets— Itemize Petty Cash 143. 75 TOTAL LIABILITIES 1 ,214, 512 . 87
Design Samples 4 1 , 854. 95 NET WORTH (Total Assets Minus Total Liabilities) 451 , 981. 03
TOTAL ASSETS 1, 666, 49 3. 90 TOTAL LIABILITIES AND NET WORTH 1 ,666 , 493. 90
— The financial statement above, for Sinco International, dated December 31,
1980 , is only a guideline to understanding our financial strength. To get
a more realistic picture of where we stand, a brief word of explanation is
necessary.
Sinco International' s assets consist mainly of real estate and Art &
Antiques . With the passage of time , and as we depreciate our assets ac-
- cording to guidelines established by the Internal Revenue Service , the
actual value of these assets is on the rise. This variance between depre-
ciated goods and rising market worth has created a wide discrepancy between
— the "book value" and the "market value" of said assets , •
We estimate that Sinco International Investments actual market worth (total
assets minus total liabilities) to exceed One Million Dollars .
FINANCIAL STATEMENT
OF
PIONEER INVESTMENTS, INC.
1401 Walnut, Suite 505
Boulder, CO 80302
June 30, 1981
ASSETS NOTE # COST BASIS MARKET BASIS
CASH (1 ) $ 18, 000 $ 18, 000
REAL ESTATE OWNED (2 ) 722, 500 905, 000
DEPOSITS (3 ) 14, 700 24, 700
TOTAL ASSETS $755,200 $947, 700
LIABILITIES
REAL ESTATE LOANS $555, 750 $555, 750
NOTES PAYABLE 212, 000 212, 000
TOTAL LIABILITIES $767, 750 $767, 750
NET WORTH $(12 , 550)* $179, 950
— *The Financial Statement above, for Pioneer Investments, Inc. , dated June 30,
1981 is only a guideline to understand our financial strength. To get a more
realistic picture of where we stand, a brief word of explanation is necessary.
Pioneer Investment's assets consist mainly of real estate. With the passage
of time, and as we depreciate our assets according to the guidelines estab-
lished by the Internal Revenue Service, the actual value of these assets is on
the rise. This variance between depreciated goods and rising market worth has
created the wide discrepancy between the "cost basis" and the "market basis"
of said assets.
—1—
NOTE NO. 1
CASH COST MARKET VALUE
National State Bank
P.O. Box 227
Boulder, CO 80306
Acct No. 34-3490-7 $17, 000 $17, 000
Acct No. 34-4186-5 1, 000 1, 000
TOTAL $18, 000 $18, 000
-2-
NOTE NO. 2
COST MARKET VALUE
REAL ESTATE
1551 Larimer, No. 1605
Denver, Colorado
$122, 500 $150, 000
1551 Larimer, No. 1403
Denver, Colorado
$150,000 $175, 000
1118 East 8th Avenue
Denver, Colorado
$112, 500 $125, 000
784 Corona
Denver, Colorado
$112, 500 $135, 000
788 Corona
Denver, Colorado
$112, 500 $150, 000
776 Corona
Denver, Colorado
$112, 500 $170, 000
TOTAL $722, 500 $905, 000
-3-
NOTE NO. 3
DEPOSITS
INVESTMENT MARKET
COST VALUE
Contract for purchase of units
No. 2107 and No. 2203 in the
condominium project known as
"The Windsor. " Scheduled de-
livery is June, 1982 . $14, 700 $24, 700
TOTAL $14, 700 $24, 700
-4-
NOTE NO. 4
LIABILITIES OUTSTANDING BALANCE
REAL ESTATE
(1) 1551 Larimer, No. 1605
Denver, Colorado
Columbia Savings & Loan
Department 900
Denver, Colorado 80281
Acct. No. 0011690875
$ 85, 750
(2 ) 1551 Larimer, No. 1403
Denver, Colorado
Mr. Ben Mares
1985 Jellison
Lakewood, Colorado 80215
$115, 000
(3 ) 1118 East 8th Avenue
Denver, Colorado
$ 85, 000
(4) 784 Corona
Denver, Colorado $ 90, 000
(5 ) 788 Corona
Denver, Colorado $ 90, 000
(6) 776 Corona
Denver, Colorado
Mr. Alvin H. Rudy
776 Corona
Denver, Colorado
(Holder of notes on 776, 784,
788 Corona, and 1118 East 8th
Avenue)
$ 90, 000
TOTAL $555, 750
NOTE: The four homes, 776, 784, 788 Corona, and 1118 East 8th
Avenue will comprise a renovation project called Corona Place.
The projected sell out value of the project is 1.4 million dol-
- lars . Phase One is scheduled to begin October 1, 1981. The
scheduled completion date for the entire project is November,
1982 .
-5-
NOTE NO. 5
NOTES PAYABLE OUTSTANDING BALANCE
Pioneer Transports, Inc.
P.O. Box 697
Hennessy, Oklahoma 73742 $212, 000
TOTAL $212, 000
NOTE: Pioneer Investments, Inc. , is a wholly owned subsidiary
of Pioneer Transports, Inc.
-6-
ASSUMPTIONS RELATING TO FIVE YEAR
FINANCIAL PROJECTIONS
ASSUMPTIONS:
The five year financial projections on the follow-
ing page were prepared by the developer at a time
when several unknowns exist. However, we have used
the experience of the developer in the preparation
of this proforma because he had successfully con-
verted an old school building into office space
in Boulder, Colorado. The assumptions are as
follows:
(1) The interest rate on the bond revenues
of 2 .3 million dollars is 13%.
(2 ) The amortization schedule is based on 20
years.
(3 ) The investor will require the developer
to keep a one year' s reserve.
(4) That reserve of $323, 355 will be placed
in an account and will yield 15% inter-
est. (Each years interest will be kept
in the account for each of the five
years . )
(5) Vacancy rate will equal five percent per
year.
(6 ) Operating expenses will be based on a
$3 . 50 per square foot stop for years 1
through 3; years 4 and 5 will have a
$4. 00 per square foot stop. Expenses
over these amounts will be paid for by
the tenants on a pro rata basis.
(7) Gross income is based on $12 .00 per
square foot for the first three years.
( Increases reflect possible shorter term
leases in the first three years . ) Years
4 and 5 reflect $14.00 per square foot.
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A SUMMARY OF ASSETS TO BE PURCHASED AND EXPENSES
INCIDENTAL TO THE ACQUISITION OF THOSE ASSETS AND
COSTS OF THE SALE OF THE REVENUE BONDS.
The Horace Greeley - Phase II Joint Venture
(H.G.J.V. ) will purchase, renovate reconstruct,
and lease office space in the "old highschool" in
Greeley, Colorado. The following is a summary of
costs which will be incurred in that process .
(1 ) The purchase of the school : $200, 000 to
be paid in cash or certified funds. The
building and all the improvements as-
sociated with the site will be owned by
H.G.J.V. free and clear.
(2 ) Industrial Revenue Bond: The necessary
funds to complete construction, and ac-
quire all the necessary materials for
construction will be provided for
through the issuance of an Industrial
Revenue Bond by Gerwin and Company, Den-
ver, Colorado.
The fees are as follows :
a. $10, 000 fee paid to Weld
County
b. $12 , 000 fee paid to Bond
Council
c. $15, 000 fee paid to Scott
Realty for property acquisi-
tion.
d. $40, 000 fee paid to the in-
vestor for participation in
Bond purchase.
e. $60, 000 fee paid to Gerwin and
Company for underwriting fees.
f. $325, 000 fee to be held in
reserve. This is an investor
requirement.
g. $325, 000 first years interest;
capitalized. Construction and
the "start-up" of the building
will occur during this period.
h. $1, 513 , 000 costs and fees for
the design, constructions, and
development of the "Old School
House. "
1. $100, 000 tax fees, city
use tax, utilities and
permits .
2 . $125, 000 architectural
and engineering fees .
3 . $100, 000 interior design
and purchasing expediting
fees.
4. $75, 000 demolision, dis-
posal, and clean up.
5. $275, 000 mechanical
(HVAC) systems .
6. $200, 000 electrical sys-
tems and fixtures.
7. $175, 000 roof structure,
roofing, gutter and win-
dow repair.
8 . $100, 000 parking, site-
work and landscaping.
9. $100, 000 general require-
ments . Contingency, gen-
eral expenses, unforseen
structural work.
10. $138, 000 carpentry.
11. $125, 000 contractors overhead
and profit.
TOTAL $1, 513 , 000
-2-
ATTENDANCE RECORD
TODAY' S HEARINGS ARE AS FOLLOWS:
D0C 81-39 CenCor, Inc. , Industrial Development Revenue Bonds
D0C 81-40 Horace Greeley - Phast II, Industrial Development Revenue Bonds
PLEASE write or print legibly your name, address and the DOC # (as listed
above) or the applicants name of the hearing you are attending. '
NAME ADDRESS HEARING ATTENDING
--/
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SINCO INTERNATIONAL INVESTMENTS INC.
August 17, 1981
Mary Ann Feuerstein
County Clerk & Recorder
The Board of County Commissioners
Weld County, Colorado 80632
Dear Mary Ann,
Persuant to your letter of August 12 , 1981 , enclosed please
find page 13 of the inducement resolution for IDRB ' s for
the Horace Greeley - Phase II , joint venture .
All parties have signed and sealed as requested. However,
if there are any questions , please contact me directly.
Meanwhile , Dear Mary Ann, I await the return of a completed
copy for our files and remain . . . .
2
S ' cerely
Sina Simantob
President
Sinco International Investments , Inc .
/ %
HIGHLAND OFFICES 885 Arapahoe Avenue, Boulder, Colorado 80302 USA 303 447 2649
flEmORAnDUn1
To Board of County Commissioners Date August 5, 1981
COLORADO From Don Warden Y
Subject: Horace Greeley Phase II Industrial Revenue Bond Application
A public hearing has been scheduled for August 10, 1981 at 10:30 a.m. for
the Board of County Commissioners to consider the Industrial Revenue Bond
application from Horace Greeley Phase II. In reviewing the application the
applicant does comply with the application requirements of Ordinance #69-A.
Therefore the application is ready for the Board of County Commissioners to
consider the policy of approval or disapproval of an inducement resolution for
the project.
Please note that there has been favorable comments received from the City of
Greeley for this application.
OFFICE OF FINANCE
PHONE 13031356-0000 EXT.218
P.O. BOX 758
\II GREELEY,COLORADO 80631
L . = O
COLORADO
August 10, 1981
Mr. Sina Simantob
Sinco International Investments Inc.
Highland Offices
885' Arapahoe Avenue
Boulder, CO 80302
Dear Sina:
In accordance with Section 5 of Weld County Ordinance 69-A which I have
enclosed, ' of 1% of the total face amount of the proposed industrial bond
issue of $2,300,000 up to a maximum of $10,000 is due and payable to Weld
County within 30 days of the issuance of the inducement resolution. A state-
ment in the amount of $10,000.00 is enclosed and should be considered a state-
ment for the amount payable to Weld County.
If you have any questions regarding the above, please do not hesitate to con-
tact me.
r
/
Very truly yours,
1• h✓
Donald D. Warden, Director
Finance and Administration
DDW/ch
Encl.
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GREEI_EY CIVIC CENJEI2 July 28 , 1981
OPEl LEY. COLORADO eOti '
PHONE !3O3! 353-!i,_..
Don Warden
Director of Administrative Services
Weld County
P .O. Box 758
Greeley, Colorado 80632
Dear Don,
This letter is to inform you that the City of Greeley
strongly supports the issuance of industrial revenue bonds
to finance the restoration and remodeling of the old Greeley
High School. The City Council has been thoroughly briefed
on the project and they urge the County' s favorable consid-
eration in the matter.
Formal action in adopting a resolution supporting the
project will be taken at our August 4 City Council meeting .
We appreciate the County' s willingness to cooperate with
the City to the benefit of our respective jurisdictions .
Sincerely,
Kent L. Cooper
Assistant City Manager
"A COMMUNITY OF PROGRESS"
ATTEST:
GAYLE VOSS
CITY CLERK
STATE OF COLORADO )
COUNTY OF WELD
CITY OF GREELEY )
I, Gayle Voss, City Clerk of the City of Greeley, County and
State aforesaid, do hereby certify that the attached copy of
Ordinance No. 42 , 1981 passed and adopted, signed and approved
at a regular meeting of the City Council of the City of Greeley on
August 4 . 1981, is a true and correct copy of the
original which is on file in my office.
I further certify that I am the official custodian of the ordinances
of the City of Greeley, Colorado.
IN WITNESS WHEREOF I have hereunto set my hand and the
seal of the City of Greeley, this 7th day of August
1981.
Gayle Voss; City Clerk
l
THE CITY OF GREELEY , COLORADO
RESOLUTION NO. 42 , 1981
A RESOLUTION SUPPORTING THE ISSUANCE OF WELD COUNTY INDUSTRIAL
DEVELOPMENT REVENUE BONDS FOR THE RENOVATION OF THE OLD GREELEY
HIGH SCHOOL
WHEREAS , the City of Greeley and the County of Weld
are empowered by the Colorado County and Municipal Development
Revenue Bond Act to issue industrial development revenue bonds ;
and
WHEREAS , certain market conditions sometimes make
it more favorable for applicants who wish to construct projects
within the city limits of Greeley to process industrial develop-
ment revenue bonds through Weld County; and
WHEREAS, the City has developed a working relation-
ship with Weld County to process applications for such projects
in accordance with the rules and regulations promulgated by
Weld County; and
WHEREAS , Weld County has agreed to evaluate and duly
consider the position of the City of Greeley with regard to
any such project in making its decision to issue bonds in the
name of Weld County; and
WHEREAS, the City of Greeley through the Greeley
Downtown Development Corporation has sought and received
proposals to renovate and restore the "Old Greeley High School"
to save the building from demolition and to promote economic
development in downtown Greeley; and
WHEREAS , an investor ' s group known as , "Horace
Greeley, Phase II - A Joint Venture" has submitted the most
favorable bid for the project; �'
RESOLUTION NO. 42 , 1981
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL
OF THE CITY OF GREELEY, COLORADO:
Section 1. The City of Greeley endorses and supports
the issuance of industrial development revenue bonds to finance
the redevelopment, within national historic preservation guide-
lines, of the old high school located on Block 46 in downtown
Greeley.
Section 2 . The City respectfully requests the Board
of Commissioners of Weld County to give favorable considera-
tion to the request of "Horace Greeley, Phase II - A Joint
Venture" for the issuance of industrial development revenue
bonds to finance said project.
PASSED AND ADOPTED, SIGNED AND APPROVED THIS 4th
DAY OF August , 1981.
ATTEST: THE CITY OF GREELEY, COLORADO
ICY/u /lbw By' / C
City Cletk Mayor
APPROVED:
7-7i'c�2
City Manager ity Attorney (Actin;)
I e ! I
INVESTMENTS
14(' ' 'v : " ! ; , 05
Rot : .. -698
i t
October 7, 1981 telA i A
GpLOr
Weld County Colorado CREEL...
Donald D. Warden
Director of Finance & Administration
915 10th Street
Greeley, CO 80631
Dear Don:
I wanted to follow up our phone conversation with this
letter to let you know the joint venture has not for-
gotten the fee due Weld County for the issuance of the
inducement resolution. Both Sina and I are confident
that our loan will be funded soon. It is from that
loan the Weld County fee will be paid.
Please convey this message to the County Commissioners
and should you have any additional questions, please
don't hesitate to call .
Kindest re ards,
Ronald . Cappello
LAW OFFICES OF
DEMUTH, KEMP 8c. BACKUS
1600 WESTERN FEDERAL SAVINGS BUILDING
LAEL S.DEMUTH TERREL E.DAVIS
718 SEVENTEENTH STREET
WILLIAM G.KEMP IRVING G. FINKEL
DENVER,COLORADO 80202 THOMAS J.MANCUSO
ALAN C.D[MUTH 303-629-1800
ROBERT A.BACKUS CRAIG D.JOYCE
DONALD A. HOULEHAN
CHARLES A.HILLESTAD
DANIEL C. LYNCH ,f 110O, (11
LORING E.HARKNESS III August `4
GEORGEANN BECKER
Tom Davie, Esq.
Mary Ann Feuerstein
Dick Fontane
Larry L. Bohlander
Vicki Ericson
Donald Warden
Horace Greeley - Phase II
Re: County of Weld, Colorado
Industrial Development Revenue Bonds
(Horace Greeley - Phase II Project)
Series 1981
Ladies and Gentlemen:
Enclosed for your review and comment please find a first
draft of an Inducement Resolution relating to the issuance of
the above proposed Bonds . You will note that these proceedings
have been prepared for a meeting of the Board of County Commis-
sioners on August 10, 1981 . Please telephone us with any
questions or comments you may have in connection with the text
of this Inducement Resolution.
We have forwarded six (6) copies of this Resolution to the
County Clerk and Recorder in case this Resolution does not require
any revisions . These six copies could be used to distribute to
the County Commissioners at the August 10 meeting and used as
the County' s copy of the Resolution. If changes are required,
we will forward new execution copies for use at the August 10
meeting.
Very truly yours,
DeMUTH, KEMP & BACKUS
Georgeann Becker
GB/wt
Enclosure: As stated
Hello