HomeMy WebLinkAbout851369.tiff RESOLUTION
RE: INTENTION OF THE COUNTY OF WELD TO ISSUE INDUSTRIAL
DEVELOPMENT REVENUE BONDS OF THE COUNTY OF WELD NOT TO EXCEED
FOUR MILLION DOLLARS ($4 ,000 , 000) FOR THE PURPOSE OF
FINANCING THE ACQUISITION, CONSTRUCTION AND IMPROVEMENT OF
CERTAIN INDUSTRIAL FACILITIES TO BE OWNED BY EDWARD J.
EISENMAN OR A RELATED ENTITY
WHEREAS, the Board of County Commissioners of Weld County,
Colorado, pursuant to Colorado statute and the Weld County Home
Rule Charter, is vested with the authority of administering the
affairs of Weld County, Colorado, and
WHEREAS, the County of Weld, Colorado, (the "Issuer") is a
body politic and corporate duly organized and existing as a County
under the Constitution and laws of the State of Colorado and is
authorized and empowered by the provisions of the County and
Municipality Development Revenue Bond Act, Title 29 , Article 3 ,
Colorado Revised Statutes, as amended (the "Act") , to acquire
whether by construction, purchase, devise, gift, lease, or
sublease, one or more "projects" , as that term is defined in the
Act, or part thereof, and to issue revenue bonds for the purpose
of defraying the cost of financing, acquiring, improving, and
equipping a project, and
WHEREAS, the Issuer has been requested to issue and sell its
Industrial Development Revenue Bonds pursuant to provisions of the
Act for the purpose of defraying the cost of acquiring and
improving a project, which project is described in Exhibit A
attached hereto and constitutes a "project" as defined in the Act
(the "Project") , to be owned by Edward J. Eisenman or a related
entity, (the "Company") , and
WHEREAS, the Company has agreed to indemnify the Issuer for
any claims against the Issuer in connection with the proposed bond
issuance, and
WHEREAS , it is deemed necessary and advisable that the Issuer
take such action as may be required under the Act to authorize and
issue its Industrial Development Revenue Bonds in order to
promote , develop and advance the general prosperity and economic
welfare of the people of Colorado, and
WHEREAS , a Memorandum of Agreement attached as Exhibit B has
been prepared setting forth the respective agreement and
undertakings of the Issuer and the Company with respect to the
issuance by the Issuer of its Industrial Development Revenue Bonds
and the Project, and
851369
Page 2
RE: IDRB - EISENMAN
WHEREAS , the Issuer wishes to declare its intention to
authorize an issue of Industrial Development Revenue Bonds of the
Issuer qualifying under Section 103 (b) (6) of the Internal Revenue
Code of 1954 , as amended, for the purpose of defraying the cost of
acquiring, constructing and improving the Project, when so
requested by the Company, upon such terms and conditions as may
then be agreed upon by the Issuer, and Company and the purchasers
of the land.
NOW, THEREFORE, BE IT RESOLVED by the Board of County
Commissioners of Weld County, Colorado, that:
1 . The Issuer does hereby declare its intention to
authorize the issuance of Industrial Development Revenue Bonds of
the Issuer under and in accordance with the applicable statutes of
the State of Colorado, and particularly the Act, in such amounts ,
but not to exceed $4 ,000 ,000 , and upon such terms and conditions
as may be agreed upon by the Issuer, the Company and the
purchasers of the bonds, for the purpose of paying the costs of
the Project to be used and operated by the Company.
2 . The issuance of such bonds shall be authorized by an
Ordinance of the Board of County Commissioners of the Issuer at a
meeting to be held for such purpose, subject to; (i) the receipt
of an agreement on the part of the Company to indemnify the Issuer
for any claims against the Issuer in connection with the proposed
bond issue; (ii) the approval of the Issuer' s Attorney; and (iii)
the receipt at the closing on such bonds of an approving legal
opinion of a qualified Bond Counsel acceptable to the Company and
the Issuer.
3 . A Memorandum of Agreement, substantially in the form and
with the content set forth in Exhibit B attached hereto be entered
into with the Company.
4 . The Resolution and the Memorandum of Agreement is hereby
declared to constitute official action of the Issuer to evidence
its intent to issue industrial revenue bonds qualifying under
Section 103 (b) (6) of the Internal Revenue Code of 1954 , as
amended.
5 . The issuance of the bonds shall be pursuant to the Act,
and neither the passage of this Resolution nor the issuance of
said bonds shall obligate the Issuer for any pecuniary liability
or constitute a charge upon the general credit or taxing powers of
the Issuer.
Page 3
RE: IDRB - EISENMAN
6 . All commitments by the Issuer, made herein, are subject
to the condition that on or before one year from the date hereof,
the Issuer and the Company shall have agreed to mutually
acceptable terms for the bonds or other obligations provided for
hereunder, in an amount not to exceed $4 ,000 ,000 and for the sale
and delivery thereof .
7 . The other appropriate officials of the Issuer are hereby
authorized and directed, for and on behalf of the Issuer, to do
all things , execute all instruments and otherwise take all action
necessary to the performance of the Issuer' s obligations under the
Memorandum of Agreement.
The above and foregoing Resolution was, on motion duly made
and seconded, adopted by the following vote on the 13th day of
May, A.D. , 1985 .
.-L BOARD OF COUNTY COMMISSIONERS
ATTEST: ‘1311- Y4A lv WELD COUNTY, COLORADO
Weld County Clerk and Recorder
and Clerk to the Board J u ne Jo son, Chairman
Q �r � ...
BY: - p--m.rn�_P1 � , 2J e R. Brantner, Pro-Tem
eputy CountyClerk J r 2.APPROVED AS TO FORM: C.W. 'Kirb 7
EXCUSED
Cj
Gordon E. L y
#2,---n"
///�County Attor ey nk � ��IFrank am
EXHIBIT A
The Project consists of ( i) the acquisition, construction
and improvement of certain industrial facilities to be used for
purposes authorized under the Act and under the Internal
Revenue Code of 1954, as amended, and (ii) the acquisition of
such machinery, equipment and other personal property as shall
be designated by the Company to be included in the Project.
The Project is located at the Eisenman Industrial Park,
Greeley, Colorado, and is comprised of up to ten ( 10) indus-
trial buildings to be located on approximately 17 acres of
land.
EXHIBIT B
MEMORANDUM OF AGREEMENT
This Memorandum of Agreement is between the County of
Weld, State of Colorado (hereinafter referred to as the
"Issuer" ) and Edward J. Eisenman or a related entity (herein-
- after referred to as the "Company" ) :
1 . Preliminary Statement. Among the matters of mutual
inducement which have resulted in the execution of this Agree-
- ment are the following:
(a) The Issuer is a body politic and corporate, duly
organized and existing as a County within the State of
Colorado (the "State" ) under the Constitution and laws of
the State and is authorized and empowered by the provi-
sions of Title 29 , Article 3 of the Colorado Revised
Statutes, as amended (the "Act" ) to acquire, whether by
construction, purchase, devise, gift, lease or sublease,
one or more "projects" , as that term is defined in the
Act, and to issue its industrial development bonds (the
"Bonds" ) for the purpose of paying the cost of acquiring,
constructing or improving any such project;
(b) The Company has requested the Issuer to issue
and sell its Bonds pursuant to provisions of the Act for
the purpose of paying the costs of acquiring, constructing
and improving certain facilities (the "Project" ) , as
generally described in Exhibit A.
(c) The Project will constitute a "project" , as
defined in Section 29-3-103 (10 ) of the Act; and
(d) The Issuer finds that the Project and its devel-
opment under the Act will be economically advantageous to
the State and the general public welfare and will contri-
bute to securing and maintaining a balanced and stable
economy in the State.
2 . Undertakings on the Part of the Issuer. In order to
effectuate the purposes of the Act, and to promote, develop and
advance the general prosperity and economic welfare of the
people of the State, the Issuer hereby determines:
(a) That it will authorize, issue and sell one or
more series of its Bonds pursuant to the Act in a princi-
- pal amount sufficient to pay the cost of acquisition, by
construction, purchase, lease or otherwise, of the Project
and of improving the Project, including reimbursement or
repayment to the Company of any moneys expended by the
Company for planning and engineering, interest to be paid
during construction, underwriting expenses, attorney and
bond counsel fees, and other costs incident to the authori-
zation, issuance and sale of such Bonds, the aggregate
cost thereof being presently estimated to be no more than
$4,000 ,000;
(b) That it will adopt such resolutions and ordi-
nances and authorize the execution and delivery of such
instruments and the taking of such actions as may be
necessary or advisable for the authorization, issuance and
sale of the Bonds for acquiring, constructing and improv-
- ing the Project;
(c) That it will take or cause to be taken such other
actions as may be required to implement the aforesaid, as it
may deem appropriate in pursuance thereof, provided that all of
the foregoing shall be as authorized by law and as mutually
acceptable to the Issuer and Company.
3. Undertakings on the Part of the Company. Subject to
the conditions above stated, the Company agrees as follows:
(a) That it will enter into a contract or contracts
for the acquisition, construction and improvement of the
Project;
(b) Contemporaneously with the delivery of the
Bonds, it shall enter into a financing agreement (as
defined in the Act, hereinafter referred to as the "Finan-
cing Agreement" ) with the Issuer under the terms of which
the Company will obligate itself to complete the acquisi-
tion, construction and improvement of the Project, to use
the proceeds of the Bonds to pay only the costs of acquir-
- ing, constructing and improving the Project, including
payment of interest on the Bonds for a period not to
exceed three years, and the payment of the expenses inci-
- dental to the issuance of the Bonds, to pay to the Issuer
sums sufficient in the aggragate to pay the principal of,
premium, if any, and interest on the Bonds, to pay all
_ necessary expenses of the Issuer in connection with the
Bonds, including but not limited to the application fee,
issuance fees and legal fees, and to pay any trustee's
fees as and when the same shall become due and payable.
The Financing Agreement shall also contain such other
provisions as may be required by law and such other provi-
- sions as shall be mutually acceptable to the Issuer and
the Company.
(c) Contemporaneously with the delivery of the
Bonds, it shall execute and deliver a mortgage, deed of
trust or other such instrument whereby the Company will
mortgage the Project or so much thereof as the Issuer
shall require to secure the payment of the principal of,
premium, if any, and interest on the Bonds.
(d) It shall comply with all requirements of the
Issuer's zoning districts and shall be in strict compli-
ance with appropriate zoning and subdivision regulations
of the Issuer and of any incorporated City or Town in
which the Project is located.
(e) That it will take such further action as may be
required to implement its aforesaid undertakings or as it
may deem appropriate in pursuance thereof.
4. General Provisions.
(a) The form of the Memorandum of Agreement is
hereby approved, and the Chairman and the County Clerk are
hereby authorized and directed to execute this Memorandum
of Agreement on behalf of the Issuer.
(b) 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 Issuer. Neither shall the Bonds, in-
cluding interest thereon, constitute the debt or indebted-
ness of the Issuer within the meaning of any limitation of
the Constitution or statutes of the State of Colorado nor
give rise to a pecuniary liability of the Issuer or a
charge against its general credit or taxing powers. The
Bond shall be payable solely from and secured by a pledge
of the revenues derived from and payable pursuant to such
financing agreements as may be entered into with respect
to the Project.
(c) Nothing contained in this Resolution or the
Memorandum of Agreement shall constitute a debt or indebt-
- edness of the Issuer within the meaning of the Constitu-
tion or statutes of the State of Colorado nor give rise to
a pecuniary liability of the Issuer or a charge against
its general credit or taxing powers.
(d) If the Bonds are not issued and sold, the
Company agrees that it shall reimburse the Issuer for all
necessary expenses which the Issuer may incur at the
request of the Company arising from the execution of this
Agreement and the performance by the Issuer of its obliga-
- tions hereunder .
(e) All covenants and agreements herein contained by
or on behalf of the Issuer and the Company shall bind and
inure to the benefit of the respective successors and
assignees of the Issuer and the Company.
IN WITNESS WHEREOF , the parties hereto have entered into
- this Agreement as of the 13th day of May, 1985 .
THE COUNTY OF WELD
STATE OF COLORADO
By \" \ `IWLlecr—
h. irm of B d of Commissioners
ATTEST:
71 /^
�t1 "�� zk L24Cry✓
•
Ct5unty Clerk
I
BY 072 "`"01 "r "� 'W/ EDWARD J. EISENMAN (Or Related Entity) ,
D putt' County Clerk
The Company,
'
By ! ,'rte`_ L —
Edward J. Er �/L ——
man
ATTEST:
My Commission Expires June 8, 1906
%_ e• / eithele..rt
NOTICE OF PUBLIC HEARING
on
THE ISSUANCE OF WELD COUNTY, COLORADO
INDUSTRIAL DEVELOPMENT REVENUE BONDS
IRONWOOD BUSINESS PARK, SERIES 1985
IN THE AGGREGATE PRINCIPAL AMOUNT OF $4 ,000 ,000
DOCKET NO. 85-20
PUBLIC NOTICE IS HEREBY GIVEN that the Board of County
Commissioners (the "Board") of Weld County, Colorado (the
"County") will hold a public hearing at the regular meeting of the
Board to be held in the First Floor Hearing Room, 915 10th Street,
Greeley, Colorado, on Monday, May 13 , 1985 , at or about 9 : 00 a.m.
on the proposed issuance by the County of its Industrial
Development Revenue Bonds (Ironwood Business Park) , Series 1985
(the "Bonds") , in the aggregate principal amount of $4 ,000 ,000 to
finance the cost of the acquisition, construction and improvements
of industrial buildings to be owned by Edward J. Eisenman or
related entity. The Project will be located at First Avenue and
Sixteenth Street in the City of Greeley, Colorado. The Bonds and
the interest thereon shall never constitute the debt or
indebtedness of the County, within the meaning of any provision or
limitation of the State Constitution or statutes, and shall not
constitute nor give rise to a pecuniary liability of Weld County,
Colorado, or a charge against the general credit or taxing powers
thereof.
All interested persons may appear and be heard on the
issuance of the Bonds and the location and nature of the proposed
Project.
On a date to be determined, but following the public
hearing, the Board will consider and act upon a Resolution
approving the issuance and delivery of the Bonds by the County.
BOARD OF COUNTY COMMISSIONERS
WELD COUNTY, COLORADO
BY: MARY ANN FEUERSTEIN
COUNTY CLERK AND RECORDER
AND CLERK TO THE BOARD
BY: Mary Reiff, Deputy
DATED: April 24 , 1985
PUBLISHED: April 25 , 1985 , in the La Salle Leader
Affidavit of Publication
STATE OF COLORADO)
County of Weld) ss.
i Pa 1.1 :a :sey of
said County of Weld being duly sworn,say that I Legal Notice
am publisher of
T.a SR',1 P Tn. rir'. , NOTICE OF PUBLIC HEARING
that the same is a weekly newspaper of general
circulation was printed and published in the °" •
town of THE ISSUANCE OF WELD COUNTY,
is S2112 COLORADO INDUSTRIAL DEVELOP.
in said county and state:that the notice of adver- WOO REVENUE BONDS IRON.
WOOD BUSINESS PARK, SERIES
ttsement,of which the annexed is a true copy has 1985 IN THE AGGREC,STE PRIN-
been published in said weekly newspaper for CIPAL AMOUNT OF seoo,000:
one itOFl art-fi'e DOC,IIET NO.85-20
weeks; that the notice was published in the PUBLIC NOTICE R,d{v HEREBY
regular and entire issue of every number of said GIVEN that the Board JRouaty Com
newspaper during the period and time of publica- t .Clol ra (the oarcrEel
Weld hold
tion of said notice and in the newspaper proper public hearing l•t regular) meeddng of
and not in a supplement thereof: that the first the Board to be held in the First Floor
Hearing Rot, 915,10th Street.
publication of said notice was contained in the Greeley,Colorado.on Men.y.May 13.
issue of said newspaper bearing the date, the 1985,et or about 9:00 a.m.on the pro- .
Posed Stamm by the County of its In.
25 date of h Mistrial Development Revenue Bonds
y' l A.D.. 19 u (Ironwood PS Series 1985
(the"Bondi).M tMygre'ste petaclpel
and the last publication thereof, in the issue of anoint of 84.000.000 to Anasce the
said newspaper,bearing date,the 22 day of nom of tbeseaYhlen,eatw.rtw and
Improvement?of Industrial buildings to
`i ` , lg r" that the said bberoownd M Edward J, E enaen'or
estly. The Ptalect wet be
located at First Avenue and Sixteenth
L a Salle u.'� ('B Y' Street N the City.f Greeley.Coloraa.
The loads d a the interest therein A O
has been published continously and uninter- new: ceeelltate the debt or in.
ruptedly during the period of at least fifty-two debtedness ^e.ee County, within the
consecutive weeks next prior to the first issue weaning° l'Provision°r limitation of
thereof containing said notice or advertisement ine state C°ai9�wnNwan°"tatatee,and
above referred to: and that said newspaper was `heB 4e�cos pa an i co Sett l'
ad err a chee aJV against
the l
at the time of each of the publications of said orado,ter a chair general
notice duly qualified for that purpose within the credit or tatinvoeters thereof.
meaning of an act entitled, "An Act Concerning All interested persona may appear ead
Legal Notices. Advertisements and Publications be heard on-the Issuance of the Bonds
and the Fees of Printers and Publishers thereof, and thAOCVOIRM oatote of the pro.
and to Repeal all Acts and Parts of Acts in Con- 'p0eldPeoi .' y °`
flict with the Provisions of this Act" approved On a date to be determined, but
April 7. 1921. and all amendments thereof, and following the public hearing,the Board
particularily as amended by an act approved, will consider and act upon a Resolution
March 30. 1923, and an ct approved May 13. approving the issuance and Minns)of
��9,�3y�f���� PP the Bonds by the County.
�'C/ ' ^A9� BO LONERS
COMMISSIONERS
M OF
O WELD COUNTY,COLORADO
Publisher
` BY:MARY ANN FEUERSTEIN
�Subscribed and sworn to before me this x COUNTY CLERK AND RECORDER
AND CLERK TO THE BOARD
8c BY:Mary Rent.Deputy
day of A.D.. 19 DATED:April 24.1985
"deist /�J Published in the La Salle Leader on
A.44.e./e st /`7(._a'<._ Thursday.April 25.1985.
1Nataal' Public
My commission expires /� / -Q c
ELIZABETH MASSEY
22019 W.C.RD, 54
gREELEYY CO 80631
DATE: April 24 , 1985
TO: The Board of County Commissioners
Weld County, Colorado
FROM: Clerk to the Board Office
Commissioners:
If you have no objections, we have tentatively set the
following hearing for the 13th day of May, 1985 , at or about 9 :00
A.M.
Docket No. 85-20 - IDRB, Edward J. Eisenman (Ironwood Business
Park)
OFFICE OF THE CLERK 3'O THE BOARD
BY: 4f, 71,/
Deputy
The above mentioned hearing date and hearing time may be scheduled
on the agenda as stated above.
BOARD OF COUNTY COMMISSIONERS
WELD COUNTY, COLORADO
Cro 6YYooa) May 10, 1985
ABttsinesfhrk
Weld County Commissioners
915 10 Street
Greeley, Colorado 80631
Dear Commissioners:
This proforma projects a situation where the project is
100% debt financed. The purpose of showing this level of
financing is to demonstrate the economic feasibility of the
Ironwood Business Park. The presumption is that the buildings
will be built and fully leased prior to the bonds being placed,
thereby reducing the risk to the bondholder. The proforma
deals only with the cost of the project and the cash flow from
the on going operations.
Cordially,
IRONWOOD A BUSINESS PARK
Edward J. Eis
President
EJE/syh
Enclosures
300 E. 16th Street
Greeley,CO 80631
Greeley
303-351-6051
Metro
303-571-1830
CrotiWooD) IRONWOOD BUSINESS PARK
A BtuinessThrh Projected Cash Flow From Ten Buildings
DEVELOPMENT COST PROFORMA
Five Buildings
(13,500 sq. ft. X $31.50 per sq. ft.) $2,125,000
Five Buildings
(12,000 sq. ft. X $31.50 per sq. ft.) 1,875,000
Total Project Cost $4,000,000.
INCOME AND EXPENSE
Income (net operating income) See page two
Five Buildings
(13,500 sq. ft) X NOI of $49,425 $ 247,125
Five Buildings
(12,000 sq. ft) X NOI of $43,930 219,650
Total Project Effective Gross Income $ 466,775
Bond Debt Service
$4,000,000 loan - 10.5% interest rate - 30 year amortization
Annual Payment ($36,590 X 12) 439,074
Positive Cash Flow (100% refunded) $ 27,700
300 E. 16th Street
Greeley,CO 80631 —1—
Greeley
303-351-6051
Metro
303-571-1830
IRO
NWOOD BUSINESS PARK
(Zcivoói)
13,500 Square Foot Building
A Misiness Ihrk
INCOME AND EXPENSE PROFORMA
Income 9 units X $562.50/Month
13,500 square feet X $4.50 $ 60,750
Less: 5% Vacancy Factor 3,040
Gross Operating Inane $57,710
Expenses
Taxes $ .25/square foot $ 3,375
Insurance .05/square foot 675
Maintenance .10/square foot 1,350
Management 5% 2,885
$ 8,285
Net Operating Income $49,425
300 E. 16th Street
Greeley.CO 80631 -2-
Greeley
303-351-6051
Metro
303-571-1830
iete
( ronwo&) IRONWOOD BUSINESS PARK
13,500 Square Foot Building
ABusirussBirk
DEVELOPMENT COST PROFORMA
1. Land Acquisition
57,600 Square Feet X $1.25 $ 72,000.00
2. Construction 312,000.00
3. Soft Costs
a) Architectural/Engineering $ 2,000.00
b) Legal/Accounting 1,000.00
c) Marketing/Advertising 4,000.00
d) Leasing Conmissions 7,000.00
14,000.00
4. Financing Costs
a) Loan Points (two points) $ 7,000.00
b) Interest During Construction
and Lease up - 12 Months 20,000.00
27,000.00
Total Development Cost $425,000.00
Cost Per Square Foot of Rentable Space $ 31.50
300 E. 16th Street _3_
Greeley,CO 80631
Greeley
303-351-6051
Metro
303-571-1830
NELSON & HARDING
ATTORNEYS-AT-LAW
1100 Ytno-Lana Town 9mna 101
717 1782 Stnar 800 AMERICAN CHARTER CENTER 3685 Snow's Row
Dona. CoLD.ADo 80909.3357 1623 FARNAM RAPID CITY SOUTH DAKOTA 57702-2346
(303) 206.7707 (805) 348-7250
OMAHA. NEBRASKA 68102-2130
OP 000w•SL
500 Tv Azava DONALD Y. ROSWAN
1200 N x82028 (402) 348-0832
P.O. Box 82028 Sam 420
LOICOLa, N0 ) 475 68501-2028 SSOO Nat ow. D. C. Amu; N.W.
twaaaoma, D. C. 90036-4366
({O i) k73•6761 (108) 775.0141
April 16 , 1985
Re: Eisenman, Edward J.
(Application for IDB
Financing for Edward J. Eisenman)
N&H File No. 13550-1
Mr. Don Warden
Director
Department of Finance
and Administration
Weld County, Colorado
915 10th Street
Post Office Box 758
Greeley, Colorado 80632
Dear Mr. Warden:
Please find enclosed an Application for Industrial Development
Revenue Bond Financing submitted on behalf of Edward J. Eisenman.
Also enclosed is a check in the amount of $500 . 00 representing
the Application Fee required pursuant to Ordinance No. 69-A.
As we discussed by telephone, Mr. Eisenman will be forwarding
to you under separate cover financial projections for the project
and a report from Mr. Eisenman' s principal banker concerning
Mr. Eisenman' s financial position and ability to meet the expense
of the proposed bond issue. A copy of our proposed Intent
Resolution is enclosed with the Application.
Please feel free to contact me at your convenience with any
questions or comments you may have. I will be happy to supply
any additional information you may deem necessary or appropriate.
Thank you very much for your cooperation and I look forward to
working with you and the Weld County Board of Commissioners on
this project.
Very truly yours ,
flPoo9
Loel P. Brooks
For the Firm
LPB:mml
Enclosures
cc: E. J. Eisenman
C. F. Downs
APPLICATION
FOR
INDUSTRIAL DEVELOPMENT REVENUE BOND FINANCING
TO
BOARD OF COUNTY COMMISSIONERS
COUNTY OF WELD, COLORADO
ON BEHALF OF
MR. EDWARD J. EISENMAN
(Or Related Entity)
APRIL 18, 1985
This application for Industrial Development Revenue Bond
Financing is submitted to the Board of Commissioners of Weld
County, Colorado pursuant to Ordinance No. 69-A, adopted by
the Weld County Board of Commissioners on October 13, 1980.
The Application was prepared by Nelson & Harding, Attorneys at
Law for and on behalf of Mr. Edward J. Eisenman.
INDEX
Legal Opinion of Nelson & Harding
Marketability of Bonds
Applicant and History
Resume' of Mark K. Rasmus
Financial Information
Applicant's Personal Financial Statements
Description of Proposed Project
Form of Intent Resolution
NELSON & HARDING
ATTORNEYS-AT-LAW
8800 Psne-Lrwts Tow.. Sum 101
717 1778 Stmt 800 AMERICAN CHARTER CENTER 3683 STlhOtr ROAD
Dana Cocoawno 80802.8357 1829 FARNAM RAPID CITY,Rolm DAKOTA 57702-2348
(308) 388.7707 (605) 848-7250
OMAHA, NEBRASKA 68102-2130 —
500 Tao Mazur OP OOa.v.
1200 N Swart (402) 348-0832 DONRII•D K. Kosour
P.0. Box 82028 Sons 420
LmcOld.NrrrA.EA 08501.2028 1200 NNW Hanmr AnsOa N.w.
wA.motor, D. O. 80088.4851
(*02)475.8781 (102) 775.9141
April 18, 1985
Board of County Commissioners
The County of Weld, Colorado
Members of the Board of Commissioners :
Our law firm has been requested to act as Bond Counsel in
connection with the application for industrial development
revenue bond financing by Mr. Edward J. Eisenman dated as
of the date hereof. We are qualified municipal bond counsel
and have acted in such capacity on transactions in Colorado,
Nebraska and Iowa. Our most recent transaction in Colorado
was as Bond Counsel in connection with the issuance of
$3,800 , 000, The City of Commerce City, Colorado, Industrial
Development Revenue Bonds - Series 1984 (Republic Paperboard
Company Project) . A copy of our listing in the Bond Buyer is
attached hereto. •
In our opinion, the financing proposal submitted to you by
Mr. Eisenman, dated as of the date hereof, complies with the
intent and meaning of the Colorado Economic Development Revenue
Bond Act, Title 29 , Article 3 , Colorado Revised Statutes, as
amended.
Very truly` yours,
ly Wk&
Loel P. Brooks
For the Firm
FROM THE BOND BUYER
MUNICIPAL BOND ATTORNEYS OF THE UNITED STATES
NEBRASKA
Lincoln. NE
NELSON & HARDING
(Jahn N. Keen. 9nan R_ Rlaenour. Los P. Broom.
Gerald 9. Buecnler. Jr.)
P.O.Boa 82028. 500 The Atrium. 1200 N Street
Tel.: 402-475-6281
Lincoln.NE.86501
Omaha, NE
NELSON&HANDING
(Jon A.Elliott.John N.Her.Bnan K.Ridenour,Los P.
Brooks, Gerald B. Buechler,Jr.)
800 Amerman Charter Center. 1823 Farnam
Tel.: 402-348-0832
Omaha.NE.68102-2130
Marketability of Bonds
Mr. Eisenman does not yet have a financing commitment for
the sale of the bonds, however, negotiations are underway with
certain financial institutions which have expressed strong
interest in the project. Mr. Eisenman expects that a firm
committment for the purchase of the bonds will be obtained very
soon. A copy of such financing committment will be supplied as
soon as it is obtained.
Applicant
Mr. Edward J. Eisenman (or related entity*)
2400 Twenty Second Avenue
Greeley, Colorado 80631
(303) 352-9476
*Mr. Eisenman may wish to designate a related entity to
be the ultimate obligor on the bonds. Such entity will
likely be a family owned partnership, trust or corporation
in which Mr. Eisenman will maintain a continuing personal
interest.
History of Applicant
The Applicant and developer of the proposed project, The Ironwood
Business Park, will be Mr. Edward J. Eisenman. Mr. Eisenman has
owned and operated his own business since 1951. His first
operation was in the trucking and produce business in Greeley
which lead to the formation, in 1955 , of Eisenman Chemical Company,
a diverse oil service related company for which he served as
president and CEO until the company was sold in 1979 .
Mr. Eisenman is currently president of Eisenman Enterprises, Inc.
which was incorporated in 1973 and in addition to its present
real estate operations , also operates a fabrication division which
manufactures siesmographic and specialized oil field related units .
He also serves on the boards of Newpark Resources Inc. a New Orleans
based NYSE Company and the Colorado National Bank of Greeley.
Real Estate development experience include the development of the
following in Greeley, Colorado.
1. College Green I An 80 unit condominium PUD
2. College Green II A 37 lot subdivision
3. College Green III A 55 lot subdivision
4. College Green IV A 66 lot subdivision
5 . Ironwood Business Centre A 17 acre office/warehouse
business park
Mr. Eisenman also has real estate interests in Nevada and
New Mexico .
Mr. Mark K. Rasmus, real estate manager for Eisenman Enterprises, Inc.
will be project manager for the proposed project. Mr. Rasmus has a
diverse real estate and construction background. His resume' is
included herewith.
-2-
MARK K. RASMUS
3109 Michelle Lane
Fort Collins, Colorado 80525
(303) 226-4399
CAREER OBJECTIVE
Real Estate
EXPERIENCE
OWNER
Heatherwood Development Company, Fort Collins, Colorado 80524.
1979 - Present
Responsibilities: Overall corporate management, planning, marketing, land
acquisition, syndication packaging and sales, property management, leasing,
construction supervision of mini storage facilities, office buildings and
custom homes.
PROJECT MANAGER-PARTNER
James St. Builders - James St. Properties, Fort Collins, Colorado.
1978-1979
Responsibilities: Corporate management, design, marketing, sales,
purchasing and field coordination of custom single family homes and
townhouses. Prepared financing packages for lending institutions and pri-
vate syndication.
CONSTRUCTION MANAGER
Bartran Homes, Fort Collins, Colorado.
1977-1978
Responsibilities: Vice President of Bartran's subsidiary commercial
construction company, Construction Managers, Inc. Duties included
planning, marketing, bidding, contract negotiation and field coordination.
OWNER
Heatherwood Development Company and Heatherwood Realty, Fort Myers, Florida.
1973-1977
Responsibilities: Overall corporate management, sales, estimating,
purchasing, contract negotiation and field coordination and supervision of
small commercial projects and custom single family homes.
PROJECT MANAGER
Development Concepts Corporation, Fort Myers, Florida.
1971-1973
Responsibilities: Managed the firm's activities which included land
acquisition, financing, planning and zoning, contract negotiations, sales
and leasing coordination of commercial and multi-family projects.
PROJECT MANAGER
Investment Dynamics Corporation, Minneapolis, Minnesota.
1969-1971
Responsibilities: Initially managed the leasing and construction of office
and warehouse buildings in Minneapolis. Transferred to manage the Florida
division which included land acquisition, syndication, sales, leasing and
property management.
MARK K. RASMUS
Page Two
PROJECT MANAGER
Ernest M. Ganley Company, Inc. , Minneapolis, Minnesota.
1968-1969.
Responsibilities: Estimating and bidding, negotiation of subcontracts,
project coordination and supervision of large commercial projects.
ESTIMATOR
Axel H. Ohman, Inc. , Minneapolis, Minnesota.
1965-1968
Responsibilities: Estimating, purchasing and scheduling of masonry-
concrete subcontract work.
EDUCATION
Current Continuous Self Study
1982 CCIM Courses Cl 101 and Cl 102
Realtors National Marketing Institute
1979 University of Colorado, Boulder, Colorado
Securities and Syndication
1977 Regis College, Denver, Colorado
Real Estate Finance, Real Estate Law, Real Estate
Appraisal
1974 Florida State University, Gainesville, Florida
Real Estate Finance, Real Estate Appraisal
1972 Florida State University, Gainesville, Florida
Real Estate Principal , Real Estate Law
1964-1965 Iowa State University, Ames, Iowa
Civil Engineering and Business Administration
Course of Study
1963-1964 Boone Junior College, Boone, Iowa
Civil Engineering Course of Study
LICENSES
Colorado Real Estate Brokers
Private Pilot - Single Engine Land
City of Fort Collins Unlimited Contractors License
PERSONAL
Born: July 20, 1945 Boone, Iowa
Appearance: Height: 6' 1" Weight: 190
Marital Status: Married, two children, ages 17 and 14
Health: Excellent with no physical limitations
REFERENCES
Available upon request
FINANCIAL INFORMATION
1. Historical Financial Statistics.
Because the operation and financing of Ironwood is
unrelated to Mr. Eisenman' s other business interests,
historical sales information is of little relevance to
the proposed project. The financial integrity of the
users of each proposed warehouse, the inherent value of
the project itself, and the personal financial resources
of Mr. Eisenman and/or his designated related entity,
will provide the financial backing and source of repay-
- ment for the bonds .
2. Report from Applicant' s Principal Banker.
A written report from Mr. Eisenman' s principal banker
will be supplied under separate cover.
3. Major Customers - Sales .
As stated in "1" above, major customers and their
annual sales are unrelated to the financial backing and
support of this proposed project.
4 . Pro forma' s.
A detailed pro forma for the proposed project will
be forthcoming under separate cover.
5. Historical Personal Financing Statements .
Mr. Eisenman ' s Historic Financial Statements would
not be relevant to the financing of the proposed project.
Description of Project
The proposed project, Ironwood Business Park, will
consist of the acquisition, construction and improvement of
up to ten (10) industrial buildings to be owned by Edward J.
Eisenman or a related entity (the "Borrower") . The Borrower
will lease each facility to individuals or entities to be
used for purposes authorized under the Act and under Section 103
of the Internal Revenue Code of 1954 , as amended.
The industrial buildings will be either 12 ,000 square feet
or 13, 500 square feet depending on location and will cost about
$400 ,000 each. Bond proceeds will not be used to acquire signifi-
cant amounts of machinery or equipment, it being the obligation
of each lessee to provide for all such property. Each building
is expected to be financed as lease committments are entered into
in amounts sufficient to satisfy the security requirements of the
purchaser (s) of the bonds.
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