Aspen View Academy Request for COP, Property Board of Education
Meeting Tuesday, June 19, 2012 Pat McGraw, Development and
Innovation Officer Bill Moffitt, Chief Operating Officer
Slide 2
AVA Request for Certificate of Participation Up to $15.5
million dollars 11.70 M 13.20 MBuilding Fund.80 1.1 M1 st Years
Principal & Interest.80 1.1 MOne Year Principal & Interest
Reserve.25 -.35 MCost of Issuance
Slide 3
2012 Certificates of Participation Parameters Resolution
a.Total principal amount of rental payments to be received by the
District from the Trustee under the Site Lease shall not be less
than $12 M b.Site Lease Term shall not exceed the Lease Term by
more than 10 years c.Aggregate principal amount of the base rentals
shall not exceed $15.5 M d. Lease term shall end no later than June
30, 2037 e.Lease shall be subject to prepayment at the option of
the District no later than January 15, 2023 without prepayment
penalty f. Purchase price of Certificates shall not be less than
98% g. Maximum amount of the base rentals payable in any year shall
not exceed $1.5 M h.Maximum net effective interest rate on the
interest component of the base rentals shall not exceed 5.00%
Slide 4
AVA Request for Property Low Meadows Filing #18 Long Range
Planning Recommendation
Slide 5
Staff Recommendation Conditional approval for both the COP and
Property Requests.
Slide 6
Staff Conditions for Approval Aspen View Academy partners with
the Douglas County School District to address capacity concerns
utilizing a weighted lottery, consulting on an annual basis. All
Aspen View Academy facility plans will be reviewed and approved by
DCSD staff and appropriate governmental entities as applicable.
Douglas County School District will retain ownership of the
property.