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Let's borrow $6.5M - 8.5M to buy the land & build a Spaceport Welcome Center in TrC that looks like a QUONSET HUT/BOWLING ALLEY! Let's pay for property that's been appraised 233% than what it's worth & on & on . . .
Let's borrow $6.5M - 8.5M to buy the land & build a Spaceport Welcome Center in TrC that looks like a QUONSET HUT/BOWLING ALLEY! Let's pay for property that's been appraised 233% than what it's worth & on & on . . .
Let's borrow $6.5M - 8.5M to buy the land & build a Spaceport Welcome Center in TrC that looks like a QUONSET HUT/BOWLING ALLEY! Let's pay for property that's been appraised 233% than what it's worth & on & on . . .
TUESDAY, JULY 1 10:00AM NMSA OFFICES 901 E. UNIVERSITY AVENUE, STE. 965L LAS CRUCES, NM 88001 The meeting was called to order by Rick Holdridge at 10:00am. Roll Call: Quorum Confirmed Rick Holdridge is present David Buchholtz is present via telephone J erry Stagner is present Paul Deason is present Laura Conniff is not present Sid Gutierrez is present via telephone Irvin Diamond is present via telephone Lt J ohn Sanchez, represented by Vince Torres, is present via telephone NMSA Staff: Christine Anderson, Aaron Prescott, Lou Gomez, Doreen Sieburg Public: Phil San Filippo, Diana Alba Approval of the Agenda: Director Paul Deason moved, seconded by Director J erry Stagner. NMSA Update: NMSA Executive Director Christine Anderson began by describing the NMSA service contracts. NMSA is assuming direct control over many services from the existing General Services support contractor to reduce expenses. Water services will be the first one. The contractor will provide maintenance of the campus water infrastructure at Spaceport America. She said the RFP for Water Services was released on May 21, and proposals were due on J une 11. The evaluators were Anderson as well as NMSA staff members Bill Gutman and Chad Rabon. Advisors were Chris Lopez from WBD. NMSA received one proposals and it was deemed responsive. The maximum score possible was 1000 points, including 600 Technical points and 400 Cost points. Anderson described Pure Operations, LLC of Las Cruces, NM as having a strong, responsive bid. They received a score of 975 (Technical 575, Cost 400). The time and materials contract is expected to cost ~$75k/year. She recommended that the board award the contract to Pure Operations, LLC. THESE DRAFT MINUTES ARE NOT THE OFFICIAL MINUTES AND ARE SUBJECT TO APPROVAL BY THE NM SPACEPORT AUTHORITY BOARD Director Deason moved approval. Director Stagner seconded. No comments. Unanimous approval. Director Deason asked if the board was going to also give HVAC contract approval. Anderson said this had been deferred to a future meeting. Next, Anderson began to discuss the Visitor Center Financing. She reviewed how the agency has spent a long time trying to figure out how to finance the development of the visitor experience buildings. In 2012, NMSA sought a $20M New Mexico Finance Authority (NMFA) Loan, but it was not accepted by NMFA. In 2013, NMSA released a RFP for a third party developer with NMSA lease back, but that didnt yield good results. In 2013, NMSA also sought a $20M Private Loan, but the interest rate started escalating at the end of the process. Anderson said the agency has now pared things down and are revisiting discussions with NMFA, seeking a $6.5M NMFA Loan. She said it will take approx. $6.5M to construct the Truth or Consequences Visitor Center; including land purchase, construction, landscaping, construction and architectural administration, archaeological mitigation as required. NMFA has proposed multiple sources of loan repayment, including GRT Excess Pledged Revenue and Virgin Galactic Lease payments. Generally, NMFA is more comfortable with the GRT Excess Pledged Revenue as a source of repayment. The Spaceport America Regional Spaceport District Board approved use of GRT Excess Pledged Revenue on J une 27, 2014. This was the first step, and now it is before the NMSA board for approval. Anderson recommended the NMSA Board approve the resolution authorizing use of GRT Excess Pledged Revenue and/or Virgin Galactic Lease payments to cover the loan debt service. Anderson thanked Director David Buchholtz on helping with the resolution, alongside NMSA General Counsel Ryan Noble. The resolution directs staff to proceed with arrangements for financing the Visitors Center, in compliance with the Spaceport Development Act and subject to the authority of the State Board of Finance, and further authorizes staff to take such other action as may be requested by the NMFA in connection with the financing. Anderson explained that the Board will see this topic come back to it once NMSA has the loan docs from NMFA for approval. Chairman Rick Holdridge asked Anderson to review with everyone that the $6.5M for the Visitor Center is not all that NMSA has spent on the visitor experience. Anderson agreed and stated that NMSA has been working with its contractor Team IDEAS for several years on the design of the visitor facilities and the content, displays, media and exhibits. Holdridge thanked Anderson for the clarification and asked for further comments from the Board. Director Buchholtz announced that he now works for the Rodey Law firm, and because NMSA also contracts the Rodey firm, he felt a duty to clarify his circumstances. He stated for the record he has no compensation from Rodey for helping with this resolution. He has committed as a board member without compensation to assist in the matter, since it is in his expertise. NMSA will be represented by in-house counsel, Ryan Noble, not by Director Buchholtz. Director Buchholtz didnt think this was necessary to seek outside counsel. Director Buchholtz stated again that he worked this resolution with Mr. Noble, and that it will not be the final action by this board. This resolution does not commit NMSA to any financing, but signals permission to staff to explore this financing with NMFA. It allows NMFA to consider using Excess Pledged Revenues and Virgin Galactic lease revenue to cover debt service. Staff will need to come back to this board with the details of the financing. It will be, of course, subject to NMFA and State Board of Finance approvals as well. Chair Holdridge thanked Director Buchholtz for helping Mr. Noble on this resolution. Director Deason moved approval of Resolution 2014-002. Director Stagner seconded. Director Deason asked about Section 5 of the resolution, which declares that all prior acts in conflict with the resolution were thereby repealed. He wanted to know if there were any acts NMSA knew of that were in conflict with the resolution. Anderson replied no, NMSA was not aware of anything. Director Buchholtz answered no, it was part of the resolution boilerplate. He was also not aware of any acts in conflict. The vote was unanimous in favor. Public Comment: No public comment. Director Stagner moved to adjourn the meeting. Director Deason seconded. Unanimous approval. Meeting adjourned at 10:19am Approved: ______________________________ _________________________ Chairman Date
In Re John H. Gledhill and Gloria K. Gledhill, Debtors, State Bank of Southern Utah v. John H. Gledhill and Gloria K. Gledhill, 76 F.3d 1070, 10th Cir. (1996)