Investors jump for Calaveras County: DLR has closed on two land-secured refundings for Saddle Creek, a golf community in the Sierra Nevadas. The Sales and Trading Desk found buyers who understood the developer’s long-term strategy.  •  Palmdale controls energy destiny: DLR was sole Senior Manager on federally taxable Certificates of Participation so the city could acquire 600 acres for a 550-megawatt power plant to attract and retain businesses.  •  Infrastructure keeps Chowchilla growing: DLR senior-managed a special bond for critical infrastructure improvement until development impact fees can be raised to support $93 million in residential, commercial and industrial projects.  •  Pittsburg fares well in crowded financial market: DLR was Senior Manager on a tax-allocation bond that raised almost $100 million for housing and other projects, and saved the city’s Redevelopment Agency another $3.5 million by refinancing earlier bonds.  •  Projected value packs a punch: DLR senior-managed a tax-allocation bond after Chula Vista demonstrated that the future assessed value of the city’s Bayfront-Town Centre offsets a highly concentrated tax base.  •  Pooled financing for Los Angeles: As book-running Senior Manager, DLR structured a $34.5-million pooled financing for the city’s Community Redevelopment Agency without a yield spread to adhere to the CRA policy to complete separation between project areas.  •  Lightening the debt load: DLR senior-managed refunding of all outstanding debt at Ontario Airport, increasing the L.A. Department of Airports’ flexibility to define net revenues and its debt-service reserve fund – and reaffirm its “A” rating.
 

Investors Jump
for Calaveras County
Golf Resort


In 2006, De La Rosa & Co. closed on two land-secured refundings for Saddle Creek, a master-planned golf community in the Sierra Nevada foothills. A Calaveras County community facilities district and county Water District assessment district issued bonds for infrastructure improvements in 2001, but developer Castle & Cooke chose had only built up about 25% of the resort at the time of the refunding. The DLR Sales and Trading Desk was able to price the bonds at lower rates than almost all comparable issues, and find buyers who understood Castle & Cooke’s long-term development strategy.

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