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: 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.  •  Chowchilla: 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: 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.  •  Chula Vista: 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.  •  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.  •  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.  •  Long Beach: The city recently issued more than $190 million in redevelopment project financing, including $115 million of taxable bonds, in a Marks-Roos pooled issue to fund projects in five areas.  •  From naval base to housing space: Few could envision a new community when the Alameda Point Naval Air Station was decommissioned a decade ago. Today, a highly successful development with 300 homes occupies part of the old base.  •  Riverside County: DLR senior-managed a $25-million Mello-Roos financing to improve street, water, sewer, and other public facilities at Lake Hills Crest, a development with 512 single-family detached units.
 

Chowchilla Funds Infrastructure to Maintain Growth

In 2007, De La Rosa & Co. served as sole Senior Manager on an $8.6-million special tax financing for Chowchilla. The city’s master plan identified $93 million of infrastructure critical for proposed residential, commercial and industrial projects. Development impact fees would fund a large portion of the improvements, and bond proceeds would finance projects that must be built before impact fees can support them. The 2007 bonds were issued as the first of three series for the Community Facilities District, and raised more than $6.5 million in net proceeds.

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Capital Planning - Our investment bankers are experienced in the fields of accounting, municipal law, real estate, business negotiation and finance. Their knowledge and skills are invaluable resources for clients to develop prudent and sustainable capital plans.

Project Development - De La Rosa & Co. helps clients acquire and entitle land, select developers and negotiate real estate and equipment transactions. We also help configure tax payments and revenue streams to maximize sustainability for their projects.

Obtaining Funding - Many projects are only partially funded with bonds. Our first priority is to identify federal, state and local grants or low-interest loans to pay a portion of these projects. The resulting gap is then financed with tax-exempt or taxable bonds

Determining the Financing Method - De La Rosa & Co. can often finance an individual project on a stand-alone basis. Revenue bond structures and special tax financings, such as Assessment Districts, can help complete projects and preserve a clients' overall financial condition.

We use Certificates of Participation, General Obligation Bonds and other lowest-cost financing alternatives for government projects with a general purpose or benefit. This approach has succeeded because we understand our clients' objectives and are committed to helping them meet their goals through the least expensive financing method.

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