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.
 

Pittsburg Fares Well in Crowded Financial Market

In 2006, De La Rosa & Co. served as Senior Manager on a $170-million Tax Allocation Bond for the City of Pittsburg’s Redevelopment Agency. Thanks to De La Rosa’s financing and marketing expertise, the agency raised almost $90 million for non-housing projects and $10 million in housing proceeds, as well as saving more than $3.5 million (about 9.2%) by refinancing the 1993 B Bonds, even though the issue was priced into a national market with about $12 billion in deals forthcoming.

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Designing the Best Structure - Many clients are attracted to variable rate bonds, based on their financial condition, risk profile and size and type of invested fund balances. Others appreciate the certainty of fixed-rate financing and how it supports rational budgeting. Our role as investment banker is to help each client determine which financing method meets their needs, and to deliver the funds at the lowest possible cost

Post-Closing Services - Our business relationship with clients includes a range of post-closing services. We help invest the bond proceeds, with particular attention to safety, a prudent return and arbitrage restrictions. We monitor clients’ issues for opportunities to refund their bonds for savings, or to renegotiate covenants. We also provide technical advice associated with the Trustee’s administration of funds and producing user-friendly financial reports.


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