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.
 

President's Message
Findings Diamonds Close to Home During Turbulent Economic Times

In the early 20th Century, the founder and first president of Philadelphia’s Temple University became famous for a speech he delivered all over our growing country. In “Acres of Diamonds,” Russell Conwell advised young Americans to follow the examples of local merchants and business owners and seek opportunities for success in their own backyards.

The current instability of our economic environment reminds me of Conwell’s message. As the financial markets readjust, I’m certain that prudent executives can find “diamonds” close to home. It’s worth noting, however, that capitalizing on these opportunities requires accurate and skillful analysis, and the ability to perceive and avoid undue risk.

The licensed securities professionals at De La Rosa & Co. can help adept financial executives find value and opportunity when they aren’t readily apparent. Call us before you decide to borrow or invest. We will help you find diamonds in your backyard with our unique combination of insight, judgment and ethics.



Sincerely,

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