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.
 

Calaveras 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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De La Rosa & Co. is a full-service investment bank with offices in Los Angeles and San Francisco. Since it was founded in 1989, De La Rosa has helped public entities and private businesses secure funding for capital projects. The firm is registered with the Financial Industry Regulatory Authority (FINRA), Securities and Exchange Commission (SEC), and is a member of the Securities Investor Protection Corporation (SIPC).

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