| |
| DATE:
|
10/20/2015 7:00:00 PM |
| SUBJECT: |
| Council Consideration of a Resolution Concerning the Financing of the Construction and Equipment of a Dormitory on the Northern Wyoming Community College District/Gillette College Campus, to be Leased by the City of Gillette, Wyoming, from the Gillette College Student Housing Phase II Statutory Trust. |
| BACKGROUND: |
| The City and the Northern Wyoming Community College District/Gillette College (the “College”) have entered into a Memorandum of Understanding, dated as of December 16, 2014 (the “MOU”) with respect to the financing and construction of a building (approximately 50,000 sf) to provide living quarters for approximately 140 students, a resident dining hall with kitchen facilities, laundry facilities, office space for two employees, classroom/study room, custodial and storage areas, associated site work and landscaping (the “Project”). The Project is located on property owned by the City (the “Site”). The City will lease the Site to the Gillette College Student Housing Phase II Statutory Trust, (the “Trust”) under the terms and conditions of the Lease Purchase Agreement, (the “Lease”). The Trust will provide for the Project to be constructed and equipped on the Site and will further provide for the lease of the Site and the Project (collectively, the “Leased Property”) to the City. The Trustee will execute and deliver a single Certificate of Participation (the “Certificate”) dated October 22, 2015, in the Principal Component of $11,200,000, which evidences an undivided interest of the owner of the Certificate (the “Owner”) in the rights to receive certain revenues (the “Revenues”) pursuant to the Lease. The proceeds from the execution and delivery of the Certificate will be used by the City, on behalf of the Trust, for the construction and equipment of the Project. |
| SUGGESTED MOTION: |
| I move for the Approval of a Resolution Concerning the Financing of the Construction and Equipment of a Dormitory on the Northern Wyoming Community College District/Gillette College Campus, to be Leased by the City of Gillette, Wyoming, from the Gillette College Student Housing Phase II Statutory Trust. |
| STAFF REFERENCE: |
| Charlie Anderson, City Attorney |
|
|