AGENDA INFORMATION UPDATE

AGENDA INFORMATION UPDATE

July 26, 2019 4:00 PM, I. INFORMATION UPDATE

I.A. Aspen police quarterly update I.B. Conditional Partial Call of Isis COPs

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2019 Q2 Update

The police department sees an opportunity to provide the Council with a brief overview of activities and challenges throughout the year that expands our operational transparency with the community.

This memo is the first in a series of quarterly updates that the police department will provide. We will be seeking feedback on this format and the effectiveness of these communications in a year's time. If there are subjects you would like to receive an update on that are not covered, please let us know and that information can be provided. This initial briefing will cover 2019 YTD.

Turnover, Staffing & Reorganization

Pitkin Area Co-Responder Teams

Body Camera Program

911 Surcharge

Council was provided an informational memo dated February 1st 2019 describing an upcoming request of the State PUC to increase the 911 surcharge received for each phone line. The PUC did in fact agree to the increase from $1.25 to $2.00 per line. This increase gives the 911 Authority Board flexibility to manage large capital projects, look at systems improvements, and potentially expand dispatch staffing. It also enables such improvements without the need to impact municipal budgets.

Special Events Preparedness

The police and special events departments have contracted with an outside vendor to look at event security issues as well as evacuation planning for the City of Aspen. A draft report has been received and is being reviewed.

Fingerprinting

Fingerprinting is a new service being provided at the police department. Recently the State of Colorado transitioned to a system whereby anyone wishing to obtain fingerprints for various licensing reasons had to do so via the State approved vendor. The program has limited the number of locations where people can do so and until June our community members had to go to Glenwood for this service. Appointments are available online at [] every Wednesday at the Aspen PD.

Community Outreach

As always, the department places a high value on community outreach. This

year the department has committed to hosting a minimum of one community

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outreach event per month. Here is a list of events hosted to date:

Coffee and Quiche

Hot Cocoa with the Cops

Free Ski and Snowboard Registration (x2) City Departments Luncheon Senior Center Bingo Dispatch Appreciation BBQ Preventing Sexual Assault, an open forum and discussion ACRA Meet and Greet Preschool Tour Free Ski and Snowboard Reg. Bike Rodeo Bike Auction/Theft Prevention/Bike Registration Picnic in the Park Bike to Work Day - Paepcke Park Ice Cream Social Self Defense Classes Senior Soirre Farmers Market Dog Outreach PACT Kick Off What to do in an active harmer situation

Copyright 2018 City of Aspen. All Rights Reserved. 130 South Galena St. | Aspen, CO 81611

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[7/18/2019 4:10:47 PM]

MEMORANDUM

TO:

City Council

FROM:

Pete Strecker, Finance Director

DATE:

July 25, 2019

RE:

INFO ONLY - Conditional Partial Call of Isis Retail Group COPs

_______

SUMMARY: This is to inform the Board Members of the Aspen Public Facility Authority, which is comprised of the sitting 5 Council Members plus the City Clerk and Finance Director, that a conditional, partial call is being placed on the outstanding debt tied to the Isis Building, to retire the debt tied to the two retail spaces and affordable housing units on the 3rd floor.

BACKGROUND: The City facilitated the issuance of certificates of participation (COPs) to finance the restoration of the Isis Building back in 2007. The City's interest in this action was to preserve a theater for the community; and at the same time, allow for some affordable housing and retail space to be worked into the property. When this financing was established, the lease payments from both the theater space and the retail spaces were identified as the dedicated revenue sources to support the lease purchase arrangement. Further, the Isis building spaces were condominimized to separate out the retail/affordable housing from the theater space, to define the assets pledged to as collateral to the original debt, and to allow for future acquisition flexibility.

DISCUSSION: The lease agreements includes for two tenants in the building: Aspen Film in the theater space and the Isis Retail Group (IRG) for the retail and affordable housing units. The lease terms specify that at the end of the debt repayment period, both tenants would be able to purchase their condominimized spaces for $10.00. If either or both tenants wished (any time subsequent to the first possible call date was achieved ? 10 years after the initial financing was established), they could also exercise an earlier purchase opportunity, with the purchase price equal to the remaining debt obligation at the time, plus any accrued interest outstanding.

Recently, the Isis Retail Group (IRG) requested to exercise a call on its share of outstanding debt ($4.46M) as a way to clear title and allow for a pending sale of the retail space to an interested buyer. The pending sale is a continuation of an initial ask to both the City and to Aspen Film as holders of a first right of refusal to acquire the space, which was presented to the previous Council and was waived (along with an identical decision by Aspen Film).

ACTION BEING TAKEN: A partial call on debt is scheduled for September 1, assuming a successful close of the sale. This is a partial call of the total $6.49 million outstanding (68.73% is the retail group's share). The remainder of the debt will remain outstanding

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and be the responsibility of Aspen Film as it has been and pursuant to its sublease. This notice is being given immediately due to the timing of the proposed closing by the IRG and due to the requirements of the lease purchase agreement and indenture that require at least a 30-day noticing. FINANCIAL/BUDGET IMPACTS: The funds used to call the $4.46 million in outstanding debt would be held in escrow and would come from the seller (Isis Retail Group) and would not be City funds. The City is however involved as the City facilitated the COPs and records all lease revenues and debt payments through City financials.

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