Finance Item/Grant Request Template
Date Submitted: 10/24/17
Requesting Agency: DoF
Division:
Subject Matter Expert Name:
Name: Guadalupe Gutierrez
Phone: 720-913-9370
Email: lupe.gutierrez@denvergov.org
Item Title & Description:
(Do not delete the following instructions)
These appear on the Council meeting agenda. Initially, the requesting agency will enter a 2-3 sentence description. Upon bill filling, the City Attorney’s Office should enter the title above the description (the title should be in bold font).
Both the title and description must be entered between the red “title” and “body” below. Do not at any time delete the red “title” or “body” markers from this template.
title
Authorizes the Manager of Finance to incur, for and on behalf of the Department of Aviation, a non-revolving loan in an amount not to exceed $300 million with Bank of America, for funding interim airport capital improvements at Denver International Airport.
body
Affected Council District(s) or citywide? DIA
Executive Summary with Rationale and Impact:
Detailed description of the item and why we are doing it. This can be a separate attachment.
The proposed ordinance supports the objective of providing an interim financing vehicle for DEN by allowing the Manager of Finance to enter into a Non-Revolving Credit Agreement with Bank of America, who was selected via a competitive process, for the purpose of establishing a non-revolving loan to fund up to $300 million of interim capital improvements at any given time, identified in the Airport’s 2018-2022 Capital Improvement. Plan. The non-revolving loan will be issued as subordinate contract obligation with a term not to exceed three years. Under the loan structure, note terms, interest rates and tax status will be determined at the time of drawing funds.
Type (choose one: Grant; Supplemental; Fund Creation; Fund Rescission; Fund Transfer; Appropriation; Other):
Non-Revolving Credit Agreement
Amount:
$300 million
Budget Year:
Fund and Funding Source (Fund/Org/Grant Number, if applicable):
Grantor (if applicable):
Fund Matching Requirements (if applicable):
Fiscal Impact: