HomeMy WebLinkAboutCity Council Committees - Economic Development Corporation - 03/15/1994Kent Economic Development Corporation
0 March 15, 1994
4:45 p.m.
The Kent Economic Development Corporation meeting was called to
order by Chairman Johnson. Present: Boardmembers Banister,
Llewellyn, Woods, General Counsel Lubovich, and Stephanie Watson
of Perkins Coie.
Cascade Development Company Supplemental Indenture. Lubovich
explained that Cascade Development Company wants to refinance
their indenture to take advantage of the lower interest rates,
but that the only way to accomplish it was through a second
supplemental amendment to the indenture. He noted that the
resolution is to authorize an amendment for supplemental
indenture, and, if authorized, will be taken to the City Council
for approval this evening. Stephanie Watson of Perkins Coie
stated that the supplemental indenture is requested to shorten
the notice requirement for the company to give to the trustee
changing it from 45 to 30 days notice. She noted that interest
payment dates are on May 1 and November 1, and that bonds may
only be redeemed or refinanced on those two dates. She explained
that the company who wanted the obligor bonds is currently in a
negotiation process and the concern is that no one will be able
to make a decision as to how to forward the financing by the
March 17th deadline. Lubovich noted that if everything goes well
on the refinancing, then this item will come back to the EDC for
refinancing under the normal terms, but the request is just to
amend the terms of the agreement for now. Woods moved to approve
EDC Resolution No. 1994-52 approving a second supplemental
indenture of trust for the Cascade Development Company project.
Llewellyn seconded and the motion carried unanimously.
There was no further business and the meeting adjourned at 4:50
p.m.
Donna Swaw
EDC Acting Secretary