For the benefit of Ogden City Council watchers, we'll provide a heads-up regarding a pair of Council and RDA meetings set for tomorrow's RDA-Council calenders.
1) The Prelim - Harrision Boulevard Road Widening: First, the City Council will hold a 5:30 p.m. work meeting to discuss, among other things, The Harrison Boulevard Road Widening Project:
Although we'd previously assumed that this project had already been already favorably resolved, with the Wasatch Front Regional Council's abandonment of the road-widening contingency plan, perhaps there remain a few loose ends; so we'll therefore urge readers who are still warily following developments in re this topic to sit in and report on tomorrow night's meeting.
2) The Main Event - Boss Godfrey's Junction Hotel Project Du Jour: On the heels of Saturday's WCF article, we observe that Boss Godfrey's wasting no time setting the stage for his latest Junction Hotel Project, and that he's somehow managed to finagle an immediate audience with the Emerald City RDA Board for tomorrow night, following the above Council work session, wherein the intricate Rube Goldberg-style details of this project's desperately hoped-for financing will be revealed. Here's the full Council-RDA packet:
We invite all real estate finance wonks to review the proposed Development Agreement, and to examine Boss Godfrey's dizzying array of half-assed proposed financing mechanisms, including, but not limited to these:
a. A Special Assessment AreaAlthough our readers did get a head start in their analysis behind Saturday's article, we invite anyone who'd like to wade into this newly-displayed data to fatten up the WCF discussion now.
b. ARRA QRZED Program Bonds (Parking),
c. ARRA QRZF Program Bonds (Private),
d. TIF Bonds,
e. An EDA Grant,
f. Restructuring of existing Junction loans,
g. Sale by the RDA of the raw land for $1.5 mil, in consideration for a promissory note with initial payment deferred 5-7 years.
We'll leave the lights on for any brave meeting attendee who'd like to comment post-meeting, with a full dose of NoDoz of course.
Update 11/10/10 7:25 a.m.: Here's a post-meeting report from the Standard-Examiner, such as it is:
