CDA approves amendment allowing short-term extension of redevelopment bond for Renaissance Fair office complex
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Summary
The CDA voted to approve a first amended trust and board agreement with US Bank Trust Company, allowing the maturity date of redevelopment-related financing for the Renaissance Fair office complex at 809 S. 60th St. to be extended; CDA staff said the action is largely a private financing matter and that city counsel reviewed and recommended the
The Community Development Authority voted July 22 to approve a first-amended trust and board agreement with US Bank Trust Company that permits a short-term extension of the maturity date on redevelopment-related bonds for the Renaissance Fair office complex at 809 South 60th Street.
Patrick (staff member) told the board the CDA originally issued redevelopment revenue bonds tied to the Renaissance Center in 2012. The developer converted the bonds into a note held by US Bank, and the developer — identified in the meeting as Joel Lee and Renaissance Fair Center — asked to extend the maturity date from Aug. 1 to Dec. 1. Patrick said the city's bond counsel reviewed the proposed amendment and recommended approval.
Why it matters: the bonds are tied to a private office building and the CDA's role is to confirm or “bless” the authority’s prior issuance in order to permit the private financing amendment. Patrick said the CDA’s approval would not change the city’s obligations.
Board action: the resolution to approve the amendment passed by roll call (yes votes recorded: Jerry Motter; Alderman Weigel; Mike Souter; Wayne Clark). No board member identified an objection on the record. Patrick described building vacancy and financing covenants as private matters between the developer and its lender.
Clarifying details from the meeting: the original redevelopment revenue bonds were issued in 2012; the matter is an amendment to convert or extend an existing financing arrangement; the extension requested in the meeting was from Aug. 1 to Dec. 1 (as presented by staff). Patrick said the CDA’s role is to approve the amendment because the CDA originally facilitated the redevelopment bonds.
Next steps and context: staff confirmed the amendment had been reviewed by bond counsel and that the action was primarily administrative and tied to the private financing structure rather than a change in the CDA’s public obligations.