Email between NC Department of State Treasurer Deputy Director of Communications Heather Strickland and George Hartzman on the Downtown Hotel Project

The Local Government Commission has not received an application for the Greensboro Hotel project you were inquiring about. Please let me know if there is any other additional information or resources that I can provide you with.

Thanks,

Heather Strickland
Deputy Director of Communications
NC Department of State Treasurer
October 18, 2010
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Thanks Heather,

When is the meeting to approve ARRA bonds, and when is the deadline for apps to be submitted?

How many of the expected apps have been submitted?

If the hotel app is submitted, can you forward it?

Who does the due diligence at treasury?

George Hartzman
October 18, 2010
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George,

ARRA bonds are approved at the regular meetings of the LGC which are held the first Tuesday of each month. Recovery Zone Facility Bond (RZFB) projects applications are made using the Industrial Revenue Bond application which we request to be filed at least 15 days prior to the LGC meeting.

The LGC has approved 11 RZFB projects to date. There are two RZFB projects that may be on the Nov 2. LGC agenda. Applications are considered public documents that are provided upon request.

State and Local Government Finance Division staff (staff to the LGC) review all application to ensure the necessity and expedience of the project; that borrowings are for an adequate but not excessive amount; that the unit has good debt management practices; that utility rates and tax rates needed to finance the project are reasonable; the marketability of the debt; and the feasibility of the project and debt issue.

Thanks,

Heather Strickland
Deputy Director of Communications
NC Department of State Treasurer
October 20, 2010
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Just to recap, the Urban Hotel Group, and Elm Street LLC have not applied to date for Greensboro's downtown Wyndham?

Is the 15 days a rigid rule, or could you make exceptions?

g
October 20, 2010
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The Local Government Commission has not received an application for the Greensboro Hotel project.

For Industrial Revenue Bond Projects, which the RZFB are similar in that the borrowers are private entities, most of the legal proceedings have taken place and the various bond documents are in final or nearly final form prior to our receipt of the application. For these transactions, the application comes in at the end of the process along with the necessary documentation. In these cases, where staff have been working with financing teams for several weeks, the 15 days is not a rigid rule.

Thanks,

Heather Strickland
Deputy Director of Communications
NC Department of State Treasurer
October 22, 2010
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anything yet?

George Hartzman
November 10, 2010

The LGC has not received an application for the Greensboro Hotel project.

Heather Strickland
November 10, 2010