Kutak Rock Serves as Bond & Borrower's Counsel for CECFA, MACNews | November 13, 2020
Kutak Rock served as bond counsel and borrower’s counsel for the Colorado Educational and Cultural Facilities Authority (CECFA) and Montessori Academy of Colorado (MAC) in connection with CECFA making its Tax-Exempt Loan (Montessori Academy of Colorado Project) Series 2020 to MAC in the amount of $7,486,000.
Proceeds of the Tax-Exempt Loan financed a project for the benefit of MAC consisting of (a) current refunding CECFA’s outstanding Revenue Bond (Montessori Academy of Colorado Project) Series 2014 which financed (i) paying off the remaining outstanding new market tax credit loan made by CGRF Subsidiary Two LLC 2007 which was used to finance the acquisition and improvement of MAC’s academic facility, located at 2500 Curtis Street, Denver, Colorado 80205; (ii) paying off the remaining outstanding loan made by the City and County of Denver’s Office of Economic Development which was used to finance the acquisition and improvement of MAC’s academic facilities; (iii) the costs of constructing the second floor addition to the academic facilities for a new elementary school program and related facilities; and (iv) paying certain of the costs of issuance of the Series 2014 Bond; (b) financing the costs of constructing additions and improvements to the academic facilities for school programs and related facilities, including funding capitalized interest, if any; and (c) paying the costs of originating the Tax-Exempt Loan.
MAC’s Head of School, Nancy James, said that she “enjoyed working with Kutak Rock, CECFA and the financing team and that this financing will assist the school in fulfilling its strategic capital initiatives.”
MAC was founded in 2002 by a group parents, and now celebrates 15 years of nurturing the potential of each of its students. From 8 weeks (Nido) through Elementary (6th grade), MAC students develop critical thinking, social collaboration, and creative problem-solving skills, coupled with global and environmental awareness that will serve them well as they become the next generation of innovators and world citizens. MAC is located in the historic Curtis Park neighborhood of downtown Denver, in a beautiful, newly renovated, two-story campus with a large playground that is full of intriguing natural materials that stimulate creativity and exploration. MAC’s campus is conveniently located downtown for working parents, yet provides a safe and easy drop-off and pick-up since it is located within a neighborhood.
Fred Marienthal, Jennifer Barrett, Lucy Newberry and Shawn Willette worked on this financing.