Kutak Rock Serves as Bond & Disclosure Counsel on USAFA Visitor Center & Hotel FinancingsNews | February 2, 2022
In approximately two years, Exit 156 on I-25 is going to look vastly different thanks to two innovative financings which will help fund the construction of the United States Air Force Academy Visitor Center, hotel, office building and mixed-use commercial space.
Kutak Rock served as bond counsel and disclosure counsel in connection with the issuance by The Industrial Development Authority of the City of Phoenix, Arizona of its $231,891,585.50 Hotel Revenue Bonds (Provident Group – Falcon Properties LLC Project) Series 2022A-C. Proceeds of the Authority’s Series 2022 Bonds will finance (a) the costs of acquiring, designing, constructing and equipping a full-service, upscale hotel and event center with approximately 375 guest rooms, located in the City of Colorado Springs, Colorado, on a site adjacent to the Air Force Academy Visitors Center being developed and constructed by the USAFA Visitor’s Center Business Improvement District; (b) capitalized interest through April 18, 2025 for the Series 2022A Bonds and Series 2022B Bonds, and capitalized payments of debt service through December 15, 2024 for the Series 2022C-1 Bonds; (c) reserves, initial operating costs and other required amounts in connection therewith; and (d) costs of issuance of the Authority's Series 2022 Bonds.
Kutak Rock also served as bond counsel and disclosure counsel in connection with the issuance by the USAFA Visitor’s Center Business Improvement District of its $86,340,000 Special Revenue Bonds Series 2022A-C. Proceeds of the District’s Series 2022 Bonds will finance (a) the Visitor Center, certain other commercial and retail facilities and the infrastructure related thereto; (b) a Reserve Fund; (c) a Surplus Fund; (c) capitalized interest; and (e) the costs of issuance of the District’s Series 2022 Bonds.
The Hotel and Visitor Center are part of the Colorado Springs City 4 Champions Project.