1 / 8

The Historic Rotunda Building

Detailed breakdown of the grant obligations, financial planning, buy-out funds as reserves, and tax implications related to the Banc of America Historic Ventures/Rotunda Partners HTC deal from 1999-2006. Learn about the structure and key milestones of the project.

eweiner
Download Presentation

The Historic Rotunda Building

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. The Historic Rotunda Building

  2. Deal Structure • Grant Obligations • DDA

  3. Education- • Local Government Staff • Community • Development Team • Grantor Staff

  4. Financial Planning • Buy out funds as a reserve

  5. Buy Out- • Reassessment by Municipal or County Tax Assessor. • Transfer Tax • Tax Obligation of Former Investor or Partner • Communication

  6. Explanation of the Banc of America Historic Ventures/Rotunda Partners HTC deal 2/8/2007 Prior to Project Completion 1999 - 2001 Date Amount Stipulation Closing $1,000,000 Closing of escrow 4 months $2,000,000 25% verifiable project completion 7 months $2,000,000 50% verifiable project completion 10 months $2,000,000 75% verifiable project completion 14 months $2,000,000 Part III and Cert of Occupancy

  7. First five years after Project Completion 2001 - 2006 Project pays3% annual "preferred return" paid quarterly Project pays B of A's projected-related income taxes (paid annually) After five years 2006 Project sent executed letter demanding that B of A exercise its "put" option On the first day, B of A exited the Project for the negotiated $1.8M (20% of HTCs)

  8. California Capital Group Phil Tagami 300 Frank H. Ogawa Plaza, Suite 340 Oakland, CA 94612 510-268-8500 Mark A. Moss & Company Mark A. Moss 300 Frank H. Ogawa Plaza, Suite 30 Oakland, CA 94612 510-663-6677

More Related