Source: September 23, 2015 Read More →

REQUEST FOR PROPOSALS FOR PROJECT FINANCING

REQUEST FOR PROPOSALS FOR PROJECT FINANCING

 

The Wood County Fire Fighters Association, Inc., a West Virginia nonprofit corporation (the âAssociationã), and the Wood County Building Commission, a public corporation of the State of West Virginia (the âBuilding Commissionã), are requesting proposals from banks and other qualified entities for project financing in an amount not to exceed $500,000 to finance costs relating to the acquisition, construction, equipping and furnishing of a new training facility to be used and operated by the Association on Camden Avenue in Parkersburg, West Virginia (the âFinancingã).

The Financing will be structured as a lease revenue bond (the âBondã) issued by the Building Commission with the Building Commission being the lessor and the Association being the lessee (the âLeaseã). The repayment of the Bond will be secured by a sole first priority leasehold deed of trust lien on the leasehold estate created by the lease between. the City of Parkersburg and the Association relating to the land upon which the proposed training facility will be constructed. The Association shall be obligated to pay rent pursuant to the Lease equal to the payments of principal and interest due àon the Bond and shall have additional obligations to be set forth in the Lease, including without limitation, obligations to maintain, repair and insure the property subject to the Lease. The Bond will be a special, limited obligation of the Building Commission payable solely from the payments to be made by the Association and secured by the sole first priority deed of trust lien referenced above. In the event the Bond is not paid by the Association and the proceeds received from the foreclosure of the leasehold deed of trust referenced above are not sufficient to pay the Bond in the full, neither the Building Commission nor The County Commission, of Wood County will have any liability whatsoever for any such deficiency.

The Financing should have a term of at least twenty-five (25) years. The Association and the Building Commission must have the option to prepay the Financing without penalty at any time. The Financing should also provide sufficient funds to pay 100{4ceb532c6f579389df471c6c1e832caf2346b74dc60fcbf6aabd4d29df3baf9c} of the costs of the acquisition, construction, equipping and furnishing of the new training facility described above.

 

Contents of Proposals: Proposals responsive to this request should contain at a minimum the following information:

 

  1. The proposed term of the Financing. As indicated above, the Financing should have a term of at least twenty-five (25) years.

 

  1. The proposed interest rate(s) on the proposed Financing, which may be variable or fixed. Although not required, the Association and the Building Commission would like to receive proposals for both a taxable rate and a rate assuming the Bond is âbank qualifiedã and the interest thereon is excludable from gross income for both federal and West Virginia state income tax purposes.

 

  1. A list of all closing fees and other costs of issuance relating to the proposed Financing, excluding the fees and expenses of Bond Counsel which has already been retained for the Financing,

 

  1. Approximate time schedule for closing the proposed Financing.

 

  1. All requirements for and conditions to the closing of the Financing, including without limitation any requirement for a debt service reserve fund, any required equity contribution and/or any requirement for an appraisal. The Financing should cover 100{4ceb532c6f579389df471c6c1e832caf2346b74dc60fcbf6aabd4d29df3baf9c} of the costs of the proposed project, it being understood that the Association would have to pay any issuance costs in excess of two percent of the Financing if a tax-exempt rate would be chosen.

 

Neither the Association nor the Building Commission will be responsible for any expenses incurred in the preparation and/or presentation of the proposals and oral interviews, if conducted, or for the disclosure of any information or material received in connection with this solicitation, whether by negligence or otherwise. The Association and the Building Commission reserve the right to reject any and all proposals, with or without cause, and waive any irregularities or informalities in the proposals. The Association and the Building Commission further reserve the right to make such investigations as it deems necessary as to the qualifications of any and all parties submitting proposals. In the event all proposals are rejected, the Association and the Building Commission reserve the right to solicit additional proposals.

Responses must be submitted in a manner to be received by the Association and the Building Commission no later than 4:00 p.m. on October 6, 2015. Responses should be submitted to the Association and the Building Commission c/o The County Commission of Wood County, Attention: Marty Seufer, County Administrator, #1 Court Square, Parkersburg, West Virginia 26101. Inquiries may be directed to Jason Fleak at the Associationás address, P. 0. Box 811, Parkersburg, West Virginia, 26102, or to Mr. Fleakás telephone number, 304-210-5470, or email address, firenut1028@yahoo.com.

 

 

Sep 22, 29