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Council OKs Rosati’s liquor permit and authorizes PID bond refunding; bond sale contingent on minimum savings
Summary
Council approved a specific-use permit for on-premise alcohol sales at Rosati’s Pizza and authorized the issuance of up to $17 million in Trophy Club PID refunding bonds, with staff and financial advisors to execute the sale if market conditions produce at least $4 million in net present-value savings.
At Monday’s meeting the Trophy Club Town Council approved a specific-use permit allowing on-premise alcohol sales at Rosati’s Pizza (2210 State Highway 114, Suite 250) and authorized staff to proceed with a refunding bond sale for Trophy Club Public Improvement District No. 1.
On the Rosati’s item, staff said the application was routine: the restaurant had a change of ownership and needed a new certificate of occupancy and associated SUP for on-premise sales under Texas Alcoholic Beverage Commission rules. A councilmember moved the ordinance approving the SUP; another councilmember seconded and the motion passed by voice vote.
On the public-finance item, the council approved an ordinance authorizing issuance of Trophy Club PID No. 1 special assessment revenue refunding bonds, Series 2025, in an aggregate principal amount not to exceed $17,000,000 and approved related documents (indenture, bond-purchase agreement, official statement, continuing-disclosure agreement). Mark McLaney, the town’s financial adviser from Samco Capital Markets, said staff and bond counsel worked on a structure to shorten the final maturity by one year and capture recurring savings. He told council that if market conditions at sale deliver at least $4 million in savings the sale would proceed as authorized.
"With your authorization, we would refund the bonds tomorrow ... savings look to be about $4,150,000," McLaney said, while also noting the market had been volatile and the final savings would be confirmed the next morning when the sale is executed.
Council approved the bond authorization unanimously. Staff said the town should expect a report on final pricing and savings by mid-day following the authorized sale date.
Ending: The SUP and bond-authorization items passed; staff will publish the bond-sale results when pricing is confirmed and will update council on proceeds and savings.
