Board approves revision limiting WPX headquarters bond amount and clarifying trustee payments
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Summary
Trustees approved a revision to the second amendment of the development financing assistance agreement for the WPX Energy headquarters project, fixing an amount for bonds and clarifying trustee payment routing until bonds are paid.
Bond counsel asked the board to approve a late-received revision to the second amendment to the development financing assistance agreement for the WPX Energy headquarters project. The amendment had been approved by the board in May but not yet executed; the requested revision clarifies two items tied to the developer’s request to issue tax increment revenue bonds.
Under the revision, the bond amount is fixed at $6,165,000 (out of a previously stated maximum of $16,576,000 in total assistance). The second change clarifies that the bond trustee will receive developer assistance payments only until the bonds have been paid; after bond payment, any remaining payments will revert to the developer. With those adjustments, trustees approved the revised second amendment in new business by roll call.
Votes at a glance: motion to approve the revised second amendment passed by roll call (recorded yes votes include Craig Abrahamson, Paul Bracey, Councilor Ringle, Eliana Hurtado/Tatum, Andy McMillan, Ashley Phillipson, Katie Plahockey, Erin Parsley and Terrell Siegfried).
