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Payson council reviews Holman Capital direct-lending proposal to address $19 million PSPRS liability
Summary
At its April 8 meeting, Payson officials heard a detailed proposal from Holman Capital to advance about $19 million to pay down the town's PSPRS retirement liability; council asked staff for comparative analysis with bond financing and asked a bond specialist to present at the next meeting.
Payson Town Council on April 8 heard a detailed pitch from Holman Capital on a direct-lending loan that Holman says could advance roughly $19 million to pay down the town's liability to the Arizona PSPRS retirement system and reduce the town's future annual pension bill.
Lance Holman (Holman Capital) described a ground-lease and lease-back structure in which the firm would advance the funds secured by an insured leasehold interest in public assets. "We would look at this fire station, confirm that it has an insured value of at least $19,000,000 and then we would enter into a ground lease and we would lease that ground from the town," Holman…
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