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Council approves Wells Fargo engagement as recommended underwriter for Blue Hawk Phase Two
Summary
Council approved staff's recommendation to negotiate an underwriter engagement with Wells Fargo for potential STAR bond issuance for Blue Hawk Phase Two, citing the firm's familiarity with the project and a lower fee than Phase One.
Council approved staff's recommendation to engage Wells Fargo as the underwriter to support potential STAR bond issuance for Phase Two of the Blue Hawk project.
Staff told council that Wells Fargo served as the underwriter for Phase One, was selected through a competitive process in 2020 and that the recommended engagement for Phase Two would likely use the same team. The presenter said the proposed fee for the engagement is lower than Phase One and that the underwriter's familiarity with the project would help with the financing process. Council approved the engagement by voice vote.
The item was presented as a corollary to the public hearing and project plan the council had just adopted; staff noted that further due diligence and discrete revenue studies for Phase Two retail sales will continue as part of the financing process.
