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Staff outlines bond and interim loan options for Tahoe Cedars and phase 4 capital work
Summary
Staff said they will seek board approval in March for interim financing and a bond to complete phase 4 of Mountain/Madden Creek and to bridge SRF reimbursement for Tahoe Cedars; options include a 4% drawdown loan or a 2.5% upfront public loan, and a likely long-term bond of roughly $8 million for phase 4.
Staff told the board that March will be the action month for interim financing documents and bond approvals tied to several capital projects. "We've been meeting with Nikki Tallman and Ken Deacker. Nikki's with Oppenheimer, and Ken is with Del Rio Advisors," Bridal Bobak said, adding the district is "moving forward with the bond for Mountain Creek to, phase 4 to to finalize that" and is analyzing bridge-loan alternatives for Tahoe Cedars while it awaits SRF loan reimbursement.
Staff described two interim options: a 4% drawdown loan (interest paid only as funds are drawn) and a 2.5% public loan (upfront, two- to three-year term) that could be repaid with SRF proceeds. Staff emphasized they will compare expected cash usage and total cost to determine the best interim approach and said the bond for phase 4 is expected to be the long-term financing vehicle (staff referenced a near-$8 million sizing for the phase).
