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UPDATES:
8/23/2010 Construction Issues
At the HGMD Board meeting on August 12, a pre-construction contract was approved with The Weitz Company. Work still is still being done to close the gap of several hundred thousand dollars between the Weitz proposal for actual construction and the funds available. However, much of the gap has been closed and we are confident that the new community center can be properly built with available funds. An example of cost savings being used to close the gap is use of manufactured stone rather than quarried stone for the exterior facade. Another is that rather than using the same grade of steel for framing of both the first and second floors of the building, lighter weight steel can be used on the second floor because those walls will not carry the same amount of weight/stress. Finally, the architect is working with the city to reduce the cost of fire service roads and the length of eight-inch fire water lines while still fully meeting fire code requirements.
There have been many questions about dates for start of construction, the date and length of closure of Blossoms, and the likely occupancy date for the new building. The Weitz Company proposal suggested that construction start in March, that the restaurant be closed in August for a period of about 2.5 months, and that the new building could be ready for occupancy by early November. However, these were only preliminary time frames. We are not sure how long it will take to get all required city approvals. In addition, of course, the rate of early construction will be heavily influenced by the weather. An old proverb says, "When God wants a good laugh, he lets men make plans."
8/2/2010
During a special meeting on July 30, 2010, the HGMD Board authorized contract negotiations with The Weitz Company for performance of pre-construction services. After pre-construction services are completed, the Board will have the option to award the Weitz Company the construction contract for the new community center. The Weitz Company was selected from five firms submitting proposals. Their proposal provided the shortest construction period, a solid focus on the needs of residents during construction, and technical planning and scheduling capabilities that seemed most likely to keep the project within budget. If negotiations are successful, the pre-construction contract will be awarded at the regular HGMD Board meeting on August 12. For those not familiar with the term, pre-construction services involve: 1) development of detailed design documents, 2) cost estimates for every facet of the project, and 3) the actual construction documents to be used to guide construction.
7/21/10 Bond Sales
The bonds to finance the new community center were all sold by about 2:00 p.m. Tuesday, July 20. The average coupon interest rate was 4.94%. As a result of that interest rate, the maximum annual debt service will be $645,897. That amount will be for 2011. It includes the cost of interest from the date of issuance (July 27) through the end of 2010. The average annual debt service will be $638,551. As you may remember, the maximum annual debt service approved by the voters was $723,325. So, our maximum debt service will be $77,428 less than authorized. We had anticipated the cost of issuing the bonds to be as high as $250,000. The actual numbers are still being calculated, but it looks like those costs will actually be about $150,000.
7/10/2010
Bond Update: We learned late Thursday that Moody's Investor Services rated our bonds A-3. This is the first time in three bond transactions our District has been given a rating. A-3 is considered investment grade and the rating should help hold down the interest rate we will pay on the bonds. A Preliminary Official Statement can be found at http://www.meritos.com/cgi-bin/disclaimer.pl?Did=1462. The Preliminary Official Statement provides information about the District to potential investors. Residents interested in buying bonds are urged to call a broker at the Stifel-Nicolaus office in Greenwood Village ( 720 963 7900) to become familiar with the process for purchasing the bonds.
Construction Update: Nineteen construction companies submitted statements of qualifications indicating a desire to serve as our general contractor. A screening committee consisting of Barker Rinker Seacat (architect) staff and Ed Keller, George Dexter and Al Lindeman selected the five that seemed most qualified. Those five have been asked to submit detailed proposals including fees and general conditions costs. Interviews will be held on July 29 and it is anticipated that a contractor will be selected by the District Board on July 30.
7/7/2010 - Change in Bond Sales Dates
A delay in getting a rating from Moody's has forced a one week delay in the sales of our bonds. The new date for residents to purchase bonds will be Monday, July 19. The bonds will be sold to the public on July 20. Residents interested in purchasing bonds are encouraged to call the Stifel Nicolaus office in Greenwood Village (720 963 7900) to obtain information on anticipated interest rates and purchase procedures.
6/22/2010 - Important Corrections
In the posting of 6/18/2010, it was stated that residents would be able to purchase bonds on Monday, July 13. The Monday in question is actually the12th of July. Similarly, sale of the bonds to the general public and institutional investors will be on Tuesday, July 13.
There is also a change/correction regarding informational meeting for residents regarding the bonds. The meeting on Thursday July 8 in the auditorium will start at 10:30 am rather than 10:00 a.m. A second meeting has been scheduled for Tuesday July 6 at 7:00 p.m. in the auditorium for those who could not make the meeting on Thursday.
6/18/2010
Dates for issuance of the bonds have been modified somewhat. The presentation by Stifel Nicolaus staff regarding the bonds and how they may be purchased has been moved to Thursday, July 8. The presentation will be in the auditorium at 10:00 a.m. Residents may purchase bonds on Monday, July 13. They will be sold to the general public and institutional buyers on Tuesday, July 14. Residents unable to attend the meeting on July 8, or who would like to obtain information prior to that date may call Stifel Nicolaus staff at 720-963-7900.
6/7/2010
Bond Issues: Technical legal work needed to market our bonds is currently being accomplished by our bond counsel, Kutak Rock, LLP. Sale of the bonds is still scheduled for July 8. Heather Gardens residents will have the opportunity to arrange to purchase bonds on July 6 and 7. Stifel Nicolaus, our bond underwriter, will provide a presentation on how to purchase the bonds in late June. As soon as the date for that presentation is set, we will inform residents via this web page and flyers distributed by ARs.
Design Drawings: In response to resident requests, the design drawings that were displayed on the wall outside the auditorium during the period prior to the election will be displayed again. This time they will be on the wall across from the entrances to the library and ceramics rooms.
Detailed Design Development: You may have seen surveyors working in the area around the community center. Their work will enable the civil engineer to develop drawings needed for site preparation work. In the next few weeks a geological engineer will obtain soil sampled to a depth needed to insure that foundations are properly designed for the type soil upon which they must rest. After those two preliminary tasks are completed, the architect can begin development of detailed designs for the building - starting with the foundations.
5/27/2010
Design Issues: A Design Committee consisting of Allen Lindeman and Sandra Knight from the HGMD Board, Gene Burns and Joyce Angel from the HGA Board, and Ed Keller and George Dexter, residents with extensive prior experience as construction project managers will be working with the architect throughout the design phase. The committee is currently completing a thorough review of the Schematic Design Report prepared by the architect and will present a report to the HGMD Board at its regular meeting on June 17.
It is anticipated that the design phase will require a minimum of 120 days and possibly as long as six months. A site survey and soils analysis must be completed before detailed design can start. The site survey should be completed by June 10 and the soils analysis by the end of June.
5/24/2010
The legal and financial steps which must be taken before the bonds authorized by voters of May 4, 2010, can be sold are in process. A schedule for accomplishment of these steps calls for marketing of the bonds on July 8. If we are able to hold to that schedule, Heather Gardens residents will be offered the opportunity to submit orders for the bonds on July 6 and 7. Stifel-Nicolaus staff are in the process of setting a date when their staff will come to Heather Gardens to explain the bond purchase process. As soon as that date is set, we will post it on this page and distribute an announcement via Area Representatives.
5/18/2010
Purpose: This web page will provide current information regarding matters affecting the construction of the new Heather Gardens Community Center. The most recent postings will be presented at the top of the page. Residents wishing to ask questions, or make comments or suggestions can do so by using a comments and suggestions box that will be kept at the reception desk in the HGA Management Office.
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