The Historic Rotunda Building
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Transcript of The Historic Rotunda Building
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The Historic Rotunda Building
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Deal Structure •Grant Obligations •DDA
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Education- •Local Government Staff•Community •Development Team •Grantor Staff
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• Buy out funds as a reserve
Financial Planning
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• Reassessment by Municipal or County Tax Assessor.
• Transfer Tax• Tax Obligation of
Former Investor or Partner
• Communication
Buy Out-
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Explanation of the Banc of America Historic Ventures/Rotunda Partners HTC deal2/8/2007
Prior to Project Completion 1999 - 2001
Date Amount Stipulation
Closing $1,000,000 Closing of escrow
4 months $2,000,000 25% verifiable project completion
7 months $2,000,000 50% verifiable project completion
10 months $2,000,000 75% verifiable project completion
14 months $2,000,000 Part III and Cert of Occupancy
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First five years after Project Completion 2001 - 2006
Project pays 3% annual "preferred return" paid quarterly
Project pays B of A's projected-related income taxes (paid annually)
After five years 2006
Project sent executed letter demanding that B of A exercise its "put" option
On the first day, B of A exited the Project for the negotiated $1.8M (20% of HTCs)
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California Capital Group Phil Tagami
300 Frank H. Ogawa Plaza, Suite 340 Oakland, CA 94612
510-268-8500
Mark A. Moss & Company Mark A. Moss
300 Frank H. Ogawa Plaza, Suite 30 Oakland, CA 94612
510-663-6677