Windsor Locks official, lawyers reassure residents that developer will be solely responsible for financing the sports complex | Windsor Locks
WINDSOR LOCKS – Despite assurances from First Selectman J. Christopher Kervick and lawyers representing all parties that the developer of All Sports Village will be solely responsible for repaying a loan to fund the project, a few residents at a public hearing on Tuesday further expressed concern about hidden charges for which the city could be responsible.
The public hearing, held via Zoom at the selectmen’s meeting, provided an opportunity to detail how developer Andrew Borgia will fund the project using up to $ 200 million in tax-exempt bonds. Kervick explained that the City of Phoenix, the Arizona Industrial Development Agency, will issue a series of tax-exempt bonds, which the Ziegler Investment Bank of Chicago will purchase. He said the bank would then use the proceeds from the bonds to lend to All Sports Village Inc., a Connecticut tax-exempt entity.
“Windsor Locks will have no obligation on the bonds,” Kervick said.
“The city is not a party to any of these (financial) agreements,” said Brandon Caywood, an attorney representing the City of Phoenix Industrial Development Agency, who attended the Zoom meeting from Phoenix. “The risk rests entirely with the buyer, as with any other type of debt. “
Still, resident Douglas Glazier asked if there was anything in the drafting of the whole transaction between the bond issuer, lender and borrower other than Borgia bonds.
“Are there any other hidden costs or fees that I don’t know about? ” he said. “Hidden charges arise all the time. “
Resident Don Dubuque also asked if the city might have as yet unknown responsibilities.
“You don’t know about the financial obligations now, but are we in a situation where 12 months later All Sports Village is halfway through construction and it all falls apart? ” He asked. “Who would clean up the mess? “
Dubuque said no one may have been aware of the potential issues by now, but that doesn’t guarantee there won’t be.
Judith Blank, a city lawyer, said there would be no accountability for the city.
The city does not own the property, she said, and is therefore not in danger.
Borgia, who did not appear at Tuesday’s Zoom meeting, announced in September that he planned to close the land for the complex in November and that the grand opening would take place by the end of the year.
Kervick asserted that during the Zoom meeting, stating: “All Sports Village is about to close the property.”
The 76-acre property where the sports complex will be located is located on Route 20 between Interstate 91 and Old County Road. The Thrall family of Windsor own the land.
Borgia declined to disclose the price of the land.
The developer offers eight outdoor turf courts, 20 basketball courts inside a 220,800 square foot building, restaurants, retail stores, two 150-room hotels, a family entertainment center and a physiotherapy and medicine unit.
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