CAVE CREEK – The day after west side residents threatened council with a lawsuit during the Aug. 5 council meeting if they don’t have water by Sept. 30, Sonoran News learned Mark Stapp, president of Cahava Springs Development Corp., sent an update and timeline regarding the sale of bonds needed to construct the water line on the west side of town to Town Manager Peter Jankowski on July 12 explaining the delays.
Stapp even offered to come to the town and explain things in more detail, answer questions or “simply be available” for a council meeting or just with staff.
Stapp wrote: “Attached is an updated schedule created by Piper Jaffrey for the sale of bonds needed to construct the water line. This has changed no less than 10 times. Frustration is an understatement given what we set out to do. Credit markets are very tight in their underwriting and we were scrutinized very carefully for months by Piper’s credit folks.”
Stapp went on to say they were finally approved in March and Piper’s internal commitment committee approved the sale.
He wrote, “Since then, we have been finalizing the structure, holding new [Revitalization] District elections and dealing with RFPs and RFQs for various services. Those things are done. Now we need to finalize all of the numerous documents.”
Wishing the process were faster, Stapp noted, as a municipal entity, it takes longer and requires more scrutiny.
He stated, “We are moving forward – capital markets and real estate market permitting.”
Despite this knowledge, Jankowski sat silent on the issue during the Aug. 5 council meeting.