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SPELMAN & CO.'S TAX-EXEMPT BONDS FINANCE CENTER'S PUBLIC IMPROVEMENTS

SPELMAN & CO.'S TAX-EXEMPT BONDS FINANCE CENTER'S PUBLIC IMPROVEMENTS
 LA JOLLA, Calif., Nov. 18 /PRNewswire/ -- Nearly one-third the cost of a $90 million Northern California center is being financed by tax-exempt Mello-Roos municipal bonds underwritten by La Jolla-based Spelman & Co.
 The innovative $28 million bond issue supplies public improvements for Vintage Oaks at Novato, Calif., a retail complex being developed by the Hahn Co. in the city of Novato, according to Spelman's public finance director Robert G. Spelman. Those improvements include streets, public utilities, storm drainage and freeway access. Phase I Construction, including 400,000 square feet of building area, is expected to be completed by spring 1992.
 "The project represents an unusual marriage of public and private sectors for a commercial project strongly desired by a city for its tax generation potential," said Spelman.
 Spelman estimates that new city sales tax revenue will exceed $1.5 million annually.
 The bonds are authorized by the 1982 Mello-Roos Community Facilities Act and secured by pledges on real property within the Vintage Oaks special district.
 "This type of bond financing puts together a forward-thinking developer and a progressive municipality for both commercial and public benefit," said Spelman. "Under current market conditions, tax-exempt rates can save over 20 percent on infrastructure capitalization."
 The Early California design theme project is the only major shopping center currently planned in Marin County. It will accommodate 80 to 90 stores and three anchor tenants -- Macy's Homestore, Target and Costco -- in 600,000 square feet of leasable space.
 The Hahn Co. is the largest regional shopping center developer in the western United States with interests in 52 regional centers nationwide containing more than 38 million square feet of retail area.
 Spelman & Co., founded by Ronald A. Spelman in 1972, is an underwriting firm specializing in low-interest financing through tax- exempt municipal bonds for cities and works extensively with private developers on joint public-private partnerships.
 -0- 11/18/91
 /CONTACT: Robert G. Spelman of Spelman & Co., 619-459-3701/ CO: Spelman & Co. ST: California IN: CST FIN SU: KJ-EH -- SD002 -- 1211 11/18/91 08:03 EST
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Date:Nov 18, 1991
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