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About Smoke signals. (Grand Ronde, Or.) 19??-current | View Entire Issue (Jan. 20, 1998)
OR. COLL. 7n7 us mm a ftiW(mtt& dim immv & mnm&m Tribe will develop retail center The Grand Ronde Tribe and Spirit Mountain Develop ment Corporation have announced plans to build a $3. 1 million retail and commercial center in Salem. The project site will be located at the corner of Fairview Road and Commercial Street behind the Los Baez restaurant. This retail project is intended to help the Tribe diver sify its economic base and gain economic self-sufficiency for its members. The Tribe has entered into a partnership with Stew Stone of Prudential Commercial Services to help build the retail center. "This project shows our confidence in Salem's future and by working with Stew Stone, we will produce a high-quality retail center that benefits the entire commu nity," said Kathryn Harrison. Stone is a respected Sa lem real estate specialist with an extensive track record in real estate and commercial development, including projects for national chains such as Taco Bell, McDonald's, Burger King, and Oregon companies such as Izzy's Pizza, Hollywood Video, and development of Lancaster Promenade in Salem. Chuck Galford, Marketing Director for Spirit Moun tain told Dallas' Itemizer Observer, "We are not building on trust property. It's not on a reservation. It's a straight business venture." The center will be between 20,000 and 25,000 square feet, and Galford said they will look at attracting national retailers, and that Salem's strong economy is what was the deciding factor in choosing the center's location. "This retail center is another example of our Tribal Council's commitment to Salem. We have already used our Spirit Mountain Community Fund to support impor tant local programs," said Harrison. Construction on the project is scheduled to begin in May and to be completed by September, 1 998. Coquille Tribe shares archive findings Members of the Coquille Tribe and a representative from the University of Oregon visited the Tribe last month in order to deliver some historical material they discovered at the Smithsonian Institution in Washington, D.C. The materials date back to the 1800's and include letters, journals, and government records pertaining to the people of Grand Ronde. The Coquilles were working in Washington through a research grant they were awarded, and stayed for several weeks. Tribal Council presented the Coquille Tribe and the University of Oregon with Pendleton blankets in recogni tion of this accomplishment, and their desire to share the information they found. r mid S v4i: . . .. tfv- .-. xr:.: Pictured from left: Chris Tanner, Coquille Tribal Librarian; Jerry Running Foxe, Vice-Chair Coquille Tribe; Ed Pearsall; Chip Tom; and Bernie McTigue, U of O Special Collections Archivist. Tribe sells bonds for project financing By Tracy Dugan The Tribe issued a bond sale last month to raise money for various projects such as water and sewer improve ments, the Administration Building, and Nanitch Sahallie improvements. The bonds, which total more than $9.3 million, are obligations of the Tribe but are secured by a municipal bond insurance policy to be issued by Ambac Assurance Corporation. A portion of the proceeds will be used for the con struction of the Tribe's Administration Building, which is currently underway. The new facility will replace the existing modular space where employees' offices are located, and will be 40,000 square feet. This project which includes construction, architectural and engineer ing fees, equipment and furniture, management fees, and contingencies, is estimated to be $4.5 million. The Tribe also expects to use the funds for various water, sewer, and road improvements from the proceeds of the bonds. The current cost estimate for this utility infastructure is $3.5 million. For instance, a portion of the funds will be used for Elder housing infastructure costs. Bond proceeds will also be used to refinance certain existing indebtedness incurred in the updating project for Nanitch Sahallie Youth Treatment Center in Keizer, Oregon. On April 17, 1996, the Tribe enacted its Tribal Bond Ordinance to establish procedures for the Tribal Council to issue bonds or other obligations to finance certain government projects, to fund debt service reserve funds as necessary, to pay costs of insurance of such bonds, and to provide for any credit enhancement necessary for the issuance of such bonds. The Bond Ordinance authorizes the Tribal Council to issue full faith credit bonds which are payable from the Tribe's general revenues and taxes. Any such bonds must be issued by a separate resolution by Tribal Coun cil. This is the second bond offering by the Tribe. The first was for $3.6 million for construction of the Health and Wellness Center. By using Ambac Assurance Company rather than a letter of credit from a bank, the Tribe was able to secure lower interest rates on its debts, saving the Tribe several hundred thousand dollars. Ambac also guarantees prin cipal and interest payments to investors. The bonds were sold on December 18, 1997 to eight separate investors. Jesse Smith, Vice President of Seattle-Northwest Se curities, the Tribe's underwriter for the bonds, said that no bond insurance company has ever insured a tribal transaction before. The Tribe's bonds were given a rat ing of "AAA," the highest rating possible. "It is clear that Grand Ronde has done its homework in terms of good management and financial control. It makes it very easy for a company like Ambac to feel comfortable working with the Tribe. The Grand Ronde Tribe is a very well run organization," said Smith.
