The Board of Directors of the Colorado City Metropolitan District held a Workshop meeting on July 21. Mark Castaldo, partner with USA Partners, was on hand to give an update regarding their funding for the new track and field in the Greenhorn Valley Park.
Mr. Castaldo offered no excuses for their previous tardiness other than the general sluggishness in the entire economy. The projects USA Partners undertakes have slowed down. But that is changing. USA Partners is building a sports mega-complex in Pearland, TX, near Houston. The board of directors of that endeavor will approve a bond sale within the next two weeks, and the proceeds from that sale will be used to fund two projects going on elsewhere, of which the Colorado City track is one.
Mr. Castaldo was asked several times to provide a specific date when the funds for the track would be made available to Colorado City. He refused to be pinned down, but is very optimistic regarding the upturn in business, and said, “I’d be damned surprised” if track was not funded by the end of the third quarter.
Another question posed to Mr. Castaldo focused on the $50,000 down payment Colorado City made to USA Partners. Mr. Castaldo assured the Board that the money was refundable, and would be refunded if the bond sale on the Pearland project should fail for any reason.
The end result of the meeting is the Mr. Castaldo is very optimistic that the project will be funded, and that it will be funded soon. In any event, Colorado City will soon know whether there is any realism behind the optimism.
The other item addressed at the Workshop meeting was Resolution 09-2006, a resolution on maintaining order in Board meetings. See the article elsewhere in this paper.
This article originally appeared in the July 23, 2008, edition of the Greenhorn Valley View.