DENVER, Nov. 30, 2021 /PRNewswire/ -- Piper Sandler, a leading investment bank, announced today that in the last year its market-leading Special District Group has secured $331 million in financing for new public infrastructure districts (PIDs) that will allow Utah's significant economic growth to continue sustainably for many years to come. The finance professionals who have joined Piper Sandler's Special District Group in the last year have led the industry for the past three decades, working with the development community and local governments to deliver financing solutions for public infrastructure across the full spectrum of development types. In the last twelve months, the team is responsible for creating several new public infrastructure districts (PIDs) across Utah that, upon completion, will result in more than 1,700 new homes and 6,200 acres for commercial and industrial use, including the first ski resort developed in North America in over 40 years.
"The financing of PIDs is relatively new in Utah after our team championed the Public Infrastructure District Act in 2019. The way the Piper Sandler Special District Group has used this tool to facilitate responsible development and provide greater economic opportunities across the state in the past year has been incredible," said Benj Becker, vice president of the Special District Group in Utah. "The latest census data shows that Utah saw the highest rate of population growth in the country from 2010 to 2020, and PIDs offer solutions to the growing pains of our communities. Our work provides low-cost funding for roads, parks, water and sewer infrastructure early in the development process. The development of these communities pays its own way and ultimately provides more housing, more public amenities and more job creation."
While Piper Sandler has been working with state and local governments in Utah for more than 30 years, its growing Special District Group has facilitated the financing of several new PIDs in the last year including the Golf Academy & Equestrian Center Public Infrastructure District in Wasatch County. Piper Sandler secured $71 million in funding for SkyRidge Development to lead the project, which will include nearly 500 residential units—both detached homes and condominiums—in addition to commercial development that will consist of a golf academy, equestrian center, clubhouse and a hotel with about 60 rooms.
The Special District Group also secured $260 million in funding for the Military Installation Development Authority (MIDA) for development of the new Mayflower Mountain Resort in Wasatch County. The Mayflower will include an estimated 1,300 hotel rooms; more than 1,200 residential condominiums, townhomes, and apartments; 250 estate lots; 6,800 acres of ski terrain and notable commercial space.
"Another example is the establishment of the new Crossroads Public Infrastructure District, which will result in responsible industrial development across a total of 15,000 acres for the Utah Inland Port Authority," continued Becker. "We're currently working to secure nearly $150 million in tax-exempt bonds for the PID to fund the infrastructure needed to support sustainable development that will result in the creation of important manufacturing and distribution jobs. We're not just supporting land development—we're helping facilitate job growth."
"This innovative tool has been instrumental in supporting smart and responsible development in many other states including Arizona, California, Colorado, Florida, Nevada, New Mexico and Texas. I'm very proud of our team's efforts in not only helping to get the legislation passed in Utah, but in working with the development community to understand the impact PIDs can have across the state," said Sam Sharp, head of the Piper Sandler Special District Group. "Our group has a long history of facilitating traditional public infrastructure in Utah, and our experience with special districts allows us to create an even greater community impact. Piper Sandler is committed to building a better future by connecting capital to opportunity, and I'm beyond proud to see our growing Special District Group financing these major developments in Utah."
Piper Sandler grew its public finance investment banking capabilities in November of last year by adding a dedicated Special District Group lead by Sharp. Since then, the team has grown considerably to a group of 24 experienced public finance professionals providing a unique brand of infrastructure finance solutions nationwide.
For more information about the capabilities of Piper Sandler's Special District Group, visit www.pipersandler.com/SDG
About Piper Sandler's Special District Group
Piper Sandler's Special District Group is comprised of more than 20 dedicated professionals including bankers, quantitative team members and support staff with market-leading experience underwriting more than $15 billion in special district debt. Serving clients across the nation from primary offices in Denver and Salt Lake City, the group creates unique financing structures in partnership with local governments and real estate developers to fund the public infrastructure needs of growing communities. The team's role in creating special districts provides cities and counties access to low-cost, tax-exempt funding to cover the cost of building roads, sidewalks, parks, open space, water and sewer structures that are essential for sustainable economic growth. Leading the charge in raising capital for the full-range of development types including residential, commercial, industrial and mixed-used projects, the Special District Group provides exceptional knowledge, un-matched experience, and industry-leading distribution capabilities to help navigate the increasingly complex market.
About Piper Sandler
Piper Sandler Companies (NYSE: PIPR) is a leading investment bank driven to help clients Realize the Power of Partnership®. Securities brokerage and investment banking services are offered in the U.S. through Piper Sandler & Co., member SIPC and NYSE; in Europe through Piper Sandler Ltd., authorized and regulated by the U.K. Financial Conduct Authority; and in Hong Kong through Piper Sandler Hong Kong Limited, authorized and regulated by the Securities and Futures Commission. Alternative asset management and fixed income advisory services are offered through separately registered advisory affiliates. For additional information, visit www.pipersandler.com
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