Insights: News Releases
Snoqualmie Tribe Receives NAFOA 2015 “Deal of the Year"
Kilpatrick Townsend Plays Key Role in Transaction
SEATTLE (April 22) -- The Native American Finance Officers Association (NAFOA) has honored the Snoqualmie Indian Tribe (Tribe) of Washington State with its “Deal of the Year” Award for 2015. The Tribe was recognized for its innovative $310 million comprehensive casino refinancing transaction completed in January 2014. NAFOA presented the award to the Tribe at its 8th Annual Leadership Awards in Austin, Texas. Kilpatrick Townsend, an international law firm that is committed to serving the needs of Tribal governments and their communities, provided legal counsel for the Tribe.
“This is a significant award for the Tribe and for the firm,” said Rob Roy Smith, Co-Leader of Kilpatrick Townsend’s Native American Affairs Group. “The Snoqualmie Tribe has benefitted greatly from this refinance, which has saved the Tribe millions of dollars in the first year alone. We are extremely proud of the Tribe’s accomplishments and are honored to have had the opportunity to represent them in this important transaction.”
Kilpatrick Townsend subsequently helped convert $105 million of the refinance debt to tax-free debt using Tribal Economic Development (TED) bonds. The IRS’s clarifications in regards to this transaction have set precedent in Indian Country that will give many tribes greater ability to benefit from tax-exempt bonds.
NAFOA supports the advancement of independent and culturally vibrant American Indian and Alaska Native Communities through its work in building tribal economies and strengthening tribal finance. NAFOA’s Deal of the Year recognizes a tribal deal or financial venture completed in 2014. The deal should be original in structure and its terms should be innovative for the tribe. To learn more about NAFOA, please visit, www.nafoa.org.
Kilpatrick Townsend's Native American Affairs group provides comprehensive legal services, public policy advice and counsel to tribal governments and tribal organizations on an array of litigation and complex transactions.
Follow the firm on Twitter: @KTS_Law.
Joseph L. Scibilia
Robert B. Shaw
Rob Roy Edward Stuart Smith