HomeMy WebLinkAbout20251854.tiffResolution
Approve Declaring Intent of Weld County, Colorado, to Issue Private Activity Bonds
in Connection with Financing Residential Facilities for Low- and Middle -Income
Families or Persons Pursuant to the Colorado Private Activity Bond Ceiling
Allocation Act, and Authorize Chair to Sign Any Necessary Documents
Whereas, the Board of County Commissioners of Weld County, Colorado, pursuant to
Colorado statute and the Weld County Home Rule Charter, is vested with the authority of
administering the affairs of Weld County, Colorado, and
Whereas, the County and Municipality Development Revenue Bond Act, Article 3 of
Title 29, Colorado Revised Statutes, as amended (the "Act") and the Supplemental Public
Securities Act, Article 57, Title 11, Section 201, et seq., Colorado Revised Statutes, as
amended (the "Supplemental Public Securities Act'), authorize the County of Weld,
Colorado, a body politic and corporate ("County of Weld"), to finance or refinance one or
more projects to the end that residential facilities for low- and middle -income families or
persons intended for use as the sole place of residence by the owners or intended
occupants may be provided in order to promote the public health, welfare, safety,
convenience and prosperity, and
Whereas, the Internal Revenue Code of 1986, as amended (the "Code"), restricts the
amount of tax-exempt bonds ('Private Activity Bonds") which may be issued in the State
of Colorado (the "State") to finance private activity projects that qualify under the Code
and for certain other purposes, and
Whereas, pursuant to an allocation under Section 24-32-1706 of the Colorado Private
Activity Bond Ceiling Allocation Act, constituting Article 32, Title 24, Part 17, Colorado
Revised Statutes, as amended (the "Allocation Act'), County of Weld has an allocation
of the 2025 State Ceiling for the issuance of a principal amount of $7,907,795 Private
Activity Bands (the "2025 Allocation"), and
Whereas, County of Weld has determined that, in order to increase the availability of
adequate affordable housing for low- and middle -income persons and families within the
County of Weld, it is necessary or desirable to provide for the utilization of all or a portion
of the 2025 Allocation, and
Whereas, County of Weld wishes to declare its intention to issue its revenue bonds, in
one or more series in connection with financing residential facilities for low- and
middle -income families or persons intended for use as the sole place of residence by the
owners or intended occupants thereof, which facilities will be located within the
boundaries of County of Weld and other participating jurisdictions, and
Whereas, such revenue bonds to finance single family or multifamily projects are
expected to be issued by County of Weld in an amount not to exceed $7,907,795
(plus any additional amounts that County of Weld may be awarded from the statewide
balance pursuant to the Allocation Act),
cc: FZ(CPts. ss) CANEs/KH)
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2025-1854
FI0082
Declaring Intent of Weld County, Colorado, to Issue Private Activity Bonds in Connection
with Financing Residential Facilities for Low- and Middle -Income Families or Persons
Pursuant to the Colorado Private Activity Bond Ceiling Allocation Act
Page 2
Now, therefore, be it resolved by the Board of County Commissioners of County of
Weld, as follows:
In order to benefit the residents of the County of Weld, County of Weld hereby
declares its intent to issue its revenue bonds to finance single family or multifamily
projects in one or more series (the "Bonds") in an aggregate principal amount not
to exceed $7,907,795 (plus any additional amounts that County of Weld may be
awarded from the statewide balance pursuant to the Allocation Act), which shall
be used in connection with financing residential facilities for low- and
middle -income families or persons intended for use as the sole place of residence
of the owners or intended occupants thereof, which residential facilities shall be
located within the boundaries of County of Weld and other participating
jurisdictions.
2. In connection with the management and preservation of County of Weld's private
activity bond volume cap allocations, County of Weld is hereby authorized to
execute any Internal Revenue Service ("IRS") form and to enter into assignment
agreements and delegation agreements with other Colorado "issuing authorities"
as defined in Section 24-32-1703(12), Colorado Revised Statutes, as amended.
The Chair of the Board of Weld County Commissioners is hereby authorized
and directed to execute any such IRS form and to execute and deliver any
assignment agreements or delegation agreements that are necessary to manage
and preserve County of Weld's private activity bond volume cap allocations. It is
the specific intent of the Board that this Resolution shall also apply to any amounts
that are awarded to County of Weld from the statewide balance pursuant to the
Allocation Act. The appropriate officers of County of Weld are hereby authorized
to apply for an award from the statewide balance pursuant to the Allocation Act.
3. The Board of Weld County Commissioners hereby finds, determines, recites
and declares that the Bonds shall not constitute any multiple -fiscal year direct or
indirect debt or other financial obligation whatsoever of County of Weld, the State,
or any political subdivision of the State within the meaning of any provision or
limitation of the State Constitution or statutes, and the Bonds shall not constitute
or give rise to a pecuniary liability of County of Weld or a charge against County
of Weld's general credit or taxing powers, or ever be deemed to be an obligation
or agreement of any commissioner, officer, director, agent or employee of County
of Weld in such person's individual capacity, and none of such persons shall be
subject to any personal liability by reason of the issuance of the Bonds.
4. The Board of Weld County Commissioners hereby finds, determines, recites
and declares that the issuance of the Bonds in connection with financing such
residential facilities will promote the public purposes set forth in the Act, including,
2025-1854
F 10082
Declaring Irrtent of Weld County, Colorado, to Issue Private Activity Bonds in Connection
with Financing Residential Facilities for Low- and Middle -Income Families or Persons
Pursuant to the Colorado Private Activity Bond Ceiling Allocation Act
Page 3
without limitation, assisting persons or families of low- and middle -income in
obtaiiing adequate, safe and sanitary housing.
The Board of Weld County Commissioners hereby finds, determines, recites
and declares County of Weld's intent that this Resolution constitutes an official
indication of the present intention of County of Weld to issue the Bonds as herein
provided.
6. All actions not inconsistent with the provisions of this Resolution heretofore taken
by the Board or any officer or employee of County of Weld in furtherance of the
issuance of the Bonds, are hereby ratified, approved and confirmed.
7. All prior acts, orders or resolutions, or parts thereof, of County of Weld in conflict
with this Resolution are hereby repealed, except that this repealer shall not be
construed to revive an act, order or resolution, or part thereof, heretofore repealed.
8. If any section, paragraph, clause or provision of this Resolution shall be adjudged
to be invalid or unenforceable, the invalidity or unenforceability of such section,
paragraph, clause or provision shall not affect any of the remaining sections,
paragraphs, clauses or provisions of this Resolution.
9. All bylaws, orders or resolutions, or parts thereof, inconsistent herewith are hereby
repealed to the extent only of such inconsistency, and, if so repealed, no other
bylaw, order or resolution, or part thereof, shall be revived.
10. This Resolution shall be in full force and effect upon its passage and approval
Be it further resolved by the Board that the Chair be, and hereby is, authorized to sign
any necessary documents.
2025-1854
FI0082
Declaring Intent of Weld County, Colorado, to Issue Private Activity Bonds in Connection
with Financing Residential Facilities for Low- and Middle -Income Families or Persons
Pursuant to the Colorado Private Activity Bond Ceiling Allocation Act
Page 4
The Board of County Commissioners of Weld County, Colorado, approved the above
and foregoing Resolution, on motion duly made and seconded, by the following vote on
the 30th day of June, A.D., 2025:
Perry L. Buck, Chair: Aye
Scott K. James, Pro-Tem: Aye
Jason S. Maxey: Aye
Lynette Peppier: Aye
Kevin D. Ross: Excused
Approved as to Form:
Bruce Barker, County Attorney
Attest:
Esther E. Gesick, Clerk to the Board
2025-1854
F 10082
ConivaC+ lI)OVP3
BOARD OF COUNTY COMMISSIONERS
PASS -AROUND REVIEW
PASS -AROUND TITLE: Private Activity Bond (PAB) Carryforward Resolution and Notice to DOLA
DEPARTMENT: Finance DATE: June 25, 2025
PERSON REQUESTING: Cheryl Pattelli
Brief description of the problem/issue:
Pursuant to C.R.S. Section 24-32-1706(3)(c), Weld County is required to notify the Department of Local Affairs how the
County intends to utilize its 2025 PAB volume cap allocation ($7,907,795). This notification, along with the related
carryforward resolution, must occur by September 15, 2025.
The County intends to utilize the 2025 PAB volume cap allocation for two projects — one in Firestone and one in
Johnstown- that will increase the availability of adequate affordable housing for low- and middle -income persons and
families within Weld County. In 2025, the BOCC agreed to provide half of its 2025 PAB volume cap allocation to Big Red
Development, LLC and half to Kentro Group for these projects. Both Dominium and Elmington need to carryforward their
portion of the 2025 cap to 2026. In addition, the Board agreed to provide half of the 2024 allocation that was given back
to the County to Big Red Development, LLC.
The attached documents include the carryforward resolution, the notification letter to DOLA, and a required opinion from
Kutak Rock, the County's bond counsel, on the carryforward.
What options exist for the Board?
1) Approve the carryforward resolution and notification to DOLA
2) Do not approve the carryforward resolution and notification to DOLA
Consequences:
If not approved, the 2025 PAB volume cap allocation would not be carried forward for these projects. The cap
would then be relinquished to the statewide balance and not available for Big Red Development, LLC and Kentro
Group.
Impacts: see above
Costs (Current Fiscal Year / Ongoing or Subsequent Fiscal Years):
$0
Recommendation:
Staff recommends the BOCC move the resolution and DOLA notification letter to the full Board meeting for approval.
Support Recommendation Schedule
Place on BOCC Agenda Work Session Other/Comments:
Perry L. Buck
Scott K. James
Jason S. Maxey
Lynette Peppier
Kevin D. Ross
4
2025-1854
W50
rionz
CERTIFICATE REQUIRED BY SECTION 24-32-1709(2)(c)
OF THE COLORADO REVISED STATUTES, AS AMENDED
As an official of Weld County, Colorado responsible for the supervision of the
issuance of its private activity bonds (the "Bonds"), I DO HEREBY CERTIFY that Weld
County, Colorado will proceed with diligence to insure the issuance of such Bonds within
the time period commencing the date hereof and ending December 31, 2028.
11
IN WITNESS WHEREOF, I have hereunto set my hand this day of
)I), Xkf , , 2025.
WELD COUNTY, COLORADO
Perry L : uck, Chair
Attest: ,,e.,, X.''e.1
Esther E. Gesick, Clerk to the Board
By:
Deputy Clerk to the Board
4899-2878-0610.1
July 14, 2025
Ms. Elisa Blakeny
Colorado Department of Local Affairs
Division of Housing
1313 Sherman Street, Suite #518
Denver, CO 80203
Re: Notification Required Pursuant to Section 24-32-1706 of the Colorado Revised
Statutes, as amended ("C.R.S.")
Dear Ms. Blakeny and Mr. McClary:
Pursuant to C.R.S. Section 24-32-1706(3)(c), Weld County, Colorado (the "County") hereby
notifies the Department of Local Affairs that the County's 2025 private activity bond volume cap
allocation in the amount of $7,907,795 will be utilized for a project which has a carryforward purpose,
as such project is described in the attached Resolution. The County desires to treat its 2025 private
activity bond volume cap allocation as allocated to such project for such carryforward purpose.
The information required follows:
ISSUING AUTHORITY NAME/ADDRESS/OFFICER
Weld County, Colorado
PO Box 758
Greeley, CO 80632
Cheryl Pattelli, CFO
(970) 400-2550
LEGAL COUNSEL
Kutak Rock LLP
2001 le Street, Suite 1800
Denver, CO 80202
John Bales, Esq.
(303) 297-2400
PRINCIPAL AMOUNT OF CARRYFORWARD
$7,907,795
NATURE OF PROJECT/BENEFICIARY
Qualified Mortgage Bonds and Qualified Residential Rental Projects
Low- and Middle -Income Families and Persons in Weld County, Colorado
4935-3588-1538.1
Colorado Department of Local Affairs
July 14, 2025
Page 2
CLASSIFICATION UNDER SECTION 146(0(5) OF THE INTERNAL REVENUE CODE OF 1986,
AS AMENDED
Qualified Mortgage Bonds and Qualified Residential Rental Projects
INFORMATION REQUIRED BY SECTION 146(0(2) OF THE INTERNAL REVENUE CODE OF
1986, AS AMENDED
Purpose of Carryforward: Qualified Mortgage Bonds/ Qualified Residential Rental
Projects
Portion for such Purpose: $7,907,795
ATTACHMENTS
• Inducement Resolution of Weld County Board of County Commissioners
• Certificate required by C.R.S. Section 24-32-1709(2)(c)
• Preliminary Opinion of Bond Counsel
Please be advised that the County intends to issue its qualified mortgage or qualified residential rental
revenue bonds in 2025, but if not, a federal election for canyforward on IRS Form 8328 will be filed
on or prior to February 15, 2026. Copies of the appropriate documents will be forwarded as filed.
Please call me with any questions.
Sincerely,
Cheryl Pattelli,
4935-3588-1538.1
KUTAKROCK
July 14, 2025
VIA ELECTRONIC MAIL
EMAIL RECEIPT REQUESTED
Ms. Elisa Blakeny
Mr. Wayne McClary
Colorado Department of Local Affairs
Division of Housing
1313 Sherman Street, Room 320
Denver, CO 80203
Re: 2025 Weld County Carryforward Materials
Kutak Rock LLP
2001 16th Street, Suite 1800, Denver, CO 80202
office 303.297.2400
John H.T. Bales
joh n.bales@kutakrock.com
Dear Lisa and Wayne:
Enclosed please find the following executed Weld County Carryforward Materials, for your records:
1. Weld County Carryforward Notice to Colorado Department of Local Affairs, Division of
Housing, dated June 30, 2025;
2. Certificate required by C.R.S. 24-32-1709(2)(c) from Weld County, Colorado to the
Colorado Department of Local Affairs, Division of Housing, dated June 30, 2025;
3. 2025 Weld County Carryforward PAB Volume CAP Allocation Opinion, dated July 14,
2025; and
4. Resolution 2025-1854, Declaring the Intent of Weld County, Colorado to Issue Revenue
Bonds in Connection with Financing Residential Facilities for Low- and Middle -Income Families or Persons.
Please feel free call me with any questions.
Sincerely yours,
enclosures
H.T. Bales
4905-8302-6498.1
KUTAK ROCK
July 14, 2025
Colorado Department of Local Affairs
Division of Housing
1313 Sherman Street, Room 320
Denver, CO 80203
Kutak Rock LLP
2001 16th Street, Suite 1800, Denver, CO 80202
office 303.297.2400
Re: Request of Weld County, Colorado for Carryforward Treatment of its 2025
Private Activity Bond Volume Cap Allocation
Ladies and Gentlemen:
As bond counsel to Weld County, Colorado ("Weld County"), we are submitting this
opinion in compliance with the Colorado Private Activity Bond Ceiling Allocation Act, Part 17 of
Article 32 of Title 24, Colorado Revised Statutes, as amended (the "Colorado Allocation Act").
Representatives of Weld County have informed us that the Board of County
Commissioners of Weld County (the "Board") has adopted on June 30, 2025 an inducement
resolution (the "Resolution") stating that Weld County intends to issue up to $7,907,795 of
qualified residential rental revenue bonds (the "Bonds"), in one or more series, for financing
residential facilities for low- and middle -income families or persons, which facilities will be
located within the boundaries of Weld County, Colorado (collectively, the "Project").
In connection with the proposed issuance of any Bonds to finance the Project, we are of
the opinion that the Bonds would constitute qualified "private activity bonds" within the meaning
of Section 141 of the Internal Revenue Code of 1986, as amended (the "Code") and, therefore,
require a private activity bond volume cap allocation pursuant to the Colorado Allocation Act prior
to their issuance in order to satisfy Section 146 of the Code. Weld County is authorized by the
County and Municipality Development Revenue Bond Act, constituting Article 3, Title 29,
Colorado Revised Statutes, as amended, and the laws and Constitution of the State of Colorado to
issue its Bonds to finance the Project. We are also of the opinion that the Bonds for the Project
have a canyforward purpose, as defined in Section 146(0(5) of the Code, which qualifies for
carryforward treatment under Section 146(f) of the Code.
The scope of our engagement has not extended beyond the examinations and the rendering
of the opinions expressed herein. The opinions expressed above are limited to the laws of the State
of Colorado and of the United States of America. This letter may not be relied upon by any person
other than the addressee hereof for any purpose without our prior written consent.
Very truly, yours,
KUTAK ROCK LLP
4917-2407-3282.1
_. LLI°
A^ 0..
IFP•trof
COLORADO
Department of Local Affairs
Division of Housing
Private Activity Bond Direct Allocations - 2025
Statewide Population in 2023
5,901,339
Private Activity Bond Cap available in 2025
$767,174,070
Per Capita Multiplier
$130
Table 1: Allocations to Designated Local Issuing Authorities
Local Issuer
Private Activity
Bond Cap
Population
Po ulation
as % olf State
Population
Denver
$46,714,547
715,636
12.18%
Colorado Springs
$31,865,865
488,164
8.31%
Aurora
$25,743,930
394,380
6.71%
Douglas County
$15,344,854
235,073
4.00%
El Paso County
$14,739,412
225,798
3.84%
Jefferson County
$13,227,402
202,635
3.45%
Fort Collins
$11,184,752
171,343
2.92%
Lakewood
$10,116,429
154,977
2.64%
Thornton
$9,425,799
144,397
2.46%
Arapahoe County
$8,886,811
136,140
2.32%
Arvada
$7,946,818
121,740
2.07%
Weld County
$7,907,795
121,142
2.06%
Adams County
$7,601,831
116,455
1.98%
Westminster
$7,555,091
115,739
1.97%
Greeley
$7,341,179
112,462
1.91%
Pueblo
$7,334,977
112,367
1.91%
COLORADO
Department of Local Affairs
Division of Housing
Local Issuer
Boulder
Private Activity
Bond Cap
$6,974,975
Population
106,852
Population
as % of State
Population
1.82%
Centennial
$6,955,326
106,551
1.81%
Larimer County
$6,866,420
105,189
1.79%
Longmont
$6,415,747
98,285
1.67%
Mesa County
$5,955,352
91,232
1.55%
Castle Rock
$5,284,171
80,950
1.38%
Loveland
$5,196,504
79,607
1.35%
Broomfield
$5,016,731
76,853
1.31%
Grand Junction
$4,465,271
68,405
1.16%
Commerce City
$4,403,780
67,463
1.15%
Parker
$4,144,239
63,487
1.08%
Garfield County
$4,094,305
62,722
1.07%
Boulder County
$3,778,038
57,877
0.98%
Pueblo County
$3,724,705
57,060
0.97%
Eagle County
$3,551,789
54,411
0.93%
Littleton
$2,901,627
44,451
0.76%
Brighton
$2,755,798
42,217
0.72%
Windsor
$2,612,124
40,016
0.68%
Northglenn
$2,460,746
37,697
0.64%
La Plata County
$2,413,618
36,975
0.63%
Erie
$2,316,811
35,492
0.60%
Englewood
$2,183,254
33,446
0.57%
Fremont County
$2,150,227
32,940
0.56%
Wheat Ridge
$2,080,116
31,866
0.54%
Delta County
$2,074,376
31,778
0.54%
Lafayette
$1,989,055
30,471
0.52%
Summit County
$1,987,100
30,441
0.52%
Fountain
$1,970,777
30,191
0.51%
Morgan County
$1,929,525
29,559
0.50%
Elbert County
$1,879,653
28,795
0.49%
SO
COLORADO
Department of Local Affairs
Division of Housing
Local Issuer
Montezuma County
Private Activity
Bond Cap
$1,733,954
Population
26,563
Population
as % of State
Population
0.45%
Routt County
$1,636,104
30,441
0.52%
Teller County
$1,607,840
24,631
0.42%
Evans
$1,496,344
22,923
0.39%
Montrose County
$1,487,076
22,781
0.39%
Montrose
$1,396,014
21,386
0.36%
Logan County
$1,345,166
20,607
0.35%
Chaffee County
$1,344,577
20,598
0.35%
Golden
$1,332,564
20,414
0.35%
Louisville
$1,277,471
19,570
0.33%
Durango
$1,271,465
19,478
0.33%
Johnstown
$1,262,196
19,336
0.33%
Firestone
$1,211,606
18,561
0.32%
Otero County
$1,182,495
18,115
0.31%
Park County
$1,181,580
18,101
0.31%
Canon City
$1,137,060
17,419
0.30%
Gunnison County
$1,130,666
17,321
0.29%
Frederick
$1,126,681
17,260
0.29%
Alamosa County
$1,086,732
16,648
0.28%
Pitkin County
$1,086,342
16,642
0.28%
Grand County
$1,042,542
15,971
0.27%
Total
$370,846,127
5,681,118
96.68%
These calculations for municipalities and counties use population estimates from
2023, as this is the most recent year for which these estimates are available. The
population of the state in 2023 was 5,901,339.
Total cap available to the Statewide Balance
$12,740,908
AGO
COLORADO
Department of Local Affairs
Division of Housing
Total cap available to designated local issuing authorities and the
statewide balance
$383,587,035
State Issuing Authority PAB Cap
Colorado Housing and Finance Authority
$376,587,035
Colorado Agricultural Development Authority
$7,000,000
Total
$383,587,035
Total cap allocated to all issuing authorities (not including the
Statewide Balance)
$754,433,162
tract Form
Entity Information
Entity Name
COLORADO DEPARTMENT OF
LOCAL AFFAIRS
Entity ID*
@00003104
❑ New Entity?
Contract Name* Contract ID
PRIVATE ACTIVITY BOND INDUCEMENT RESOLUTION 9693
AND CERTIFICATE
Contract Status
CTB REVIEW
Contract Lead*
CPATTELLI
Contract Lead Email
cpattelli@weld.gov
Parent Contract ID
Requires Board Approval
YES
Department Project #
Contract Description*
RESOLUTION DECLARING THE INTENT OF WELD COUNTY, COLORADO TO ISSUE PRIVATE ACTIVITY BONDS AND
CERTIFICATE REQUIRED BY SECTION 24-32-1709(2)(C)
OF THE COLORADO REVISED STATUTES, AS AMENDED
Contract Description 2
Contract Type* Department
AGREEMENT FINANCE
Amount*
$0.00
Renewable*
NO
Automatic Renewal
Grant
IGA
Department Email
CM-Finance@weld.gov
Department Head Email
CM-Finance-
DeptHead@weld.gov
County Attorney
GENERAL COUNTY
ATTORNEY EMAIL
County Attorney Email
CM-
COUNTYATTORNEY@WEL
D.GOV
If this is a renewal enter previous Contract ID
If this is part of a MSA enter MSA Contract ID
Requested BOCC Agenda Due Date
Date* 06/26/2025
06/30/2025
Will a work session with BOCC be required?*
HAD
Does Contract require Purchasing Dept. to be
included?
Note: the Previous Contract Number and Master Services Agreement Number should be left blank if those contracts
are not in OnBase
Contract Dates
Effective Date
Termination Notice Period
Contact Information
Contact Info
Review Date
06/25/2025
Committed Delivery Date
Renewal Date
Expiration Date*
09/15/2025
Contact Name Contact Type Contact Email Contact Phone 1 Contact Phone 2
Purchasing
Purchasing Approver Purchasing Approved Date
Approval Process
Department Head
CHERYL PATTELLI
DH Approved Date
06/25/2025
Final Approval
BOCC Approved
BOCC Signed Date
BOCC Agenda Date
06/30/2025
Finance Approver
CHERYL PATTELLI
Legal Counsel
BYRON HOWELL
Finance Approved Date Legal Counsel Approved Date
06/25/2025 06/26/2025
Tyler Ref #
AG 063025
Originator
CPATTELLI
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