Larimer County commissioners on Sept. 2 voted 3-0 to authorize a lease-purchase financing package using certificates of participation (COPs) to support Phase 2 of the county-owned ranch master plan.

Finance Director Lori Lopez told the board the measure authorizes issuance of COPs and related documents that will allow the county to finance Phase 2 projects. "Today, our primary objective is to sign the resolution which authorizes us to move forward with issuing the certificates of participation," Lopez said.

Why it matters: The financing will fund improvements at the Larimer County Ranch complex intended to expand outdoor event lawns, support larger entertainment bookings and preserve space used for 4-H and other county functions. County staff said the plan is structured so debt service ends when the sales tax that funds the project sunsets in 2039.

Debt structure and fiscal safeguards: Lopez and municipal-adviser and underwriting representatives described a structure expected to include roughly 75% tax-exempt COPs and about 25% taxable COPs (the taxable portion reflects private-use elements such as naming rights and other commercial arrangements). County staff said they used a conservative sales-tax forecast and expect sales-tax collections to cover debt service; closing is scheduled for Oct. 14 and final interest rates will be set nearer that date.

Board remarks and oversight: County Manager Lorinda Volker and commissioners emphasized the multi-year, deliberative process leading to the financing, noting staff and outside advisers had worked on project scoping, cost verification and a plan to avoid exceeding the sales-tax capacity. Commissioner Jody Shattuck McNally said the process had been “slow and thoughtful,” and Lorinda Volker said the action was the culmination of many months of work by finance, ranch management and legal staff.

Action taken: Commissioner John Kefalas moved approval of the resolution authorizing the lease-purchase agreement and related documents. The board voted 3-0 to approve the measure.

What to watch next: Staff will finalize the taxable vs. tax-exempt split, complete underwriting, confirm interest rates at closing and post financing documents and the ranch master-plan details on the county’s website.