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Council approves $115M certificates of participation, creates West Greeley fund
Summary
The City of Greeley approved issuing Certificates of Participation and a second supplemental appropriation to fund predevelopment for the West Greeley arena, ice center, hotel and water park project, creating a dedicated West Greeley fund and authorizing phased COP draws up to $115 million.
Greeley City Council on May 20 approved an ordinance to issue certificates of participation (COPs) and a supplemental appropriation to provide initial financing for the West Greeley development, including an arena, ice center, hotel and water park.
City staff described the COPs as short-term financing to fund predevelopment costs including design, engineering and long-lead materials. “The total amount of expenditures using the certificates of participation proceeds will not exceed $115,000,000,” City staff member Robert Miller said during presentation.
Staff said $102 million in project costs are currently identified through July 2026 and that COP proceeds would be released in phases tied to milestone approvals to reduce financing costs; long-term bond financing through a 501(c)(3) or other issuance is planned later to pay off the COPs. The council also approved creation of a new West Greeley Fund to track COP proceeds and related expenditures.
Council members pressed staff on schedule and long-term obligations. Council member Butler questioned when the 30% design milestone would be reached; Miller responded that schedule phases show design work through late summer to October. Council member Debuti expressed concern about the city’s broader capital needs and urged a comprehensive plan to prioritize projects alongside West Greeley; she voted against the ordinance.
The vote on the ordinance to issue the COPs and the associated appropriation passed 5-2 (Council members Butler and Debuti voted nay). Council member Payton moved the ordinance; Council member Olson seconded.
Discussion vs. decision: the meeting included extensive policy and funding debate; the formal action approved the financing mechanism and appropriation that enable predevelopment work and created a fund for project accounting. Staff said COPs are planned to be repaid with longer-term bond financing in roughly 15 to 25 months depending on project timing.
