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Council approves $18 million interim loan and appropriation for regional recycling center
Summary
Grand Junction approved April 16 an $18 million interim loan and a $19 million supplemental appropriation to develop a Materials Recovery Facility intended to serve Grand Junction and surrounding Western Slope communities.
The Grand Junction City Council on April 16 authorized short‑term interim financing and a supplemental appropriation to advance a regional Materials Recovery Facility (MRF) project intended to serve the Western Slope.
General Services Director Jay Valentine presented the loan request: an $18 million interim loan from A and B Bank at 6.5% interest and a 1% origination fee, due December 31 of the year the COPs (certificates of participation) are issued to permanently finance the project. Valentine said the unused loan balance would be held in the Local Government Investment Pool to earn…
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