Larimer County explores certificates of participation to accelerate Ranch Master Plan Phase 2

Larimer County commissioners on April 2, 2025, heard an informational briefing on financing options for Phase 2 of the Ranch Master Plan that centered on whether to use certificates of participation, or COPs, to move projects forward sooner than a pay-as-you-go approach.

The discussion matters because staff estimated the public cost to build all Phase 2 projects at about $185,000,000, while the dedicated Ranch sales-and-use tax now generates roughly $14,000,000 a year — not enough to fund the full program up front. Staff presented multiple scenarios that would trade higher near-term debt service for earlier project delivery and potential revenue growth from new facilities.

Leslie Ellis, community planning, infrastructure and resources director, framed the session as an early-stage conversation: "This is really just the start of this conversation around the financing options. There's no direction sought today," she said. Connor McGrath, representing the Ranch, gave the financial and program details and explained how COPs would work in Larimer County's context.

McGrath described COPs as "a form of leaseback financing available to governments" and stressed that "COPs are not bonds, they are repaid through an annual appropriation." He said collateral for COP issuances would likely…