Council approves adding active-adult center to COP collateral pool, 5-2

GREELEY, Colo. — The Greeley City Council on Sept. 12, 2025, adopted a resolution to add the active-adult center to the property pool backing the city's 2025 certificates of participation (COPs). The measure passed 5-2 after council members questioned the repeated revisions to the collateral list.

City staff said the change was necessary after title work for the recreation center showed the active-adult center is on the same parcel and therefore must be included in the COP collateral list. "We are adding the active adult center to the property pool, and that is because, as title work was completed for the recreation center was found that they were included on the same parcel," a staff member identified in the meeting as Elena told council.

Council member Butler said the city had amended the COP collateral multiple times and pressed staff about finalizing the contracts and the lenders. Elena and staff told the council they planned to close financing on Sept. 9 and that three banks would purchase certificates of participation after the original bank withdrew.

Council member Butler moved to adopt the resolution and, after a second, the motion passed on roll call 5-2 (Butler and one other dissenting vote were recorded). The council clerk recorded the tally as five ayes and two nays; the resolution notes the COP program remains limited to $115,000,000 in total borrowing authority.

Why it matters: the property pool defines collateral for long-term borrowing. Adding parcels expands the assets securing the COPs and can affect lender interest and the marketability of the certificates. Councilors said they wanted to avoid further late-stage changes to collateral as financing closes.

Next steps: staff said closings with participating banks were scheduled for Sept. 9 and the city will proceed with the COP issuance under the $115 million limit unless further council action is required.

Sources and attribution: statements in this article are attributed to council remarks and the staff presentation at the Sept. 12 council meeting. No independent new documents were introduced in the meeting record; the staff presentation cited title work and the COP procurement process.