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Pueblo County commissioners direct staff to reserve 2025 private activity bonds for TAVA housing project
Summary
County leaders told staff to begin paperwork to carry over the county's 2025 private activity bond allocation and designate it for the TAVA housing project, rather than relinquish the allocation back to the state on Sept. 15.
The Pueblo County Board of Commissioners directed staff on Aug. 15 to prepare paperwork to carry over the county's 2025 private activity bond (PAB) allocation and designate it for the TAVA housing project, instead of allowing the allocation to revert to the state.
The designation is preparatory: staff will bring a formal resolution to a future statutory meeting for official approval. County Manager Sabina Genesio said the purpose of the session was to get direction so staff can "get the paperwork started" and be ready to present a resolution when the board resumes formal business.
The nut graf: Private activity bonds are a time-limited allocation. County staff described three options: do nothing (the allocation would automatically revert to the state on Sept. 15), assign the allocation to an entity that has historically used it (transcript reference: CHAPA) or carry the 2025 allocation forward and designate it for a project that can use it in a subsequent year. Commissioners settled on carryover and specifically discussed designating TAVA as the 2025 carryover project.
County staff explained the mechanics and timeline. Cammy Torres, director of the Department of Human Services, told commissioners that if the board takes no action the allocation reverts to the state on Sept. 15. She described three options: relinquish the allocation back to the state; assign the allocation (historically to CHAPA, used for single-family mortgage programs); or carry over the allocation and designate a project that may draw on it in 2026 or later. "We are allowed to carry over for three years," Torres said, noting the county could carry 2025's allocation into 2026 and, if needed, into 2027 (and that reversion would occur after the allowable carryover period if no viable project moved forward).
Commissioners discussed risk and flexibility. Commissioner Kim (first name only in the record) said she did not want the allocation returned to the state and favored carryover to TAVA if no other viable local project were ready. Genesio and other commissioners expressed agreement; one commissioner said the TAVA proposal appeared to have much of its financing in place. Torres cautioned that if the designated project later failed to proceed the county would have to request redesignation from the Colorado Department of Local Affairs (DOLA) and that DOLA might or might not permit a category change or immediate redesignation.
Direction to staff and next steps. Commissioners instructed staff to begin paperwork to designate the 2025 allocation to the TAVA project and to prepare a resolution for an upcoming statutory meeting. Torres said that if the TAVA project could not proceed staff would return to DOLA to request redesignation; absent redesignation the allocation would revert to the state.
No formal vote on the designation was recorded in the transcript; the record shows commissioners providing direction and consensus to move forward with paperwork and a resolution. The board moved on to other business after giving staff that direction.
Ending: Staff listed key deadlines and constraints for the commissioners: the county must designate a specific project to carry an allocation forward, carryover is allowed for up to three years, and the automatic reversion date for 2025 allocations is Sept. 15 if the board takes no action. Staff said a formal resolution would be prepared for the board's next statutory meeting for an official vote.
