Larimer County commissioners on May 28 directed staff to pursue a certificates of participation (COPs) financing package not to exceed $110,000,000 to advance Phase 2 projects of the Ranch master plan, while continuing to explore separate funding options for a proposed hotel and convention center.

Connor McGrath, director of the Ranch events complex, told the Board the COPs approach would allow a phased investment while “ownership would retain with Larimer County and the ranch,” and that the county intends “to mature the COPs at the same time as the sunsetting of the sales and use tax, 12/31/2039.”

The vote (direction given by consensus in the work session) moves forward a financing strategy that separates Phase 2 into COP-funded projects and pay-as-you-go projects financed from the dedicated sales and use tax voters renewed in 2017. Phase 2B — the hotel and convention center — was removed from the COP package and will be pursued with distinct capital options and partners.

Why this matters: the county said advancing Phase 2 now is intended to help the Ranch become self-sustaining before the dedicated sales and use tax sunsets at the end of 2039. County staff presented feasibility and market studies projecting collective stabilization of new net revenues by about 2035 and forecasted new net revenue of roughly $1,500,000 annually by that date.

County staff outlined the projects proposed for COP funding, not to exceed $110,000,000: an event lawn and event plaza with associated vertical infrastructure (restrooms, concessions), an outdoor amphitheater (revised to a maximum capacity of 6,000 with about 2,500 fixed seats), a teaching kitchen for 4‑H and community programs, a youth sports and hockey complex with convertible ice surfaces, Blue Arena renovations (including added premium suites and a revamped restaurant), and various site improvements such as stormwater work and sidewalks. Other items — expanded parking (about 450 new spaces), road widening for County Road 5 (a PUD requirement with the City of Loveland), and a roughly 10‑acre detention pond — were identified as pay-as-you-go projects funded from ongoing sales and use tax receipts.

Staff emphasized recent community outreach: Connor McGrath reported the Ranch team has engaged “over over 10,000 residents” across Phase 1 and Phase 2 outreach efforts, five public campaigns and multiple community events; he also said the most recent online survey had about 250 responses and that staff consider it an informal complement to earlier, statistically valid research.

The proposal reflects several changes from earlier planning. A previously considered 10,000-capacity amphitheater was trimmed to 6,000 after a feasibility review by Convention Sports & Leisure (CSL) suggested 6,000 (with 2,500 fixed seats) was more supportable and would avoid competing with major regional amphitheaters. A prior Blue Arena expansion budget was reduced by approximately $26 million from earlier figures that had been near $70 million. Connor McGrath summarized the revised capital stack for the public share of Phase 2 (excluding Phase 2B) at about $145,000,000, with $110,000,000 targeted for COPs and the remainder to be funded pay-as-you-go from the tax.

On revenue and risk: staff said the dedicated sales and use tax currently brings in about $14.5 million annually and that operations show a roughly $3 million to $4 million structural deficit the tax is covering. The COP plan would include buffers to maintain reserves to cover potential shortfalls; staff said COP maturities would be timed to coincide with the tax sunset. County finance staff and outside advisors will refine cash‑flow modeling and bring recommended finance documents back for a formal approval process.

Commissioners asked timing and process questions. Staff advised that the county will first return to a work session with refined numbers, then to an administrative matters agenda for formal approval of financing steps; staff also said retaining an underwriter and a municipal advisor is a near-term administrative action likely to appear on a consent agenda — a step that does not itself commit the county to issuing COPs.

On the hotel and convention center (Phase 2B), staff said feasibility work continues and that the capital cost for the convention portion remains substantial (a figure cited in the presentation for the convention component was about $161,000,000). Staff said Phase 2B will be pursued through other capital mechanisms and partners — including discussions with a quasi‑governmental issuer commonly abbreviated SECFA (Colorado Educational and Cultural Facilities Authority) — and will be brought back separately when staff can present a clear funding recommendation.

Quotes from the meeting include: Connor McGrath, director of the Ranch, saying the COP package would be “not to exceed 110,000,000,” and later that the county intends “to sunset the sales and use tax, and we would mature the COPs at the same time.” Commissioner Jody Shattuck McNally said she supported the division of Phase 2 and Phase 2B and that she “support[s] the COP idea for that amount no higher than $110,000,000.”

Next steps and outlook: staff will continue feasibility and cash‑flow work, refine budget and sequencing, and return with a follow-up work session (refined numbers) before seeking formal approvals in administrative matters later in the year (staff indicated fourth quarter as the likely timeframe). Retaining advisors and an underwriter will precede any COP issuance. The Board did not adopt a formal financing ordinance or bond sale at the session; the action recorded was direction to proceed with the recommended financing strategy and continued exploration of Phase 2B funding options.