Larimer County commissioners direct staff to pursue up to $110 million in COPs to advance Ranch Phase 2

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…