Capital Development Committee approves Western Colorado University request to use treasurer intercept program for faculty and staff housing

Capital Development Committee Chair convened the committee and the panel voted unanimously to allow Western Colorado University to participate in the state treasurer’s higher-education revenue bond intercept program to finance a faculty and staff housing project.

Ian Higgins, vice president for finance and administration and chief financial officer for Western Colorado University, told the committee the Gunnison Valley lacks sufficient housing for incoming faculty and staff and that the university wants to add to the local housing supply rather than buy existing homes. "We're anticipating a maximum construction cost to be $12,000,000; this will build roughly 35 units in a variety of bedroom and bathroom layouts," Higgins said. He also said the university meets the treasurer's program requirements and that the treasurer had preapproved nearly $185,000,000 for Western under the program.

The request sought authority to participate in the intercept program and to issue bonds. Higgins said the university planned a 30-year term and estimated an interest rate of about 4.9 percent. The motion presented to the committee set a maximum issuance in the motion text; the numeric amount in the audio record and transcript was garbled and is not specified here. Committee members voted 6-0 in favor.

Senator Heinrichsen described the housing shortage as a statewide problem and expressed frustration that institutions and school districts must directly provide housing to recruit and retain staff. "I really think that we, as a state, need to do a better job of cutting red tape and allowing for the facilitation of development of more affordable housing," Heinrichsen said. Higgins thanked the senator and said Western and other institutions are trying creative solutions to the shortage.

Representative Lindsey moved the motion to approve use of the intercept program; roll-call voting recorded unanimous support from the six members present. The committee chair said they looked forward to future progress reports from Western.

Details recorded in the committee presentation and vote: - Project purpose: provide landing housing for incoming faculty and staff to increase local housing supply and support recruitment. - Construction estimate: $12,000,000 (Higgins' estimate in committee remarks). - Units: roughly 35 units of mixed bedroom/bathroom layouts (Higgins). - Financing: participation in the treasurer’s higher-education revenue bond intercept program; treasurer preapproval noted as nearly $185,000,000 for Western (Higgins). - Term and rate: proposed 30-year term; estimated interest rate ~4.9% (Higgins). - Motion and vote: committee approved the request to use the intercept program by a unanimous roll-call vote of 6 to 0.

The committee record does not provide a clear, unambiguous numeric value for the motion's stated maximum issuance because the number is garbled in the transcript and audio. The committee vote and the project scope described above were recorded in committee minutes.

The committee did not adopt additional conditions in the public discussion recorded on the transcript; members asked no formal amendments to the motion during the recorded proceedings.

Members and staff indicated they expect to monitor progress and return for updates as the project proceeds.