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Arvada to carry forward $7.95 million private activity bond allocation after no local applicants
Summary
Council voted 4–1 to carry forward the city's 2025 private activity bond allocation of $7,946,818 into 2026 rather than assign it or relinquish it to the statewide pool.
The Arvada City Council approved R25-071 on Sept. 2 to carry forward the city's 2025 private activity bond (PAB) allocation of $7,946,818 from the Colorado Department of Local Affairs into 2026. The motion passed 4–1; Council Member Marriott voted no. Council Members Pfeiffer and Ambrose were excused.
City staff (Miss Espinosa) told the council the city opened a competitive application window earlier this year but did not receive any applications. Under state rules the city must notify the Department of Local Affairs of its intended use of the allocation by Sept. 15, 2025. The city’s options were to issue bonds for a project, assign the allocation to another issuer, carry the allocation forward for up to three years, or relinquish it to the statewide balance. Staff recommended carrying the allocation forward to preserve the city’s ability to use or assign the funds in 2026, when staff said several developers had expressed interest.
Discussion: Council Member Marriott said he would vote no because he believes the city should attempt to assign the allocation immediately to regional housing authorities (for example Foothills Regional Housing) if local developers do not apply, rather than stacking allocations for future years. Espinosa replied the city’s policy requires a competitive application period and that interested issuers must submit an application; she said the city had not reached back out formally to regional housing authorities during the 2025 application window but would encourage them to apply in 2026. Council Member Davis said she supported carrying the allocation because larger projects often need multiple years of allocations stacked to make financing feasible.
Outcome and next steps: The motion to carry forward the 2025 PAB allocation into 2026 passed 4–1. Staff said the carry-forward preserves the city’s ability to award a larger combined allocation next year; if the council had chosen to relinquish the allocation, it would have returned to the statewide pool for reallocation by DOLA.
