City of Cortez asks county to carry forward $1.7 million in private-activity bond allocation

City of Cortez officials asked the Montezuma County commissioners to carry forward the county’s private-activity bond allocation so the funds remain available for eligible housing projects in the community.

Drew Sanders, Cortez city manager, introduced the request and turned the presentation to Lisa Bloomquist, the city’s housing coordinator. Bloomquist said the county’s current PAB allocation is $1,700,000 and that the county may either carry the allocation forward for up to three years, relinquish it to the Colorado Housing and Finance Authority (CHFA) or another eligible jurisdiction, or do nothing and have the allocation revert to the state.

“We would like this money to stay in the community and be available for use for eligible purposes within the community over the next 3 years,” Bloomquist said. She said the city is working with workforce-housing developers on a preliminary plan for a project at the former Montezuma-Cortez High School property on Seventh Street between Chestnut and Oak; no construction has begun.

Bloomquist said a resolution prepared by the law firm Kutak Rock would be presented to the commissioners the following day; the city expects Kutak Rock to provide carry-forward services at no cost to the county. County staff said the paperwork for PAB carry-forward must be completed by September to preserve the allocation.

Commissioners said they previously favored keeping PAB allocations local when possible and had no further questions during the workshop presentation.