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Englewood studies $6.6 million municipal energy project; proposes $3.9M tax‑exempt lease, Malley Center as collateral
Summary
City staff and Energy Systems Group presented financing options for a citywide energy-efficiency and solar project at the June 2 study session. Staff proposed a 20-year tax-exempt lease purchase of about $3.9 million, using Malley Center as security while the larger project totals about $6.6 million.
City staff and contractor Energy Systems Group briefed the Englewood City Council in a June 2 study session on financing options for a comprehensive municipal energy project that combines energy-efficiency upgrades and solar photovoltaic (PV) installations across city facilities.
Victor Rochelle, director of public works, and Kevin Ingalls, director of finance, said the full project cost is now estimated at about $6.6 million (down from a prior estimate of $6.75 million), with some grant funding reduced by state and federal cuts. Ingalls described a proposed financing package to cover roughly $3.9 million of that cost through a 20-year tax-exempt lease-purchase (TELP). He said municipal status allows tax-exempt financing similar to bonds and that advisors recommended tying a facility to the lease as…
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