Aurora advances plan for new animal shelter; staff seeks up to $27 million in COP financing

Aurora City staff presented plans for a new animal shelter and introduced an ordinance authorizing lease-purchase financing (certificate of participation) of up to $27 million to help pay for a roughly $51 million project, Teresa Sedmack said at the Finance Committee meeting.

"The ordinance which I have introduced, allows for the financing, with COPs, We just lease purchase as you know, in the maximum amount maximum borrowing amount of $27,000,000. It states a maximum interest rate of 6%." Teresa Sedmack said. She told the committee staff's financial adviser indicated current market rates would likely be about 4.8% if the city went to market that day.

City project staff described the proposed facility as a modern, roughly 38,000-square-foot shelter with capacity for about 250 animals, separate spaces for cats and dogs, improved customer experience and indoor/outdoor animal areas. Jessica Prosser told the committee the current shelter is out of compliance with state requirements, the facility has been operating under waivers and that…