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Council approves $100 million certificates of participation to fund City Pavilion renovation
Summary
Boulder City Council on March 20 approved issuing $100 million in certificates of participation to fund renovations to the City Pavilion building as part of the Western City Campus redevelopment.
Boulder City Council approved consent‑agenda items 3A through 3J on March 20, including a package of financing actions to issue $100,000,000 in certificates of participation (COPs) to fund renovations of the City Pavilion portion of the Western City Campus redevelopment.
Interim Chief Financial Officer Joel Wagner explained to council that the $100 million request is the final administrative step for a project that began with the 2015 acquisition and subsequent planning steps; the Pavilion building will be the source of collateral for the COPs and the Boulder Municipal Property Authority (BUMP A) will facilitate issuance. Wagner said COPs have been in use in Colorado since the 1980s and are used sparingly; the city used them previously in 2019 for a fiber backbone project.
Michelle Crane, deputy director for facilities and fleets, told council the $100 million figure is based on pricing from the contractor Saunders Construction and on documents described as “about 95% construction documents.” Crane said the project includes a 5% construction contingency and a 3% buyout contingency; council members asked about protections against market-driven overruns and staff said contracting quickly was one strategy to lock prices in while uncertainty remains in construction markets and tariffs.
Council approved the consent agenda by unanimous roll call. Councilmember Mark (transcript reference) raised questions about public communication regarding the financing size and asked for additional information; staff said they would provide follow-up details.
