Greeley‑Evans School District 6 details plan for new downtown administration building, proposes COP financing

Greeley‑Evans School District 6 outlined plans on Tuesday night for a new downtown administration building as part of a four‑and‑a‑half‑block civic campus and presented financing parameters that would use certificates of participation to fund the district's portion of the project.

Kent Henson, the district's assistant superintendent of support services, told the board the current administration building "is 70 years old, basically," and cited a 2019 site assessment and a later quantitative study that put a replacement value at about $36,000,000 and a repair estimate near $23,000,000. Henson said the repair estimate would not address inefficiencies in layout or long‑term operating costs.

The district's construction estimate for a new building is $38,000,000, and staff recommended a total project budget of $50,000,000 to cover related site and parking work. "Building new is a good long term investment," Henson said, noting benefits such as decreased energy costs, improved safety and the ability to consolidate administrative, family‑center and enrollment services in one facility.

The proposed site is part of a multi‑party civic campus project involving the city and county and multiple private partners. Henson described a sequence of property swaps and shared planning for utilities and footprints across the block, and he said the district would rely on coordinated civil plans and a shared construction timeline to reduce costs and complexity.

Amy Canfield, an underwriter with Stifel Public Finance, outlined the district's COP financing plan. The proposed structure would be a 25‑year lease financing with level payments and a call provision that would allow the district to pay off or refinance the obligation at or after a 10‑year call date (staff said an earlier call date could be considered). Canfield said the offering before the board sets "maximum" parameters: a principal cap of $43,000,000, a maximum net interest rate of 6 percent and a maximum annual payment of $3,250,000; she added the district's working estimate for annual payments is closer to $3,085,000.

On COPs and collateral, Canfield said the district had identified Winograd and Maplewood schools as initial leased assets to support the certificates, with a plan to substitute the completed administration building as collateral once it is occupied, which staff said could be achievable under an optimistic schedule in early 2028. Canfield said insurers that can provide a double‑A insured rating were being evaluated because insurance can lower the cost of borrowing.

Nate, the district's legal counsel, framed the financing as lease‑based and addressed Colorado's Taxpayer Bill of Rights (TABOR). "We're not taking on any debt," he said, explaining the transaction uses a trustee and annual appropriation language so the board would appropriate the lease payment each year as part of the budget. He also described the limited remedies that would exist to a trustee in a default scenario (reletting the property) and said ownership would remain with the district.

Board members asked detailed follow‑up questions about parking during construction, the number of employees in the building (staff estimated roughly 135–150 people), square footage vs. current inefficiencies and the timing for procurement and certificate pricing. Staff said 17 contractor teams applied to the project, the district had recommended FCI Construction and Cunningham Architects for the work, and the team hoped to begin construction in August 2026 with substantial completion in early 2028—an aggressive timeline staff characterized as subject to change once excavation and site work begin.

No final board vote on the financing parameters or contracts was recorded in the work session; staff said the authorizing resolution with maximum COP parameters was on the business meeting consent agenda for later consideration and that staff would finalize details with underwriters, insurers and counsel after board authorization.

If approved and sold as planned, staff said the financing would be marketed to investors with a pricing target in early November and a closing later in the month, after which proceeds would be available to fund demolition of the existing building and construction of the new facility.

The district identified potential interim parking and shuttle options for staff during construction and said a downtown parking garage on the demolished site would be city‑owned. Staff also emphasized the collaborative nature of the project among the district, city, county and private partners and said the new facility would allow consolidation of offices now leased off‑site.

The transcript did not include a meeting date for the work session; procedural next steps described by staff included posting the offering document, marketing the COPs and returning to the board for final approvals in the business meeting.