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West Greeley project faces large financing gap; council presses staff on models and public communication
Summary
City staff and advisors told council updated costs for the West Greeley project have risen and that refined financing assumptions leave a remaining gap (discussed by council around $127 million). Staff emphasized multiple scenarios, the need to refine GID/COP assumptions and the oversight committee’s role; council members urged clearer public explanations.
City staff and outside advisors briefed the Greeley City Council on updated cost estimates and financing options for the West Greeley project during the April 2026 work session. Staff presented a preferred option cost estimate of approximately $959,400,000 (February 2026 figure) and noted an additional roughly $211,000,000 of capitalized interest, issuance costs and required reserves under the current modeling assumptions.
Alina Fortis (staff) and Jason Simms of Hilltop Securities reviewed the changed structure for predevelopment financing. Staff said the earlier $115 million certificate of participation (COP) plan had been…
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