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Council transfers $2M private activity bond cap to El Paso County to support regional housing projects
Summary
The Fountain City Council unanimously approved Resolution 26-034 to assign the city's 2026 private activity bond volume cap—about $2 million—to El Paso County so the county can pool allocations for larger housing projects; staff said Fountain has no current projects identified to use the allocation.
The Fountain City Council voted unanimously on July 14 to assign the city's 2026 private activity bond volume cap to El Paso County to support larger housing projects in the region.
Staff explained that the city’s annual allocation—roughly $2 million—can be used to support tax-exempt private activity bonds for housing but that Fountain currently has no qualifying projects identified. By transferring the allocation to the county, El Paso County can combine several jurisdictions’ caps to finance larger developments that may indirectly benefit Fountain residents.
A staff speaker said the process is routine and typically comes before council annually; moving the cap does not permit funds to be used for unrelated city purposes such as roads. Council member Estes moved to approve the resolution and it passed on a recorded voice vote; the clerk recorded seven yes votes and the motion carried.
The transfer requires execution of assignment documents and related closing paperwork; staff indicated they will complete those actions with county staff and legal counsel. No specific county project was identified at the meeting.
