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BCC chooses underwriter for financing of capital projects
County Commissioners selected Stifel Nicolaus to serve as the county's lead underwriter for the various forms of financing to pay for several capital projects.
In February, the 12-member Citizen Budget Review Panel convened to research how the county should address more than $277 million in capital construction projects and equipment and maintenance costs over the next five years. Projects may include a courtroom remodel and expansion, data center relocation, multi-purpose government facilities consolidation, a community correction facility and renovation, and Detention Facility expansion.
 Last month, the panel recommended to Commissioners that the county explore various forms of financing, including the use of Certificates of Participation. This financing may include both traditional tax-exempt financing and various Federal stimulus program funding, such as the Build America Bond program. The panel also recommended creating a Major Building Maintenance Reserve fund to help pay for significant capital needs in the future.
County staff, along with County Treasurer Tim Kauffman and financial advisor Jim Manire, recommended Stifel Nicolaus to serve as the underwriter. The firm will be marketing and selling the bonds on behalf of the County over the next month. The County maintains an excellent credit rating - Aa2 with Moody's and AA with Standard & Poor's, which may create a highly competitive market for these bonds to potential investors.
County staff is expect to market the bonds in late October and close on the financing the first week of November. |
Commissioners allocate money to affordable rental housing
The Board of County Commissioners agreed to allocate nearly $64,000 to help the Jefferson County Housing Authority buy two new affordable rental properties for low- to moderate-income families and seniors. Both properties are in Arvada and the Housing Authority plans to close on them by the end of September.
About $20,200 will come from money that Colorado Homeless Families recently returned to the county. In 1997, the county helped fund the purchase of two U.S. Department of Housing and Urban Development-owned, single-family homes. Colorado Homeless Families returned some of the money when one of the homes sold before the affordability period expired. Under many HUD programs, homes must remain affordable for a period before being sold at market rate. Otherwise, some or all of the funding used to originally buy the home must be returned.
The rest of the money that will go toward the purchase of the two rental properties will come from part of the county's $58,000 in HOME funding. HOME, a HUD program, is the largest federal block grant to state and local governments designed exclusively to create affordable housing for low-income households. |
Other BCC Actions
BCC approves contract amendment for West Chatfield Ave. construction
Commissioners approved a $170,000 increase to the county's contract with Denver-based Concrete Express, Inc., for the construction of West Chatfield Avenue after the company discovered that the existing road there was much worse than originally estimated.
 The Highways and Transportation Division requested the increase to the original $1.02 million contract that the BCC approved in May. When Concrete Express began work on the West Chatfield Avenue construction at South Everett Way and South Wadsworth Boulevard in July, workers discovered that all layers of the existing asphalt had severely degraded and required full replacement.
The project is expected to be completed by mid-December.
County to buy 10 new Mack trucks
Commissioners approved the purchase of 10 Mack cabs and chassis for $1.04 million from Colorado Mack Sales and Services in Denver.
The funds will come from the County's Fleet Replacement Fund. Over recent years, Fleet Services has standardized several types of heavy equipment, resulting in lower costs for operating and maintaining the equipment and training fleet staff. Mack is the county's standardized brand for tandem-axle cabs and chassis. Jeffco invited the two Colorado authorized Mack dealers to submit bids for the purchase, and only Colorado Mack Sales responded. | |
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