Title
A Resolution Approving the Assignment of 2017 Private Activity Bond Volume Cap Allocation to El Paso County
Presenter:
Bob Cope, Economic Development Manager
Body
Summary:
Each year, the City of Colorado Springs receives a State of Colorado allocation of Private Activity Bond (PAB) volume cap, and has four options: (1) use the allocation; (2) assign the unused PAB allocation to El Paso County; (3) return the unused portion of the allocation to the State of Colorado; or (4) carry forward the allocation for a specific purpose. For 2017, the City received $22,579,250 in PAB allocation. The City has until September 15, 2017 to determine how the annual PAB allocation will be used, or the City's allocation will automatically revert to the State. Historically, the City has assigned any unused portion of the City's PAB allocation to El Paso County, in order to retain the benefits of PABs in our area and to avoid returning the allocation to the State.
In 2017 the City did not issue PAB funds for eligible projects. The Executive Branch recommends that City Council approve the attached Resolution and Assignment to transfer the remaining unused allocation to El Paso County. As indicated in the attached letter (Attachment I), El Paso County intends to carry forward this allocation for eligible purposes, such as single or multi-family housing for up to three years, as allowed by Federal regulations.
With City Council approval of the attached Resolution and Assignment, the City's 2017 unused PAB allocation of an amount equal to $22,579,250 will be assigned to El Paso County for future use towards single and multi-family housing purposes and/or other eligible programs or projects authorized by the Private Activity Bond Ceiling Allocation Act, C.R.S. sec. 24-32-1701 et. seq.
Previous Council Action:
At its August 23, 2016 Formal meeting, City Council approved the assignment of the City's remaining 2016 allocation of $22,198,250 to El Paso County fo...
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