Title
A resolution approving the assignment of 2016 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 2016, the City received $22,198,250 in PAB allocation. The City has until September 15, 2016 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 2016, 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 2016 unused PAB allocation of an amount equal to $22,198,250 will be assigned to El Paso County for future use towards single and multi-family housing purposes and/or other programs or projects approved in the Allocation Act.
Previous Council Action:
At its September 8, 2015 Formal meeting, City Council approved the assignment of the City's remaining 2015 allocation of $21,906,500 to El Paso County for single and multi-family housing purposes. At the September 9, 2014...
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