City Council
Regular MeetingGreeley, CO · July 14, 2026
Agenda
Greeley City Council Agenda
Special City Council Meeting
Tuesday, July 14, 2026 at 6:00 PM
City Council Chambers at City Center South,1001 11th Avenue, Greeley, CO 80631
via Zoom at: https://greeleygov.zoom.us/j/81557836606
NOTICE:
City Council members may participate in this meeting via electronic means pursuant to their adopted policies
and protocol.
Watch Meetings:
Meetings are open to the public and can be attended in person by anyone.
Meetings are televised live on GTV8 on cable television.
Meetings are livestreamed on the City’s Meeting Portal https://greeleyco.portal.civicclerk.com/
For more information about this meeting, to request reasonable accommodations for accessibility purposes in
an alternative format, or for meeting agendas, minutes, and archived videos, please contact the City Clerk’s
Office at cityclerks@greeleygov.com or 970-350-9740.
Mayor
Dale Hall
Mayor Pro Tem
Melissa McDonald - At-Large
Councilmembers
Craig Huddleston - Ward I
Deb DeBoutez - Ward II
Johnny Olson - Ward III
Brian Rudy - Ward IV
Ryan Roth - At-Large
City Council
Special City Council Meeting Agenda
Tuesday, July 14, 2026 at 6:00 PM
City Council Chambers at City Center South,1001 11th Avenue, Greeley, CO 80631
via Zoom at: https://greeleygov.zoom.us/j/81557836606
1. Call to Order
2. Pledge of Allegiance
3. Roll Call
End of Consent Agenda
4. Resolution of the City Council of the City of Greeley, Colorado, reaffirming the City’s commitment
to the construction of a new City Hall as part of the Civic Campus Project and affirming the City’s
intent to issue Certificates of Participation in a principal amount sufficient to fund the project cost
5. Motion authorizing the City Attorney to prepare any required resolutions, agreements, and
ordinances to reflect action taken by the City Council at this meeting and any previous meetings, and
authorizing the Mayor and City Clerk to sign all such resolutions, agreements, and ordinances
6. Adjournment
Packet
Greeley City Council Agenda
Special City Council Meeting
Tuesday, July 14, 2026 at 6:00 PM
City Council Chambers at City Center South,1001 11th Avenue, Greeley, CO 80631
via Zoom at: https://greeleygov.zoom.us/j/81557836606
NOTICE:
City Council members may participate in this meeting via electronic means pursuant to their adopted policies
and protocol.
Watch Meetings:
Meetings are open to the public and can be attended in person by anyone.
Meetings are televised live on GTV8 on cable television.
Meetings are livestreamed on the City’s Meeting Portal https://greeleyco.portal.civicclerk.com/
For more information about this meeting, to request reasonable accommodations for accessibility purposes in
an alternative format, or for meeting agendas, minutes, and archived videos, please contact the City Clerk’s
Office at cityclerks@greeleygov.com or 970-350-9740.
Page 1 of 30
Mayor
Dale Hall
Mayor Pro Tem
Melissa McDonald - At-Large
Councilmembers
Craig Huddleston - Ward I
Deb DeBoutez - Ward II
Johnny Olson - Ward III
Brian Rudy - Ward IV
Ryan Roth - At-Large
City Council
Special City Council Meeting Agenda
Tuesday, July 14, 2026 at 6:00 PM
City Council Chambers at City Center South,1001 11th Avenue, Greeley, CO 80631
via Zoom at: https://greeleygov.zoom.us/j/81557836606
1. Call to Order
2. Pledge of Allegiance
3. Roll Call
4. Resolution of the City Council of the City of Greeley, Colorado, reaffirming the City’s commitment
to the construction of a new City Hall as part of the Civic Campus Project and affirming the City’s
intent to issue Certificates of Participation in a principal amount sufficient to fund the project cost
5. Motion authorizing the City Attorney to prepare any required resolutions, agreements, and
ordinances to reflect action taken by the City Council at this meeting and any previous meetings, and
authorizing the Mayor and City Clerk to sign all such resolutions, agreements, and ordinances
6. Adjournment
Page 2 of 30
Council Agenda Summary
July 14, 2026
Key Staff Contact: Kelli Johnson, Deputy City Manager of Community Vitality
Title:
Resolution of the City Council of the City of Greeley, Colorado, reaffirming the City’s commitment to
the construction of a new City Hall as part of the Civic Campus Project and affirming the City’s intent to
issue Certificates of Participation in a principal amount sufficient to fund the project cost
Summary:
The purpose of this agenda item is to present for City Council's consideration a resolution, consistent
with Initiative Request No. 07-2026, expressing the City's intent to finance the construction of a new
City Hall through the issuance of Certificates of Participation (COPs).
Approval of the resolution represents the next major implementation milestone for the Civic Campus
portion of a larger Downtown Revitalization project. The Civic Campus portion of the project is defined
as joint development of the block generally bounded by 10th Street to the north, 8th Avenue to the east,
11th Street to the south, and 9th Avenue to the west; and includes a new City Hall, new administrative
offices for Greeley – Evans School District 6, and a privately developed boutique hotel. This resolution
authorizes staff to proceed with planning for financing the City Hall portion of the project while
completing the Development Agreement with Richmark Vertikal, LLC. The current estimated cost for a
new City Hall is approximately $83.6 million, including contingencies and reimbursement of eligible
predevelopment expenditures.
The larger Downtown Revitalization project, the Civic Campus project, and new City Hall
predevelopment have progressed through nearly three years of facility planning, downtown
redevelopment analysis, property acquisition, conceptual design, financial analysis, and coordination
among the City of Greeley, Weld County, School District 6, and private development partners. The
projects have now advanced from conceptual planning into implementation and are moving into final
design and construction.
Issuing Certificates of Participation with the proceeds to be made available as soon as possible, allows
the City to maintain coordination with project partners, reimburse approximately $7.9 million of the
$10.7 million in predevelopment expenditures at the earliest opportunity, minimize interim financing
requirements, and avoid approximately $4.5 million in potential additional costs associated with
delaying financing, including construction escalation and interest-rate risk.
Background
The Civic Campus Project originated in 2023 as part of the City's long-term evaluation of municipal
facilities and administrative space needs. Staff completed a comprehensive assessment of existing City
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administrative facilities and determined that the current buildings no longer adequately support efficient
government operations, customer service, technology requirements, or future organizational growth.
The evaluation identified numerous deficiencies, including aging building systems, deferred
maintenance, fragmented departmental locations, limited opportunities for expansion, increasing
operating costs, and operational inefficiencies created by housing employees and public services in
multiple buildings throughout the community.
Throughout 2024, the City's planning effort evolved beyond replacing office space and became a
broader initiative focused on establishing a new civic center in downtown Greeley. Staff evaluated City-
owned properties, redevelopment opportunities, and partnership models capable of leveraging public
investment while stimulating private redevelopment and strengthening the long-term vitality of
downtown.
At approximately the same time, Weld County and School District 6 were independently evaluating
future administrative and judicial facilities. The alignment of these planning efforts created an
unprecedented opportunity for multiple public agencies to coordinate investments around a shared vision
for downtown revitalization.
Public-Private Partnership
To evaluate redevelopment opportunities associated with the various efforts under consideration, the
City entered a Memorandum of Understanding (MOU) with Richmark Vertikal, LLC on October 24,
2024. The MOU established a framework for evaluating a comprehensive public-private Downtown
Revitalization effort and Civic Campus project that could coordinate municipal, county, school district,
and private development interests into a collaborative mixed-use redevelopment effort.
Richmark Vertikal subsequently facilitated collaboration among the City, Weld County, and School
District 6 regarding land assembly, development phasing, infrastructure planning, financing, and
conceptual design.
Master Planning
On March 25, 2025, City Council received its first public presentation of a conceptual master plan for
the redevelopment of five contiguous blocks in downtown.
The proposed redevelopment focused around the 1000 Block of 8th Avenue and included:
• A new City Hall;
• A new Greeley – Evans School District 6 administrative headquarters;
• A boutique hotel;
• Ground-floor retail and commercial space;
• Future residential development opportunities:
• A new Weld County Judicial Center; and
• A potential Weld County Administration Building.
From its inception, the project was envisioned as both a municipal facilities project and a
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transformational economic development initiative capable of increasing private investment, expanding
the tax base, activating downtown, and encouraging long-term redevelopment of surrounding properties.
Financial Planning
On May 27, 2025, Council held its first comprehensive discussion regarding the City’s portion of project
financing. At that time, the total Civic Campus investment was estimated at approximately $126 million,
including construction of City Hall and participation in a shared parking structure, and associated public
infrastructure.
The City Hall component was estimated to cost between approximately $80 million and $92 million,
with annual debt service estimated between approximately $6.7 million and $7.7 million depending
upon the financing structure.
Staff introduced multiple financing alternatives, including General Obligation Bonds, Certificates of
Participation, lease-purchase financing, and Building Authority financing.
Predevelopment
On August 5, 2025, City Council approved a Predevelopment Agreement with Richmark Vertikal, LLC,
formally transitioning the project from conceptual planning into active implementation.
Council also authorized a $10.7 million predevelopment budget to fund:
• Property acquisition;
• Building demolition;
• Environmental remediation;
• Surveying;
• Architectural and engineering design;
• Planning;
• Legal services;
• Project management, and
• Other implementation activities.
The City Hall program at that time consisted of approximately 95,000 square feet with an estimated
project cost of approximately $90 million, inclusive of land acquisition, construction, design, financing,
and project soft costs.
At the same time, Weld County voted unanimously to locate both its Justice Center and County
Administration facilities in downtown Greeley while School District 6 continued advancing plans for a
new administrative headquarters.
Project Progress
Council received an implementation update on September 23, 2025, outlining significant milestones to
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be completed during predevelopment, including:
• Completion of departmental programming;
• Coordination among project partners;
• Engagement of engineering, planning, architecture, and landscape consultants;
• Advancement of conceptual site planning;
• Property acquisition agreements;
• Preparation of land exchange agreements with Weld County;
• Preliminary financing analysis; and
• Economic impact evaluation.
The project also evolved into a comprehensive economic development initiative designed to increase
property values, expand sales tax revenues, generate lodging tax revenues, and encourage
redevelopment of underutilized public properties.
Preliminary Financing Evaluation
On December 9, 2025, Council received a comprehensive evaluation of financing alternatives following
completion of departmental programming and advancement of conceptual design.
The building program increased to approximately 104,000 square feet as departments refined
operational needs and opportunities to improve customer service and workplace efficiency.
Staff evaluated multiple financing options, including General Obligation Bonds, Certificates of
Participation, lease-purchase financing, and a Building Authority, and assessed each financing model
based upon affordability, flexibility, timing, annual debt service, legal considerations, and long-term
fiscal impacts.
Following Council discussion, Certificates of Participation emerged as the preferred financing
mechanism because they provide financing flexibility without increasing property taxes, preserve future
bonding capacity, and best align with the City's long-term financial strategy.
Project Budget
Throughout the predevelopment process, the City continually refined the project budget as
programming, engineering, architectural design, market pricing, and constructibility analysis progressed.
The initial conceptual estimate prepared in October 2025 established the City Hall project budget at
approximately $84.3 million, consisting of approximately $59.6 million in hard construction costs, $9.3
million in soft costs, and $3.8 million in land acquisition.
As programming and value engineering advanced, the November 2025 estimate was refined to
approximately $80.0 million, reflecting updates to building systems, project contingencies, and
development costs while maintaining the approved building program.
The project budget remained substantially unchanged through May 2026 while architectural
programming, engineering, utility planning, and site development continued.
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The June 2026 estimate reflects the current level of design and market pricing and establishes the City
Hall project cost at approximately $83.6 million, consisting of:
Component Estimated Cost
Land Acquisition $3.5 million
Hard Construction Costs $68.6 million
Soft Costs $11.5 million
Total Project Cost $83.6 million
The increase from prior estimates primarily reflects updated construction pricing, expanded definition
of the building's core and shell systems, enhanced public plaza improvements, updated furniture and
equipment costs, revised utility connection fees, and current market conditions, partially offset by lower-
than-anticipated land acquisition costs resulting from completed negotiations.
Financing Plan
The City Hall project is funded through a combination of previously authorized predevelopment funding
and the proposed Certificates of Participation.
Current funding sources include:
• $10.7 million previously appropriated for predevelopment activities;
• Approximately $71.9 million in remaining construction financing;
• $576,000 from the Stormwater Capital Program for detention and underground stormwater
infrastructure;
• $180,000 from Xcel Energy's 1% Fund for utility undergrounding; and
• Approximately $330,000 in interim capital prior to bond closing under the recommended
financing schedule.
The broader Downtown Revitalization project also includes construction of a shared parking structure
estimated at between approximately $36.8 million and $38.7 million, depending upon final project
configuration. Funding is anticipated from multiple public and private partners, including the City, Weld
County, the Downtown Development Authority, School District 6, and potential future hotel
participation.
Combined, the City Hall and parking structure represent an overall Civic Campus investment ranging
from approximately $121.7 million to $126.9 million, depending upon final project configuration and
timing.
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Considerations in Proceeding with Financing
Staff evaluated issuing Certificates of Participation in November 2026 and delaying issuance until
March 2027.
Issuing the Certificates of Participation this year:
• Maintains the coordinated construction schedule with School District 6 and Weld County;
• Reimbursements of approximately $10.7 million in predevelopment expenditures at the earliest
opportunity;
• Minimizes interim cash requirements;
• Preserves project momentum established during predevelopment; and
• Reduces exposure to construction inflation and financing uncertainty.
Delaying financing for approximately six months would result in some additional project costs,
including:
• Approximately $1.5 million in construction cost escalation;
• Potential interest-rate risk estimated at approximately $3 million over the life of the financing if
borrowing rates increase by only 25 basis points, representing approximately $100,000 in
additional annual debt service;
• Additional design costs associated with re-phasing civil infrastructure;
• Increased site preparation costs required to keep School District 6 on schedule;
• Delayed reimbursement of predevelopment expenditures; and
• Additional carrying costs associated with development expenditures advanced by the City.
Maintaining the current financing schedule also reduces the risk that delays by one project partner could
affect the broader Civic Campus redevelopment effort.
Current Status
Predevelopment work on the Civic Campus project is expected to be completed by September 1 and is
already transitioning into final design, financing, and construction. Major milestones at or near
completion include:
• Executed a Land Exchange Agreement with Weld County.
• Currently negotiating a Land Exchange Agreement with Greeley – Evans School District6.
• Facility programming;
• Detailed architectural design development drawings are complete and construction drawings in
progress;
• Engineering and site planning;
• Property acquisition and land assembly;
• Environmental investigations;
• Utility planning;
• Transportation analysis;
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• Economic impact evaluation;
• Financial modeling;
• Development negotiations; and
• Intergovernmental coordination among the City, Weld County, School District 6, and Richmark
Vertikal is ongoing.
Execution of a Development Agreement with the City’s Development Manager together with
authorization of the Certificates of Participation represents the next planned implementation
steps and allows the project to proceed into final design and construction.
Fiscal Impact:
If approved, will this item result in a positive, negative, or no impact on the budget?
This would be a budgeted item if approved.
Is it budgeted? No
Does it require a new appropriation? Yes
Are there any long-term financial impacts? Yes
Is there grant funding for this item? No
The proposed resolution authorizes the issuance of Certificates of Participation to finance the
acquisition, design, construction, furnishing, equipping, and related costs associated with the new City
Hall, including reimbursement of eligible predevelopment expenditures and financing costs. The current
estimated City Hall project budget is approximately $83.6 million, consisting of approximately $68.6
million in hard construction costs, $11.5 million in soft costs, and $3.5 million in land acquisition. The
requested financing authorization provides sufficient capacity to fully fund the project while
accommodating financing expenses and customary contingencies.
Legal Issues:
The process for consideration of this matter includes the following:
1. City staff presentation (if requested)
2. Council questions of staff
4. Council discussion
5. Council decision
Other issues and Considerations:
Strategic Focus Area:
Business Growth
Community Vitality
High-Performance Government
Housing For All
Infrastructure and Mobility
Quality of Life
Safe and Secure Communities
Decision Options:
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1. Adopt the resolution as presented and authorize staff to pursue COP issuance and receive
funds immediately.
2. Amend the resolution and delay issuance of the Certificates of Participation and direct staff
to identify interim funding necessary to maintain project continuity and support School
District 6's construction schedule pending future financing.
3. Deny the resolution, or
4. Continue consideration of the resolution to a date certain.
Council’s Recommended Action:
Adopt the resolution.
Attachments:
1. Resolution No. 100, 2026
2. Item - Presentation
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CITY OF GREELEY, COLORADO
RESOLUTION NO. 100, 2026
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF GREELEY,
COLORADO, REAFFIRMING THE CITY'S COMMITMENT TO THE
CONSTRUCTION OF A NEW CITY HALL AS PART OF THE CIVIC CAMPUS
PROJECT AND AFFIRMING THE CITY'S INTENT TO ISSUE CERTIFICATES OF
PARTICIPATION IN A PRINCIPAL AMOUNT SUFFICIENT TO FUND THE
PROJECT COSTS
WHEREAS, the City Council of the City of Greeley ("City") has previously identified the
development of a new Civic Campus, including a new City Hall, as a strategic investment in the
City's long-term ability to provide efficient, accessible, and effective municipal services; and
WHEREAS, the City Council recognizes that many existing City facilities have reached the end
of their useful lives, are operationally inefficient, and no longer adequately support the delivery
of municipal services to the residents of Greeley; and
WHEREAS, the Civic Campus Project has been developed to improve customer service,
operational efficiency, accessibility, public safety, and long-term stewardship of public assets;
and
WHEREAS, the City Council desires to reaffirm its commitment to the construction of a new
City Hall as the central component of the Civic Campus Project; and
WHEREAS, the City Council recognizes that timely completion of a Development Agreement
is an important milestone for the successful implementation of the Civic Campus Project and has
directed City staff to continue negotiating and advancing such agreement in order to maintain
project momentum, provide certainty to public and private project partners, and facilitate the
coordinated delivery of the Civic Campus Project; and
WHEREAS, the City Council further desires to reaffirm its intent to finance the construction of
the new City Hall through one or more financing mechanisms authorized under Colorado law,
subject to the completion of all required legal, financial, and procedural requirements.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
GREELEY, COLORADO, THAT:
Section 1. Findings. The foregoing recitals are incorporated herein and are found to be true and
correct.
Section 2. Reaffirmation of Commitment. The City Council hereby reaffirms its commitment
to the planning, design, financing, and construction of a new City Hall as a key component of the
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Civic Campus Project and finds that completion of the project serves an important public
purpose by enhancing municipal operations and improving the delivery of public services.
Section 3. Financing Commitment. The City Council hereby declares its intent to finance the
construction of the new City Hall through the issuance of Certificates of Participation, subject to
City Council approval, with the financing to be issued and closed, and the proceeds made
available as soon as possible.
Section 4. Maximum Principal Amount. The aggregate principal amount of the financing
authorized or contemplated pursuant to this Resolution shall be an amount sufficient to finance
the costs of the Project, including, as applicable, costs of issuance, capitalized interest, reserve
funds, refunding costs, and other financing-related expenses.
Section 5. Future Council Action. Nothing contained in this Resolution shall constitute final
authorization for the issuance of any debt or other financing obligation. Any financing shall
remain subject to approval by the City Council through subsequent ordinances or resolutions, the
completion of all required legal proceedings, and compliance with applicable provisions of the
Colorado Constitution, the City Charter, and Colorado law.
Section 6. Administration. The City Manager, Finance Director, City Attorney, and other
appropriate City officials are authorized to continue planning, design, procurement, financing
preparation, negotiation of the Development Agreement, and all other activities necessary to
advance the Civic Campus Project consistent with this Resolution and future Council direction.
Section 7. Effective Date. This Resolution shall take effect immediately upon its adoption.
PASSED AND ADOPTED, SIGNED AND APPROVED ON THIS ___ DAY OF ____,
2026.
ATTEST: CITY OF GREELEY, COLORADO
By:____________________________ By:________________________________
City Clerk Mayor
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Civic Campus/City Hall
Financing Resolution
Kelli Johnson, Deputy City Manager
John Hall, Senior Strategic Advisor
July 7, 2026
Page 13 of 30
• Project Vision and Downtown 2032
• Development Elements and Timelines
Agenda • Key Activities to-date
• Milestones
• Redevelopment Area and Plan Concept
• Financing and Budget
• Next Steps
• Council Direction
• Authorization Schedule
Page 14 of 30
Project Vision 3
An opportunity to shape a vital part of our city’s
future with the following key objectives:
• Retain Key Downtown Employers
• Establish a Centralized Civic Campus
• Drive Economic Development and Private
Investment
• Maximize Use of Downtown Property
• Activate Land and Public Spaces
• Advance Greeley’s Long-Term Vision and
Identity
• Design a Welcoming, Inclusive, and Connected
District
• Enhance Public and Private Partnerships
Page 15 of 30
"Downtown 2032" - Adopted January 2023 4
• EC 1.1 - Prioritize development and redevelopment • EC 3.1 - Facilitate a diversity of housing types in
on opportunity sites Central Downtown to include high density housing
and infill development of apartments
• EC 1.2 - Incentivize investment to specific areas that
require gap financing • EC 3.5 - Invest in amenties and encorage land uses
that increase the desirability of Downtown as a
• EC 1.3 - Offer potential investors resources for neighborhood to live work and play
development and redevelopment opportunities
• EN 1.1 - Invest in streetscape improvements along
• EC 1.4 - Demolish, remediate, and redevelop 10th Street and 8th Avenue that improve the
properties that have environmental hazards or pedestrian experience...
other impediments to redevelop
• EN 4.1 - Create new design standards and
• EC 1.5 - Facilitate mixed-use in new and existing guidelines for for Downtown that focus on
buildings consistent treatment of the public realm
• EC 2.3 - Proactively tailor business recruitment in • EX 5.3 - Build a more distinct brand identity for
Central Downtown to include restaurants … each of the sub-areas comprising Downtown
hotel/conventions
• EX 5.5 - Explore ways to attract an additional
hotel and/or conference and events centers
EC = Economy, EN = Environment, EX = Experience
Page 16 of 30
Development Elements 5
Building Size Stories Construction Start Construction End
City Hall 104,000 sq ft 5 Winter 2026 Winter 2028
School District 6 Admin* 60,000 sq ft 3 Fall 2026 Summer 2028
Hotel 85 keys + restaurant & bar 4 Winter 2026 Fall 2028
Parking Garage 815 stalls 4.5 Fall 2028 Winter 2029
Justice Center* 250,000 sq ft 3 Winter 2026 Spring 2029
County Admin* 150,000 sq ft 3 TBD TBD
*Design and construction by others
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Timeline 6
Construction
Block Demo Start Demo End Built Construction End
Start
West Block May 2026 October 2026 Weld County Justice Center November 2026 May 2029
Trophy Block May 2026 July 2026 Temporary Parking Lot July 2026 September 2026
Round Building June 2026 August 2026 Weld County Parking Lot TBD TBD
November 2026/ November 2028/
Juror Lot September 2026 November 2026 New City Hall, D6*, Hotel** November 2026*/ May 2028*/
September 2027** November 2028**
D6 June 2028 October 2028 Parking Garage October 2028 November 2029
Centennial Block June 2029 December 2029 Weld County Admin December 2029 February 2032
See previous slide for block titles
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Key Activities and Actions to-date 7
• October 2024: MOU executed between City and RV
• March 2025: RV presented masterplan concepts to City Council
• May 2025: City staff presented initial funding alternatives for proposed City Hall
• July 2025: County voted to construct new Justice Center and administrative offices downtown
• August 2025: Council approved a Pre-Development Agreement (PDA) with RV and committed $10.7 million
• October 2025: Council approved reimbursement resolution for predevelopment expenditures. Eligible
reimbursement period expires April 2027
• December 2025: Council consensus on Plan of Finance
• March 2026: Round building vacated
• May 2026: City and Weld County executed land trade agreement through an Intergovernmental Agreement
• June 2026: City and School District 6 in land trade agreement negotiations
A City of Greeley Initiative
Page 19 of 30
Downtown Revitilization Milestones
Q1 Q2 Q3 Q4
Work on Land
Master Plan Concept Triparty Meetings with Council Approves PDA
Exchange/Begin City 2025
Presented to Council Decision Makers with Richmark Vertikal
Hall Design
Relocate Staff and Land Trades and DA, COP Funds Available.
Complete City Hall
Draft Development Demolition, Design and Begin Juror Block/City 2026
Design, Issue COPs
Agreement (DA) Costing Hall Construction
Juror Block/City Hall Construction 2027
City Hall Staff
Juror Block/City Hall Construction and Demo Phase 2 Relocate to NewCity 2028
Hall
Parking Garage Construction 2029
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9
A City of Greeley Initiative
Page 21 of 30
10
Civic Campus
Block Layout
Page 22 of 30
Certificates of Participation 11
Certificates of Participation are lease-backed financing instruments and are repaid through annual appropriations.
Example: Capitalized Interest, Interest Only,
Ownership: City
& Level Repayment
Collateral: Facility being constructed
Interest Rate: 4.35%
Term: 20 years
Average Payments
Annual Payment: Can vary based on structure
Years 1-3: $0 - Capitalized Interest
Funding Source: Food Tax, General Fund
Years 3-5: $4.3 million – Interest Only
Years 6-20: $8.2 million
Total Cost of Ownership: $136 million
For discussion purposes, subject to change
A City of Greeley Initiative
Page 23 of 30
Proposed City Hall Budget Summary 12
Budget Element Amount % of Total Project
Land Acquisition $3.5M 4%
Hard Costs (Construction) $68.6M 82%
Soft Costs (Design, Fees,
$11.5M 14%
Contingency, etc.)
Total Project Budget* $83.6M 100%
*Assumes November 2026 bond issuance with hotel.
A City of Greeley Initiative
Page 24 of 30
Proposed City Hall Budget Summary (cont.) 13
Key Budget Highlights Major Construction Cost Components
• Total Project Budget: $83.6 million • Core & Shell: $49.43M
• Construction costs account for approximately • Furniture, Fixtures & Equipment (FF&E): $4.50M
82% of the overall project budget.
• Public Plaza: $4.74M
• The June 2026 estimate reflects a $3.6M
• Insurance/Bonds/GC Fee: $3.53M
increase over the prior $80M estimate,
primarily due to refinement of the building • General Contractor Contingency: $5.90M
scope and updated construction pricing.
• Public Art (1% for Art): $0.50M
• Tenant finish costs are now incorporated
within the Core & Shell budget. Major Soft Cost Components
• Architectural & Engineering: $2.75M
• Developer Fee: $3.43M
• Project Contingency: $3.43M
• City Development Fees: $0.76M
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Next Steps 14
• Complete Predevelopment Agreement Work Scope (demolition, site prep, land purchases. . . )
• Complete Land Exchange Agreement with School District 6
• Execute All Land Exchanges with Partners
• Schedule and Adopt by Resolution the Development Agreement for the Construction of City Hall
• Schedule Introduction and First Reading of an Ordinance to Appropriate Funds to Construct the
New City Hall and Issue Certificates of Participation (COPs)
• Schedule Introduction and First Reading of an Ordinance Authorizing Issuance of Certificates of
Participation (COPs)
Page 26 of 30
Council Direction 15
• Adopt the resolution as presented and authorize staff to pursue COP issuance and
receive funds immediately
• Amend the resolution and delay issuance of the Certificates of Participation to March 2027 and
direct staff to identify interim funding necessary to maintain project continuity and support
School District 6's construction schedule pending future financing.
• Deny the resolution; or
• Continue consideration of the resolution to a date certain.
Page 27 of 30
COP Authorization Schedule 16
September 2026 October 2026 November 2026
COP Sale of COPs
COP Ratings
Ordinance & & Funds
& Posting
Appropriation Received
Page 28 of 30
Council Agenda Summary
Title:
Motion authorizing the City Attorney to prepare any required resolutions, agreements, and
ordinances to reflect action taken by the City Council at this meeting and any previous meetings,
and authorizing the Mayor and City Clerk to sign all such resolutions, agreements, and ordinances
Page 29 of 30
Council Agenda Summary
Title
Adjournment
Page 30 of 30
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