Dear Wheat Ridge Neighbors,
I am very excited about the progress being made on the 2E funding since the November/2016 election. As you know I championed support for the passage of 2E. I am very pleased the community came together to support this temporary sales and use tax increase the these four important projects:
- Anderson Park Improvements $4 million
- Wadsworth Boulevard Reconstruction, 35th Avenue to Interstate 70 $7 million
- Wheat Ridge-Ward Commuter Rail Station Area $12 million
- Clear Creek Crossing-Mixed Use Development Site Hook Ramps $10 million
I encourage you to subscribe the Investing 4 The Future quarterly newsletter with periodic updates about the four projects. You can subscribe online by clicking on the “Our Community” tab and then click on the Investing 4 The Future – Projects Funded by 2E link.
Since voter approval, I have been very busy as your City Treasurer working with staff on the following:
Creation of Fund 31 – the .5% Sales and Use Tax Fund was approved by City Council on February 13th. In accordance with Governmental Accounting Standards Board (GASB) 54, 2E funds are “restricted” and cannot be co-mingled with other sources of City revenue. Therefore, both revenues and expenditures will be accounted for in Fund 31. I will be reporting on the status of Fund 31 on a monthly basis in my City Treasurer Report that can be found on my Treasurer page under the “Reports” tab on the City website.
Issuance of Bonds – we are also working on the issuance of bonds that will take place later this spring. As part of 2E approval, voters authorized the City to issue debt in the amount not to exceed $33 million with a maximum repayment cost of not to exceed $38,500,000. The bonds can only be used for the public investments approved by the voters.
The Bond Committee presented three scenarios to City Council on February 13th and I recommended Council move forward with Scenario #3. Without getting too technical, I supported this scenario because I believe it provides the City the greatest protection and flexibility in supporting future economic development agreements. You can read more about the three options presented to Council by reading the February 13th City Council Study session packet.
Next steps moving forward include City Council approval of the ordinance required to move to the bond issuance step.
Thank you again for your support for 2E. I am excited to see these projects become a reality.
If you have any questions, please feel free to contact me via email at firstname.lastname@example.org or call 303-231-1392.