The City of Longmont is pleased to announce this Request for Applications for the City’s 2018 Private Activity Bond (PAB) Allocation. The City has received its 2018 PAB allocation in the amount of $4,898,040. The City of Longmont annually receives a PAB allocation from the Colorado Department of Local Affairs that allows tax exempt bond financing for a variety of economic development and/or affordable housing projects.
PABs are designed to offer low-cost financing that encourages private sector investment in communities throughout the country. PABs encourage investment in projects that increase the tax base of a local community, including: (1) affordable housing, (2) economic development/manufacturing, (3) infra-structure, and (4) environmental projects.
The City of Longmont’s PAB Procedures and Guidelines is attached and includes detailed information on the PAB program purposes, eligible uses of PABs, and the structure of PAB issues. An application form is provided as well.
The City strongly suggests that any project developer considering using PABs seek advice of bond counsel prior to submitting an application to determine project eligibility under federal definitions of PABs.
SCHEDULE OF PAB ACTIVITIES
- Advertise Request for Application April – May, 2018.
- Application Submission Deadline - June 29, 2018, 5:00pm MDT.
Submit three (3) copies of the application form and all supporting documentation to:
City of Longmont
350 Kimbark Street
Longmont, CO 80501
- City staff to review PAB applications, prepare summary report July/August 2018.
- City staff to present preliminary rankings to City Council, City Council evaluates options and provides a recommendation for approval of requests for PAB August 2018.
- City provides resolution of endorsement and forwards to Inducement Entity August 2018.
- Inducement Entity adopts resolution or ordinance authorizing issuance of bonds Fall 2018.
Please contact Kathy Fedler at 303-651-8736 or by email at Kathy.firstname.lastname@example.org for any questions.