The City of Longmont is pleased to announce this Request for Applications for the City’s 2019 Private Activity Bond (PAB) Allocation. The City 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. The City’s 2019 PAB allocation is $4,945,028.
PABs offer low-cost financing to encourage private sector investment in communities throughout the country. PABs support investment in projects that increase the tax base of a local community, including: (1) affordable housing, (2) economic development/manufacturing, (3) infrastructure, and (4) environmental projects.
Click here to view the City of Longmont’s PAB Procedures and Guidelines. The procedures include 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
1. Advertise Request for Application April 15– May 13, 2019.
2. Application Submission Deadline - Monday, May 13, 2019, 5:00pm MDT.
Submit one (1) copies of the application form and all supporting documentation and an electronic copy to:
City of Longmont
350 Kimbark Street
Longmont, CO 80501
3. City staff to review PAB applications, summary report preparation - May/June 2019.
4. City staff to present preliminary rankings to City Council; City Council evaluates options and provides a recommendation for approval of requests for PAB -June 18, 2019.
5. City provides resolution of endorsement and forwards to Inducement Entity - July/August 2019.
6. Inducement Entity adopts resolution or ordinance authorizing issuance of bonds - Fall 2019.
Please contact Kathy Fedler at 303-651-8736 or by email at Kathy.firstname.lastname@example.org with any questions.