How Is the City Paying for This?

The City of Greeley is using a combination of responsible, proven financing tools to fund the West Greeley Entertainment District—without raising taxes. These tools allow us to move forward with other major projects while protecting public ownership and keeping city finances strong.

Certificates of Participation (COPs): This is a common funding tool cities use to borrow money without raising taxes. This tool has been used for many other projects in Greeley, including our local fire stations, City Center South, Family Funplex, Union Colony Civic Center, and the Police Headquarters.

Here’s how they work:

The City temporarily leases, not sells, public buildings (like City Hall) to a financial institution to secure a loan.
The financial institution then leases the public buildings back to the City allowing the City to keep using the buildings as normal.
Over time, the City makes lease payments using projected revenues––not new taxes.
The City expects to roll the COP obligation into long-term bond financing by the 501(c)(3) before any lease payments are due.
Once the loan is paid off, the leases end and the City keeps full ownership of the public buildings.”

In this case, COPs are being used to fund the pre-development phase, and the COP obligation will be repaid once long-term bonds for construction are issued.

501(c)(3) Conduit Financing: This tool allows a nonprofit entity—not the City—to issue the long-term construction bonds. The nonprofit will:

Lease the land for the entertainment district from the City
Issue and manage the debt
Oversee project construction and operations

Once the long-term bonds are fully repaid, the nonprofit will transfer full ownership of the project back to the City. This approach allows the City to support the project without taking on long-term debt itself.

Moral Obligation Pledge: A moral obligation means the City agrees to consider adding money to a project if needed. It’s not a legal debt and does not automatically require taxpayer funding.

Annual Economic Development Payment: To help ensure strong financing, the City has agreed to provide a predictable payment each year beginning at $12 million dollars adjusted annually. The nonprofit will repay the City—until the full amount is reimbursed.

General Improvement District (GID): The City will establish a GID to pay for public improvements for the project and adjacent areas—a GID is a special taxing district limited to properties that directly benefit from the public improvements made.

Enterprise Funds: Enterprise funds, such as water and wastewater infrastructure, are funded by user fees—not taxes. These services are paid for by those who use them, keeping utility systems sustainable and self-supported.

These tools work together to fund the project in a way that is financially sound, widely used, and aligned with how Greeley has successfully delivered other major infrastructure and community investments in the past.

Why wasn’t there a public vote?

Just like many other Colorado cities, Greeley is using a standard financial tool that may be approved by ordinance—not requiring a vote. It’s secure, transparent, and governed by state law. Over the past year, the City has:

Held 25+ meetings with residents, businesses, and community groups
Hosted 5 open houses for public feedback
Shared updates at City Council meetings
Participated in events like the Greeley Stampede
Created a project website with contact info, FAQs, and more

What can you do?

Attend a public meeting
Sign up for the newsletter
Visit the City’s booth at upcoming events (Arts Picnic, Friday Fest, Farmers' Market)