FAQs
- Shared site development reduces infrastructure costs.
- Proximity makes services more accessible for residents.
- Together, the projects amplify downtown investment and revitalization.
How will the Civic Campus be funded?
Each public partner will fund their own facilities with their taxpayer dollars. These are separate investments — city dollars for city facilities, county dollars for county facilities, and school district dollars for district facilities, with opportunities for some shared investments in public spaces such as parking and open plaza.
Where possible, the partners are aiming to coordinate efforts. It’s this commitment to collaboration that brings the most value by coordinating timelines and building side by side on the same land:
What does this cost the city?
The Pre-Development Agreement identifies and commits the City to $10.7 million through a pre-development budget. These dollars are already appropriated in the current budget.
What does the $10.7 million pay for?
Primarily, the $10.7 million will be used for land acquisition, building demolition, and site remediation. A portion will also cover soft costs such as consulting services for design and engineering.
If $10.7 million is only for pre-development, what is the total cost of the project?
The amount and structure for permanent financing will be determined through the pre-development process. Current modeling is based on constructing a new 95,000-square-foot City Hall, which is estimated at approximately $90 million (including land acquisition, construction costs, design and engineering, and financing).
The City anticipates financing this project through the issuance of Certificates of Participation (COPs)—a common financing tool for public facilities. Under this structure, the City’s possession of the property could take the form of a purchase, a lease, or a lease with an option to purchase. Any changes in building size or design would impact the overall cost.
What’s the financial benefit to the City?
A consolidated Civic Campus allows the City to reduce long-term operating and maintenance costs by eliminating the need to lease multiple buildings. Centralizing services in one location improves efficiency, enhances customer service, and creates opportunities for new retail and commercial activity downtown—expanding the City’s tax base.
Why Richmark Vertikal (RV)?
Richmark Companies have been long-standing developers in Downtown Greeley. They’ve invested millions in this community and this project is an extension of their ongoing commitment to Greeley. They own a few key properties in the project area that are essential for coordinated development. More importantly, they have a strong history of successful downtown projects, including ownership of the Doubletree Hotel, and established partnerships with the City, Weld County, and School District 6.
Vertikal Collaborative, based in Louisville, Colorado, is an experienced boutique hotel and residential developer, known for projects such as the Origin Hotels in Golden and Westminster. Together, they formed Richmark Vertikal, the joint venture selected as the City’s development manager for the Civic Campus Project.