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El Paso County Colorado District 49

County approves COP money

The Board of County Commissioners approved a plan for a few El Paso County capital projects.The county will refinance Certificates of Participation (COP) series A and B, which will provide $31.4 million dollars in proceeds. With these funds, the county will abate the asbestos in the south tower of the Terry R. Harris Judicial Complex, renovate the metro jail as a work release facility, purchase the motor vehicle building located at Airport Road and Powers Boulevard, build-out the fourth and fifth floors in the west tower of the judicial complex and complete four and one-half levels of the parking structure located at 50 East Costilla Street.”Two of our capital requirements will actually generate enough revenue to cover the additional costs of the refinance and ultimately cover the entire $31.4 million,” said Board Chair Dennis Hisey.The reinstated work release program is expected to generate $1,075,000, and leasing space at the Motor Vehicle building will allegedly provide almost $214,000 ñ combined it means a possible total revenue increase of $1,289,000 per year for the county. The refinance of the COPs will require a budget increase of $791,210 per year. According to a county news release, ìAfter covering the COP budget increase with the revenue generated from these two investments, the county will have $497,790 in additional revenue that will allow the original payoff schedule to remain on track.î

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