The City of Longmont is pleased to announce this Request for Applications for the City’s 2024 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 2024 PAB allocation is $6,277,708.
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:Â February 28-March 28, 2024
2. Application Submission Deadline: Monday, March 28, 2024, 4:00pm MDT
Submit one (1) copy of the application form and all supporting documentation via mail or email to:
Molly O’Donnell
City of Longmont
350 Kimbark Street
Longmont, CO 80501
molly.o’donnell@longmontcolorado.gov
3. City staff to review PAB applications, summary report preparation: March 29-April 12, 2024
4. City staff to present preliminary rankings to City Council; City Council evaluates options and provides a recommendation for approval of requests for PAB; City provides resolution of endorsement to Inducement Entity: April 23, 2024
5. Inducement Entity adopts resolution or ordinance authorizing carryforward or issuance of bonds: by September 15, 2024
Click here for a complete Private Activity Bond application package.
Please contact Molly O’Donnell at 303-651-8530 or by email at molly.o’donnell@longmontcolorado.gov with any questions.
