El Paso County commissioners approved a resolution Tuesdayauthorizing $45 million in tax-exempt bonds on behalf of ColoradoCollege. The money will be used to make improvements to CC'sathletics center, Shove Chapel and three residence halls.
'CC's a jewel in our community and we're happy to be able toassist them,' said DeAnne McCann, the county economic developmentmanager. 'We are a conduit for them and if we weren't involved, theycould go to the state to do it. But it's good to help nonprofits inour community and this allows them to get a lower interest rate andsave a lot of money.'
The county won't incur any financial obligation or liability.Under Colorado law, counties, municipalities and the state can issuebonds eligible for tax-exemption for facilities for sports eventsand activities, recreation activities and business enterprise.
'CC's a primary employer in El Paso County,' McCann said. 'Theirimpact on our economy is substantial. They provide lots of jobs toour community.'
The county issued bonds on behalf of Pikes Peak Hospice andPalliative Care and Rocky Mountain Health Care in 2011, and for CCand Cheyenne Mountain Zoo in 2010.
'We did it for USA Hockey in about 2000,' McCann said. 'I reallylike doing this one because it's to do some reconstruction. CC willimprove their facilities and be able to hire some people to do thework.'
