Complete Colorado

More than enough signatures verified for Greeley debt repeal

GREELEY–Efforts by Greeley residents to force a public vote on a $115 million debt package passed by the city council appear to be paying off, with the city clerk on Wednesday verifying more than enough signatures to put a repeal measure on the November ballot.

As previously reported by Complete Colorado, the city council plans to use Certificates of Participation (COPs), a form of a lease-purchase agreement often used to finance the construction of government buildings and other infrastructure, to cover initial costs for pre-development of “The Catalyst Project.”

The proposed $1.1 billion, city-owned entertainment district comes complete with a 12-slide water park, an 8,600-seat ice rink that will be home to the Colorado Eagles minor league hockey team, with an additional 1,500 seat rink for youth hockey, over 11,000 housing units, a transportation hub with plans to construct a bridge over highway U.S. 34, and a luxury hotel.

Since Colorado’s Taxpayer’s Bill of Rights (TABOR) amendment mandates voter approval for long-term debt, Colorado governments have developed a workaround by using year-long leases, and then “renewing” them annually until paid back, thus claiming the debt as a short-term obligation.

For example, a city government might renew the lease on a new courthouse built with COPs every year for 30 years before taking actual ownership of it.

In this case, Greeley officials claim the COPs would be paid back in just 15-18 months, when the construction bonds are issued.

A citizen-initiated repeal petition was circulated by grassroots organization Greeley Deserves Better, in late June to give Greeley voters final say over the debt package. Petitioners had to have a minimum of 4,586 valid signatures by August 6. A total of 8,993 signatures were turned in, nearly double the number needed. The Greeley city clerk on Wednesday found 5,538 signatures sufficient.

Bill Rigler from Greeley Forward, a group in opposition to the repeal effort, says they are not planning to challenge the sufficiency of the petitions, however four Greeley residents have already filed a protest, according to the city clerk.

A hearing on the challenge has to be scheduled by August 31, and a final decision made by September 5.

Complete Colorado will continue to follow the story.

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