Agenda Date: 02/17/2026
Subject:
Title
Main Street Improvements Financing: Certificates of Participation (COPs) Discussion
Body
From:
James L. Becklenberg, City Manager
Prepared by:
Laurie Matta, Finance Director
Presentations:
Laurie Matta, Finance Director
PURPOSE:
To propose a strategy to finance Main St. improvements through issuance of Certificates of Participation (COPs) in the summer of 2026.
LONG-TERM OUTCOME(S) SERVED:
Vibrant Community with Rich Culture; Robust and Resilient Economy; Safe Community
DISCUSSION:
In September Council provided direction to proceed with Certifications of Participation (COPs) for the Main Street Improvement, Belleview Service Center, and Town Hall Arts Center projects. Certificates of Participation (COPs) offer an efficient, timely, and cost-effective method for financing public infrastructure. COPs are a form of lease-purchase financing used by state and local government to finance the construction of public facilities. COPs are not considered debt under Colorado law, which means they do not require voter authorization for issuance. Due to immediate project readiness and specific expenditure requirements, staff recommends the issuance of COPs to fund the Main Street Improvement project.
The Capital Improvement Sales Tax (CIST) Fund secures our debt repayment, per a City Council informal policy allowing one-third for debt service and two-thirds for other capital needs. This approach allocates approximately $4 million annually to debt obligations.
Following Council's direction, the next steps include approving the COP issuance ordinance (1st and 2nd reading) in May, passing a reimbursement resolution in June, and finalizing funding in mid-July. Adopting a reimbursement resolution is essential to ensure that initial project costs can be recovered using proceeds from the future COPs issuance.
BACKGROUND:
Littleton faces a substantial backlog of capital needs that must be addressed to maintain high service stand...
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