ANNOUNCEMENT:
The City of Thornton Private Activity Bond funds for 2013 are $5,787,780. Letters of Interest are due by May 31, 2013. If your organization or business has an eligible project or would like to discuss the tax exempt bonds in further detail please contact Debbie Hughes at 303-538-7346.
Overview
Private Activity Bonds (PAB) are tax exempt bonds designed to offer low cost financing for projects that create jobs and expand the City's tax base. Each year, Thornton receives approximately $5.5 million in PAB that can be allocated to private or nonprofit housing developers as well as manufacturing companies. PAB are a widely accepted method for generating and leveraging capital into Colorado and provide a lower cost of capital for housing transactions. Click here to download the City's PAB flyer.
Eligible Uses
Bond allocations can be used for a variety of activities including:
- Acquisition or rehabilitation of multi-family complexes
- First time-home buyer mortgage assistance
- Tax exempt facilities
- Higher education
- Manufacturing facilities and equipment
Industrial Development Bonds (IDB) are a type of PAB and are used for manufacturing projects which can range from building and equipment, machinery and furnishing to landscaping.
Timelines and Process
Interested agencies may contact the City at anytime to request information on the City's PAB allocation or to inquire about applying to the State directly.
- In January of each year, the City of Thornton receives notification of its PAB allocation from the Colorado Department of Local Affairs (DOLA). The allocation will be posted on this webpage.
- Letters of intent may be submitted anytime before May 31, 2013.
- City staff will provide recommendations to City Council in the fall.
- The City must notify the DOLA of its intent to assign the PAB allocation to an organization by September 15th of each year.