Final
STAFF SUMMARY OF MEETING

COMMITTEE ON CAPITAL DEVELOPMENT

Date:02/23/2006
ATTENDANCE
Time:08:09 AM to 08:51 AM
Berens
E
McElhany
X
Place:SCR 356
Riesberg
X
Windels
X
This Meeting was called to order by
McFadyen
X
Senator Bacon
Bacon
X
This Report was prepared by
Bo Pogue
X = Present, E = Excused, A = Absent, * = Present after roll call
Bills Addressed: Action Taken:
Capital Revenue and Appropriations
Personnel & Administration FY 2006-07 Request		-
-

08:09 AM

The committee came to order. A quorum was present.

08:10 AM -- History of Capital Revenue and Appropriations

Ms. Jennifer Moe, Legislative Council Staff, presented a 20-year history of capital revenue and appropriations. Ms. Moe discussed a memorandum prepared for the committee by Legislative Council Staff detailing the 20-year history of capital revenue and appropriations (Attachment A). A discussion ensued regarding capital development cuts relative to transportation cuts. Discussion followed regarding the source of funding for Certificates of Participation payments, the timeline for setting capital construction priorities, and the Joint Budget Committee's figure setting schedule.

08:26 AM -- Department of Personnel and Administration FY 2006-07 Request

Mr. Jeff Wells, Executive Director, Department of Personnel and Administration, described a request for $1.7 million state funds for FY 2006-07 to begin the process of designing and constructing a mixed-use office building at the intersection of Colfax and Lincoln avenues in Denver. Committee members were provided with a description of the project, prepared by Legislative Council Staff (Attachment B), and a packet of materials regarding the project prepared by the department (Attachment C). Mr. Wells explained the financing and leasing arrangements for the building. A discussion ensued regarding the potential retail and establishments and government services centers that may fill the planned commercial spaces in the building.



08:34 AM

Mr. Wells provided further detail regarding the financing of the project. Mr. Wells responded to a question regarding the potential for paying for the design phase of the building with the proceeds from the planned sale of certificates of participation (COPs). Discussion ensued regarding projected income associated with the building as compared to the building's overhead, including COP payments. Mr. Wells responded to questions regarding the space needs of state agencies in light of the planned sale of a state office building on Grant Street in Denver. Mr. Wells then clarified the square footage of the proposed building and detailed which state agencies would likely occupy the building.

08:41 AM

The committee discussed the potential for amending Senate Bill 06-189, concerning the allocation of severance tax receipts. Ms. Moe then clarified the source of payments for COPs for the Fitzsimons and Colorado State Penitentiary II projects. A discussion ensued regarding the authorized amounts and time frame for the Fitzsimons COP.

08:51 AM

The committee adjourned.