Update on Colorado History Center and Ralph L. Carr Justice Complex
COMMITTEE ON CAPITAL DEVELOPMENT
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08:02 AM -- Update on Colorado History Center and Ralph L. Carr Justice Complex
The committee was called to order. Mr. Ed Nichols, President, Colorado Historical Society (CHS) and Mr. Gerald Marroney, State Court Administrator, Judicial Branch, gave an update on two joint projects: the new Colorado History Museum and the Ralph L. Carr Judicial Center. Committee members received a description of the projects, including the financing, construction timeline, and economic impact, prepared by the Colorado Historical Society (Attachment A).
Mr. Nichols walked the committee through page 2 of Attachment A, which gives a side-by-side financial comparison of the projects as authorized by Senate Bill 08-206, and as realized by the July 2009 certificates of participation (COP) issuance. Mr. Marroney explained how the availability of Build America Bonds, and a combined COP issuance for both projects, resulted in a more favorable interest rate of 4.24 percent. He added that the annual COP payment amount authorized by Senate Bill 08-206 for the new judicial center ($19 million) will be sufficient to pay for the cost of the new museum, judicial center, and parking garage. He said the state is saving $5.29 million a year on the annual COP payments over what was originally budgeted. Mr. Marroney then described the new parking garage, including the terms and conditions of its usage and ownership.
Mr. Nichols continued by reviewing the construction timeline for both buildings on page 3 of Attachment A. He explained that the construction timeline is accelerated because the museum will close during construction. Mr. Nichols said the ground breaking for the new museum is August 19, 2009, and the building is scheduled for completion the fall of 2011. He then briefly described a capital campaign to raise funds for new museum exhibits. Mr. Marroney gave an overview of the construction timeline for the new judicial center, which is scheduled for occupancy in the spring of 2013. Mr. Marroney reviewed page 4 of Attachment A, which illustrates the economic impact of the projects on the state. He discussed the importance of hiring locally during the construction of the buildings. Discussion ensued about the unique partnership between the CHS and the Judicial Branch during the planning and financing of the projects.
Discussion continued about the collaborative efforts of the CHS and the Judicial Branch. Mr. Nichols said CHS is developing program centers statewide that will be available within a 50-mile radius so all school children -- even those in remote areas -- can partake in museum programs. Senator Schwartz spoke about the importance of constructing buildings that will last for more than 30 years. Discussion returned to the process of financing the projects and the joint efforts of the CHS and the Judicial Branch.
The committee adjourned.