Boulder City Council approved on March 20, as part of the consent agenda, authorizing $100 million in certificates of participation (COPs) to finance renovations to the Pavilion portion of the Western City Campus redevelopment.

Joel Wagner, the city’s interim chief financial officer, told council the city will use COPs secured by the Pavilion building as collateral and that the issuance is being coordinated under the Boulder Municipal Property Authority (BUMP A). Wagner said COPs are used sparingly by the city and noted the last use was for a fiber backbone project.

Michelle Crane, deputy director for Facilities and Fleet, told council that the $100 million figure is based on contractor pricing developed with Saunders Construction and that the project drawings are roughly “95 percent construction documents.” Crane told council staff had worked with subcontractors to “lock in prices” given rapid construction-market escalation and tariffs; she said the construction contingency is 5 percent and a buyout contingency is 3 percent.

Councilmember Mark (questioner) pressed staff on contingency and price certainty. Wagner and Crane said a prompt contract award would lock pricing with subcontractors and that staff have been working to reduce early-stage contingencies as designs matured.

The financing items were part of consent agenda items 3A, 3E and 3F and were approved unanimously by roll call as part of the consent package. Council and staff said they will bring necessary contract and budget documents related to the project to the council as required and will monitor market conditions during contract buyout.

Why it matters: the funding will permit an immediate contractor buyout to lock prices amid market uncertainty and tariffs, enabling the city to proceed with the Pavilion renovation work as part of the Western City Campus redevelopment.

What’s next: staff said they will return with finalized contracts and continue weekly procurement and contract management work to limit cost overruns and minimize community impacts during construction.