Board of Trustees Action Items
Wednesday, December 14, 2022

Santa Cops 

For many years, the Carbon Valley Santa Cops program has provided warm winter clothing and necessities to children in the Carbon Valley area during the holiday season. Hosted by the Firestone, Frederick, and Dacono Police Departments, this program is only made possible because of generous businesses and individuals who donate gifts and money to benefit these local families. In October of this year, the Carbon Valley Santa Cop program hosted a golf tournament at Bella Rosa Golf Course to raise funds for the program. During Wednesday night's meeting, Bella Rosa Golf Course representatives presented the Board of Trustees with a check for this year's program.  

The Board of Trustees and the Firestone Police Department would like to thank the community for their generosity over the years.

2022 Water Enterprise Revenue Bonds Terms Approved

On Wednesday, November 9, 2022, the Board of Trustees approved Ordinance 1021, setting the parameters and the ability to authorize the issuance of water enterprise revenue bonds. As discussed in that meeting, any final debt issuance would be approved in a public meeting. During Wednesday night's meeting, the Board of Trustees approved Resolution 22-137, approving the option term and execution of the Town of Firestone Water Enterprise Revenue Bonds.

After the November 9, 2022 meeting, an RFP for a Private Placement Debt Issuance was published, and the Town received six responses with interest rates ranging from 3.89-5.35%. After a thorough evaluation of all offers, it was determined the proposal submitted by Vectra Bank (Zions Bancorporation) was the best for the Town and determined a final issuance amount of $20 Million. Vectra Bank's proposal provided a 10-year or a 15-year option with a payoff at-par, anytime within the period. The 10-year option is with an interest rate of 3.89%, and the 15-year option has an interest rate of 4.10%.

The Board of Trustees approved a final issuance amount of $20 Million with an interest rate of 3.89%. This comes with a 10-year term that includes payoff at-par, anytime within that period.

Background: On March 25, 2020 the Board of Trustees adopted the Town of Firestone 2020-2050 Water Action Plan.  The Water Action Plan was developed to support the request for financing of the Water Activity Enterprise by the sale of municipal bonds. The Water Action Plan provides background on current and projected water use within the Firestone Service Area and also describes the infrastructure needs, raw water supply needs, and details the estimated spending required over the next 30 years.  

Firestone Development Code Annual Updates

In a Public Hearing during the meeting on Wednesday night, the Board of Trustees approved annual updates to the Firestone Development Code (FDC). When approved in 2020, Town Staff discussed the intent to present updates of the FDC to the Planning & Zoning Commission and the Board of Trustees on an annual basis to be effective at the beginning of each calendar year. 

• Chapter 4 – Dimensional Standards. Changes include modifications to lot widths, minimum lot areas, setbacks, max heights, and technical clean-ups. 
• Chapter 5 – Subdivision Standards. Changes include layout and design updates, compliance with standards and specs, compliance with fire code, and natural and scenic resource protection. 
• Chapter 6 – Development & Design Standards. Changes include updates to landscaping, screening and fencing requirements, and the availability of motor courts to be built. 
• Chapter 7 – Review and Approval Procedures
• Chapter 11 – Definitions 

Grant Funds for Housing Rehabilitation Program

During Wednesday night's meeting, the Board of Trustees approved an agreement with Weld County to use Community Development Block Grant funds for a housing rehabilitation program. 

The Weld County Board of County Commissioners was awarded Community Development Block Grant (CDBG) funding in 2022, which provided an opportunity for communities within Weld County to apply as sub-recipients for funding for public improvements, including adequate public infrastructure, housing preservation, and access to public services. 

Last December, the Town of Firestone applied for funding to develop a housing preservation program in cooperation with Brothers Redevelopment Inc. to serve Firestone owner-occupied residential properties that fall within the County's low to moderate-income levels. The Town was awarded $225,000 from the County's CDBG allocation on June 27, 2022, and has worked with the County staff on a sub-recipient agreement and Brothers Redevelopment Inc. to prepare for the launch of the single-family housing rehabilitation program. 

Town staff will be required to provide documentation throughout the program to verify the funds are being used to serve residents from households that meet the CDBG qualifications. Town staff anticipates launching the program in early 2023. At that time, more information about this program will be shared online and with the public. 

Schedule Updates

Due to the upcoming holidays, the December 21, 2022 Work Session and December 28, 2022 Board of Trustees meetings have been canceled. View the upcoming meeting schedule and documents related to Board of Trustee meetings, like agendas, agenda packets, and approved meeting minutes here. 

Additional Information

View the complete December 14, 2022 Board of Trustees Meeting Packet here.

Board of Trustees Action Items are brief summaries of some, but not all, agenda items and do not serve as the official meeting minutes.  To request approved meeting minutes of Board of Trustees meetings, please contact the Town Clerk's Office at townclerk@firestoneco.gov.