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News Release
UCDHSC Prepares to Break Ground on Educational Buildings to Complete Fitzsimons Project
End of Judicial Process on Certificates of Participation Gives Green Light to Funding
DENVER (October 17, 2005) — The Colorado Supreme Court will not review the April 2005 ruling of the Colorado Court of Appeals upholding the use of Certificates of Participation for construction projects on the Fitzsimons campus. This final step in the legal process gives the University of Colorado authority to move forward with the last major phase of construction on its new campus at Fitzsimons.
The construction go-ahead means that the University of Colorado at Denver and Health Sciences Center will be on schedule to complete the move and vacate the property at Ninth and Colorado in 2008, fulfilling its agreement with the General Assembly, the Colorado Commission on Higher Education and the redeveloper.
"This is great news for Colorado," said Hank Brown, University of Colorado president. "Now construction can begin on the academic facilities that will provide the state and the university an unrivaled opportunity to create the most comprehensive academic health and medical center in the nation. When the Fitzsimons campus is completed, it will be the number one economic driver in the state."
UCDHSC Chancellor James H. Shore, MD., said: "We are anxious to move forward with this critical phase of the Fitzsimons project. With the Court's approval of this funding mechanism, UCDHSC can complete its transition to the new campus, saving the state millions of dollars, reducing the costs of maintaining two campuses and boosting the economic benefits of this project. We look forward to having our schools and students, clinical services and research all on one campus in the near future."
In 2003, the General Assembly passed and Gov. Bill Owens signed HB03-1256. The bill provided for the use of lease purchase agreements for the construction of seven educational buildings on the Fitzsimons campus as well as a new correctional facility for the Colorado Department of Corrections, in place of state capital construction funding.
Under HB03-1256, the state will make annual lease payments to a trustee-lessor, allowing the UCDHSC to occupy and use the facilities. The trustee will raise funds to build the facilities by issuing Certificates of Participation in the amount of $202 million, which give the holders the right to receive a portion of any annual lease payments. Over 25 years the state will make annual payments of $15.1 million, beginning in FY 2007. The passage of HB03-1256 was backed by the City of Aurora and a coalition of business organizations led by the Aurora Economic Development Council.
After the legislation was enacted in 2003, the Colorado Criminal Justice Reform Coalition (CCJRC) filed a lawsuit in Denver District Court challenging its constitutionality. In January 2004, The Denver District Court ruled that HB03-1256 was constitutional and dismissed the lawsuit. CCJRC appealed that ruling to the Colorado Court of Appeals.
In April, the Colorado Court of Appeals upheld the constitutionality of House Bill03-1256. The CCJRC then requested that the Colorado Supreme Court review the decision of the Colorado Court of Appeals. Today's Supreme Court decision, declining to review the Court of Appeals' decision, ends the case.
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The University of Colorado at Denver and Health Sciences Center is one of three campuses in the University of Colorado system. Located in Denver and Aurora, Colo., the center includes schools of medicine, nursing, pharmacy, and dentistry, a graduate school and a teaching hospital. For more information, visit the Web site at www.uchsc.edu.