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Lindsay Sandoval
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Colorado State Treasurer Dave Young Closes $247 Million Financing Deal to Support Health Sciences Facilities Construction
Quarter Billion Dollar Financing Backs Healthcare Projects at Four Colorado Higher Education Institutions
Oct. 10, 2024 (DENVER) Today, the Colorado Department of the Treasury closed a momentous $247 million financing deal to support the construction of healthcare and veterinary training facilities at four state higher education institutions across Colorado.
House Bill 24-1231 backs projects at the University of Northern Colorado (UNC), Colorado State University (CSU), Metropolitan State University of Denver (MSU Denver) and Trinidad State College (TSC). Signed by Governor Polis in May, the bipartisan bill was sponsored by state Representatives Mary Young and Lindsey Daugherty and state Senators Barbara Kirkmeyer and Kyle Mullica.
“Even before the pandemic, Colorado’s healthcare and veterinary providers faced significant staffing shortages that limited the availability of services across the state,” said Colorado State Treasurer Dave Young. “We are proud to secure a strong financing package that will allow our colleges and universities to scale training programs and offer more pathways to in-demand careers.”
The projects aim to shore up Colorado’s allied health and veterinary workforces by constructing and expanding state-of-the-art training facilities. The bulk of the funding—over $125 million—will go toward UNC’s new College of Osteopathic Medicine that will become Colorado’s third medical school. CSU and MSU will each receive $50 million to build a veterinary health education complex and health institute tower, respectively, while TSC will receive more than $19 million to renovate its Valley Campus main building.
“I want to thank the state of Colorado for this historic investment in the infrastructure needed to strengthen the state's healthcare workforce,” said UNC President Andy Feinstein. “The allocation to the University of Northern Colorado will support the construction, startup, and accreditation expenses necessary to establish our new College of Osteopathic Medicine. Enrolling 150 medical students annually, the college will help address Colorado's critical shortage of physicians, and it will yield dividends for our state, today and for generations to come."
“The significance of this project extends beyond the new, state-of-the-art facilities that will keep CSU at the forefront of veterinary education and research,” said CSU System Chancellor Tony Frank. “The Veterinary Health and Education Complex will also play a critical role in meeting the statewide need for more veterinarians with the technical and emotional skills to care for animals and support those who share their lives with them. We are enormously grateful to the Colorado General Assembly and Governor Polis for their leadership in support of advancing animal and human health in Colorado.”
“The state’s investment means MSU Denver's new 70,000-square-foot Gina and Frank Day Health Institute Tower can increase our healthcare training capacity by 25%, directly addressing critical workforce shortages,” said MSU Denver President Janine Davidson, Ph.D. “This interprofessional facility will help MSU Denver prepare students for high-demand fields such as nursing, nutrition, and behavioral health through a whole-person approach to integrated care. Combined with state-of-the-art tools and equipment, we will produce more skilled and diverse graduates ready to meet Colorado’s modern healthcare needs.”
“The Trinidad State College Valley Campus renovation and expansion is a big step forward in workforce training for the San Luis Valley,” stated Dr. Rhonda Epper, President of TSC. “The project will significantly expand the college’s capacity to educate nurses, medical assistants, EMTs, dental assistants and nurse aides, which will address pressing allied health labor shortages in the region.”
BofA Securities, Inc., RBC Capital Markets, Piper Sandler & Co., STIFEL and Jefferies LLC are underwriting the Certificates of Participation (COP), and North Slope Capital Advisors is serving as the financial advisor. The COPs carry an interest rate of 4% and will mature in 2054.
For more information, visit the Colorado Department of the Treasury website.
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About the Colorado State Treasury
The Colorado State Treasury is the constitutional guardian of the public’s funds. It is the Treasury’s duty to manage and account for the taxpayers’ dollars from the time they are received until the time they are disbursed. The Treasury’s staff is committed to safeguarding and managing the people’s monies with the same diligence and care as they do their own. For more information, visit the Treasury website.