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University of Colorado, Boulder, Colorado / Sempra Energy

Situation: The University of Colorado Health Sciences issued a Request for Proposals (RFP) to qualified firms to design, build and finance a new central utility plant on the campus of the University’s Health Sciences Center in Aurora, Colorado. The University wanted to privatize the development of the new central utility plant as part of a fast-track delivery while retaining the option to own the completed project. The University would be responsible for the operations of the facility. Because the central utility plant would ultimately supply steam and chilled water to the entire University Health Sciences Center campus, quick delivery of the project was a critical factor.

Solution: Working together with our vendor, a turnkey "design-build-finance" tax-exempt lease-purchase solution was reviewed and awarded to our team. The annually renewable lease had a twenty (20) year term to reflect the useful life of the project. Lease payment amounts were minimized due to the superior credit rating of the University. Funding proceeds from the solution provided the vendor with 100% of the capital necessary to design and construct the project in 18 months. The construction risk was shifted from the University to the vendor, since the obligation of the University to make lease payments begins when the project is completed.

Lessor: Sempra Energy Colorado, LLC ( a special purpose entity formed by Public Realty Capital).
Lessee: University of Colorado, Boulder, Colorado
Project: University of Colorado Health Sciences Center Central Utility Plant

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