In other legislative news affecting Metro State, HB 1375, sponsored by Rep. Jim Riesberg and Sen. Bob Bacon, has passed and is awaiting Gov. Bill Ritter’s signature.

The bill grants Metro State the power of eminent domain. Having this finance authority means that the College can now be considered a political subdivision, which will significantly reduce the costs of financing for the Hospitality Learning Center (HLC), the Backfill Renovation Project and any future projects.

The College can now realize savings through low-cost funding in three ways:

1. American Recovery and Reinvestment Act – Build America Bonds. Using ARRA bonds versus traditional tax-exempt financing may result in $10 million savings over the life of the bonds.
2. Recovery Zone Economic Development Bonds
3. Tax-exempt, bank-qualified loans up to $30 million

All institutions of higher education in the State of Colorado have the power of eminent domain, except for Metro State. In the past, capital projects typically went through the Auraria Higher Education Center and thus Metro State had previously not encountered a circumstance when this issue was of importance. The University of Colorado Denver and Community College of Denver, have the power of eminent domain through their systems.

Gov. Ritter is expected to sign the bill.