Hayden snags station funds
Town working out deal with Alpine Bank for police building
October 30, 2008
Steamboat Springs — Alpine Bank and Hayden are close to reaching a deal on financing for the incoming Hayden police station, Town Manager Russ Martin said Tuesday.
The town had to find new financing for the building, which is expected to cost about $2.3 million. It had been working on a lease-purchase agreement with Mountain Valley Bank, but that fell through earlier this month. Alpine Bank will follow through with the same lease-purchase arrangement, Martin said.
Crews have been moving dirt at the site on the eastern end of town. The station will sit on a new road, Hawthorne Street, which is an extension of Routt County Road 37 east of The Haven Assisted Living Center.
“We’ll close within a week and keep building,” Martin said. “Life is good; life is grand.”
Martin initially thought the town would have to put together another funding ordinance, but he said that probably wouldn’t be necessary.
“The deal comes within the parameters of that” original Town Board-approved ordinance, he said.
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Alan Matlosz, who is working on the deal for the town, said the only change is that interest rates have increased slightly.
“Generally, it’s the same: 20-year financing, everything is the same, same document, same structure,” said Matlosz, senior vice president at George K. Baum & Co. in Denver.
Hawthorne Street was not open Wednesday. The town is awaiting Colorado Department of Transportation approval, which Martin said could come any day. The town also is asking the state to allow it to lower the speed limit from 65 mph to 45 mph east of the railroad tracks near The Haven on U.S. Highway 40. The limit would then drop to 35 mph before downtown Hayden.
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