Lewis-Palmer D-38’s board of education unanimously approved new capital lease financing for its ongoing projects during a special meeting Tuesday morning.

The vote comes after the board approved a partnership between the district and Eastern Colorado Bank to establish a deposit account at their last regular meeting in December.

Eastern Colorado was chosen because of its history and capability in supporting capital lease needs, with Holman Capital Corporation acting as the facilitator for the transaction.

D-38’s chief financing officer, Brett Ridgeway, presented both actions to the board after recognizing the need for a future financing arrangement to ensure the completion multiple capital projects currently underway.

These projects include the demolition of the Grace Best building, which was found to be at the end of its lifespan by the Monument Fire Department, and the construction of its new Homeschool Enrichment Academy (HSEA), which was approved last year.  

More specifically, the financing proposal was pursued to facilitate the HSEA project while maintaining financial flexibility. Ridgeway told board members that the financing will ensure that project funding is maintained throughout the slow part of their annual cash flow cycle since the district doesn’t receive its annual property tax funding until March.

The ideal goal is to have these projects completed by June 2027 so they can assess and decide whether they want to begin paying off the financing or carry it a bit longer.

“So, it just bides us a lot of good flexibility and time for us to do these projects and make these decisions,” he said.