County completes purchase of Corporate Ridge
El Paso County recently finalized the purchase of the Corporate Ridge Administration Building (formerly Intel) at 1555-1675 Garden of the Gods Road.
The Department of Human Services will be the first to relocate to the new facility with a move-in date slated for late 2010 or early 2011, according to a county press release.
Following at unspecified later dates will be Health Department, Pikes Peak Workforce Center, Clerk and Recorder, Assessor, Treasurer and Office of Emergency Management, the release states.
The full project cost of $56 million will cover the $22 million purchase price for Corporate Ridge, which includes an office building, a 1,000-car parking garage and adjacent warehouse - as well as renovations to existing county buildings.
The county secured a combined interest rate of 3.68 percent and issued securities totaling $56 million. This will be paid off over 26 years “without additional taxes, fees or reductions in services to the public,” the release continues. According to county officials, the money will come from funds already allocated to lease payments for some offices and from funds restricted for facilities and operations of other offices.
Westside Pioneer/press release