Title
A Resolution of the City Council of Colorado Springs, Colorado Approving the Proposed 2027 Operating Plan and Budget for the First and Main Business Improvement District No. 2.
Located in Council District #6
Presenter:
Drew Foxx, Planner II, Planning Department
Kevin Walker, Planning Director, City Planning Department
Body
Summary:
The First and Main Business Improvement District (BID) No. 2 is a legal entity separate from the City of Colorado Springs. However, as required by State statute, it is necessary for City Council to review and approve the proposed 2027 Operating Plan and Budget for the BID.
The District intends to increase the operations and maintenance mill levy from 1.074 mills to 1.159 in 2027. Additionally, the debt service mill levy will be increased from 53.703 to 57.979 mills. Other than the mill levy change, the Operating Plan and Budget for this BID includes no significant anticipated activities or changes other than District administration and payment of outstanding bonds. Public improvements in 2027 are contemplated but would be limited.
Background:
The boundaries of this development-specific BID were established pursuant to an election in 2008 and were modified in 2018. This District’s elected board is comprised of individuals associated with Norwood Development Group. First & Main No. 2 encompasses approximately forty-five (45) acres southeast of the intersection of North Powers Road and North Carefree Circle. The District is authorized to provide the financing, acquisition of improvements, construction of improvements, operation and maintenance of parking facilities, roadways, lighting, driveways, public utilities, and landscaping.
The District entered into Intergovernmental Agreements in 2014 and 2023 with First and Main Business Improvement District and First and Main Business Improvement District North, respectively. The intergovernmental revenue represents transfers from First and Main Business Improvement D...
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