Title
A Resolution of the City Council of Colorado Springs, Colorado Approving the Proposed 2027 Operating Plan and Budget for the GSF Business Improvement District.
Located in Council District #3
Presenter:
Drew Foxx, Planner II, City Planning Department
Kevin Walker, Planning Director, City Planning Department
Body
Summary:
The GSF Business Improvement District (BID) 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 Operating Plan and Budget for this BID anticipates the District will primarily be engaged in early development and public improvement planning activities in 2027, and does not plan on certifying a mill levy for collection in 2027.
Background:
The District was organized in 2021 and a special election for the District, consisting of debt and related issues and questions, was held on November 2, 2021. The District is governed by a five-member elected Board of Directors. The boundaries of this BID encompass about 23 acres located southeast of the intersection of South El Paso Street and East Pikes Peak Avenue and west of South Institute Street. The District does not anticipate any inclusion or exclusions of property in 2027.
This Operating Plan and Budget allows for a mill levy cap of up to 50.000 mills for debt service and up to 10.000 Mills for general operations and administrative expense. Currently, the District imposes a mill levy of 0.00 for both operational and maintenance mill levy, and debt mill levy. The District does not anticipate certifying mill levy in 2027. Additionally, this BID proposes to make use of public improvement fee (PIF) revenues as an additional source of revenue for bonding. The nature and amount of these PIF is not specified currently and is not budgeted in the 2027 budget. The initial maximum debt authorization for the District shall be $8...
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