Title
A Resolution of the City Council of Colorado Springs, Colorado Approving the Proposed 2027 Operating Plan and Budget for the Park Union 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 Park Union 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 Park Union Business Improvement District was previously known as the SW Downtown BID. The District imposed 21.481 mills for debt service and 10.740 for operations and maintenance in 2026. For 2027, the District intends on a small increase of 22.803 mills for debt service and 11.401 mills for operations and maintenance purposes. At this time, the District does not anticipate issuing bonds in 2027, does not anticipate boundary changes, or any other major changes to the Districts operations. There may be some minor public improvements completed before the end of 2026 or in 2027.
Background:
The initial boundaries of this BID were established pursuant to an election in 2017. The District encompasses approximately seventy-one (71) acres on the west side of Downtown Colorado Springs. Notably, this District includes the America the Beautiful Park, and under-utilized and vacant property. Currently, the boundaries of this BID overlap with those of two associated metropolitan districts. Over time, as this project develops, it is expected that any particular property will only be included in one of the three districts, with non-residential properties in the BID, and residential properties in one of the metropolitan districts. In some cases, these future exclusions and inclusions may be specific to separate floors of buildings that are devoted to eligible resi...
Click here for full text