Title
A Resolution of the City Council of Colorado Springs, Colorado Approving the Proposed 2027 Operating Plan and Budget for the TrueNorth Commons Business Improvement District.
Located in Council District #2
Presenter:
Drew Foxx, Planner II, City Planning Department
Kevin Walker, Planning Director, City Planning Department
Body
Summary:
The TrueNorth Commons Business Improvement District (BID) (formerly known as the USAFA Visitor’s Center Business Improvement District) 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 no changes from the prior year related to mill levies, additional debt issuances or boundary changes. A regular election is scheduled for May, 2027 and there are currently two vacancies on the Board. This District anticipates continuing with public improvements and construction projects in 2027. As the District has started generating revenue through Hotel Polaris, the assessed value of the District has decreased by approximately 2.2 million from approximately 30 million in 2026.
Background:
The District was organized in 2018, a special election for the District, consisting of debt and related issues and questions was held on November 6, 2018. The boundaries of this development-specific BID were established initially to include 1.705 acres in the Briargate area that are located within the boundaries of the City. The actual project site was subsequently annexed into the boundaries of the City in March 2019, and included in this BID, after which the original property was excluded. The District presently consists of thirty-six (36) acres adjacent to the North Gate of the Air Force Academy.
This BID has a 5-member elected board comprised of individuals associated with this redevelopment project, but as of the submit...
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