Title
A Resolution Approving the 2025 Budget for the Colorado Springs Downtown Development Authority in Colorado Springs Colorado
Presenter:
Susan Edmondson, President & CEO, Downtown Partnership
Chelsea Gondeck, Executive Director, Downtown BID
Charae McDaniel, Chief Financial Officer
Body
Summary:
The Colorado Springs Downtown Development Authority (DDA) is a legal entity separate from the City of Colorado Springs. However, City Council approval of the annual budget is required by State statute.
The 2025 budget provides a total appropriation of $7,748,172 for programs, grant agreements, operations and overhead, professional services, and other expenditures. The estimated ending fund balance is projected to be $1,495,765.
Background:
Refer to immediately preceding agenda item concerning certification of the mill levy for this DDA.
Previous Council Action:
City Council approved creation of the DDA in 2006 and 2007 (Ordinance Nos. 06-135 and 07-15). In 2007 City Council passed a resolution adopting the Imagine Downtown Master Plan as the Plan of Development for the Authority. In 2015 City Council approved Ordinance No. 15-20 to include additional property. In 2016 City Council approved Resolution No. 116-16 adopting the Experience Downtown Master Plan and Plan of Development as the revised Plan of Development for the DDA. In August 2021 City Council approved Ordinance No. 21-64 redescribing the boundaries of the DDA to include certain additional property.
Financial Implications:
Refer to immediately preceding agenda item concerning certification of the mill levy for this DDA.
City Council Appointed Board/Commission/Committee Recommendation:
At its meetings on September 9, 2024, the DDA Board of Directors approved the preliminary 2025 Budget and the Resolution requesting that City Council (1) certify a mill levy of five (5.000) mills on real and personal property within the boundaries of the DDA for taxes payable in 2025, and (2) adopt a resolution to approve the DDA budget for 2025.
Stakeholder Process:
N/A
Alternatives:
N/A
Recommended Action
Proposed Motion:
Move to approve the Resolution approving the 2025 Budget for the Colorado Springs Downtown Development Authority in Colorado Springs, Colorado.
Summary of Ordinance Language
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