Title
A resolution fixing and certifying the 2024 annual assessment mill levy for assessments payable in 2025 at 3.858 mills upon each dollar of assessed valuation within the Stetson Hills Special Improvement Maintenance District
Presenter:
Charae McDaniel, Chief Financial Officer
Body
Summary:
City Council approval of the attached resolution is required to fix and certify the 2024 mill levy for the assessments payable in 2025 for the Stetson Hills Special Improvement Maintenance District (District). Also attached for reference is a boundary map of the District.
Background:
There are seven special improvement maintenance and/or security districts (commonly referred to as SIMDs) within the City of Colorado Springs that require Council’s approval by resolution to fix and certify the 2024 assessment mill levies for the assessments payable in 2025.
These assessment districts are used to maintain medians, landscaping, fencing, entry islands, neighborhood theme signage, accent lighting, and other public improvements that are not normally maintained by the City. These districts are authorized under Chapter 3, Article 7 of City Code and were formed by developers primarily in the 1980s in lieu of homeowner associations to provide and maintain increased amenities within the developments. The assessments are imposed and collected in the same manner as ad valorem taxes.
Previous Council Action:
City Council annually approves a resolution fixing and certifying the District’s mill levy.
Financial Implications:
The recommended 2024 mill levy for the assessment, payable in 2025, is 3.858 mills. This is the same rate that was levied for the 2023 assessment, payable in 2024.
The District’s 2025 budget is included in the 2025 City Budget and approved as part of that ordinance for all funds of the City.
City Council Appointed Board/Commission/Committee Recommendation:
Enter Board, Commission, or Committee recommendation. Enter N/A if not applicable.
Stakeholder Process:
The 2025 budget recommendation letter from the Stetson Hills SIMD active advisory committee is attached.
Alternatives:
N/A
Recommended Action
Proposed Motion:
Move to approve the attached resolution to fix and certify the 2024 annual assessment mill levy for assessments payable in 2025 at 3.858 mills upon each dollar of assessed valuation within the Stetson Hills Special Improvement Maintenance District.
Summary of Ordinance Language
N/A