Title
A Public Hearing on the Budget for the Colorado Springs Marketplace at Austin Bluffs General Improvement District, Colorado Springs, Colorado, for the Calendar Year Beginning on the First Day of January 2025 and Ending on the Last Day of December 2025
Presenter:
Charae McDaniel, Chief Financial Officer
Body
Summary:
Council sits as the Board of Directors of the Colorado Springs Marketplace at Austin Bluffs General Improvement District (GID). In accordance with State statute, it is necessary for the Board to conduct a public hearing and, at its conclusion, to pass resolutions to set and certify the 2024 mill levy, adopt the proposed 2025 budget, and appropriate funding for the 2025 budget year. Each resolution will be presented separately for a motion by Council as the Board.
The date of the public hearing was established by the Board on October 8, 2024, and legal notice was published on November 2, 2024.
Background:
City Council sits as the Board of Directors for each of the General Improvement Districts and is required to conduct a public hearing, fix and certify the mill levy, adopt an annual budget, and appropriate the funding for the district.
A copy of the proposed 2025 budget and a boundary map of this GID are attached for reference.
The attached budget proposes a total appropriation of $360,625 for required debt service payments and related expenditures. This includes an additional principal payment on the bonds of $150,000, for a total principal payment in 2025 of $280,000. By including the additional payment, there will be a reduction of interest paid for the term of the bonds of approximately $352,300, and bonds will be paid off two years earlier than originally scheduled.
Sources of funds for the District are property taxes, specific ownership taxes, interest income, and the available fund balance. The 2024 levy of 50.000 mills for taxes payable in 2025 is unchanged from the 2024 budget.
This is a commercial district with no residential properties.
This GID was created for the purpose of financing certain public improvements associated with the reconstruction of the Marketplace at Austin Bluffs shopping center. The King Soopers property in that center has subsequently been excluded from the GID boundaries because it paid off its outstanding obligations.
Previous Council Action:
Council created this GID in 2006 (Ordinance No. 06-138), and, as its Board, approved issuance of $2,790,000 in bonds in 2008 (Ordinance No. 08-175). The Board annually fixes and certifies the mill levy, and then adopts the budget and appropriates the funding for the District.
Financial Implications:
Since the Colorado Springs Marketplace at Austin Bluffs GID is a separate entity, and its indebtedness is not an obligation of the City, there are no direct financial implications for the City of Colorado Springs.
City Council Appointed Board/Commission/Committee Recommendation:
N/A
Stakeholder Process:
N/A
Alternatives:
N/A
Recommended Action
Proposed Motion:
N/A
Summary of Ordinance Language
N/A