Title
A Resolution approving an amended 2024 Operating Plan and Budget for the Creekwalk Marketplace Business Improvement District and an increase to the District’s preauthorized debt
(Legislative)
Presenter:
Kyle, Fenner, Planning and Neighborhood Services Department
Body
Summary:
This amended and restated service plan would replace the existing approved service plan for the Creekwalk Marketplace Business Improvement District (“District”) which was originally created in 2016. The amended plan conforms with Council’s recently adopted Special District Policy and Model Service.
This is a request to increase the maximum preauthorized debt limit from $50,000,000 to $65,000.000. Approval of this maximum preauthorized debt increase will require a 2/3rds majority of the entire City Council (at least six affirmative votes) pursuant to City Charter Section 7-100.
Background:
BIDs are created under Colorado Statute and City Policy to finance and/or maintain certain improvements in non-residential areas. BIDs are separate legal entities from the City, but their Operating Plans and the Special District Policy require City Council approval. The standard of review of the debt instruments is consistency with the Operating Plan and all applicable laws.
Previous Council Action:
The BID was established pursuant to Ordinance 16-18 adopted by Council on February 23, 2016, which Ordinance approved the initial operating plan and budget ("Operating Plan") for the BID. An additional Council- approved an inclusion of property occurred on September 26, 2017 (Ordinance 17-87). On February 27, 2018 City Council approved an Ordinance 18-10 including more property into this BID. On March 26, 2019 additional properties were included (Ordinance 19-19). On May 14, 2019, Council authorized an issuance of debt by this district. That debt includes pledges from a public improvement fee (PIF) and an overlying urban renewal area. On November 23, 2021, additional property was included by Ordinance 21-93 and most recently an inclusion was approved on August 22, 2023, with Ordinance 23-44. This BID's Operating Plan and Budgets have been approved annually since that time in accordance with C.R.S. Section 31-25-1211, and most recently in October 2023. The Urban Renewal Authority has recently approved the plan for repayment of the expanded debt.
Financial Implications:
This BID is authorized to levy up to 50.0 mills for debt service, and 10.0 mills for operational purposes, and these mill levies are currently in place for properties within this BID.
City Charter Section 7-100 provides that the total debt of any special district may not exceed ten percent (10%) of the total assessed valuation of the taxable property within the district unless such debt is approved by at least a two-thirds vote of the entire Council.
Board/Commission Recommendation:
The City’s staff-level Special District Committee has been informed of this potential extension.
Stakeholder Process:
N/A
Alternatives:
City Council could choose to approve, deny or modify the proposed resolution.
Recommended Action
Proposed Motion:
Move to approve a Resolution for an Amended and Restated Service Plan for the Creekwalk Marketplace Business Improvement District to allow for a preauthorized debt limit of $65,000,000 to provide for public improvements price increases
Summary of Ordinance Language
N/A