Title
An Amended 2021 Operating Plan and Budget for the USAFA Visitors Center Business Improvement District
Presenter:
Carl Schueler, Planning Manager - Comprehensive Planning
Body
Summary: This is a request to amend the previously approved 2021 Operating Plan and Budget for the USAFA Visitors Center Business Improvement District ("BID") to conform with Council direction in their October 27, 2020 motion for approval of this Plan. Included in that motion was a requirement to submit and obtain approval for an updated Operating Plan and Budget prior to issuance of debt by this BID. Following a delay in the originally anticipated schedule for bond issuance, this BID has recently requested changes to its prior Council debt issuance authorization and has updated its cost information, financial projections and latest construction and financing scheduling assumptions. A 2021 debt issuance is now being anticipated.
By City Council practice, BID Operating Plans and Budgets are approved by Council motion rather than by resolution.
This item was introduced at a February 8, 2021 Council Work Session during which there was a specific request to provide additional information on developer advances and pre-development costs. Redline and clean versions of a further amended Operating Plan and Budget are attached.
Background:
Colorado Revised Statutes requires that business improvement districts, on or before September 30th of the prior year, submit an Operating Plan and Budget for the following year, to Council for their approval. Statutes also provide for out-of-cycle amendments of these Plans in the event there are material changes in interim. The original 2021 Operating Plan and Budget for this BID, as approved by Council on October 27, 2020, included a "placeholder" budget because of uncertainty regarding cost estimates and financing assumptions. The Council motion at that time included language requiring submission and approval of an amended plan prior t...
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