Title
A Resolution Fixing and Certifying the 2024 Tax Levy for Taxes Payable in 2025 at 5.000 Mills 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, as required by State statute it is necessary for City Council to pass a resolution to fix and certify the mill levy for 2024 at 5.000 mills for taxes payable in the 2025 budget year. The 2024 levy of 5.000 mills is unchanged from the prior year mill levy.
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:
The 11-member DDA board is appointed by City Council and includes representatives from a broad range of Downtown business types and property owners, along with a Council member. Currently, that member is Council Member Talarico. The board intends to utilize a portion of the voter-approved property tax revenues to create and implement incentive and grant programs to support the goals of the Experience Downtown Master Plan, which it has adopted as the basis for its scope of work. Goals include:
? Ensuring Downtown serves as the economic and cultural heart of the region.
? Creating a diverse and inclusive place to live with the amenities supporting residents.
? Celebrating and connecting with outdoor recreation and an exceptional natural setting.
? Providing a place for healthy and active lifestyles.
? Ensuring a walkable and bike-friendly center connected through safe and accessible multimodal networks.
? Serving as a leader in innovative urban design and sustainability...
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