Title
A Resolution of the City Council of Colorado Springs, Colorado Approving the Proposed 2024 Operating Plan and Budget for the MW Retail Business Improvement District
Presenter:
Peter Wysocki, Director, Planning and Community Development
Michael Tassi, Assistant Director, Planning and Community Development
Body
Summary:
The MW Retail Business Improvement District (BID) is a legal entity separate from the City of Colorado Springs. However, as required by State statute, it is necessary for City Council to review and approve the proposed 2024 Operating Plan and Budget for the BID.
Depending on development activity and market conditions, the District may issue bonds in 2024 for the purpose of financing Public Improvements. City Council approved the District's issuance of debt pursuant to Resolution No. 167-22, provided such debt issuance is in general conformity with the financial plan provided in Exhibit E to the 2023 Operating Plan and Budget. The District advises an appointment to the Board of Directors may be made in 2024 to fill the two vacancies. The District does not anticipate any mill levy or boundary changes in 2024.
The District provided a revised 2024 Operating Plan to remove reference to an included Exhibit E in 6.I. that was provided in the prior year plan.
Background:
This District's initial boundaries were established when this BID was created in 2019. This BID is located within the overlying existing Woodmen Heights Metropolitan District No. 3 and includes approximately 22.36 acres. The District does not anticipate any boundary changes in 2024, however, by State law, any future district inclusions or exclusions must be approved by City Council.
This BID is structured to have a 5-member elected board comprised of individuals associated with this redevelopment project. The board currently has two vacancies which the District has noted may be filled in 2024.
It is anticipated that the District will continue to be engaged ...
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