Title
A Resolution of the City Council of Colorado Springs, Colorado Approving the Proposed 2024 Operating Plan and Budget for the First and Main Business Improvement District No. 2
Presenter:
Peter Wysocki, Director, Planning and Community Development
Michael Tassi, Assistant Director, Planning and Community Development
Body
Summary:
The First and Main Business Improvement District (BID) No. 2 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.
The District will increase its mill levy from 1.000 mill to 1.039 mills for operations and from 50.000 mills to 51.971 mills for Debt Service. Other than the mill levy change the Operating Plan and Budget for this BID includes no significant anticipated activities or changes other than District administration and payment of outstanding bonds.
The District provided a revised 2024 Operating Plan to remove language in 8.C. regarding an issuance of additional bonds that had been left over from the previous year's plan, and to update the amount of the expected PIF revenue in the Summary of Significant Assumptions.
Background:
The boundaries of this development-specific BID were established pursuant to an election in 2008 and were modified in 2018. This District's elected board is comprised of individuals associated with Nor'wood Development Group. The District is authorized to provide the acquisition of improvements, construction of improvements, operation and maintenance of parking facilities, roadways, lighting, driveways, public utilities, and landscaping.
The District entered into an Intergovernmental Agreement in 2014 with First and Main Business Improvement District. The intergovernmental revenue represents transfers from First and Main Business Improvement District to provide funding for the overall administrative and operating costs for b...
Click here for full text