Title
A Resolution of the City Council of Colorado Springs, Colorado Approving the Proposed 2024 Operating Plan and Budget for the Interquest North Business Improvement District
Presenter:
Peter Wysocki, Director, Planning and Community Development
Michael Tassi, Assistant Director, Planning and Community Development
Body
Summary:
The Interquest North 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.
The District will increase its mill levy from 1.000 mill to 1.041 mills for operations and will decrease its mill levy from 17.000 mills to 12.000 mills for Debt Service. The Operating Plan and Budget for this BID anticipates continuing development and public improvement activity within this BID and notes they may have an inclusion of property in late 2023 or early 2024. Under State statute, any such inclusions must be approved by separate City Council ordinance. The District is currently negotiating the refunding of the 2010 Bonds to reduce the bond interest rate from 8.5% to 7.0%.
Background:
The BID boundaries were established pursuant to an election in 2004, with an additional property inclusion approved by City Council in 2007. In 2016 City Council approved the exclusion of 1.2 acres and in 2017 an additional 13.151 acres was approved for exclusion, both of which were being developed for residential purposes and was no longer statutorily eligible to remain in the District. The District's elected board is comprised of individuals associated with Nor'wood Development Group. The District anticipates continued public improvement construction and the provision of operations and maintenance services in 2024, including, but not limited to, parking and street maintenance and operations, including snow removal, landscaping, stormwater, marketing, common ...
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