Title
A Resolution of the City Council of Colorado Springs, Colorado Approving the Proposed 2025 Operating Plan and Budget for the Creekwalk Marketplace Business Improvement District
Presenter:
Allison Stocker AICP, Planner II, Planning Department
Kevin Walker, Interim Director, Planning Department
Body
Summary:
The Creekwalk Marketplace 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 2025 Operating Plan and Budget for the BID.
In late 2024 the Creekwalk Marketplace BID requested to amend their Operating Plan to increase their maximum pre-authorized debt from $50,000,000 to $65,000,000 to allow for increased costs and for refinancing debt. This amendment is being considered by Council and is anticipated to receive approval. Additionally in late 2024, Creekwalk Marketplace BID anticipates issuing tax supported and special revenue bonds in an amount not to exceed $65,000,000 which is accounted for in the 2025 Operating Plan and Budget.
The Operating Plan and Budget for this BID anticipates increasing its mill levy in 2025. In 2024, the District imposed 10.587 mills for operations and maintenance and 52.938 mills for debt service. The District anticipates imposing 10.576 mills for operations and maintenance and 52.881 mills for debt service in 2025.
The Operating Plan and Budget advises this BID may refund existing bonds and issue additional bonds in 2024 and continue with Creekwalk North improvements as previously anticipated which will result in additional assessed valuation as anticipated in the bond financing plans. City Council approved both an inclusion and an exclusion for the BID in fall of 2024.
Background:
The initial boundaries of this development-specific BID were established pursuant to an election in 2016 with additional properties added in 2017, 2018, 2019, 2021 and 2023 fo...
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