Title
A Resolution of the City Council of Colorado Springs, Colorado Approving the Proposed 2023 Operating Plan and Budget for the Powers & Woodmen Commercial Business Improvement District
Presenter:
Carl Schueler, Comprehensive Planning Manager
Michael Tassi, Assistant Director, Planning and Community Development
Body
Summary:
The Powers & Woodmen Commercial 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 2023 Operating Plan and Budget for the BID.
The Operating Plan and Budget for this BID anticipates issuing Limited Tax General Obligation Bonds in late 2022 or early 2023 in the amount of $2,519,000 for the purpose of financing Public Improvements as further described in Exhibit E. Other than the issuance of debt and servicing of existing debt the District does not anticipate any changes or other major activities for 2023.
Background:
The boundaries of this development-specific BID were established pursuant to an election in 2003. The District does not anticipate any boundary changes in 2023, however, by State law, any future district inclusions or exclusions must be approved by City Council. This BID has an elected board, comprised of individuals associated with the Nor'wood Development Group. The BID is authorized to provide the acquisition of improvements, construction of improvements, operation and maintenance of parking facilities, roadways, lighting, driveways, public utilities, and landscaping.
This Operating Plan and Budget is provided in a format consistent with the standard template approved by Council in August 2022 for these documents.
Previous Council Action:
City Council approved formation of this BID in 2004 (Ordinance No. 04-52) and has approved the Operating Plan and Budget annually since its formation. City Council also approved the BID's 2010 bond issuance (s...
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