Title
Approval of the Proposed 2022 Operating Plan and Budget for the Powers & Woodmen Commercial Business Improvement District
Presenter:
Carl Schueler, Comprehensive Planning Manager
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 2022 Operating Plan and Budget for the BID.
The Operating Plan and Budget for this BID anticipates no changes or major activities for 2022, other than servicing existing debt and an exclusion of property that is currently being developed with multi-family residential uses.
Staff notes that this BID is accumulating significant developer advances, in comparison to outstanding formally issued debt.
This BID provided a revised version of their 2022 Operating Plan to update the date in paragraph 1.C Purposes, to reflect the correct year of 2022.
Background:
The boundaries of this development-specific BID were established pursuant to an election in 2003. The Operating Plan for this BID indicates an expected exclusion of property in that would occur prior to May 2022 due to the conversion of the property from commercial to multi-family residential. The District anticipates that the property owner will petition to exclude the property from the District as required by statute. Under State statute, any such exclusions must be approved by separate City Council ordinance. This BID has an elected board, comprised of individuals associated with the Nor'wood Development Group. The board currently has one vacancy which the District has noted may be filled with an appointment in 2022. 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 p...
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