Title
A Resolution of the City Council of Colorado Springs, Colorado Approving the Proposed 2024 Operating Plan and Budget for the Barnes & Powers North Business Improvement District
Presenter:
Peter Wysocki, Director, Planning and Community Development
Michael Tassi, Assistant Director, Planning and Community Development
Body
Summary:
The Barnes & Powers 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 1.039 mills for operations and from 50.000 mills to 50.931 mills for Debt Service, this is an increase of 1.97 mills as compared to the mill levy certified for 2023. Other than the mill levy change the Operating Plan and Budget for this BID includes no significant anticipated activities or changes, the District will continue to service its remaining debt and providing ongoing operations services on behalf of Barnes & Powers South BID.
Background:
The boundaries of this development-specific BID were established pursuant to an election in 2004. This BID has an elected board comprised of individuals associated with Nor'wood Development Group. The District is authorized to provide the acquisition and financing 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 format consistent with the standard template approved by Council in August 2022 for these documents.
Previous Council Action:
City Council approved the creation of this BID in 2004 (Ordinance No. 04-49) and has approved the BID Operating Plan and Budget annually since its formation. In 2007, City Council approved issuance of $4,000,000 in bonded indebtedness to reimbur...
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