Title
Approval of the Proposed 2018 Operating Plan and Budget for the Creekwalk Marketplace Business Improvement District
Presenter:
Carl Schueler, Comprehensive Planning Manager
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 2018 Operating Plan and Budget for the BID.
Previous Council Action:
City Council approved the creation of this BID in 2016 (Ordinance No. 16-18). Council subsequently approved an ordinance to include additional property on September 26, 2017.
This item was introduced in a City Council Work Session on October 9, 2017.
Background:
The initial boundaries of this development-specific BID were established pursuant to an election in 2016. As stated in the Operating Plan, the BID expects to include future additional properties. Under State statute, any such inclusions must be approved by separate City Council ordinance. This BID has a 4-member elected board comprised of individuals associated with this anticipated redevelopment project. There is one vacancy. 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 a format consistent with the new standard template approved by Council in August 2014 for these documents.
Financial Implications:
This relatively recent BID has not currently issued debt. The Operating Plan and Budget anticipates the potential for issuances in 2018, but this may not be that likely given the low assessed valuation. In any case, City Council authorization is required prior is issuance. The attached budget includes a $25,000 developer advance to cover administrative and overh...
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