Title
A Public Hearing on the Dissolution of the Colorado Springs Briargate General Improvement District, Colorado Springs, Colorado
Presenter:
Charae McDaniel, Chief Financial Officer
Body
Summary:
The City Council originally created the Colorado Springs Briargate General Improvement District (GID) in 2000 (Ordinance No. 00-127), and City Council sits as the Board of Directors of the GID. The purpose of the GID was to fund public improvements, which were funded by the issuance of bonds in 2003. The annual budget was funded by a mill levy assessed on the properties within the District, and the only expenditures of the fund were the annual debt payments and associated fees. Since creation of the District, the Board has annually set and certified the mill levy, adopted the budget, and appropriated funding for the District.
Final payment on the bonds was made on December 15, 2022. Given the District now has no outstanding indebtedness, obligations or liabilities, the District may be dissolved. The Board approved the District's 2023 budget, which included expenditures only for the required audit, postage for public notice and printing fees, and closeout costs related to the dissolution of the District.
The first step in the dissolution process is to conduct a public hearing to receive any protests against, or objections to, the dissolution of the District. Following public hearing, an Ordinance of the Board will be presented to approve dissolution of the District.
The Colorado Springs Briargate GID to be dissolved is separate and distinct from the Colorado Springs Briargate 2021 GID which was established during 2022 and began operations during 2023, to provide for the maintenance of certain public improvements of general benefit to the residents of the district. The public improvements will consist of ongoing maintenance rather than debt service.
Background:
City Council, as the Board of Directors for each of the General Improvement Distr...
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