Title
An ordinance excluding certain property from the boundaries of the Creekwalk Marketplace Business Improvement District
(Legislative)
Presenter:
Kyle Fenner, Senior Planner, Planning and Neighborhood Services
Body
Summary:
This is a request for approval of an ordinance to exclude four (4) parcels, totaling 1.90 acres, from the boundaries of the Creekwalk Marketplace Business Improvement District (the "District"). The City received a Petition for an Exclusion of Properties as executed by the owners.
The proposed exclusion will remove properties from the District boundaries on behalf of the owner of those properties, SNA Equities, LLC. According to the cover letter, the four properties are to be subsequently included into the residential Creekwalk Metropolitan District.
The four parcels proposed for exclusion are located just over 0.5 miles from the northern most parcel currently located in the BID (see Property Exclusion Map).
Background:
Business Improvement Districts (BIDs) are created under Colorado Statute and City Policy to finance and/or maintain certain public improvements in non-residential areas, utilizing a property tax mill levy as their primary revenue source. BIDs are separate legal entities into the City, but their budgets and operating plans must be approved annually by the City. Because the parcels being excluded are envisioned to be residential in nature, they need to be removed from the business improvement district and may be included into the already-operating Creekwalk Metropolitan District.
This BID was originally created in 2016. It is authorized to levy up to 50.0 mills in debt service and 10 mills for operations and maintenance. It has a maximum debt authorization of $50,000,000. This BID issued debt in 2019 in the form of Series A bonds in the amount of $24,230,000, and subordinate Series B bonds in the amount of $2,500,000. Additional debt was issued by the BID in 2021 in the form of Series A bonds in the amou...
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