Title
A Resolution of the City Council of The City of Colorado Springs, Colorado approving the issuance of tax supported and special revenue bonds by the Creekwalk Marketplace Business Improvement District in an amount not to exceed $65,000,000
(Legislative)
Presenter:
Kyle Fenner, Senior Planner, Planning and Neighborhood Services
Body
Summary:
This is a request to approve issuance of debt by the Creekwalk Marketplace Business improvement District ("District") not to exceed $65,000,000, to be repaid from a combination of limited property tax, public improvement fee (PIF) and property and sales tax increment financing (TIF) revenues. The City's Special District Policy and the District's approved Operating Plan and Budget require that City Council's approval be obtained prior to issuing any debt. Approval of this debt issuance will require a 2/3rds majority of the entire City Council (at least six affirmative votes) pursuant to City Charter Section 7-100.
On October 7, 2024, this item was introduced at a Council Work Session at which time Council was apprised of a request to exclude four (4) parcels currently included in the BID boundaries, to include four (4) parcels into the district and to increase the District's maximum debt limit from $50,000,000 to $65,000,000 and to issue debt. There is a separate and discrete statutory process Council needs to follow for those requests.
Previous Council Action:
The BID was established pursuant to Ordinance 16-18 adopted by Council on February 23, 2016, which Ordinance approved the initial operating plan and budget ("Operating Plan") for the BID. An additional Council- approved an inclusion of property occurred on September 26, 2017 (Ordinance 17-87). On February 27, 2018 City Council approved an Ordinance 18-10 including more property into this BID. The most recent inclusions of property were approved by Council on March 26, 2019 (Ordinance 19-19). Council approved a debt issuance of $14,300,000 in...
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