Title
Authorization of Interquest North Business Improvement District to issue up to $4,765,000 in debt as a Limited Tax General Obligation Bond. (Legislative Item)
Presenter:
Carl Schueler, Comprehensive Planning Manager, Planning and Community Development
Body
Summary:
This is a request to approve issuance of formal debt in an aggregate amount of up to $4,765,000 by the Interquest North Business Improvement District ("District") in the form of a Series 2016 bond, to be repaid from a combination of property tax and public improvement fee (PIF) 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.
This item will be presented for action at the May 24, 2016 Council meeting.
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.
Previous Council Action:
The District was established by an election on November, 2004, following adoption by Council of an ordinance creating the District on October 26, 2004 (Ordinance No. 04-237). In 2007, City Council approved an ordinance (Ordinance No. 07-147) including approximately 24 acres into the District. In October 2010, Council authorized issuance of Series 2010 Limited Tax General Obligation Bonds in the principal amount of $6,500,000 (Resolution No. 185-10). On an annual basis, Council approves the Operating Plan and Budget for this District.
Background:
Business Improvement Districts (BIDs) are created under Colorado Statute and City Policy to finance and/or maintain certain public improvements in commercial areas, primarily utilizing a property tax mill levy and/or public improvements fees (PIFs) as the revenue source. BIDs are separate legal entities from the City, but their Operating Plans and the Special District Policy require City Council approval of all formal B...
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