Title
A Resolution of the City Council of Colorado Springs, Colorado Approving the Proposed 2026 Operating Plan and Budget for the Briargate Center Business Improvement District.
Related Files: N/A
Council District #2
Presenter:
Allison Stocker, Senior Planner, City Planning Department
Kevin Walker, Planning Director, City Planning Department
Body
Summary:
The Briargate Center 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 2026 Operating Plan and Budget for the BID.
The debt service mill levy is set to 26 mills and 13 mills for operations and maintenance in 2026. The primary function of the District is to fund advertising efforts for the Promenade Shops at Briargate and conduct operations and maintenance services that benefit the District. No boundary changes, debt issuances, or major improvements are anticipated for the 2026 operating year.
Background:
The boundaries of this development-specific BID were established pursuant to an election in 2001 and approved by City Council in 2002. This BID has an elected board. The Briargate Center is also known as The Promenade Shops at Briargate which consists of approximately thirty (30) acres southeast of the Briargate Boulevard and Voyager Parkway intersection. Primary services provided by the BID are the financing and maintenance of street improvements, parking areas, sidewalks, pedestrian malls, retaining walls, and common landscaping.
As authorized by the District's 2019 Operating Plan and Budget, in August 2019, the District acquired the 2015, 2016, and 2018 Public Improvements, as well as the easements necessary, in exchange for the District's issuance of a Promissory Note payable to IMI, the former owner, and has since been assigned to the new Owner of The Promenade Shops at Briargate (see Financial Implications below). The District ...
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