Title
Ordinance No. 15-70 Including Certain Property into the Interquest South Business Improvement District (Quasi-Judicial).
Body
From:
Carl Schueler, Comprehensive Planning Manager, Land Use Review Division
Summary:
City Planning received a petition for inclusion of certain properties within the boundaries of the Interquest South Business Improvement District (the "BID"). State Statute (Section 31-25-1220, C.R.S.) requires that any inclusions of property within BIDs be approved by City Council by ordinance after notice and hearing. In accordance with the statutory section cited above, the petition for inclusion is verified and arrangements have been made for publication of notice of the hearing. This item is directly related to the immediately preceding and immediately following items on today's agenda.
Previous Council Action:
The BID was established pursuant to Ordinance 04-238 adopted by Council on October 26, 2004, which Ordinance approved the initial operating plan and budget ("Operating Plan") for the BID. In 2009 City Council approved including additional property into this BID by Ordinance 09-21. The BID's Operating Plan has been approved annually in accordance with Section 31-25-1211, C.R.S., and most recently in November 2014. Council has not approved issuance of any debt by this BID.
Background:
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 the revenue source. BIDs are a separate legal entity from the City, but their budgets and operating plans must be approved annually by the City.
This BID has largely been inactive to-date. Although authorized to levy up to 50.0 mills for debt service, to-date the BID has only certified a levy of 1.0 mills for operations purposes. This BID has never issued debt, although it has accumulated developer advances.
The petitioners are requestin...
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