Title
A Resolution of the City Council of Colorado Springs, Colorado Approving the Proposed 2024 Operating Plan and Budget for the Interquest Town Center Business Improvement District
Presenter:
Peter Wysocki, Director, Planning and Community Development
Michael Tassi, Assistant Director, Planning and Community Development
Body
Summary:
The Interquest Town 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 2024 Operating Plan and Budget for the BID.
The Operating Plan and Budget for this BID anticipates increasing its mill levy in 2024 and provides two different mill levy and budget scenarios depending on whether Proposition HH passes or does not pass. If Proposition HH is not approved at the November 7, 2023 election and relevant provisions of Senate Bill 23-303 do not go into effect, the District anticipates imposing 5.197 mills for operations and maintenance and 41.577 mills for debt service in 2024. If Proposition HH is approved by voters, the District anticipates imposing 5.215 mills for operations and maintenance and 41.723 mills for debt service in 2024. Other than the mill levy change the District does not anticipate any additional debt issuances or boundary changes, however, the District does have a Board vacancy that they anticipate filling in 2024. This BID will continue servicing outstanding debt, install public infrastructure and perform operations and maintenance functions.
Background:
The initial boundaries of this public improvement BID were established when this BID was created in 2017. The BID includes approximately 19 acres. No additional inclusion or exclusion requests are expected in 2024. Under State statute, any such inclusions must be approved by separate City Council ordinance.
This BID currently has one vacancy that they expect to fill in 2024. The Distric...
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