Title
An ordinance excluding certain property from the Interquest North Business Improvement District.
(Quasi-judicial)
Presenter:
Carl Schueler, Manager, Comprehensive Planning
Body
Summary:
This is a request for approval of an ordinance to exclude approximately 3.855 acres of property from the boundaries of the Interquest North Business Improvement District (the "BID"). The property is being excluded because it is associated with the recent agreements tied to the proposed Scheels project site, and the board and bondholders of this BID have agreed to the exclusion. State Statute (Section 31-25-1220, C.R.S.) requires that any exclusions of property from BIDs be approved by the City, by ordinance. In accordance with the statutory section cited above, the petition for inclusion has been verified and arrangements made with the City for legal publication.
The City Council Budget Committee asked for a comparison of projected public improvement fee (PIF) and what would be foregone property tax revenues for this particular use. A response has been provided, and is attached. It may be further explained at this Work Session.
Previous Council Action:
The BID was established pursuant to Ordinance 04-237 adopted by Council on October 26, 2004, which approved the initial operating plan and budget ("Operating Plan") for the BID. Additional property was included in this BID in 2007 (Ordinance 07-147) In 2010 City Council approved Resolution 185-10 which authorized issuance of $6,500,000 in privately placed bonded debt. May 24, 2016 Council authorized issuance of $4,765,000 in additional privately placed debt by Resolution 54-16. On February 9, 2016 Council approved an ordinance excluding certain limited property from this BID (Ordinance No. 16-12). An additional 13.151 acres of property were excluded by Council Ordinance No. 17-27 on March 14, 2017, The BID's Operating Plan has been approved annually in accordance with Section 31-25-1211, C.R.S., an...
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