Title
A Resolution of the City of Colorado Springs approving an Amended and Restated 2025 operating plan and budget for the First & Main 2 Business Improvement District
Presenter:
Allison Stocker, Senior Planner, Planning Department
Kevin Walker, Planning Director, Planning Department
Body
Summary:
This is a request to approve an amended and restated 2025 operating plan and budget for the First & Main 2 Business improvement District ("District"). The District is required to amend and restate their operating plan and budget to account for a requested bond issuance that was not contemplated in the operating plan approved in October 2024. This related bond issuance would consist of a Series 2025 Limited Tax General Obligation Bond that has a maximum principal amount of $1,484,000.00 and is to be taxed at an interest rate of seven (7) percent. The bond issuance shall be a separate action made by Council.
This item will be presented for action at the May 13th, 2025, City Council meeting along with the associated bond issuance.
Previous Council Action:
The First and Main BID No. 2 was established by election in late 2008 following approval by Council on September 9, 2008. The budget and Operating Plan for this BID has been approved annually since that time; most recently in October of 2024. In February of 2009 Council approved the issuance by this District of $2.4 Million in Limited Tax General Obligation Bonds, and those bonds were subsequently issued. On October 26, 2010, Council further approved the issuance of Public Improvement Fee Revenue Bonds, Series 2010 in an amount not to exceed $2,000,000. These bonds were issued in January of 2011. Additionally, there were changes in Governance which were approved by Council via Ordinance 14-17 in February 2014, and an inclusion in 2018 via Ordinance 18-34.
Council has heard the related bond issuance request at work session on March 24th, 2025.
Background:
BIDs are created under Colorado Statute a...
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