Title
A Resolution of the City Council of Colorado Springs, Colorado Approving the Proposed 2024 Operating Plan and Budget for the Creekwalk Marketplace Business Improvement District
Presenter:
Peter Wysocki, Director, Planning and Community Development
Michael Tassi, Assistant Director, Planning and Community Development
Body
Summary:
The Creekwalk Marketplace 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 10.394 mills for operations and maintenance and 51.971 mills for debt service in 2024. If Proposition HH is approved by voters, the District anticipates imposing 10.412 mills for operations and maintenance and 52.064 mills for debt service in 2024. The Operating Plan and Budget advises this BID may refund existing bonds and issue additional bonds in 2024 and continue with Creekwalk North improvements as previously anticipated which will result in additional assessed valuation as anticipated in the bond financing plans. The District does not anticipate any boundary changes in 2024 but does note that there could be inclusions and exclusions in future years.
Background:
The initial boundaries of this development-specific BID were established pursuant to an election in 2016 with additional properties added in 2017, 2018, 2019, 2021 and 2023 for total of approximately 9 acres. As stated in the Operating Plan, the BID does not anticipate any inclusion or exclusion requests in 202...
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