Title
A Resolution of the City Council of Colorado Springs, Colorado Approving the Proposed 2025 Operating Plan and Budget for the MW Retail Business Improvement District
Presenter:
Allison Stocker AICP, Planner II, Planning Department
Kevin Walker, Interim Director, Planning Department
Body
Summary:
The MW Retail 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 2025 Operating Plan and Budget for the BID.
Depending on development activity and market conditions, the District may issue bonds in by the end of 2024 or in 2025 for the purpose of financing Public Improvements. City Council approved the District's issuance of debt pursuant to Resolution No. 167-22, provided such debt issuance is in general conformity with the financial plan provided in Exhibit B to the 2025 Operating Plan and Budget. The District has a planned election scheduled for the Board on May 6th, 2025. The District does not anticipate any mill levy or boundary changes in 2025.
Background:
This District's initial boundaries were established when this BID was created in 2019. This BID is located within the overlying existing Woodmen Heights Metropolitan District No. 3 and includes approximately 22.36 acres. The District does not anticipate any boundary changes in 2025, however, by State law, any future district inclusions or exclusions must be approved by City Council.
This BID is structured to have a 5-member elected board comprised of individuals associated with this redevelopment project. The board will hold a regular election on May 6th, 2025.
It is anticipated that the District will continue to be engaged in early development activities in 2025 and will perform services such as landscaping and snow removal. Depending on development activity and market conditions, the District may issue bonds in late 2024 or in 2025. I...
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