Title
A Resolution of the City Council of Colorado Springs, Colorado Approving the Proposed 2024 Operating Plan and Budget for the First and Main North Business Improvement District
Presenter:
Peter Wysocki, Director, Planning and Community Development
Michael Tassi, Assistant Director, Planning and Community Development
Body
Summary:
The First and Main North 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 District will increase its mill levy from 1.000 mill to 1.039 mills for operations and from 50.000 mills to 51.971 mills for Debt Service. Other than the mill levy change the Operating Plan and Budget for this BID includes no significant anticipated activities or changes. In 2024 the District's activities will focus on district administration and payment of its existing bonds, as well as operating and maintaining parking facilities, roadways, lighting, driveways, public utilities and landscaping services.
Staff notes that assessed valuation (AV) for this BID is lower than in prior years due to high commercial vacancy rates. Staff notes that because these are related party privately placed bonds, the party owning the bonds is effectively the same as party that is advancing the funds necessary to keep payments current.
Background:
The boundaries of this development-specific BID were established pursuant to an election in 2004. This BID has an elected board, which is comprised of individuals associated with Nor'wood Development Group. The District is authorized to provide the acquisition of improvements, construction of improvements, operation and maintenance of parking facilities, roadways, lighting, driveways, public utilities, and landscaping. The District currently owns certain street improvements, parking facilities, water improvement...
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