Title
A Resolution of the City Council of Colorado Springs, Colorado Approving the Proposed 2025 Operating Plan and Budget for the Briargate Center Business Improvement District
Presenter:
Allison Stocker AICP, Planner II, Planning Department
Kevin Walker, Interim Director, Planning Department
Body
Summary:
The Briargate Center 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.
In 2024, the operational mill levy was 13.00 mills and the Debt Service mill levy was 26.00 mills. The District proposed an increase to the operational mill levy in 2024 to 13.00 mills to help finance marketing and advertising campaigns for the Shops at the Promenade. The 2025 continues the use of 13.00 mills for O&M to assist with this same goal. The total 39.00 mills is within the Districts maximum allowable mill levy which has been set to an aggregate of 50.00 mills. This BIDs debt service fund balance is high, and this temporary mill levy adjustment would allow part of the O&M mill levy to be used for marketing and capitalized maintenance purposes.
Background:
The boundaries of this development-specific BID were established pursuant to an election in 2001 and approved by City Council in 2002. This BID has an elected board. The Briargate Center is also known as The Promenade Shops at Briargate. Primary services provided by the BID are the financing and maintenance of street improvements, parking areas, sidewalks, pedestrian malls, retaining walls, and common landscaping. On September 13, 2019 the Promenade Shops at Briargate was sold to HGIT Briargate, LLC.
As authorized by the District's 2019 Operating Plan and Budget, in August 2019, the District acquired the 2015, 2016, and 2018 Public Improvements, as well as the easements necessary, in exchange for the District's i...
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