Title
A Resolution of the City Council of Colorado Springs, Colorado Approving the Proposed 2025 Operating Plan and Budget for the First and Main Business Improvement District
Presenter:
Allison Stocker AICP, Planner II, Planning Department
Kevin Walker, Interim Director, Planning Department
Body
Summary:
The First and Main 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.
The District will increase its mill levy from 1.051 mill to 1.053 mills for operations and decrease the Debt Service mill levy from 52.565 mills to 52.652 mills. Other than the mill levy change, the Operating Plan and Budget for this BID includes no significant anticipated activities or changes other than District administration and payment of outstanding bonds.
Background:
The boundaries of this development-specific BID were established pursuant to an election in 2003 and were modified in 2009. This District's elected board 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 entered into an Intergovernmental Agreement for Operational Cost Sharing January 1, 2014 with First and Main Business Improvement District No. 2. The intergovernmental expenditures represent transfers to First and Main Business Improvement District No. 2 to provide funding for the overall administrative and operating costs of the District. In 2025, the District intends to issue bonds which will bring in approximately three (3) million dollars.
This Operating Plan and Budget is provided in a format consistent with the standard template approved by Council in Augu...
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