Title
Authorization of First & Main Business Improvement District to issue debt in the form of Series 2025 Bond Limited Tax General Obligation Bond. (Legislative Item)
Presenter:
Allison, Senior Planner, Planning Department
Kevin Walker, Director, Planning Department
Body
Summary:
This is a request to approve issuance of debt by the First & Main Business improvement District ("District") in the form of Series 2025 Limited Tax General Obligation Bond, to be repaid from a combination of limited property tax, and intergovernmental expenditures with First & Main 2 Business Improvement District. The Bond will be in the approximate principal amount of $3,294,184.00 and will have an interest rate of seven (7) percent. The requested bond amount would be approximately 65% of the maximum debt amount authorized at this time. The City's Special District Policy and the District's approved Operating Plan and Budget require that City Council's approval be obtained prior to issuing any debt. Approval of this debt issuance will require a 2/3rds majority of the entire City Council (at least six affirmative votes) pursuant to City Charter Section 7-100.
Previous Council Action:
City Council approved formation of this BID in 2003 (Ordinance No. 03-37) and has approved the BID Operating Plan and Budget annually since its formation. City Council also approved the BID's issuance of its 2009 and 2011 bonds, as well as a boundary modification associated with formation of the First and Main Business Improvement District No. 2 in 2008. In 2014, Council approved an ordinance authorizing this BID to convert from a Council-appointed to an elected board of directors. This conversion was subsequently formalized via a May 2014 election.
This item was heard at Council Work Session on March 24th, 2025 and no concerns were raised.
Background:
BIDs are created under Colorado Statute and City Policy to finance and/or maintain certain public improvements in non-residential a...
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