Title
Approval of the Proposed 2018 Operating Plan and Budget for the Interquest South Business Improvement District
Presenter:
Carl Schueler, Comprehensive Planning Manager
Body
Summary:
The Interquest South 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 2018 Operating Plan and Budget for the BID.
Note: Two other City Council actions are currently in process for this BID as separate items on today's City Council agenda. One is an ordinance for exclusion of a property from this BID and the other is a request for authorization to issue debt of $3,485,000 in the form of special tax revenue bonds. Both actions and activities are included in this Operating Plan and Budget.
Previous Council Action:
City Council approved formation of this BID in 2004 (Ordinance No. 04-438) and has approved the BID Operating Plan and Budget annually since its formation. In September 2015, Council approved a series of three ordinances and one resolution authorizing exclusions of certain property, inclusions of other property, and also allowing for the temporary appointments of two directors for this otherwise elected board of directors. In 2017, City Council approved the temporary appointment of two additional directors, thereby allowing for the total membership to be increased to four individuals.
The City is currently processing a request to exclude one additional property from this BID and to issue up to $4,000,000 in debt in the form of a 2017 bond issuance.
This item was introduced in a City Council Work Session on October 9, 2017.
Background:
The boundaries of this development-specific BID were initially established pursuant to an election in 2004. This BID has an elected board, comprised of developers associated with this property. The District is authorized to provide the acquisition and financ...
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