Title
Ordinance No. 25-40 including certain property into the boundaries of the Interquest North Business Improvement District
(Legislative)
Presenter:
Alison Stocker, Senior Planner, Planning Department
Kevin Walker, Director, Planning Department
Body
Summary:
This is a request (Attachment A) for approval of an ordinance to include two (2) parcels, totaling 5.44 acres, into the boundary of the Interquest North Business Improvement District (the "District"). The City received a Petition for the Inclusion of Properties as executed by the owners (Exhibit A). With the City Council hearing date set, the District published the Notice of Inclusion on behalf of the City in The Gazette. The District provided copies of the Notice of Inclusion and the Affidavit of Publication, which are included here. (Exhibit B and Attachment B).
This inclusion will bring additional properties into the District boundaries on behalf of the property owner, DDJ No. 9, LLC. A Conditional Use Development Plan (CUDP-23-0012) associated with the south parcel was approved in April 2024.
The two parcels proposed for inclusion are located in the southwest corner of the District and are sensible additions (Attachment C-Inclusion Boundary Map). The parcels are bounded to the north and east by the District, to the south by Interquest Parkway, and to the west by Interstate 25.
Background:
BIDs are created under Colorado Statute and City Policy to finance and/or maintain certain public improvements in non-residential areas, utilizing a property tax mill levy as their primary revenue source. BIDs are separate legal entities into the City, but their budgets and operating plans must be approved annually by the City.
This BID is mostly developed and very active. It has outstanding debt in the form of its 2010 bonds which carry an interest rate of 8.5% and its 2016 bonds which carry an interest rate of 6.5%. The BID certifies its maximum allowable debt service mill levy of 50.0 mills which...
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