Title
A Resolution of the City Council of Colorado Springs, Colorado Approving the Proposed 2025 Operating Plan and Budget for the Gold Hill North Business Improvement District
Presenter:
Allison Stocker AICP, Planner II, Planning Department
Kevin Walker, Interim Director, Planning Department
Body
Summary:
The Gold Hill North 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 Operating Plan and Budget for this District anticipates they will primarily be engaged in improvement planning and possibly infrastructure work in late 2024 or early 2025. The District will certify an operating Mill Levy of 10.00 mills for 2025 and has issued 2024 bonds supported by future mill levies, URA, TIF, a possible pledge from related metro district and PIF.
This BID has a specific prior not-to-exceed $22.7 Million Council debt authorization (Resolution No. 42-22 approved on April 12, 2022). In fall 2024, the District issued series 2024A bonds in the approximate principal amount of $18,110,000 at a 6.5% interest rate and Subordinate Series 2024B bonds in the amount of $2,996,000 at an anticipated interest rate of 8.75%;
Background:
The District was organized in 2021, a special election for the District, consisting of debt and related issues and questions was held on November 2, 2021. The District is governed by an elected board of directors. The boundaries of this BID encompass about 52.346 acres initially, however, the District recently gained approval for an inclusion and an exclusion for a net gain of 2 acres, bringing the new acreage of the District to approximately 54.346 acres. By State law, any future district inclusions or inclusions must be approved by City Council.
This Operating Plan and Budget allows for a mill levy cap of up to 50.000 mills for debt ...
Click here for full text