Title
Approval of the Proposed 2018 Operating Plan and Budget for the First and Main Business Improvement District
Presenter:
Carl Schueler, Comprehensive Planning Manager
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 2018 Operating Plan and Budget for the BID.
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 (see below), 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 introduced in a City Council Work Session on October 9, 2017.
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.
This Operating Plan and Budget is provided in format consistent with the new standard template approved by Council in August 2014 for these documents.
Financial Implications:
The BID issued $1,650,000 in Limited Tax General Obligation Bonds, Series 2009 for infrastructure improvements. This bond carries an interest rate of 8.5%. In 2011, the BID issued a small $55,816 special reven...
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