Title
A Resolution of the City Council of Colorado Springs, Colorado Approving the Proposed 2025 Operating Plan and Budget for the Interquest Town Center Business Improvement District
Presenter:
Allison Stocker AICP, Planner II, Planning Department
Kevin Walker, Interim Director, Planning Department
Body
Summary:
The Interquest Town Center 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 BID anticipates increasing its mill levy in 2025. The District imposed 5.218 mills for operations and maintenance and 41.751 mills for debt service in 2024. The District anticipates imposing 5.229 mills for operations and maintenance and 41.839 mills for debt service in 2025. Other than the mill levy change the District does not anticipate any additional debt issuances or boundary changes, however, the District does have a Board vacancy that they anticipate filling in 2025. This BID will continue servicing outstanding debt, install public infrastructure and perform operations and maintenance functions.
Background:
The initial boundaries of this public improvement BID were established when this BID was created in 2017. The BID includes approximately 19 acres. No additional inclusion or exclusion requests are expected in 2025. Under State statute, any such inclusions must be approved by separate City Council ordinance.
This BID currently has one vacancy that they expect to fill in 2025. The District will be primarily concerned with the provision of public improvements and services within the boundaries of the District. The District is authorized to exercise all the powers, functions, and duties specified in the Business Improvement District Act. The District's operating plan indicates District does not currently own any rea...
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