Title
An Amended 2019 Operating Plan and Budget for the USAFA Visitors Center Business Improvement District
Presenter:
Carl Schueler, Planning Manager - Comprehensive Planning
Body
Summary: This is a request to amend the previously approved Operating Plan and Budget for the USAFA Visitors Center Business Improvement District ("BID") in order to allow this BID to potentially issue debt in an amount of up to $80,000,000 prior to the end of 2019 and make other updates and revisions to the document text and budget. Without these amendments, these activities could be precluded until January of 2020. A new 2020 Operating Plan and Budget is being concurrently processed with this request, along with petitions to include the properties that were ultimately intended to constitute this BID and then exclude the initial District property. At the same time, the BID is requesting authority to issue debt for the purpose of initiating work on the anticipated USAFA Visitors Center.
This agenda item was introduced at a Council Work Session on October 7, 2019. Questions and discussion focused on background concerning, and support for, a maximum debt authorization greater than the $22,000,000 originally agreed to by Council when this BID was created in August of 2018. Subsequent to the October 7, 2019 Work Session the District has agreed to reduce their requested maximum debt authorization from $87,000,000 as originally requested, to no more than $80,000,000. A revised Operating Plan and Budget is attached.
Background:
The District had been expressly prohibited from owning any property or improvements, providing any services, issuing any debt or other financial obligations, or imposing any ad valorem property taxes, fees or assessments unless and until the project property was annexed into the City and included within the District boundaries. This annexation has now occurred, and the property inclusions are in process.
At this time the boundaries of this dev...
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