Title
Approval of the Proposed 2018 Operating Plan and Budget for the Interquest North Business Improvement District
Presenter:
Carl Schueler, Comprehensive Planning Manager
Body
Summary:
The Interquest 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 2018 Operating Plan and Budget for the BID.
Previous Council Action:
City Council approved formation of this BID in 2004 (Ordinance No. 04-237), along with its 2010 bond issuance (Resolution No. 185-10), and has approved the BID's Budget and Operating Plan annually since its formation.
This item was introduced in a City Council Work Session on October 9, 2017.
Background:
The BID boundaries were established pursuant to an election in 2004, with an additional property inclusion approved by City Council in 2007. The District's elected board is comprised of individuals associated with Nor'wood Development Group. The District is authorized to provide the acquisition and financing of improvements, construction of improvements, operation and maintenance of parking facilities, roadways, lighting, driveways, public utilities, and landscaping.
The BID's Operating Plan and Budget project adequate revenues to service the BID's obligations and maintain positive fund balances. The developers also continue to contemplate exclusion of a parcel within this BID that is anticipated to convert from commercial to multifamily uses.
The Operating Plan for this BID proposes a significant change related to an increase in maximum authorized indebtedness from $13,000,000 to $25,000,000. When this item was introduced on October 9, 2017, Council asked for justification for the increase and a description of improvements. The following response has been provided:
"Per the submittal documents, the need for the increase arises from the next phase of develo...
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