Title
Approval of the Proposed 2022 Operating Plan and Budget for the GSF Business Improvement District
Presenter:
Carl Schueler, Comprehensive Planning Manager
Body
Summary:
The GSF 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 2022 Operating Plan and Budget for the BID.
The Operating Plan and Budget for this BID anticipates the District will primarily be engaged in early development and public improvement planning activities in 2022. The District plans on certifying a mill levy for the first time of 10.000 mills for operating expenses.
Background:
The District was organized in 2021, a special election for the District, consisting of debt and related issues and questions will be held on November 2, 2021. The boundaries of this BID encompass about 23 acres initially, with exclusions of property expected to occur at some point in the future as horizonal or vertical properties are identified for inclusion in one of the metropolitan districts. By State law, any future district inclusions or inclusions must be approved by City Council. The overall metropolitan district/BID structure is similar to the Southwest Downtown (aka Park Union) project, with at least the possibility of "vertical boundary segregation" of boundaries between floors of buildings. By state law, BIDs cannot assess residential properties for property taxes.
The initial members of the District's board were appointed by City Council after which, pursuant to the Operating Plan, the positions on the board shall be elected, starting with an election to be held on November 2, 2021.
This Operating Plan and Budget allows for a mill levy cap of up to 50.000 mills for debt service and up to 10.000 Mills for general operations and administrative expense. However, in 2022 the District will only be certifying the operating mill l...
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