Title
A Resolution of the City Council of Colorado Springs, Colorado Approving the Proposed 2025 Operating Plan and Budget for the Park Union Business Improvement District
Presenter:
Allison Stocker, AICP, Planner II, Planning Department
Kevin Walker, Interim Director, Planning Department
Body
Summary:
The Park Union 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 Park Union Business Improvement District was previously known as the SW Downtown BID. 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. At this time, the District does not anticipate issuing bonds in 2025, does not anticipate boundary changes, or any other major changes to the Districts operations.
Background:
The initial boundaries of this BID were established pursuant to an election in 2017 and additional properties were added to the District in 2019. Currently, the boundaries of this BID overlap with those of two associated metropolitan districts. Over time, as this project develops, it is expected that any particular property will only be included in one of the three districts, with non-residential properties in the BID, and residential properties in one of the metropolitan districts. In some cases, these future exclusions and inclusions may be specific to separate floors of buildings that are devoted to eligible residential or non-residential uses.
The District has a 5-member board elected by the eligible electors of the District as provided by law. The District is authorized to provide the acquisition of improvements, construction of improvements, operation and maintenance of parking facilities, roadw...
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