Title
BID Model Operating Plan and Budget
(Legislative Matter)
Body
From:
Peter Wysocki, Planning and Development Director, Planning and Development Department
Summary:
This proposed action would result in adoption of standard template for the annually adopted Operating Plans and Budgets for Business Improvement Districts (BIDs). A draft standard template and resolution are attached.
Previous Council Action:
Council approved its Special District Policy on January 24, 2006 (Resolution 9-06). This Policy pertains to BIDs among others. In accordance with Colorado Revised Statutes, Council annually adopts the Operating Plans and Budgets for BIDs, ordinarily in October.
Background:
For Title 32 metropolitan districts, the City has used a Model Service Plan since 2006. By comparison, the City has no required standard template for BID Operating Plans and Budgets. Adoption of a standard template has been recommended by staff for a number of years, and was informally supported by City Council including during a September 2013 Work Session.
The purposes of having a Model BID Operating Plan and Budget include the following:
1) Standardization of format for ease of use and reference
2) Assurance that all necessary and desired information is provided or clearly linked/ referenced in one document
3) Assurance that key polices and limitations are clearly and affirmatively addressed.
If adopted in a timely fashion, this template would be used for Council's 2014 annual actions concerning the 2015 BID Operating Plans and Budgets.
BIDs are authorized to be formed under Colorado Revised Statutes ?31-25-1201 et. seq. to finance and/or maintain certain public improvements in non-residential areas, ordinarily utilizing a property tax mill levy as the primary revenue source. BIDs are a separate legal entity from the City, but their budgets and operating plans must be approved annually by the City. There are a total of ten (10) ...
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