Title
A Resolution of the City Council of Colorado Springs, Colorado Approving the Proposed 2025 Operating Plan and Budget for the Interquest South Business Improvement District
Presenter:
Allison Stocker AICP, Planner II, Planning Department
Kevin Walker, Interim Director, Planning Department
Body
Summary:
The Interquest South 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 District imposed 1.00 mill for operations and maintenance and 5.00 mills for debt service in 2024. In 2025, the District anticipates imposing 1.00 mills for operations and maintenance 5.00 mills for debt service in 2025. However, there are no additional debt issuances, boundary changes, or planned improvements. This BID will continue servicing outstanding debt and perform operations and maintenance functions.
Background:
The boundaries of this development-specific BID were initially established pursuant to an election in 2004. This BID has an elected board, comprised of developers associated with this property. 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.
This Operating Plan and Budget notes that the District completed the construction of public improvements in 2022 therefore does not anticipate development activity in 2025.
This Operating Plan and Budget is provided in a format consistent with the standard template approved by Council in August 2022 for these documents.
Previous Council Action:
City Council approved formation of this BID in 2004 (Ordinance No. 04-238) and has approved the BID Operating Plan and Budget annually since its formation. In September 2015, Council approved...
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