Title
A Resolution of the City Council of the City of Colorado Springs, Colorado, Approving the Issuance of Limited Tax General Obligation Bonds by First and Main Business Improvement District No. 2 in an Amount not to Exceed $1,484,000.
Presenter:
Allison, Senior Planner, Planning Department
Kevin Walker, Director, Planning Department
Body
Summary:
This is a request to approve issuance of debt by the First & Main 2 Business improvement District ("District") in the form of Series 2025 Limited Tax General Obligation Bond, to be repaid from a combination of limited property tax, Public Improvement Fees (PIF), and intergovernmental expenditures with First & Main and First and Main North Business Improvement District. The Bond will be in the approximate principal amount of $1,484,000.00 and will have an interest rate of seven (7) percent. The requested bond amount would be approximately 7% of the maximum debt amount authorized at this time. The City's Special District Policy and the District's approved Operating Plan and Budget require that City Council's approval be obtained prior to issuing any debt. Approval of this debt issuance will require a 2/3rds majority of the entire City Council (at least six affirmative votes) pursuant to City Charter Section 7-100.
This item will be presented for action at the April 8th, 2025, City Council meeting.
Previous Council Action:
The First and Main BID No. 2 was established by election in late 2008 following approval by Council on September 9, 2008. The budget and Operating Plan for this BID has been approved annually since that time; most recently in October of 2024. In February of 2009 Council approved the issuance by this District of $2.4 Million in Limited Tax General Obligation Bonds, and those bonds were subsequently issued. On October 26, 2010, Council further approved the issuance of Public Improvement Fee Revenue Bonds, Series 2010 in an amount not to exceed $2,000,000. These bonds were issued in Jan...
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