Title
A Resolution of the City Council of Colorado Springs, Colorado Approving the Proposed 2025 Operating Plan and Budget for the First and Main North Business Improvement District
Presenter:
Allison Stocker AICP, Planner II, Planning Department
Kevin Walker, Interim Director, Planning Department
Body
Summary:
The First and Main North 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.
In 2024 the mill levy imposed for operations and maintenance expenses was 1.042 and the debt service mill levy was 52.114 mills. In 2025, the District anticipates imposing a mill levy of 1.042 mills for operations and maintenance expenses and a debt service mill levy of 52.117 mills. Other than the mill levy change the Operating Plan and Budget for this BID includes no significant anticipated activities or changes. In 2025 the District's activities will focus on district administration and payment of its existing bonds, as well as operating and maintaining parking facilities, roadways, lighting, driveways, public utilities and landscaping services.
In 2024, it was projected that the assessed valuation (AV) for this BID is lower than in prior years due to high commercial vacancy rates. It was previously noted that because these are related party privately placed bonds, the party owning the bonds is effectively the same as party that is advancing the funds necessary to keep payments current. For 2025, there was no predicted change to the valuation assessment.
Background:
The boundaries of this development-specific BID were established pursuant to an election in 2004. This BID has an elected board, which is comprised of individuals associated with Nor'wood Development Group. The District is authorized to provide the acquisition of improvements, construction of improvem...
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