Title
Ordinance No. 16-12 excluding certain property from the Interquest North Business Improvement District. (Legislative)
Presenter:
Carl Schueler, Comprehensive Planning Manager, Planning and Community Development
Body
Summary:
This introduces a request for exclusion of approximately 4.3 acres of property from the boundaries of the Interquest North Business Improvement District (the "BID"). The property is being excluded because it is in the process of being converted to residential (multifamily) uses, and by law BIDs can only include and tax non-residential properties. State Statute (Section 31-25-1220, C.R.S.) requires that any exclusions of property from BIDs be approved by the City, by ordinance. In accordance with the statutory section cited above, the petition for inclusion has been verified and arrangements made with the City for legal publication.
Previous Council Action:
The BID was established pursuant to Ordinance 04-237 adopted by Council on October 26, 2004, which approved the initial operating plan and budget ("Operating Plan") for the BID. Additional property was included in this BID in 2007 (Ordinance 07-147) In 2010 City Council approved Resolution 185-10 which authorized issuance of $6,500,000 in privately placed bonded debt. The BID's Operating Plan has been approved annually in accordance with Section 31-25-1211, C.R.S., and most recently in October 2015. Council has not approved issuance of any debt by this BID.
Background:
BIDs are created under Colorado Statute and City Policy to finance and/or maintain certain public improvements in non-residential areas, utilizing a property tax mill levy as the revenue source. BIDs are a separate legal entity from the City, but their budgets and operating plans must be approved annually by the City.
This BID is partially developed and active. It has outstanding debt in the form of its 2010 bond which carries an interest rate of 8.5%. The BID certifies its max...
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