Title
Ordinance No. 17-87 including certain property into the Creekwalk Marketplace Business Improvement District
(Legislative)
Presenter:
Carl Schueler, Comprehensive Planning Manager, Planning & Development
Body
Summary:
This is a request for approval of an ordinance to include three parcels totaling approximately 0.71 acres into the boundaries of the Creekwalk Marketplace Business Improvement District (the "District"). The City received a Petition for Inclusion of the Property executed by the owner of the properties. The properties are being included because they have now been purchased by the developer of this project. State Statute (Section 31-25-1220, C.R.S.) requires that any inclusions of property into Business Improvement Districts ("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 District was established pursuant to Ordinance 16-18 finally passed by Council on February 23, 2016, which approved the initial operating plan and budget ("Operating Plan") for the District. The District's most recent Operating Plan was subsequently approved in accordance with Section 31-25-1211, C.R.S., in October 2016.
This item was introduced to the City Council during a work session on August 21, 2017.
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 separate legal entities from the City, but their budgets and operating plans must be approved annually by the City.
This District is developing and active. It has no outstanding debt. The District certifies its maximum allowable debt service mill levy of 50.0 mills. The District is also authorized to levy up to 10.0 mills for operational/administrative purp...
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