Title
Ordinance No. 17-94 organizing the SW Downtown Business Improvement District and providing for the Election of the Board of Directors.
Presenter:
Carl Schueler, Comprehensive Planning Manager, Planning and Community Development
Body
Summary:
This is a request to create a new Business Improvement District (BID) to support redevelopment in the Southwest Downtown area.
Note: This agenda item is interrelated with the preceding item concerning approval of a service plan for the SW Downtown Metropolitan District Nos. 1-2. The documents associated with that agenda item should be referred to for additional background and context.
Previous Council Action:
No previous City Council action specific to the formation or consideration of the BID. However, in late 2001 Council approved an urban renewal plan for this area.
This item was introduced to the City Council during a work session on August 21, 2017, and was continued from the September 12, 2017 regular meeting to this date.
On September 26, 2017, City Council approved this ordinance on first reading by a vote of 6:1:2 (Councilmember Murray with the dissenting vote, and Coucilmembers Bennett and Pico being excused). After discussion at the dais, the maximum debt authorization was changed to $105,000,000.00.
Background:
BIDs are created under Colorado Statutes and City Policy to finance and/or maintain certain public improvements in non-residential areas, primarily utilizing a property tax mill levy as the revenue source. By Colorado Statutes, properties assessed as residential use cannot be levied a BID tax.
BIDs are separate legal entities from the City. However, their formation requires Council approval, and City Council must then annually approve their Operating Plans and Budgets. These processes provide an opportunity for City Council to establish limits and parameters for operation to the BIDs beyond those included in State Statues. City Council adopted a Special District Policy ("Pol...
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