Title
Ordinance No. 18-34 Including Certain Property into the First and Main Business Improvement District No. 2
(Legislative)
Presenter:
Conrad Olmedo, Comprehensive Planner II, Planning & Community Development
Carl Schueler, Comprehensive Planning Manager, Planning & Community Development
Body
Summary:
This is a request for approval of an ordinance for inclusion of property into the First and Main Business Improvement District No. 2 (the "District"). The City received a Petition for Inclusion of the Property executed by the owner of the properties. State Statute (Section 31-25-1220, C.R.S.) requires that any inclusions of property into Business Improvement Districts ("BIDs") be approved by an 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.
This item has been scheduled for the March 13, 2018 City Council Budget Committee meeting. A summary from that meeting will be included in the final Council staff report for this item.
Previous Council Action:
The District was established by election on November 4, 2008, following adoption by Council of an ordinance creating the District on September 23, 2008 (Ordinance No. 08-144). In 2009, Council authorized issuance of Series 2009 Limited Tax General Obligation Bonds in the principal amount of $2,400,000 (Resolution No. 53-09). In 2010, Council authorized issuance of Series 2011 Public Improvement Fee Revenue Bonds in the principal amount of $2,000,000 (Resolution No. 186-10). In 2012, Council approved boundary modifications for this District (Ordinance 12-33) and in 2014 Council approved a resolution eliminating term limits (Resolution 14-17). In 2015, Council approved an issuance of formal debt in the amount of up to $3,475,000 in the form of Public Improvement Fee (PIF) and General Obligation Bonds (Resolution 35-15). On an annual basis, Council approves the Operating Plan and ...
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