Title
A resolution of the City Council of the City of Colorado Springs, Colorado approving the issuance of limited tax general obligation bonds and public improvements fee revenue bonds by the First and Main No. 2 Business Improvement District.
(Legislative Matter)
Body
From:
Peter Wysocki, Planning and Develpoment Director, Planning and Development Department
Summary:
This is a request to approve issuance of formal debt in an aggregate amount of up to $3,475,000 by the First and Main Business Improvement District No. 2 ("District") in the form of two Series 2015 bonds, one to be repaid from public improvement fee (PIF) revenues and the other to be repaid from property tax revenues. The City's Special District Policy and the District's approved Operating Plan and Budget require that City Council's approval be obtained prior to issuing any debt.
Approval of this debt issuance will require a 2/3rds majority of the entire City Council (at least six affirmative votes) pursuant to City Charter Article 7-100.
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 they approved a resolution eliminating term limits (Resolution 14-17.) On an annual basis, Council approves the Operating Plan and Budget for this District. This item was introduced to City Council at a March 9, 2015 work session.
Background:
BIDs are created under Colorado Statute and City Policy to finance and/or maintain certai...
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