Title
A resolution setting and certifying the 2015 tax levy for taxes payable in 2016 at 5.000 mills for the Colorado Springs Downtown Development Authority in Colorado Springs, Colorado
Body
From:
Kara Skinner, Chief Financial Officer
Summary:
The Colorado Springs Downtown Development Authority (DDA) is a legal entity separate from the City of Colorado Springs. However, as required by State statute, at its Regular meeting on October 27, 2015, City Council approved the DDA's 2016 budget. The same statute requires City Council to pass resolutions to set and certify the mill levy for 2015 with taxes due and payable in the 2016 budget year, and to appropriate sums of money for the 2016 budget year. The Board of Directors of the DDA will take action on the attached resolution (Exhibit A) requesting City Council approval of the appropriation resolution and mill levy certification resolution.
The 2016 budget provides a total appropriation of $3,229,774 for programs, operations and overhead, professional services, and other expenditures and an ending balance of $93,400.
Previous Council Action:
City Council approved creation of the DDA in 2006 and 2007 (Ordinance Nos. 06-135 and 07-15). City Council passed a resolution adopting the Imagine Downtown Master Plan as the Plan of Development for the Authority. City Council approved the 2016 DDA Budget on October 27, 2015.
Background:
The DDA board intends to utilize a portion of the voter-approved property tax revenues to create and implement incentive and grant programs to support the goals of the Imagine Downtown Plan, which it has adopted as the basis for its scope of work. Initiatives include:
- Residential growth and variety of housing;
- Retail growth;
- Job retention and employment growth;
- Arts, culture and entertainment activities;
- Urban design and environmental improvements;
- Technology, sustainability components;
- Parking supply and management improvement...
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