Title
Resolution Approving an Amended 2016 Operating Plan and Budget for the Interquest North Business Improvement District (Legislative Item)
Presenter:
Carl Schueler, Comprehensive Planning Manager
Body
Summary:
This is a request to approve a limited amendment of the Interquest North Business Improvement District ("District") Operating Plan and Budget, to increase the District's maximum debt authorization. This clarifying amendment is necessary prior to the approval of a resolution to allow additional debt issuance by this District (please also refer to the following item on this agenda).
This item will be presented for action at the May 24, 2016 Council meeting.
Previous Council Action:
The District was established by an election on November, 2004, following adoption by Council of an ordinance creating the District on October 26, 2004 (Ordinance No. 04-237). In 2007, City Council approved an ordinance (Ordinance No. 07-147) including approximately 24 acres into the District. In October 2010, Council authorized issuance of Series 2010 Limited Tax General Obligation Bonds in the principal amount of $6,500,000 (Resolution No. 185-10). On an annual basis, Council has approved the Operating Plan and Budget for this District.
Background:
Business Improvement Districts (BIDs) are created under Colorado Statute and City Policy to finance and/or maintain certain public improvements in commercial areas, primarily utilizing a property tax mill levy and/or public improvement fees (PIFs) as the revenue source. BIDs are separate legal entities from the City, but their Operating Plans and the Special District Policy require City Council approval of all formal BID debt.
Section 31-25-1211 of the Colorado Revised Statutes requires the annual approval of an Operating Plan and Budget by City Council for each BID. These documents establish the parameters within which a BID must operate, including matters such as taxation, debt issuance and budget. ...
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