Title
Approval of the Proposed 2018 Operating Plan and Budget for the Barnes & Powers South Business Improvement District
Presenter:
Carl Schueler, Comprehensive Planning Manager
Body
Summary:
The Barnes & Powers South Business Improvement District (BID) is a legal entity separate from the City of Colorado Springs. However, as required by State statute, it is necessary for City Council to review and approve the proposed 2018 Operating Plan and Budget for the BID.
Previous Council Action:
City Council approved creation of this BID in 2004 (Ordinance No. 04-50) and has approved the BID's Operating Plan and Budget annually since its formation. In 2007, City Council approved issuance of $835,000 in bonds by this BID. A limited additional issuance of $73,549 was also approved in 2011. In 2014, via Ordinance No. 14-3, Council approved a very small inclusion of property (which was first excluded from the Barnes & Powers North BID), all with the intent of maintaining a property interest of the current board and thereby allowing it to continue administering this BID.
This item was introduced in a City Council Work Session on October 9, 2017.
Background:
The boundaries of this development-specific BID were established pursuant to an election in 2004. This BID has an elected board comprised of individuals associated with Nor'wood Development Group. The District is authorized to provide the acquisition of improvements, construction of improvements, operation and maintenance of parking facilities, roadways, lighting, driveways, public utilities, and landscaping. With the exception of the small recently included parcel, the balance of this District is owned by a single retail use (Costco).
This Operating Plan and Budget is provided in format consistent with the new standard template approved by Council in August 2014 for these documents.
This BID does not anticipate any major changes or new activities in the coming year.
Financial Implicatio...
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