Title
A resolution of the City Council of the City of Colorado Springs, Colorado approving the issuance of a limited tax general obligation refunding loan by the Briargate Center Business Improvement District
(Legislative Item)
Presenter:
Carl Schueler, Comprehensive Planning Manager, Planning & Development Department
Body
Summary:
This is a request to authorized refinancing of debt in the estimated principal amount of $3,544,500 by the Briargate Center Business improvement District ("District") in the form of a Series 2018 loan, to be repaid from a limited property tax. 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 Section 7-100.
This item was introduced at a Council Work Session on November 13, 2018. There were no substantive comments or questions to follow up on from that meeting.
Previous Council Action:
The BID was established pursuant to Ordinance 02-24 adopted by Council on February 12, 2002, which Ordinance approved the initial operating plan and budget ("Operating Plan") for the BID. Council authorized an initial debt issuance in 2006 (Resolution 70-06) and then authorized refinancing of this debt as commercial bank loan in 2012 (Resolution 79-12). The BID's Operating Plan has been approved annually since that time in accordance with Section 31-25-1211, C.R.S., and most recently on October 23, 2018.
Background:
BIDs are created under Colorado Statute and City Policy to finance and/or maintain certain public improvements in non-residential areas, utilizing a property tax mill levy 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. T...
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