City of Colorado Springs
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File #: 19-417    Version: Name:
Type: Resolutions Status: Passed
File created: 7/22/2019 In control: City Council
On agenda: 10/22/2019 Final action: 10/22/2019
Title: Approval of the Proposed 2020 Operating Plan and Budget for the Briargate Center Business Improvement District Presenter: Carl Schueler, Comprehensive Planning Manager
Attachments: 1. Revised Final 2020 Operating Plan and Budget(00712869_xAF7F5)) Briargate


Title
Approval of the Proposed 2020 Operating Plan and Budget for the Briargate Center Business Improvement District

Presenter:
Carl Schueler, Comprehensive Planning Manager

Body
Summary:
The Briargate Center 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 2020 Operating Plan and Budget for the BID.

Previous Council Action:
City Council approved creation of this BID in 2002 (Ordinance No. 02-24) and has approved the BID Operating Plan and Budget annually since its formation. Council has also approved 2002 bond issuances as well as 2006 and 2012 bond refinances (see below). In November 2018 Council approved the issuance of a limited tax general obligation refunding loan with an estimated principal amount of $3,544,500 (Res. 147-18). The BID's Operating Plan has been approved by Council annually.

This item was introduced in a City Council Work Session on October 7, 2019. Since introduction the District has submitted a revised operating plan that includes the incorporation of a Capital Projects Fund budget which had been inadvertently omitted from the original submission and references to "Hines & Company" throughout most of the plan have been changed to "Hines".

Background:
The boundaries of this development-specific BID were established pursuant to an election in 2001 and approved by City Council in 2002. This BID has an elected board. The Briargate Center is also known as The Promenade Shops at Briargate. Primary services provided by the BID are the financing and maintenance of street improvements, parking areas, sidewalks, pedestrian malls, retaining walls, and common landscaping. On September 13, 2019 the Promenade Shops at Briargate was sold, as a result of the sale, all 5 seats on the District's Board are now vacant. The District will seek approval from Council to authorize a...

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