City of Colorado Springs
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File #: 19-419    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 First and Main Business Improvement District Presenter: Carl Schueler, Comprehensive Planning Manager
Attachments: 1. 2020 Operating Plan and Budget - First and Main BID

 

 

Title

Approval of the Proposed 2020 Operating Plan and Budget for the First and Main Business Improvement District

 

  Presenter: 

Carl Schueler, Comprehensive Planning Manager

 

Body

  Summary:

The First and Main 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 formation of this BID in 2003 (Ordinance No. 03-37) and has approved the BID Operating Plan and Budget annually since its formation.  City Council also approved the BID’s issuance of its 2009 and 2011 bonds (see below), as well as a boundary modification associated with formation of the First and Main Business Improvement District No. 2 in 2008.  In 2014, Council approved an ordinance authorizing this BID to convert from a Council-appointed to an elected board of directors.  This conversion was subsequently formalized via a May 2014 election.

This item was introduced in a City Council Work Session on October 7, 2019.

 

  Background:

The boundaries of this development-specific BID were established pursuant to an election in 2003, and were modified in 2009.  This District’s elected board is 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.

This Operating Plan and Budget is provided in a format consistent with the 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 Implications:

The BID issued $1,650,000 in Limited Tax General Obligation Bonds, Series 2009 for infrastructure improvements.  This bond carries an interest rate of 8.5%.  In 2011, the BID issued a small $55,816 special revenue bond that has been paid off.  The proposed mill levy for the BID in 2020 is 51.000 mills (1.000 mill for general expenses and 50.000 mills for debt service).  This mill levy is unchanged from 2019.  Fund balances and projected revenues are adequate to meet this District’s current financial obligations.

As a separate legal entity, the financial activities of the BID are separate from those of the City and the obligations of the BID are limited to the properties within its boundaries.

 

  Board/Commission Recommendation:

The BID Board of Directors recommends City Council’s approval of the 2020 Operating Plan and Budget.

 

  Stakeholder Process:

N/A

 

  Alternatives:

N/A

 

Recommended Action

  Proposed Motion:

Move to approve the proposed 2020 Operating Plan and Budget for the First and Main Business Improvement District.

 

Summary of Ordinance Language

N/A