City of Colorado Springs
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File #: 19-420    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 No. 2 Presenter: Carl Schueler, Comprehensive Planning Manager
Attachments: 1. 2020 Operating Plan and Budget - First and Main BID No. 2


Title
Approval of the Proposed 2020 Operating Plan and Budget for the First and Main Business Improvement District No. 2

Presenter:
Carl Schueler, Comprehensive Planning Manager

Body
Summary:
The First and Main Business Improvement District (BID) No. 2 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 2008 from within the original boundaries of the First and Main Business Improvement District (Ordinance No. 08-144) and has approved the BID Operating Plan and Budget annually since its formation. Council also approved issuance of the BID's 2009 and 2010 bonds (see below), as well as a minor property inclusion in 2012. 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.) In April 2015, Council authorized this BID to issue an additional $3,475,000 in privately placed bonds to be used to reimburse the developers of this project for completed public improvements costs, using a combination of property tax and public improvement fee (PIF) revenues. In April 2018 Council approved the inclusion of additional property (Ordinance No. 18-34).

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 2008 and were modified in 2018. 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 Op...

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