City of Colorado Springs
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File #: 19-421    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 North Business Improvement District Presenter: Carl Schueler, Comprehensive Planning Manager
Attachments: 1. 2020 Operating Plan and Budget - First and Main North BID


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

Presenter:
Carl Schueler, Comprehensive Planning Manager

Body
Summary:
The First and Main North 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 2004 (Ordinance No. 04-51) and has approved the BID's Operating Plan and Budget annually since its formation.

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 2004. This BID has an elected board, which 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 District issued $1,927,000 in Limited Tax General Obligation Bonds, Series 2005 for infrastructure improvements. The bonds financed public improvements which included streets, parking, water lines, and sewer lines, and carry an interest rate of 6.0%. These bonds are privately placed with this developer. Additionally, as of 2018 the developer associated with this BID had advanced $338,405 to the District related to additional public improvements costs. The District anticipates repayment of a portion of the advances for these improvemen...

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