City of Colorado Springs
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File #: 19-445    Version: Name:
Type: Resolutions Status: Passed
File created: 7/30/2019 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 SW Downtown Colorado Springs Business Improvement District Presenter: Carl Schueler, Comprehensive Planning Manager
Attachments: 1. Revised 2020 Operating Plan and Budget - SW Downtown BID


Title
Approval of the Proposed 2020 Operating Plan and Budget for the SW Downtown Colorado Springs Business Improvement District

Presenter:
Carl Schueler, Comprehensive Planning Manager

Body
Summary:
The SW Downtown Colorado Springs 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 originally approved formation of this BID in 2017 (Ordinance No. 17-94). On the same date in 2017, Council also approved a service plan allowing creation of Southwest Downtown Metropolitan District Nos. 1 and 2. The developer expects to include properties in the project area into one of these three available districts, as part of a comprehensive approach to public financing and operations and maintenance. Council approved an ordinance to include additional property into this BID on May 14, 2019 (Ordinance No. 19-26).

This item was introduced in a City Council Work Session on October 7, 2019. At this Work Session it was noted that there was a discrepancy between the City Council authorized debt limit of $105,000,000 and the Board authorized debt limit of $440,000,000. The revised operating plan clarifies that the maximum debt limit authorized is $105,000,000.

Background:
The initial boundaries of this BID were established pursuant to an election in 2017 and additional properties were added to the District in 2019. As stated in the Operating Plan, the BID expects to include future additional properties as boundaries are established and additional property owners participate in the District. Under State statute, any such inclusions must be approved by separate City Council ordinance. In some cases, these future inclusions may be specific to separate floors of buildings that are devoted to eligible non-residential uses.

The Distric...

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