City of Colorado Springs
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File #: 19-418    Version: Name:
Type: Informational Report Status: Passed
File created: 7/22/2019 In control: City Council
On agenda: 11/26/2019 Final action: 12/5/2019
Title: The Proposed 2020 Operating Plan and Budget for the Creekwalk Marketplace Business Improvement District Presenter: Carl Schueler, Comprehensive Planning Manager
Attachments: 1. Revised 2020 Operating Plan and Budget - Creekwalk Marketplace BID, 2. Letter from Spencer Fane re 2019 bond issuance


Title
The Proposed 2020 Operating Plan and Budget for the Creekwalk Marketplace Business Improvement District

Presenter:
Carl Schueler, Comprehensive Planning Manager

Body
Summary:
The Creekwalk Marketplace 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.

The City has received a request from this BID to postpone action on this item to the November 26, 2019 City Council meeting in order to further address Council questions regarding the amount of BID debt issuance.

Previous Council Action:
City Council approved the creation of this BID in 2016 (Ordinance No. 16-18). Council subsequently approved ordinances to include additional property on September 26, 2017 (Ordinance No. 17-87), February 27, 2018 (Ordinance No. 18-10), and March 12, 2019 (Ordinance 19-19). In May 2019 Council denied a petition requesting exclusion of a property from this BID that had previously been voluntarily petitioned for inclusion. Following this decision Council approved the issuance of debt in principal amounts of approximately $18,145,000 as Series 2019A and $3,030,000 as subordinate Series 2019B Limited Tax Supported and Special Revenue Bonds (Resolution No. 51-19).

This item was introduced in a City Council Work Session on October 7, 2019. Since introduction the District submitted a revised operating plan that includes changes to the developer advance and developer repayment amounts in the Capital Projects Fund budget.

This item was brought before Council on October 22, 2019 where discussion largely centered on the District's issuance of debt that exceeded the previously reviewed "approximate" amounts as approved by Council resolution 51-19 in May of 2019. Council voted to postpone this item until the November 12, 2019 Council meeting, and the District's representati...

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