Title
A Resolution Setting and Certifying the 2019 Tax Levy for Taxes Payable in 2020 at 5.000 Mills for the Colorado Springs Downtown Development Authority in Colorado Springs, Colorado
Presenter:
Charae McDaniel, Chief Financial Officer
Body
Summary:
The Colorado Springs Downtown Development Authority (DDA) is a legal entity separate from the City of Colorado Springs. However, as required by State statute, at its Regular meeting on October 22, 2019, City Council approved the DDA's 2020 budget. The same statute requires City Council to pass resolutions to set and certify the mill levy for 2019 with taxes due and payable in the 2020 budget year, and to appropriate sums of money for the 2020 budget year. The Board of Directors of the DDA will take action on the attached resolution requesting City Council approval of the appropriation resolution and mill levy certification resolution.
The 2020 budget provides a total appropriation of $2,436,956 for programs, grant agreements, operations and overhead, professional services, and other expenditures and an ending fund balance of $880,599.
Previous Council Action:
City Council approved creation of the DDA in 2006 and 2007 (Ordinance Nos. 06-135 and 07-15). In 2007 City Council passed a resolution adopting the Imagine Downtown Master Plan as the Plan of Development for the Authority. In 2016 City Council approved Resolution No. 116-16 adopting the Experience Downtown Master Plan and Plan of Development as the revised Plan of Development for the DDA. City Council approved the 2020 DDA Budget on October 22, 2019.
Background:
The DDA board intends to utilize a portion of the voter-approved property tax revenues to create and implement incentive and grant programs to support the goals of the Experience Downtown Master Plan, which it has adopted as the basis for its scope of work. Goals include:
? Ensuring Downtown serves as the economic and cultural heart of the region.
? Creating a diverse and ...
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