Title
Approval of the Proposed 2021 Operating Plan and Budget for the Briargate Center Business Improvement District and Specifically Allowing for a Temporary Increase in the Operating Mill Levy of up to 13.000 Mills
Presenter:
Carl Schueler, Comprehensive Planning Manager
Body
Summary:
The Briargate Center 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 2021 Operating Plan and Budget for the BID.
As described below, this BID is proposing to temporarily increase its operating mill levy by 9.000 mills to a total of 13.000 mills, with a corresponding decrease in its debt service mill levy. This BIDs debt service fund balance is high, and this temporary mill levy adjustment would allow part of the O&M mill levy to be used for capitalized maintenance purposes.
The recommended Council motion for approving this Operating Plan and Budget includes language highlighting the temporary nature of the authorize O&M mill levy increase.
Background:
The boundaries of this development-specific BID were established pursuant to an election in 2001 and approved by City Council in 2002. This BID has an elected board. The Briargate Center is also known as The Promenade Shops at Briargate. Primary services provided by the BID are the financing and maintenance of street improvements, parking areas, sidewalks, pedestrian malls, retaining walls, and common landscaping. On September 13, 2019 the Promenade Shops at Briargate was sold to HGIT Briargate, LLC.
As authorized by the District's 2019 Operating Plan and Budget, in August 2019, the District acquired the 2015, 2016, and 2018 Public Improvements, as well as the easements necessary, in exchange for the District's issuance of a Promissory Note payable to IMI, the former owner, and has since been assigned to the new Owner of The Promenade Shops at Briargate (...
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