Title
Approval of the Proposed 2021 Operating Plan and Budget for the First and Main Business Improvement District
Presenter:
Carl Schueler, Comprehensive Planning Manager
Body
Summary:
The First and Main 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.
The Operating Plan and Budget for this BID includes no significant anticipated activities or changes other than continuing servicing of outstanding bonds.
Background:
The boundaries of this development-specific BID were established pursuant to an election in 2003, and were modified in 2009. This District's elected board is comprised of individuals associated with Nor'wood Development Group. The board currently has one vacancy which the District has noted may be filled with an appointment in 2021. 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 provided a revised final version of their 2021 Operating Plan to update and/or clarify the following; paragraph 6.E, additional language added to include the interest rate for the issued bonds, the bond redemption date, and confirmation that the District will annually review the interest rate on the bonds. A red-lined excerpt from the Operating Plan is included as an attachment to this item which documents the changes made, specific to the bond refunding language.
Previous Council Action:
City Council approved formation of this BID in 2003 (Ordinance No. 03-37) and has approved the BID Operating Plan and Budget annually since its fo...
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