Title
Approval of the Proposed 2021 Operating Plan and Budget for the First and Main Business Improvement District No. 2
Presenter:
Carl Schueler, Comprehensive Planning Manager
Body
Summary:
The First and Main Business Improvement District (BID) No. 2 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 anticipates no changes from the prior year and no activities in 2021 other than continuing to service outstanding bonds. Staff does note that this BID has accumulated substantial developer advances which are accruing interest.
This BID provided a revised version of their 2021 Operating Plan to update and/or clarify the following; paragraph 5, the developer performs the administrative operations on behalf of the District at this time; paragraph 6.5, additional language added to include the interest rate for the issued bonds, the bond redemption dates, and confirmation that the District will annually review the interest rate on the bonds; and paragraph 6.7, the interest rate and total accrued interest on the developer advance balance. 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.
Background:
The boundaries of this development-specific BID were established pursuant to an election in 2008 and were modified in 2018. 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...
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