Title
Approval of the Proposed 2021 Operating Plan and Budget for the Interquest North Business Improvement District
Presenter:
Carl Schueler, Comprehensive Planning Manager
Body
Summary:
The Interquest North 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 anticipates continuing development and public improvement activity within this BID, along with corresponding additional draws on this BID's recent bond issuance.
This BID provided a revised version of their 2021 Operating Plan to clarify/update the following; paragraph 1.E, the District has entered into a maintenance agreement with Nor'Wood Limited, Inc. for operations and maintenance of public improvements; reconciliation of paragraphs 3 and 8.C which indicates plans for inclusion or exclusion of property; and paragraph 6.E which provides additional language surrounding the 2020 bonds including the drawn down plan, their planned use, 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.
Background:
The BID boundaries were established pursuant to an election in 2004, with an additional property inclusion approved by City Council in 2007. In 2016 City Council approved the exclusion of 1.2 acres and in 2017 an additional 13.151 acres was approved for exclusion, both of which were being developed for residential purposes and was no longer statutorily eligible to remain in the District. The District's elected board is comprised of individuals associated with Nor'wood Development Group. The board cu...
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