Title
Approval of the Proposed 2021 Operating Plan and Budget for the Interquest South Business Improvement District
Presenter:
Carl Schueler, Comprehensive Planning Manager
Body
Summary:
The Interquest South 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 no changes from the prior year related to mill levies, additional debt issuances or boundary changes. This BID will continue servicing outstanding debt, install public infrastructure and perform operations and maintenance functions.
This BID provided a revised version of their 2021 Operating Plan to clarify/update the following; paragraph 1.D, property and major assets owned by the District; and paragraph 6.G, the interest rate and total accrued interest on the developer advance balances.
Background:
The boundaries of this development-specific BID were initially established pursuant to an election in 2004. This BID has an elected board, comprised of developers associated with this property. The District is authorized to provide the acquisition and financing of improvements, construction of improvements, operation and maintenance of parking facilities, roadways, lighting, driveways, public utilities, and landscaping.
This Operating Plan and Budget anticipates continued development in 2021, including the design, installation or acquisition of additional public improvements.
This Operating Plan and Budget is provided in a format consistent with the standard template approved by Council in August 2014 for these documents.
Previous Council Action:
City Council approved formation of this BID in 2004 (Ordinance No. 04-238) and has approved the BID Operating Plan and Budget annually since its formation. In September 2015, Council approved ...
Click here for full text