Title
Approval of the Proposed 2021 Operating Plan and Budget for the Interquest Town Center Business Improvement District
Presenter:
Carl Schueler, Comprehensive Planning Manager
Body
Summary:
The Interquest Town 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.
The Operating Plan and Budget for this BID anticipates issuance of previously authorized debt either late this year or in 2021, along with continuing work on District-funded public improvements.
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; paragraph 6.2, the District's source of City Council authorized indebtedness; paragraph 6.3, the actual mill levy certified for collection in 2020 was less than what was submitted in their 2020 operating plan; and paragraph 6.7, outstanding developer advance balance.
Background:
The initial boundaries of this public improvement BID were established when this BID was created in 2017. The BID includes approximately 19 acres. No additional inclusion or exclusion requests are expected in 2021. Under State statute, any such inclusions must be approved by separate City Council ordinance.
The BID has a 5-member elected board of directors. The District will be primarily concerned with the provision of public improvements and services within the boundaries of the District. The District is authorized to exercise all the powers, functions, and duties specified in the Business Improvement District Act. The District's operating plan indicates District does not currently own any real property.
This Operating Plan and Budget is provided in a format consistent with the standard template approved by Council in August 2014 for these documents....
Click here for full text