Title
Approval of the Proposed 2021 Operating Plan and Budget for the MW Retail Business Improvement District
Presenter:
Carl Schueler, Planning Manager - Comprehensive Planning
Body
Summary:
The MW Retail 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 a potential issuance of debt in 2021, along with inclusion of a small property.
This BID provided a revised version of their 2021 Operating Plan to update/clarify the following; paragraph 6.2, the District's source of City Council authorized indebtedness; and paragraph 6.6, additional language to clarify a portion of PIF revenue will be pledged for debt repayment and that no debt mill levy will be certified. This BID also revised their 2021 Budget to include a decrease to the bond issuance revenue which aligns the budgeted revenue with the City Council authorized debt for this District.
Background:
This District's initial boundaries were established when this BID was created in 2019. This BID is set within the overlying existing Woodmen Heights Metropolitan District No. 3. The BID includes approximately 35 acres, with an additional 1.57-acre parcel proposed for inclusion in the near future. Under State statute, any such inclusions must be approved by separate City Council ordinance.
This BID has a 5-member elected board comprised of individuals associated with this redevelopment project. The board currently has one vacancy which the District has noted may be filled with an appointment in 2021. This BID is responsible for maintenance of the internal improvement associated with the retail center and the Woodmen Heights Metropolitan District No. 3 is responsible for landscaping along Woodmen and Marksheffel Roads. In addition to general admin...
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