Title
Approval of the Proposed 2021 Operating Plan and Budget for the Powers & Woodmen Commercial Business Improvement District
Presenter:
Carl Schueler, Comprehensive Planning Manager
Body
Summary:
The Powers & Woodmen Commercial 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 when that occurs which no changes or major activities for 2021, other than servicing existing debt and an exclusion of property that is being converted from commercial to multi-family residential zoning.
Staff notes that this BID is accumulating significant developer advances, in comparison to outstanding formally issued debt.
This BID provided a revised version of their 2021 Operating Plan to update and/or clarify the following; paragraphs 3 and 8.C, which indicates an expected property exclusion in 2021 due to the conversion of property from commercial to multi-family residential; and paragraph 6.E, 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. 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 2003. The Operating Plan for this BID indicates a possible exclusion of property in 2021 due to the conversion of the property from commercial to multi-family residential. The District anticipates that the property owner will petition to exclude the property from the District as required by statute. Under State statute, any such exclusions must be approved by separate City Council o...
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