Title
Approval of the Proposed 2021 Operating Plan and Budget for the SW Downtown Colorado Springs Business Improvement District
Presenter:
Carl Schueler, Comprehensive Planning Manager
Body
Summary:
The SW Downtown Colorado Springs 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 additional public improvements activity and corresponding draws and reimbursements from the proceeds of recently authorized bonds. The BID may include additional property in 2021, and it expanding its operations and maintenance functions.
This BID provided a revised final version of their 2021 Operating Plan to update and/or clarify the following; paragraph 1.D, property and major asset ownership; paragraph 5, anticipated operations, service and maintenance agreements; paragraph 6.B, authorized indebtedness approved by the City versus the electors of the District; paragraph 6.E, additional language added to include 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; and paragraph 6.F, additional language added to clarify City Council's authorized debt issuance timeline. This BID also revised their 2021 Budget to include an increase to the Developer Advance amount budgeted for operations, and added language to the Summary of Significant Assumptions that details the operating and facilities funding and acquisition agreements related to developer advances, and updates to the Debt and Leases table to align the amounts related to developer advances with the proposed budget document. 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 ref...
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