Title
Approval of the Proposed 2021 Operating Plan and Budget for the USAFA Visitors Center Business Improvement District, Subject to an Amended Operating Plan and Budget Being Approved Prior to Formal Debt Issuance
Presenter:
Carl Schueler, Comprehensive Planning Manager
Body
Summary:
The USAFA Visitors 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 is adaptively written in order to address timing and other uncertainties associated with previously authorized, but as yet un-issued debt. Staff and BID representatives are recommending that an amended Operating Plan and Budget be presented to City Council for approval at such time as debt issuance plans and schedules become more finalized. Therefore, specific language to this effect, is included in the proposed Council motion.
This BID provided a revised version of their 2021 Operating Plan to update paragraph 6.B to include the amount of voter authorized debt, and the source of the City Council authorized debt.
Background:
The District was organized in 2018, a special election for the District, consisting of debt and related issues and questions was held on November 6, 2018. The boundaries of this development-specific BID were established initially to include 1.705 acres in the Briargate area that are located within the boundaries of the City. The actual project site was subsequently annexed into the boundaries of the City in March 2019, and included in this BID, after which the original property was excluded. 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 City approval, when a qualified candidate has be...
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