Title
Approval of the Proposed 2022 Operating Plan and Budget for the First and Main North Business Improvement District
Presenter:
Carl Schueler, Comprehensive Planning Manager
Body
Summary:
The First and Main North 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 2022 Operating Plan and Budget for the BID.
The Operating Plan and Budget for this BID does not anticipate any changes from the prior year or major activities other than servicing of existing debt. Staff notes that assessed valuation (AV) for this BID is lower than in prior years due to high commercial vacancy rates. As a result, limited developer advances are necessary to balance this BID's budget, and reserve/fund balances are low.
Background:
The boundaries of this development-specific BID were established pursuant to an election in 2004. This BID has an elected board, which is comprised of individuals associated with Nor'wood Development Group. The board currently has one vacancy which the District has noted may be filled with an appointment in 2022. The District is authorized to provide the acquisition of improvements, construction of improvements, operation and maintenance of parking facilities, roadways, lighting, driveways, public utilities, and landscaping. The District currently owns certain street improvements, parking facilities, water improvements and drainage improvements.
This Operating Plan and Budget is provided in a format consistent with the standard template approved by Council in August 2014 for these documents.
Previous Council Action:
City Council approved formation of this BID in 2004 (Ordinance No. 04-51) and has approved the BID's Operating Plan and Budget annually since its formation.
This item was introduced in a City Council Work Session on October 11, 2021. Council had no comments or quest...
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