Title
Approval of the Proposed 2022 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 2022 Operating Plan and Budget for the BID.
The Operating Plan and Budget for this BID anticipates a potential issuance of debt in 2022, the certification of a mill levy of 1.000 mill, and the potential exclusion of a substantial portion of the property that is expected to be developed as multi-family residential.
Background:
This District's initial boundaries were established when this BID was created in 2019. This BID is located within the overlying existing Woodmen Heights Metropolitan District No. 3. The BID includes approximately 35 acres; however, a new ownership group is now in place for this project, and development plans are being modified. It is now anticipated that a portion of the property located within the District will be developed as multi-family residential and will therefore be excluded from the District's boundaries. Under State statute, any such exclusions must be approved by separate City Council ordinance.
This BID is structured to have a 5-member elected board comprised of individuals associated with this redevelopment project. The board currently has two vacancies which the District has noted may be filled in 2022. This BID is responsible for maintenance of the internal improvement associated with the retail center. The Woodmen Heights Metropolitan District No. 3 is responsible for landscaping along Woodmen and Marksheffel Roads. In addition to general administration, the BID will continue to be engaged in early development activities in 2022. The District is authorized to exercise all the powers, functions, and ...
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