Title
Approval of the Proposed 2022 Operating Plan and Budget for the SW Downtown (aka Park Union) 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 2022 Operating Plan and Budget for the BID.
Concurrent to the proposed Operating Plan approval, the BID is also requesting a name change to the Park Union Business Improvement District as an amendment to Ordinance 17-94, the Ordinance organizing the District. The proposed name change was presented to City Council in the October 11, 2021 Work Session. As a result of this pending name change the 2022 Operating Plan and Budget refers to the District as Park Union Business District (formerly known as SW Downtown Business Improvement District).
The Operating Plan and Budget for this BID anticipates additional public improvements activity, corresponding draws and reimbursements from the proceeds of the bonds authorized in 2020, and the potential issuance of additional debt up to the authorized amount not to exceed $50,000,000, the BID has until February 11, 2024 to issue debt under Res. 20-10. In 2022, final draws on the first $30,500,000 Series 2020A bonds are anticipated.
Background:
The initial boundaries of this BID were established pursuant to an election in 2017 and additional properties were added to the District in 2019. Currently, the boundaries of this BID overlap with those of two associated metropolitan districts. Over time, as this project develops, it is expected that any particular property will only be included in one of the three districts, with non-residential properties in the BID, and residential properties in one of the metropolitan districts. In some cases, these future exclus...
Click here for full text