Title
Ordinance No. 21-93 including certain property into the boundaries of the Creekwalk Marketplace Business Improvement District located along South Nevada Avenue.
(Legislative)
Presenter:
Carl Schueler, Comprehensive Planning Manager, Planning & Community Development
Peter Wysocki, Planning and Community Development Director
Body
Summary:
This is a request for approval of an ordinance to include five (5) parcels, totaling about 2.5 acres into the boundaries of the Creekwalk Marketplace Business Improvement District (the "District"). The City received a Petition for an Inclusion of these Properties as executed by the owners.
Per Colorado State Statute, property included in a BID does not need to be contiguous or adjacent. These inclusions will bring additional recently acquired properties into the District boundaries. All of these properties are logically related to the ongoing redevelopment of the South Nevada area and to the anticipated involvement of this BID in particularly.
This Item was discussed by the City Council Budget Committee on October 26, 2021. This item is being recommended for "back-to-back" scheduling for the November 9, 2021 Council hearing.
Approval of the subsequent debt authorization agenda item for this BID would be contingent upon these inclusions being approved.
The project is located in City Council District No. 3.
Background:
BIDs are created under Colorado Statute and City Policy to finance and/or maintain certain public improvements in non-residential areas, utilizing a property tax mill levy as their primary revenue source. BIDs are separate legal entities into the City, but their budgets and operating plans must be approved annually by the City.
This BID was originally created in 2016. It is authorized to levy up to 50.0 mills in debt service and 10 mills for operations and maintenance. It has a maximum debt authorization of $50,000,000. This BID issued debt in 2019 in the form of Series A bonds in t...
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