Title
Ordinance No. 22-15 excluding a 12.234-acre parcel from the boundaries of the Powers & Woodmen Commercial Business Improvement District located along Woodmen Road.
(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 exclude a single parcel, totaling about 12.234 acres from the boundaries of the Power & Woodmen Commercial Business Improvement District (the "District"). The City received a Petition for an Exclusion of Property as executed by the owner.
Per Colorado State Statute, residentially assessed property cannot be taxed as part of a Business Improvement District and therefore needs to be excluded. The subject property is being developed with multi-family uses.
This Item was discussed by the City Council Budget Committee on February 8, 2022.
The project is located in City Council District No. 6.
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. Additionally, BID boundary changes must be approved by Council ordinance.
This BID was originally created in 2004. It is authorized to levy up to 25.0 mills in debt service and 1 mill for operations and maintenance. In 2010, this BID issued $1,850,0000 in privately placed tax-exempt debt at an interest rate of 8.5%. This BID has also accrued separate developer advances in the amount of approximately $2,200,000. A similar residential property exclusion was approved by Council in 2013.
Changing the boundaries of a BID by exclusion of property is governed by C.R.S. 31-25-1220, which requires the property owner to petition the governin...
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