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File #: 22-130    Version: 1 Name: MW Retail BID
Type: Resolution Status: Mayor's Office
File created: 2/17/2022 In control: City Council
On agenda: 4/12/2022 Final action: 4/12/2022
Title: A resolution of the City of Colorado Springs, Colorado approving the issuance of special revenue bonds by the MW Retail Business Improvement District in an amount not to exceed $5,000,000 for a project located at the intersection of Woodmen and Marksheffel Roads. (Legislative Item) Presenter: Carl Schueler, Comprehensive Planning Manager, Planning & Community Development Peter Wysocki, Planning and Community Development Director
Indexes: BID, Issuance of Debt
Attachments: 1. Resolution MW BID Debt Issuance, 2. Applicant Presentation MW Retail BID - City Council Finance, 3. Applicant Bond Issuance Cover Letter- MW Retail BID, 4. 2022-02-22 MW Retail BID Financing Analysis - v5, 5. Retail Civil Cost, 6. MW Retail BID 2022 - Draft Bond Resolution, 7. MW Retail BID - Finance Plan Cover Letter, RBC Capital Markets., 8. Draft Bond Counsel Opinion - MW Retail BID, 9. Draft GC Bond Opinion, 10. Signed Resolution No. 41-22.pdf
Title
A resolution of the City of Colorado Springs, Colorado approving the issuance of special revenue bonds by the MW Retail Business Improvement District in an amount not to exceed $5,000,000 for a project located at the intersection of Woodmen and Marksheffel Roads.

(Legislative Item)

Presenter:
Carl Schueler, Comprehensive Planning Manager, Planning & Community Development
Peter Wysocki, Planning and Community Development Director

Body
Summary:
This is a request to approve issuance of debt by the MW Retail Business improvement District ("District") in the form of Series 2022 special revenue bonds, to be repaid primarily from revenues associated with a 3.0% public improvement fee (PIF). The bonds will be in a principal amount expected to be $4,190,000 and not to exceed $5,000,000. These tax exempt and marketed bonds are anticipated to have an interest rate of 6.00%, with the exact rate to be set prior to closing. The City's Special District Policy and the District's approved Operating Plan and Budget require that City Council's approval be obtained prior to issuing any debt.

Approval of this debt issuance will require a 2/3rds majority of the entire City Council (at least six affirmative votes) pursuant to City Charter Section 7-100.

This BID is located in City Council District No. 6 with the developer being MW Retail LLC.

This item was presented to the City Council Budget Committee on March 8, 2022, and then introduced at a Council Work Session on March 21, 2022, at which time there were no requests for changes or further information.

Note: a PowerPoint presentation summarizing this request is attached with a prior property inclusion agenda item.

Background:
BIDs are created under Colorado Statute and City Policy to finance and/or maintain certain public improvements in non-residential areas, typically utilizing a property tax mill levy as the revenue source. In this case, due primarily to the existence of an overlapping metropolitan ...

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