Title
Ordinance No. 22-19 excluding property from the boundaries of the MW Retail Business Improvement District located near the intersection of Woodmen and Marksheffel Roads.
(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 17.193 acres from the boundaries of the MW Retail 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 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.
The project is located in City Council District No. 6. The developer of the project is MW Colorado Springs, LLC.
Notes:
-A PowerPoint presentation summarizing this item is included with the prior agenda item concerning an inclusion of property into this BID.
-The following item on today's agenda concerns a resolution authorizing issuance of debt by this District.
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 2019, with an area of about 35 acres. This exclusion would remove about 17.2 acres that are no...
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