Title
A Resolution of the City Council of Colorado Springs, Colorado Approving the Proposed 2023 Operating Plan and Budget for the Catalyst Campus Business Improvement District
Presenter:
Carl Schueler, Planning Manager - Comprehensive Planning
Michael Tassi, Assistant Director, Planning and Community Development
Body
Summary:
The Catalyst Campus 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 2023 Operating Plan and Budget for the BID.
This BID anticipates initiating the construction of public improvements in 2023 which may include walking paths and sidewalks perimeter lighting, and security enhancements.
Background:
The District was organized in 2021, a special election for the District, consisting of debt and related issues and questions was held on November 2, 2021. The boundaries of this BID encompass about 15.545 acres initially, however, the District anticipates inclusion and exclusion requests as development within the District occurs. By State law, any future district inclusions or exclusions must be approved by City Council.
The District currently has three vacancies on the Board, the 2023 Operating Plan requests that the City Council take action to appoint three individuals as listed in the Operating Plan to the vacant seats on the Board of Directors.
This Operating Plan and Budget allows for a mill levy cap of up to 50.000 mills for debt service and up to 10.000 Mills for general operations and administrative expense. However, in 2023 the District will not be certifying a mill levy. The District currently receives developer funding as its primary source of revenue, and notes they may also be the beneficiary of revenues derived from a privately imposed public improvement fee (PIF). The amount of these PIFs is not specified at this time and is not budgeted in 2023.
This Op...
Click here for full text