Title
A Resolution of the City Council of Colorado Springs, Colorado Approving the Proposed 2023 Operating Plan and Budget for the Creekwalk Marketplace Business Improvement District
Presenter:
Carl Schueler, Planning Manager - Comprehensive Planning
Michael Tassi, Assistant Director, Planning and Community Development
Body
Summary:
The Creekwalk Marketplace 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 Operating Plan and Budget advises this BID will continue with activities in connection with the urban renewal project for the area and continuing with development and public improvement activities in 2023. Staff notes the available debt service fund for this BID is being utilized to meet a significant proportion of bond interest payments, and that it appears there may be limited shortfall in the required bond reserves. Staff does note that the Creekwalk development has been actively progressing in terms of vertical construction and business openings.
This BID provided a revised version of their 2023 Operating Plan to include additional information in 1.D. Ownership of Property or Major Assets; 3. Boundaries, Inclusions and Exclusion to clarify that although the District does not anticipate boundary changes in 2023, there could be changes in future years; 8.C. 2023 Activities, Projects and Changes to correct a typo regarding the total mill levy to be imposed in 2023 and; an update to the Exhibit B Budget Debt Service Reserves, noting that the reserves may fall below the required amount.
Background:
The initial boundaries of this development-specific BID were established pursuant to an election in 2016 with additional properties added in 2017, 2018, 2019 and 2021 for total of approximately 8.94 acres. As stated in the Operating Plan, the BID ...
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