Title
A Resolution of the City Council of Colorado Springs, Colorado Approving the Proposed 2023 Operating Plan and Budget for the First and Main Business Improvement District No. 2
Presenter:
Carl Schueler, Planning Manager - Comprehensive Planning
Michael Tassi, Assistant Director, Planning and Community Development
Body
Summary:
The First and Main Business Improvement District (BID) No. 2 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.
The Operating Plan and Budget for this BID includes an Exhibit E which summarizes the public improvements and financial plan to support issuance of debt in 2022, which is represented in Exhibit E as being the final bond issuances of the District. However, following this issuance, this BID will continue to have a substantial remaining developer advance balance. Although this statement does not preclude this or a future BID board of directors from proposing additional debt as part of a future operating plan and budget, in that event, staff would suggest that a specific case should be presented at that time to support any such change in anticipated financing plans.
Background:
The boundaries of this development-specific BID were established pursuant to an election in 2008 and were modified in 2018. This District's elected board is comprised of individuals associated with Nor'wood Development Group. The District is authorized to provide the acquisition of improvements, construction of improvements, operation and maintenance of parking facilities, roadways, lighting, driveways, public utilities, and landscaping.
The District entered into an Intergovernmental Agreement in 2014 with First and Main Business Improvement District. The intergovernmental revenue represents transfers from First and Main Business Improvement District to provide funding for t...
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