Title
A Resolution of the City Council of Colorado Springs, Colorado Approving the Proposed 2023 Operating Plan and Budget for the First and Main North Business Improvement District
Presenter:
Carl Schueler, Comprehensive Planning Manager
Michael Tassi, Assistant Director, Planning and Community Development
Body
Summary:
The First and Main North 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.
The Operating Plan and Budget for this BID does not anticipate any changes from the prior year or major activities other than servicing of existing debt. Staff notes that assessed valuation (AV) for this BID is lower than in prior years due to high commercial vacancy rates. As a result, limited developer advances are necessary to balance this BID's budget, and reserve/fund balances are low. Staff notes that because these are related party privately placed bonds, the party owning the bonds is effectively the same as party that is advancing the funds necessary to keep payments current.
This BID provided a revised version of their 2023 Operating Plan to remove language in Exhibit B, page 7 of the Annual Budget - Debt Service regarding the repayment of developer advances in 2023. The 2023 budget does not include payments on the developer advance balance in 2023.
Background:
The boundaries of this development-specific BID were established pursuant to an election in 2004. This BID has an elected board, which 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 currently owns certain street improvements, parking facilit...
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