Title
A Resolution of the City Council of Colorado Springs, Colorado Approving the Proposed 2023 Operating Plan and Budget for the Gold Hill North Business Improvement District
Presenter:
Carl Schueler, Comprehensive Planning Manager
Michael Tassi, Assistant Director, Planning and Community Development
Body
Summary:
The Gold Hill 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 District anticipates they will primarily be engaged in improvement planning and possibly infrastructure work in 2023. The District will impose an operating Mill Levy of 10.000 mills for 2023 and anticipates issuing bonds in 2023 supported by future mill levies, URA TIF and PIF revenue.
This BID has a specific prior not-to-exceed $22.7 Million Council debt authorization (Resolution No. 42-22 approved on April 12, 2022). However, this debt has not been issued. The BID now anticipates issuing a larger amount (potentially in association with a pledge from related metropolitan districts, and a "placeholder" bond proceed number has been included in the budget.
However, because "Exhibit E" financial information has not been provided with this operating plan and budget, the District will need to come back to Council for an amendment of this operating plan and budget (and the corresponding metropolitan district service plans) in the event they decide to issue this debt.
This BID provided a revised version of their 2023 Operating Plan and Budget to include language that clarifies that no debt will be issued prior to coming back to Council for separate approval of an amended operating plan and budget.
Background:
The District was organized in 2021, a special election for the District, consisting of debt and related issues and questions...
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