Title
A Resolution of the City Council of Colorado Springs, Colorado Approving the Proposed 2023 Operating Plan and Budget for the GSF Business Improvement District
Presenter:
Carl Schueler, Comprehensive Planning Manager
Michael Tassi, Assistant Director, Planning and Community Development
Body
Summary:
The GSF 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 anticipates the District will primarily be engaged in early development and public improvement planning activities in 2023 and does not plan on certifying a mill levy for collection in 2023.
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 District is governed by a five-member elected Board of Directors. The boundaries of this BID encompass about 23 acres initially, with exclusions of property expected to occur at some point in the future as horizonal or vertical properties are identified for inclusion in one of the metropolitan districts. By State law, any future district inclusions or inclusions must be approved by City Council. The overall metropolitan district/BID structure is similar to the Southwest Downtown (aka Park Union) project, with at least the possibility of "vertical boundary segregation" of boundaries between floors of buildings. By state law, BIDs cannot assess residential properties for property taxes.
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, the District does not anticipate certifying a mill levy in 2023. Additionally, this BID proposes to make use of public improvement...
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