Title
A Resolution of the City Council of Colorado Springs, Colorado Approving the Proposed 2023 Operating Plan and Budget for the MW Retail Business Improvement District
Presenter:
Carl Schueler, Planning Manager - Comprehensive Planning
Michael Tassi, Assistant Director, Planning and Community Development
Body
Summary:
The MW Retail 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 an issuance of debt in 2023 of approximately $10,000,000 for the purpose of financing Public Improvements, as further described in Exhibit E of the Operating Plan and Budget. This particular proposed issuance was also specifically reviewed and approved by Council earlier in 2022. The District will increase its mill levy from 1.000 mill to 10.000 mills for operations, and advises an appointment to the Board of Directors may be made in 2023 to fill the two vacancies. The District does not anticipate any boundary changes in 2023.
This BID provided a revised version of their 2023 Operating Plan to update the District Boundary Map as provided in Exhibit C to include the recent inclusions and exclusions, and update the total acreage as described in Section 3. Boundaries, Inclusions and Exclusions and; update the Developer Advance balance in 6.G. Developer Funding Agreements and the Developer Advance table in the 2023 Budget Summary of Significant Assumptions.
Background:
This District's initial boundaries were established when this BID was created in 2019. This BID is located within the overlying existing Woodmen Heights Metropolitan District No. 3 and includes approximately 22.36 acres. The District does not anticipate any boundary changes in 2023, however, by State law, any future district inclusions or exclusions must ...
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