Title
A Resolution of the City Council of Colorado Springs, Colorado Approving the Proposed 2023 Operating Plan and Budget for the Park Union Business Improvement District
Presenter:
Carl Schueler, Comprehensive Planning Manager
Michael Tassi, Assistant Director, Planning and Community Development
Body
Summary:
The Park Union 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 additional public improvements activity, corresponding draws and reimbursements from the proceeds of the bonds authorized in 2020, and the potential issuance of additional debt up to the authorized amount not to exceed $50,000,000, the BID has until February 11, 2024, to issue debt under Res. 20-10. In 2023, an additional draw of $3,000,000 on the Series 2020A bonds is anticipated.
Background:
The initial boundaries of this BID were established pursuant to an election in 2017 and additional properties were added to the District in 2019. Currently, the boundaries of this BID overlap with those of two associated metropolitan districts. Over time, as this project develops, it is expected that any particular property will only be included in one of the three districts, with non-residential properties in the BID, and residential properties in one of the metropolitan districts. In some cases, these future exclusions and inclusions may be specific to separate floors of buildings that are devoted to eligible residential or non-residential uses.
The District has a 5-member board elected by the eligible electors of the District as provided by law. The District is authorized to provide the acquisition of improvements, construction of improvements, operation and maintenance of parking facilities, roadways, lighting, driveways, publ...
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