Title
A Resolution of the City Council of Colorado Springs, Colorado Approving the Proposed 2023 Operating Plan and Budget for the TrueNorth Commons Business Improvement District
Presenter:
Carl Schueler, Planning Manager - Comprehensive Planning
Michael Tassi, Assistant Director, Planning and Community Development
Body
Summary:
The TrueNorth Commons 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 no changes from the prior year related to mill levies, additional debt issuances or boundary changes, however, the District does have two Board vacancies that they anticipate filling in 2023. The District Anticipates continuing construction activities in connection with Public Improvements in 2023.
The BID provided a revised Operating Plan and Budget to include the District Map in Exhibit C which had been inadvertently left out previously, and to fix the Developer Advance balance in the Schedule of Long Term Obligations in the Budget Summary of Significant Assumptions.
Background:
The District was organized in 2018, a special election for the District, consisting of debt and related issues and questions was held on November 6, 2018. The boundaries of this development-specific BID were established initially to include 1.705 acres in the Briargate area that are located within the boundaries of the City. The actual project site was subsequently annexed into the boundaries of the City in March 2019, and included in this BID, after which the original property was excluded. This BID has a 5-member elected board comprised of individuals associated with this redevelopment project, however, currently has two vacancies they anticipate filling in 2023.
The District's primary purpose continues to be to ...
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