Title
A Resolution of the City Council of Colorado Springs, Colorado Approving the Proposed 2023 Operating Plan and Budget for the Interquest North Business Improvement District
Presenter:
Carl Schueler, Comprehensive Planning Manager
Michael Tassi, Assistant Director, Planning and Community Development
Body
Summary:
The Interquest 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 BID anticipates continuing development and public improvement activity within this BID, along with corresponding additional draws on this BID's Series 2020 bond issuance.
At the October 25, 2022 Council meeting Mr. Tim Leonard presented the concerns outlined in his letter. Mr. Russ Dykstra, counsel for the District provided a response and noted that the District board would be meeting on November 2, 2022 to consider changes to this operating plan and budget and/or response at that time. After discussion, Council voted to postpone action on this item to their November 8, 2022 meeting.
At the November 8, 2022, hearing, staff provided an update concerning the revied Operating Plan and Budget as recently resubmitted by the District subsequent to their November 2, 2022 board of directors meeting, along with follow-up communication provided by Mr. Leonard and District counsel. Following discussion, Council voted to further postpone action on this item to the November 22, 2022 hearing in order to allow time for them to consider the most recent submittal and communications.
The current version of the Operating Plan and Budget includes a reduction in the debt service mill levy from 50.0 to 17.0 mills as well as a larger and now full final draw on this BID's previously authorized 2020 bond issuance.
Background:
The BID boundaries were...
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