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File #: 23-506    Version: 1 Name:
Type: Resolution Status: Mayor's Office
File created: 9/22/2023 In control: City Council
On agenda: 11/28/2023 Final action: 11/28/2023
Title: A Resolution Fixing and Certifying the 2023 Tax Levy for Taxes Payable in 2024 at 5.000 Mills for the Colorado Springs Downtown Development Authority in Colorado Springs, Colorado Presenter: Charae McDaniel, Chief Financial Officer
Attachments: 1. 01_Res to Fix Mill Levy for DDA_11 13 23, 2. 11.13.2023 DDA & BID City Council, 3. Signed Resolution No. 198-23.pdf

Title
A Resolution Fixing and Certifying the 2023 Tax Levy for Taxes Payable in 2024 at 5.000 Mills for the Colorado Springs Downtown Development Authority in Colorado Springs, Colorado

Presenter:
Charae McDaniel, Chief Financial Officer

Body
Summary:
The Colorado Springs Downtown Development Authority (DDA) is a legal entity separate from the City of Colorado Springs. However, as required by State statute it is necessary for City Council to pass a resolution to fix and certify the mill levy for 2023 at 5.000 mills for taxes payable in the 2024 budget year. The 2023 levy of 5.000 mills is unchanged from the prior year mill levy.

The 2024 budget provides a total appropriation of $6,117,917 for programs, grant agreements, operations and overhead, professional services, and other expenditures. The estimated ending fund balance is projected to be $1,022,792.

Background:
The 11-member DDA board is appointed by City Council and includes representatives from a broad range of Downtown business types and property owners, along with a Council member. Currently, that member is Council Member Talarico. The board intends to utilize a portion of the voter-approved property tax revenues to create and implement incentive and grant programs to support the goals of the Experience Downtown Master Plan, which it has adopted as the basis for its scope of work. Goals include:
? Ensuring Downtown serves as the economic and cultural heart of the region.
? Creating a diverse and inclusive place to live with the amenities supporting residents.
? Celebrating and connecting with outdoor recreation and an exceptional natural setting.
? Providing a place for healthy and active lifestyles.
? Ensuring a walkable and bike-friendly center connected through safe and accessible multimodal networks.
? Serving as a leader in innovative urban design and sustainability.
? Offering an unforgettable visitor experience.
? Providing a place for inspiration, honoring history and ...

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