Agenda Date: 10/15/2024
Subject:
Title
Resolution 109-2024: Approving the 2025 Operating Plan and Budget for Aspen Grove Business Improvement District
Body
|
From: |
James L. Becklenberg, City Manager |
|
Prepared by: |
Lucy Lucero, Executive Assistant |
|
Presentations: |
N/A |
PURPOSE:
The Business Improvement District Act, Section 31-25-1201, et seq, C.R.S. requires that the Aspen Grove Business Improvement District submit an annual Operating Plan and Budget for the coming year for city council approval.
LONG-TERM OUTCOME(S) SERVED:
High-Quality Governance
DISCUSSION:
The Business Improvement District Act (“Act”) requires that the District submit an annual operating plan and budget for the next fiscal year by September 30 of each year for approval by city council. The Aspen Grove Business Improvement District (“BID”) did not construct or acquire improvements during 2024. The BID’s activities in 2024 consisted of paying the debt service on the BID’s Limited Tax General Obligation Refunding Bond, Series 2018 (“2018 Bond”). The BID also oversaw the maintenance of the BID’s public improvements. No additional improvements are planned for 2025. In 2025, the BID’s focus will be to pay the debt service on the BID’s outstanding 2018 Bond and to maintain the public improvements the BID currently owns.
Aspen Grove GRF2 LLC, the owner of the Lifestyle Center, obtained approval of a Master Development Plan for the Lifestyle Center from the Littleton Planning Commission on July 25, 2022, pursuant to Title 10, Chapter 9, Section 10-9-5.7 of the Littleton City Code. The Master Development Plan provides for mixed use development of commercial and residential uses, consisting of up to four hundred and eighty-one (481) residential units with a maximum of sixty (60) dwelling units per acre. Because the BID cannot have residential property located within its boundaries, the BID will petition the City Council for exclusion from the BID of any property classified in the future for tax purposes as residential. It is not anticipated that this will occur until 2026 or later. Any residential property excluded from the BID will remain subject to the excluded property’s pro rata share of the BID’s outstanding general obligation debt as of the date the property is excluded.
BACKGROUND:
The Aspen Grove Business Improvement District (“District”) was formed with City of Littleton Ordinance No. 24, Series 2000, adopted on August 15, 2000, pursuant to Section 31-25-1201, et seq, C.R.S. for the purpose of financing the public improvements and services needed for the Aspen Grove Lifestyle Center. The initial operating plan for the BID was provided for the BID to construct, install, and/or acquire street improvements, including bicycle paths, curbs, gutters, traffic safety control devices, sidewalks, pedestrian malls, streetlights, drainage facilities, water and sewer facilities, and landscaping of common areas. The Aspen Grove BID requires the District to submit an annual operating plan and budget for the coming year for approval by city council. The BID budget and operating plan are separate from the City’s budget as per statute.
Prior Actions or Discussions
• October 17, 2023, the 2024 Operating Plan and Budget was approved by Resolution 109-2023
• October 18, 2022, the 2023 Operating Plan and Budget was approved by Resolution 63-2022
• October 19, 2021, the 2022 Operating Plan and Budget was approved by Resolution 45-2021
• October 20, 2020, the 2021 Operating Plan and Budget was approved by Resolution 70-2020
• October 15, 2019, the 2020 Operating Plan and Budget was approved by Resolution 54-2019
FISCAL IMPACTS:
N/A
STAFF RECOMMENDATION:
Staff recommends approval of the resolution.
ALTERNATIVES:
N/A
PROPOSED MOTION:
Proposed Motion
I move to approve Resolution 109-2024 approving the 2025 Operating Plan and Budget for the Aspen Grove Business Improvement District.