Agenda Date: 10/15/2024
Subject:
Title
Resolution 111-2024: Approving the 2025 Operating Plan and Budget for Highline Business Improvement District
Body
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From: |
James L. Becklenberg, City Manager |
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Prepared by: |
Lucy Lucero, Executive Assistant |
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Presentations: |
David Solin, District Manager for Highline BID |
PURPOSE:
The Business Improvement District Act, Section 31-25-1201, et seq, C.R.S. requires that the Highline 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. There has been no change in the District boundaries since it was organized, and no change is contemplated for 2025. All capital improvements for which the District was organized have been completed and are in service. No additional improvements are planned for 2025. The District does not currently provide ongoing services or programs and does not plan to in 2025, other than administration and payment of financial obligations.
The expected 2025 expenditures for administrative functions necessary to enable the District to meet its contractual and statutory compliance obligations are as shown in Exhibit D. This includes Board of Director meetings (typically two to three per year) and office expenses, preparing and making required filings, bookkeeping, audit, legal, management, a 3% TABOR emergency reserve, and costs of interacting with the City, other governmental entities, and landowners. District Directors are not compensated by the District for their service on the Board.
The proposed District Budget reflects revenues of approximately $2l,933 from the 1.042 mill levy, which with other revenues is expected to be sufficient to cover the District’s general administration expenses in 2025. A contingency expense is budgeted and appropriated for (subject to available revenue), in the event of any unforeseen expenditures. A dissolution expense will be budgeted and appropriated for (subject to available revenue), to allow for sufficient funds in the future to pay for costs relating to the planned event of dissolving the District, upon retirement of all debt. It is anticipated that dissolution will occur in 2025, and the final debt service payment of $524,135 is due December 1, 2025.
BACKGROUND:
The Highline Business Improvement District (“District) was organized to provide financing improvements and services needed within the area known as the Ridge at SouthPark. The District was organized pursuant to the Business Improvement District Act (“Act”) Section 31-25-1201, et seq, C.R.S. by Ordinance No. 25, Series of 1998, passed by city council on August 18, 1998. The Act requires that the District submit an annual Operating Plan and Budget for the coming budget year by September 30 of each year for approval by city council.
Prior Actions or Discussions
• October 17, 2023, the 2024 Operating Plan and Budget was approved by Resolution 108-2023.
• October 18, 2022, the 2023 Operating Plan and Budget was approved by Resolution 62-2022.
• October 26, 2021, the 2022 Operating Plan and Budget was approved by Resolution 46-2021.
• October 15, 2021, the 2021 Operating Plan and Budget was approved by Resolution 69-2020.
• October 15, 2019, the 2020 Operating Plan and Budget was approved by Resolution 53-2019.
FISCAL IMPACTS:
N/A
STAFF RECOMMENDATION:
Staff recommends approval of the resolution.
ALTERNATIVES:
N/A
PROPOSED MOTION:
Proposed Motion
I move to approve Resolution 111-2024 approving the 2025 Operating Plan and Budget for Highline Business Improvement District.