Agenda Date: 10/21/2025
Subject:
Title
Resolution 98-2025: Approving the 2026 Operating Plan and Budget for Mineral 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: |
N/A |
PURPOSE:
The Business Improvement District Act, Section 31-25-1201, et seq, C.R.S. requires that Mineral 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 District will be primarily concerned with the provision of the significant amount of public improvements and services required within the boundaries of the District consistent with the approved development and land use plans for the property within the District. However, there may be instances where the District will provide public improvements or services outside of the boundaries of the District as may be required for development of the project. The District shall have the authority to provide these improvements and services, but the revenue-raising power of the District to recoup the costs of extraterritorial improvements and services shall be as limited by state law.
The public improvements that the District anticipates it will construct, install or cause to be constructed and installed, include those public improvements the costs of which may, in accordance with the Act, Section 31-25-1201, et seq., C.R.S., lawfully be paid for by the District, including, without limitation, water improvements, safety protection devices, sanitation improvements, marketing, streetscape improvements, street improvements, curbs, gutters, culverts, drainage facilities, sidewalks, parking facilities, paving, lighting, grading, security, landscaping, irrigation canal, and storm and wastewater management facilities and associated land acquisition and remediation. The District also anticipates providing services as authorized pursuant to Section 31-25-1212(1)(f), C.R.S.
- On November 7, 2024, the District issued its $24,040,000 Limited Tax General Obligation and Special Revenue Bonds, Series 2024A, and its $1,565,000 Subordinate Limited Tax General Obligations and Special Revenue Bonds, Series 2024B (together, the “2024 Bonds”).
- The District does not anticipate the issuance of additional debt in 2026.
- It is anticipated that the District will continue with development activity in 2026.
- It is anticipated that the District will continue to construct public improvements in 2026.
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- BACKGROUND:
- On September 19, 2023, City Council approved the Mineral Business Improvement District (“District”) through the adoption of Ordinance No. 19, Series 2023. The District was established for the primary purpose of assisting in financing the costs of public improvements necessary to redevelop the property as part of the overall development.
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- Prior Actions or Discussions
- Resolution 113-2024 was approved by city council on October 15, 2024, approving the 2025 Operating Plan and Budget.
- Ordinance 19-2023 was approved by city council on September 19, 2023, approving the organization of the Mineral Business Improvement District, providing for an election of the Board of Directors, and approving the 2023-2024 Operating Plan and Budget for the District.
FISCAL IMPACTS:
N/A
STAFF RECOMMENDATION:
Staff recommends approval of the resolution.
ALTERNATIVES:
N/A
PROPOSED MOTION:
Proposed Motion
I move to approve Resolution 98-2025 approving the 2026 Operating Plan and Budget for the Mineral Business Improvement District.