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 purpo...
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