Agenda Date: 11/15/2016
Subject:
Title
A resolution approving the 2017 Highline Business Improvement District Operating Plan and Budget
Body
Presented By:
Mike Braaten, Deputy City Manager
POLICY QUESTION:
Does city council support approval of the 2017 Highline Business Improvement District Operating Plan and Budget?
BACKGROUND:
The Highline Business Improvement District (the "district") was organized to provide financing for public improvements and services within the Highline Business Area, commonly known as the Ridge at South Park. The district is governed by a board of directors consisting of five electors of the district appointed by city council (the "directors").
As of October 31, 2016, there is one vacancy on the board due to a board member selling his building and becoming ineligible to serve.
NEW INFORMATION SINCE POSTPONEMENT:
Lisa Jacoby, the District Manager, provided clarification pertaining to questions raised by council during the November 1, 2016 council meeting. Ms. Jacoby said that the Board met on November 1st and amended and refined the budget that was originally included in the management plan provided to council. The amended/refined budget and an announcement related to the BID's finances are included as an attachment. Additionally, due to other commitments, Ms. Jacoby will not be able to attend the meeting, however the attorney for the Board, Mr. Rick Kron, will attend.
STAFF ANALYSIS:
All capital improvements for which the district was organized have been completed and are in service. No additional improvements are planned for 2017.
FISCAL IMPACTS:
In 2015, the district successfully negotiated a mutual agreement with the bondholder of the Series 200B Bonds for a reduction and payoff of the 200B bond debt. This reduced the overall bond debt that was subsequently refinanced with a loan from CoBiz in the amount of $3,000,000. The refinancing resulted in a reduction from the previous bond interest rate of 8.75% to a loan inte...
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