Agenda Date: 10/21/2014
Subject:
Title
Resolution approving the Aspen Grove Business Improvement District 2015 Operating Plan and Budget
Body
Presented By:
Michael Penny, City Manager
POLICY QUESTION:
Does the city council approve the 2015 Operating Plan and Budget for the Aspen Grove Business Improvement District?
BACKGROUND:
The Aspen Grove Business Improvement District (BID) was formed for the purpose of financing the public improvements and services necessary for the development and continued operation of the Aspen Grove Lifestyle Center ("Lifestyle Center"). The Lifestyle Center is owned by DDR Aspen Grove Lifestyle Center Properties, LLC, and managed and operated by DDR Corp.
STAFF ANALYSIS AND FISCAL INFORMATION:
In 2008 city council excluded Lot 2, Block 3, of the Aspen Grove Subdivision ("Lot 2") from the BID's territorial boundaries so that Lot 2 could be developed into residential apartment units. Even though Lot 2 was excluded from the BID's territorial boundaries, it remains subject to the BID's debt service mill levy for the bonds that were in place at the time of the exclusion. The development that has occurred within Lot 2 has helped to increase the BID's assessed valuation. The 2014 preliminary assessed valuation for the BID is $16,551,884 as compared to a 2013 assessed valuation of $14,741,940. As a result of the increase in assessed valuation, the BID's debt service mill levy will remain constant at 60.000 mills.
The BID did not construct improvements during 2014 and has no plans to construct any improvements during 2015. The BID's 2014 activities focused on maintaining the BID owned public improvements and servicing the debt incurred by the BID to finance the public improvements that were necessary for the development of the Lifestyle Center. In 2015, the BID's focus will be to service the BID's outstanding bonds and to maintain the public improvements the BID currently owns.
The BID has sufficient funds...
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