Agenda Date: 11/18/2014
Subject:
Title
Resolution approving the 2015 Operating Plan and Budget for Highline Business Improvement District
Body
Presented By:
Michael Penny, City Manager
POLICY QUESTION:
Does the city council approve the 2015 Operating Plan and Budget for Highline Business Improvement District?
BACKGROUND:
The Highline Business Improvement District ( the "District") was organized to provide financing for public improvements and services needed within the Highline Business Area, which is commonly known as the Ridge at SouthPark. The District is governed by a Board of Directors consisting of five (5) electors of the District appointed by city council (the "Directors"). The current Directors will continue to serve through 2015.
STAFF ANALYSIS AND FISCAL INFORMATION:
All capital improvements for which the District was organized have been completed and are in service. No additional improvements are planned for 2015.
The District issued its $3,730,000 Limited Tax General Obligation Refunding and Improvement Bonds, Series 2000B ("Bonds") for a term of 20 years. The proceeds of the Bonds were used to construct the capital improvements for which the District was organized. The District has no plans to issue any new bonds in 2015 but has the authority to refund the Bonds at any time. The District actively investigated the possibility of refunding the bonds in 2010, 2011 and 2012 but the refunding was found to be unfavorable. The District may continue evaluations in the future.
The agreements pursuant to which the Bonds were issued require the District to levy property taxes at the rate of 37 mills and to apply all of the proceeds of the said 37 mills to the Bonds each year until it is current on the annual Bond payments as originally scheduled. The District still has $3,725,000 outstanding in limited tax general obligation bonds. The original amount was $3,730,000. The District made a $5,000 payment to the pr...
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