Other/Miscellaneous Request Template (Appointments; ROW; Code Changes; Zoning Action, etc.)
Date Submitted: 10-11-19
Requesting Agency: Finance
Division:
Subject Matter Expert Name:
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Name: Michael Kerrigan - Finance |
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Email: michael.kerrigan@denvergov.org |
Item Title & Description:
(Do not delete the following instructions)
These appear on the Council meeting agenda. Initially, the requesting agency will enter a 2-3 sentence description. Upon bill filling, the City Attorney’s Office should enter the title above the description (the title should be in bold font).
Both the title and description must be entered between the red “title” and “body” below. Do not at any time delete the red “title” or “body” markers from this template.
title
A bill for an ordinance approving an Operating Plan and Budget for 2020 for the Cherry Creek North Business Improvement District.
Approves the 2020 Operating Plan and Budget for the Cherry Creek North Business Improvement District in Council District 10. The Committee approved filing this item at its meeting on 10-22-19.
body
Affected Council District(s) or citywide? Council District 10
Executive Summary with Rationale and Impact:
Detailed description of the item and why we are doing it. This can be a separate attachment.
State statute requires that City Council approves or disapproves the BID budget for the upcoming year. The ordinance represents the City’s approval for the expenditures and revenues necessary to execute the responsibilities of the district.
EXECUTIVE SUMMARY
Business Improvement Districts (BID’s) are organized for the benefit of commercial properties to assist with infrastructure improvements and their maintenance, as well as having the ability to perform marketing and economic development activities. This is the annual operating plan and budget for Cherry Creek North (CCN).
General Description of District and Location: The Cherry Creek North Business Improvement District is located just southeast of central downtown Denver and covers a 16- block area. The BID boundaries generally are University Boulevard on the west, Steele Street on the east, between 1st and 3rd Ave.
The BID is a mixed-use area including retail, office and residential development that was originally created to fund and maintain streetscape improvements installed in 1989. Since then the BID has experienced significant growth prompting the District to implement a Capital Improvement Plan to revitalize the area. Improvements constructed in 2010-2011 totaled $18.5M and included: improvements to Fillmore Plaza, streetscape enhancements, lighting, signage and directories. The District issued bonds to finance this work and through the years has advance refunded the original bonds to take advantage of interest rate and maturity savings. As of year-end 2018, the district had $14,290,000 in principal debt outstanding.
The BID also provides services such as:
• Maintenance
• Marketing & advertising of district events & programs
• Security for businesses & public areas within the District
• Parking for District customers
• Snow & trash collection.
Operations and improvements of the BID are financed by a mill levy assessed only on commercial real property within the District. The district plans to assess a 15.142 total mill levy during 2020. The total budgeted expenditures for 2020 are $6,524,242.
District Structure: The Board of Directors oversees the operations of the District. These duties include annually recommending the mill levy to be imposed to support operational activities, a work plan, and a budget. The current Board of Directors is composed of 10 electors.
For all BIDs that have mill levies: City Council will pass a resolution in December to levy all special district mill levies for the 2020 budget year.
Address/Location (if applicable):
Legal Description (if applicable):
Denver Revised Municipal Code (D.R.M.C.) Citation (if applicable):
Draft Bill Attached?