Other/Miscellaneous Request Template (Appointments; ROW; Code Changes; Zoning Action, etc.)
Date Submitted: 10-23-18
Requesting Agency: Finance
Division:
Subject Matter Expert:
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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 resolution by the Council of the City and County of Denver, sitting ex officio as the Board of Directors of the Denver 14th Street General Improvement District, approving a Work Plan, adopting a Budget, imposing Capital Charges and Maintenance Charges, and making appropriations for the 2019 Fiscal Year.
Approves the 2019 Operating Plan and Budget for the 14th Street General Improvement District (GID) in Council District 9. The Committee approved filing this item at its meeting on 10-31-18.
body
Affected Council District(s) or citywide?
Executive Summary with Rationale and Impact:
Detailed description of the item and why we are doing it. This can be a separate attachment.
The Denver 14th Street General Improvement District (GID), a Title 31 Special District, was created by Council and approved by the electors within the GID in response to the “14th Street Initiative”, a public/private partnership between the Downtown Denver Partnership and the City and County of Denver to create Downtown's "Ambassador Street." The initiative began in 2005 and visualized 14th Street between Market and Colfax as both a thriving pedestrian promenade and a major gateway to Downtown for vehicular traffic. The plan contemplated streetscape enhancements and related public infrastructure improvements. Stakeholders, including private property owners, public officials and business organizations, participated in establishing the conceptual design for 14th Street. The City provided $10M of bond funding as part of the City’s Better Denver Bond 14th Street Streetscape Project. The General Improvement District added $4M of District funds for project construction. In addition to the enhanced capital improvements, the GID provides ongoing maintenance in the District.
The Ordinance creating the GID and its companion ordinance creating the District Advisory Board provides that the District Advisory Board, after notice and a hearing, is to recommend to the Board of Directors, at least once a year, a proposed Work Plan and Budget, including Maintenance Charges and Capital Charges. This Resolution of the GID Board of Directors is to approve the 2019 Work Plan and Budget, including 2019 Capital Charges and 2019 Maintenance Charges.
District Financial Structure: The 2019 budget contemplates overall expenditures and revenue of $575,954. The budget is comprised of $264,146 in operating, maintenance, and reserve expenses; and $311,808 in debt service expenses. The District raises revenue by assessments on property owners via a Maintenance Charge and a Capital Charge. Maintenance Charges are based on a property’s location within the district and its assessed value. Maintenance Charges are based on the lineal front footage a property has on 14th St. For the 2019 budget the District will assess $311,808 in Capital Charges and $183,791 in Maintenance Charges, the GID will generate additional revenues from its banner advertising program, from maintenance charges paid by exempt properties, and by district properties requesting the premium GID’s services.
Address/Location (if applicable):
Legal Description (if applicable):
Denver Revised Municipal Code (D.R.M.C.) Citation (if applicable):
Draft Bill Attached?