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 Downtown Denver Business Improvement District.
Approves the 2020 Operating Plan and Budget for the Downtown Denver Business Improvement District in Council Districts 9 and 10. The Committee approved filing this item at its meeting on 10-22-19.
body
Affected Council District(s) or citywide? Council Districts 9 and 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 Improvements 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 operating plan and budget for Downtown Denver BID and it is submitted annually.
General Description of District and Location: The Downtown Denver Business Improvement District covers a 120- block area within central downtown Denver. The District is centered on the 16th Street Mall from Grant and Colfax to Wewatta Street extending approximately 4 blocks on the east to 20th Street and to Speer Blvd on the west side of 16th Street.
The BID is a property-owner funded management district that provides the following services and improvements: capital improvement projects, cleaning and maintenance, marketing and communication of district events and programs, economic development services, transportation initiatives and safety services.
Operations and improvements of the BID are financed by special assessments on real commercial property within the District, IGAs, interest, grants, and fees.
In 2001, the electors overwhelmingly supported a proposal to significantly increase special assessments and the BID increased its core services - litter and trash removal, sidewalk sweeping, and alley cleaning throughout Downtown and broadened its safety services. These safety service included Downtown Ambassadors, a homeless outreach program, and the hiring of off-duty police.
District Structure: The District has no debt and no mill levy. The majority of the District is financed by a special assessment that is based upon a formula of property size, building size, and geographic location to meet the proposed budgetary expenditures for 2020. The District also generates revenues via IGAs, interest, grants, and fees. The 2020 budgeted expenses are $9,169,206 which are comprised of: $7,887,923 Operating and Maintenance; $24,000 Capital Fund expenses; $110,000 Periodic Maintenance Fund expenses; $50,250 Special Projects/Contingency expenses; and $1,097,033 Enterprise expenses. The Board of Directors is composed of 7 electors.
Address/Location (if applicable):
Legal Description (if applicable):
Denver Revised Municipal Code (D.R.M.C.) Citation (if applicable):
Draft Bill Attached?