Other/Miscellaneous Request Template (Appointments; ROW; Code Changes; Zoning Action, etc.)
Date Submitted: 11-07-2022
Requesting Agency: Finance
Division:
Subject Matter Expert Name: Michael Kerrigan
Email Address: Michael.kerrigan@denvergov.org
Phone Number:
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 a 2023 Operating Plan and Budget and amending the 2022 Budget for the Five Points Business Improvement District.
Approves the 2023 Operating Plan and Budget and amends the 2022 Budget for the Five Points Business Improvement District in Council District 9. The Committee approved filing this item at its meeting on 11-9-2022.
body
Affected Council District(s) or citywide? 9
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 operating plan and budget for the Five Points BID (the “District “) and it is submitted annually.
General Description of District and Location: The District covers approximately 42 acres along the Welton Street corridor. The District area generally encompasses the commercial property on Welton Street, beginning at the north side of 20th Street going northeast along Welton Street terminating at Downing Street and 30th Avenue. Additionally, the parcel located adjacent to Welton Street on the southeast corner at Washington and 26th Avenue is included, as well as the parcels located on the southeast side of California Street between 26th and 27th Streets. Personal property is not included in the District boundaries.
The District’s services are designed to supplement existing City services and are in addition to City services that are currently provided along the Welton Street corridor. District services do not replace any existing City services. The District’s recommended work program includes activities and priorities developed by business and property owners. The District plans to provide services via these main categories: enhanced maintenance, physical improvements, economic development, safety, marketing, and promotion.
District Structure: The District was created by City Council in June 2016 and the electors authorized a District mill levy in the November 2016 TABOR election. The District raises revenue from an ad valorem real property tax mill on commercial property. Currently the District has no debt and no debt issuances are anticipated in 2023. The amended 2022 budget includes total expenditures of $425,268 vs. original 2022 City Council approved budgeted expenditures of $354,150. The proposed budgeted expenditures for 2023 are $361,286 which will be generated from a proposed 10.000 mill levy. The Board of Directors is composed of 7 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 2023 budget year.
Address/Location (if applicable):
The District covers approximately 42 acres along the Welton Street corridor. The District area generally encompasses the commercial property on Welton Street, beginning at the north side of 20th Street going northeast along Welton Street terminating at Downing Street and 30th Avenue. Additionally, the parcel located adjacent to Welton Street on the southeast corner at Washington and 26th Avenue is included, as well as the parcels located on the southeast side of California Street between 26th and 27th Streets. Personal property is not included in the District boundaries.
Legal Description (if applicable): N/A
Denver Revised Municipal Code (D.R.M.C.) Citation (if applicable): N/A
Draft Bill Attached? No