To: Honorable Mayor and Members of Town Council
From: Robert J. Slentz, Town Attorney
Title
Resolution Approving the Miller’s Landing Business Improvement District 2017 Operating Plan and Budget [Northwest corner of Plum Creek and I-25] (Continued from the March 7, 2017 Town Council meeting)
Body
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Executive Summary
The Miller’s Landing Business Improvement District was approved by Town Council last year with the specific purpose of undertaking the public financing of the Miller’s Landing development (“Project”). The fundamental role of the District in financing the Project has been refined through by the Public Finance Agreement (“PFA”) concurrently before Town Council for final approval.
The Business Improvement District Act requires that the District annually obtain approval from the Council of the following year’s operations plan and budget. Because the District is newly formed and the PFA is just now being finalized, the plan and budget for 2017 is presented. Starting this year the plan update and budget for 2018 and subsequent years will follow a typical budget schedule.
The 2017 Operating Plan ties to and incorporates the PFA. Under the PFA the District will serve as the principal public financing entity for the Project. Accordingly, the District will issue its Bonds to finance the landfill remediation and construction of public improvements, supported by the revenue streams of the URA property tax increment, Credit and Add-On Public Improvement Fee, and the District’s 50-mill property tax levy.
Staff Recommendation
Staff recommends approval of the Resolution as presented.
Proposed Motion
“I move to approve Resolution Approving the Miller’s Landing Business Improvement District 2017 Operating Plan and Budget”
Attachments
Attachment A: Resolution