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Council preview: Northwest Retail Business Improvement District amends operating plan to permit future bond issuance
Summary
Planning staff presented an amendment to the NW Retail Business Improvement District operating plan to update the district's financial plan, reflect recently issued 2024 bonds, and allow future bond issuances tied to an updated 2025 financial plan; the district covers a commercial corner in Council District 6 and includes a 3% public improvement
Allison Stocker, Land Use Review Division, told the council the Northwest (NW) Retail Business Improvement District is seeking an amendment to its operating plan to allow bond issuances that align with an updated financial plan and to reflect a bond series issued in 2024.
Stocker said the district — at the corner of Marksheffel and Woodman in Council District 6 — was created in 2019 with a maximum indebtedness of $10 million, a maximum operating/maintenance mill levy of 10 mills and a 3% public improvement fee (PIF). A special‑revenue bond was issued in 2024, for just under $5 million; that issuance postdated the district’s operating plan and needs to be reflected in the amended plan.
The proposed amendment ties future debt obligations to a 2025 updated financial plan instead of the 2023 financial plan used in the current operating plan. Stocker said the amendment is intended to “tee up” a future bond issuance to fund public improvements — parking, drainage, landscaping and street facilities — though the timing and amount of any new bond issuance remain under consideration. A packet table provided by petitioners showed about $7.6 million in total improvements, roughly $5 million already issued for public improvements.
The district’s representative, attorney Bridal Desmond, told council the 1.5% collection fee referenced in the packet is an administrative fee paid to the district accountant for PIF collections (it is not an additional PIF percentage on top of the 3%). Desmond also confirmed the debt was publicly issued, not a related‑party private placement.
Stocker said the item will return for a final hearing on July 8. Councilors asked for presentation slides that were not included in some packets, and the district representative said staff would provide the slides and answer follow‑up questions about acreage changes, PIF application to specific parcel types (e.g., storage), and the district board membership history.
