Council approves first reading to form Broomfield Town Square Business Improvement District; developers outline financing plan

City and County of Broomfield council on March 18 approved on first reading Ordinance 2263 to organize the initial Broomfield Town Square Business Improvement District (BID), appoint a five-member provisional board and approve a 2025-26 operating plan and budget. The vote was unanimous, 9-0.

Jeff Romine, the city economist, summarized the statutory steps required to form a BID and said the ordinance authorizes an initial boundary for roughly three acres at Main and First (the northeast corner) and a small initial operating budget — about $50,000 per year for 2025 and 2026 — to allow the district to organize and prepare for future activity once development advances.

Developer representatives said the BID is one layer of a combined financing approach that also includes metropolitan district debt and an urban renewal area (URA). Megan Becker, general counsel for the applicant, and representatives from the financing team (DA Davidson) said the BID will focus on commercial activities, marketing and events and is intended to be used in concert with metro district debt so property-level debt and operation mills are capped in the aggregate.

The operating and service plan included in the packet sets a combined debt limit across the BID and the metro district of $104 million and a combined maximum debt mill levy cap of 50 mills with a separate operations cap…