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CID board debates 12% city maintenance charge, requests updated bond scenarios before vote
Summary
The 76 Entertainment CID board reviewed a proposed cooperative agreement requiring a flat 12% maintenance payment to the city, debated growth-rate assumptions used in bond models (1%–3%) and asked staff and the bond consultant to run updated scenarios before taking a vote.
The 76 Entertainment Community Improvement District board reviewed a proposed cooperative agreement amendment that would direct a flat 12% maintenance payment to the city and paused any final approval pending updated financial scenarios from the district—s bond consultant.
Board Chair convened the discussion on the cooperative agreement and invited city and CID staff to summarize their recommended approach. Allison, the CID finance lead, said the spreadsheets use a conservative 2% revenue-growth assumption and that, under that projection and with the 12% payment included, the CID still shows a surplus in the multi-year forecast.
"We're asking for 12% on average," Allison said, adding that the line covers ongoing upkeep costs the city will shoulder. Michael, the city—s presentation lead on operations and maintenance, walked the board through the items the payment is intended to fund: routine asphalt and striping work, tree and landscape care, irrigation and electrical systems for lighting, parts and supplies, and staffing (the proposal assumes three full-time maintenance employees for the CID area). He emphasized that higher-end finishes increase replacement and upkeep costs over time.
Board members pressed for clarity on several points. Chuck and other members said the CID—s previous bond modeling used a 1% growth rate and asked for scenarios at 1%, 2% and 3% so the board could see the effect on net revenue available for debt service and on the debt-coverage ratio. Paul asked that staff show versions where the 12% is taken "off the top" before calculating net revenue available for debt service, and where it is included as an operating expense, because the treatment materially affects the coverage ratio used by rating agencies and underwriters.
"If the SID board approved that today, then we could be out to bid soon," Solon said, urging action; other members replied they needed the consultant—s scenarios before committing to a flat percentage.
Allison also called out a $315,000 consulting line in the 2026 budget to complete engineering and contract documents for upcoming phases; the board discussed whether the CID should draw more cash to accelerate phases or use cash strategically to improve bonding capacity.
Members asked staff to deliver the requested spreadsheets and for the bond consultant (Todd) to run the scenarios in time for the board—s next meeting in roughly two weeks. The board also discussed near-term procurement: staff said plans and job special provisions were essentially complete and could be released to bid within about 30—5 days after final approvals and MoDOT clearances.
Votes at a glance: - Approval of minutes (Sept. 24 and Oct. 29, 2025): motion moved, seconded and approved by voice ("aye"). - Motion to keep current officer positions (chair, vice chair, treasurer, secretary): moved, seconded and approved by voice ("aye").
The board did not adopt the cooperative agreement language or the 12% commitment at the March 12 meeting; members asked staff to provide the requested scenarios and to circulate materials several days before the next meeting so trustees can review them.
