About

Overview

The First and Main Business Improvement District (2003), First and Main Business Improvement District No. 2 (2009) and First and Main North Business Improvement District (2004) (the "Districts") are located in the City of Colorado Springs, El Paso County, Colorado. The Districts were organized for the purpose of financing, acquisition, construction, completion, installation, replacement and/or operation and maintenance of all the services and public improvements allowed under Colorado law for Business Improvement Districts.

First and Main Business Improvement District

The District was organized by Ordinance of the City of Colorado Springs on March 11, 2003, to provide the financing, acquisition, construction, completion, installation, replacement and/or operation and maintenance of public improvements authorized under Colorado law for business improvement districts. First and Main Business Improvement District No. 2 maintains and operates the public improvements on the District’s behalf, including streets and landscaping. The District's service area is located entirely within the City of Colorado Springs, El Paso County, Colorado.

Financial Obligations

A. Maximum Debt Service Mill Levy: 50.000 mills, subject to adjustment as set forth in the Operating Plan.

B. Maximum Operations and Maintenance Mill Levy for a commercial district: 1.000 mills, subject to adjustment as set forth in the Operating Plan.

C. Current Debt Service Mill Levy: 52.665 mills

D. Current O&M Mill Levy: 1.053 mill

E. The District imposed the maximum mill levies.

F. Information regarding debt for the District is as follows:

The District issued Limited Tax General Obligation Bonds on January 28, 2009 in the total amount of $1,650,000.

Term: December 1, 2038
Interest Rate: 8.5%

2. The District issued Limited Tax General Obligation Bonds on May 15, 2025 in the total amount of $3,290,000.

Term: December 1, 2055
Interest Rate: 7%

3. The District does not intend to issue further debt at this time.

G. The District is not a party to any developer reimbursement agreements.

First and Main Buisness Improvement District No. 2

The District was organized by Ordinance of the City of Colorado Springs on September 23, 2008, to provide the financing, acquisition, construction, completion, installation, replacement and/or operation and maintenance of public improvements authorized under Colorado law for business improvement districts. The District maintains and operates public improvements, including streets and landscaping. The District's service area is located entirely within the City of Colorado Springs, El Paso County, Colorado.

Financial Obligations

A. Maximum Debt Service Mill Levy: 50.000 mills, subject to adjustment as set forth in the Operating Plan.

B. Maximum Operations and Maintenance Mill Levy for a commercial district: 1.000 mill, subject to adjustment as set forth in the Operating Plan.

C. Current Debt Service Mill Levy: 52.480 mills

D. Current O&M Mill Levy: 1.049 mills

E. The District imposed the maximum mill levies.

F. Information regarding debt for the District is as follows:

The District issued Limited Tax General Obligation Bonds on January 28, 2009, in the total amount of $2,400,000.

Term: December 1, 2038
Interest Rate: 8.5%

2. The Distict issued Public Improvement Fee Revenue Bonds on January 12, 2011, in the total amount of $2,000,000.

Term: December 1, 2035
Interest Rate: 8.5%

3. The District issued Limited Tax General Obligation Bonds on April 22, 2015, in the total amount of $1,750,000.

Term: December 1, 2044
Interest Rate: 6.75%

4. The District issued Public Improvement Fee Revenue Bonds on April 22, 2015, in the total amount of $1,725,000.

Term: December 1, 2044
Interest Rate: 6.75%

5. The District issued Limited Tax General Obligation Bonds on November 17, 2022, in the total amount of $3,941,000.

Term: December 1, 2051
Interest Rate: 6.5%

6. The District issued Public Improvement Fee Revenue Bonds on November 17, 2022, in the total amount of $6,700,000.

Term: December 1, 2051
Interest Rate: 6.5%

7. The District issued Limited Tax General Obligation Bonds on May 15, 2025, in the total amount of $1,480,000.

Term: December 1, 2055
Interest Rate: 7%

8. The District does not intend to issue further debt at this time.

G. The District is party to the following developer reimbursement agreements:

Facilities Funding and Reimbursement Agreement between the District and Barnes & First & Main, LLC, dated February 22, 2017.

Term: Automatic annual renewal
Interest Rate: 8%

First and Main North Business Improvement District

The District was organized by Ordinance of the City of Colorado Springs on April 27, 2004, to provide the financing, acquisition, construction, completion, installation, replacement and/or operation and maintenance of public improvements authorized under Colorado law for business improvement districts. The First and Main Business Improvement District No. 2 operates the public improvements the District owns on the District’s behalf, including street, parking, water, and drainage improvements and facilities. The District's service area is located entirely within the City of Colorado Springs, El Paso County, Colorado.

Financial Obligations

A. Maximum Debt Service Mill Levy: 50.000 mills, subject to adjustment as set forth in the Operating Plan.

B. Maximum Operations and Maintenance Mill Levy for a commercial district: 1.000 mill, subject to adjustment as set forth in the Operating Plan.

C. Current Debt Service Mill Levy: 52.122 mills

D. Current O&M Mill Levy: 1.042 mills

E. The District imposed the maximum mill levies.

F. Information regarding debt for the District is as follows:

The District issued General Obligation Limited Tax Bonds on March 25, 2005, in the total amount of $1,927,000.

Term: March 30, 2035
Interest Rate: 6%

2. The District does not intend to issue further debt at this time.

G. The District is party to the following developer reimbursement agreements:

Reimbursement Agreement between the District and Nor'wood Development Group, dated March 30, 2011.

Term: Automatic annual renewal
Interest Rate: 7%