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About

Interquest North Business Improvement District

The District was organized to provide the financing, acquisition, construction, completion, installation, replacement and/or operation and maintenance of all of the services and public improvements allowed under Colorado law for business improvement districts. Specific improvements and services provided by the District include parking facilities, roadways, lighting, driveways, public utilities 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: 1.000 mill, subject to adjustment as set forth in the Operating Plan.

C. Current Debt Service Mill Levy: 12.000 mills

D. Current O&M Mill Levy: 1.043 mills

E. The District may increase or decrease the mill levies to reflect changes in the assessment ratio and other factors such as price increases and market conditions.

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

  1. The District issued Limited Tax General Obligation Bonds on December 3, 2010, in the total amount of $6,500,000.
  • Term: December 1, 2040
  • Interest Rate: 7%

          2. The District issued Limited Tax General Obligation Bonds on June 8, 2016, in the total amount of $4,765,000.

  • Term: December 1, 2045
  • Interest Rate: 6.5% 

          3. The District issued Limited Tax General Obligation Bonds on September 15, 2020, in the total amount of $13,735,000.

  • Term: December 1, 2049
  • Interest Rate: 7%

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

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

  1.  Facilities Funding and Reimbursement Agreement between the District and InterQuest Marketplace, LLC, dated February 22, 2017.
  • Term: December 31, 2047
  • Interest Rate: 7%

         2,  Reimbursement Agreement between the District and Development Management, Inc., dated December 31, 2006.

  • Term: Remains in effect until termination by mutual written consent
  • Interest Rate: 7%