No decision on BID asset disposal
Englewood City Council talked about a variety of options but didn’t agree on a course of action Aug. 19 on how to handle disposition of the South Broadway Business Improvement District assets. No date was set to again discuss the issue.
In July, the city council approved the effort by the majority of district property owners to have the BID dissolved. Once the district was dissolved, the city council was charged with disposing of district physical and financial assets.
Frank Gryglewicz, finance director, told the city council the district’s physical assets include 35 flower planters and bike racks and financial assets of nearly $142,000.
Gryglewicz said the district financial assets have been transferred to the city, with Englewood Finance and Administrative services serving as custodian and responsible to separately account for the funds.
He said one option for the disposition was to remove the physical assets at a cost of $350 for each flower pot or bike rack. Money for the removal would be deducted from the financial assets and the remainder would be returned to the district property owners.
Another option is to keep the flower planters and use district funds to maintain the planters until the funds are used up. The maintenance cost is estimates at about $15,000 a year.
The majority of council members agreed no one wants to see the planters and the bicycle racks removed, but had different opinions about disposition of the financial assets.
“I believe the city should keep the bike racks and planters in place because I feel they are assets to the Broadway corridor. Those assets will then become city property and the maintenance will be the city’s responsibility,” Councilmember Rick Gillit said. “I feel the district’s financial assets should be returned to the district property owners.”
Mayor Randy Penn had a different proposal, as he suggested keeping the money and using the funds to maintain the planters and bike racks as well as to improve the Broadway medians.
Councilmember Joe Jefferson disagreed.
“I don’t think the district financial assets are the city’s money to spend,” he said. “I think a fair settlement would be to return the $30,000 the city provided as seed money for the district, designate $10,000 for administrative costs and $10,000 for planter and bike rack removal, then return the remainder of the money to the district’s property owners.”