Marc Schtul, chief executive of the Cherry Creek North Business Improvement District, has resigned.
Schtul’s sudden departure was announced at a closed meeting of the district’s board of directors earlier this morning. His resignation becomes effective Oct. 31, but he will be retained in a consulting position until his replacement is named.
Schtul has served as chief executive of the business improvement district more than seven years. A search committee will immediately be formed to find a replacement, said BID spokeswoman Christina Brickley.
“I’ve been thinking about this for a while,” said Schtul, 44. “There’s never a good time for something like this, but there is a right time.”
Schtul’s resignation comes as the district prepares to vote on an $18.5 million bond issue intended to fund renovations and improvements to the shopping district. The November vote will move forward as planned, Brickley said.
The bond issue has been divisive among retailers and property owners in the tony shopping district. Opponents have complained that the BID board has not adequately defined how the money will be spent. Supporters have said they want to move forward with the financing and work out the details later.
Some merchants who criticized the plan at informational meetings held last month directed their complaints directly at Schtul, alleging that maintenance in the area had been neglected and that the BID should focus on keeping up with its existing obligations rather than pursuing a grandiose renovation.
Schtul said the controversy did not directly impact his decision, but he believes voters should be aware of the changes before casting their ballots.
“Its only fair to let people know who the leadership will be going forward,” said Schtul, a former attorney.
