Fiscal Note
The 2008 Operating Plan for Madison's Central Business Improvement District anticipates expenditures of $358,390, funded with a BID assessment of $257,240 and $101,150 in other revenues. BID operations have no direct budgetary impact on the City.
Title
Approving the Amended 2009 Operating Plan for Madison's Central Business Improvement District (#1).
Body
PREAMBLE
On October 7,2008, the Common Council adopted RES-08-00930 which approved the 2009 Operating Plan for Madison’s Central Business Improvement District (#1) (the “BID).
On January 8, 2009, the BID Board approved amendments to the BID 2009 Operating Plan. Owners of nearly 3/4 of the aggregate property frontage in the 100-block King Street area (including adjacent addresses on the 100 block of South Pinckney and East Main streets) have signed a statement agreeing that their properties be included in Madison’s Central Business Improvement District (BID). The amended Plan thus includes properties on the 100-block King Street area within the District, with the specification that the tenth year (2009) assessments for properties in the 100 block King Street area added to the District (Addendum to Appendix B) shall be pro-rated from the date of adoption. The budget has been amended to include assessment revenues from added properties, and additional expenditures to provide services to this area. The composition of the BID Board was amended to from 17 to 19 voting members, reflecting the change in status of the King Street Area seat from a non-voting advisor to a voting Board member and the addition of one At-Large voting member representing the largest property owner in the District (owner of most aggregate frontage subject to the BID assessment). The number of non-voting advisors was amended from three (3) to two (2), reflecting the change in status of the King Street Area seat. Appendix B, Listing of Properties Included in the District, has been revised and includes an addendum of the properti...
Click here for full text