Fiscal Note
The proposed resolution approves the 2025 Operating Plan for Madison’s Central Business Improvement District (BID). The 2025 Operating Plan anticipates expenditures of $672,800 funded with a BID assessment of $348,271. The 2025 Executive Operating Budget maintains the City contribution to Madison’s Central Business Improvement District (BID): $62,225 (Economic Development Division). Barring any amendments to the 2025 Executive Operating Budget that would change City support of the BID, the Common Council is scheduled to adopt the 2025 Operating Budget with support for the BID included in mid-November. However, if the property tax referendum does not pass on November 5, the City's contribution to the BID has been proposed as a cut in the 2025 Executive Operating Budget in order to balance the City's operating budget. A different revenue source would need to be found or a commensurate expense would need to be made in order to balance the BID's budget. No additional City appropriation is required at this time.
Title
Approving the 2025 Operating Plan for Madison’s Central Business Improvement District. (District 2, District 4, District 8)
Body
WHEREAS, Wisconsin State Statute 66.1109, often referred to as the "BID Law," authorizes cities to create Business Improvement Districts "to allow businesses within those districts to develop, to manage, and to promote the districts and to establish an assessment method to fund these activities;" and,
WHEREAS, under 1999 Wisconsin State Statute 66.608, the City of Madison on December 7, 1999 created Madison Business Improvement District #1, known as Madison’s Central Business Improvement District, and adopted its initial operating plan; and,
WHEREAS, Madison’s Central Business Improvement District (BID) is governed by a Board of Directors, who are appointed by the Mayor and confirmed by the Common Council; and,
WHEREAS, the State enabling legislation requires that the Board of Directors of the BID annually co...
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