Written by Business Journal staff
Monday, 19 April 2010 10:05
The City of Fresno will decide Thursday whether to offer up funding as part of a Property and Business Improvement District proposed for downtown Fresno.
A petition drive was launched in October rallying property owners in the area to back an initiative that would levy an assessment to fund community improvements and other special services. Under state PBID law and the California Constitution, the Property and Business Improvement District (PBID) formation process first involves a petition by a majority of assessed property owners, and then a majority vote of the owners.
The drive is nearly at a majority support with recent major petitions submitted from the Holiday Inn Fresno Downtown Hotel and the Gottschalks Building. Current assessment for the district now total around $208,880.
The City Council's decision on Thursday will determine participation in the PBID on behalf of the City and the Fresno Redevelopment Agency. Together, the two make up the largest single bloc of votes at 15 percent of the total assessments for the PBID.
If it signs on, the annual assessment for the City's properties will be approximately $77,688, or 12.8 percent of the PBID's overall assessment budget of $607,291. Meanwhile the Redevelopment Agencies' assessment will be $15,631, or 2.6 percent of the total.
So far, the City of Fresno has lent $84,309 in City funds to support the PBID formation effort, which will be repayable upon the adoption of the district.
Posted on Mon, April 19, 2010
by Cerda Admin filed under