The Downtown Business Improvement Area will take a few more businesses under its umbrella.
Council has renewed its agreement with the Downtown BIA at Thursday night’s meeting. The BIA receives money from the city each year to help businesses make their storefronts and the downtown safe, vibrant, and prosperous.
The money is collected from property owners within the BIA; it is not funded through taxation.
This year, the BIA asked to add businesses along 11th Avenue from Cedar to Dogwood Streets into its improvement area.
BIA Chair Heather Gordon Murphy says the association hopes to beautify and revitalize the area, where several businesses have become local success stories, including Stonehouse Teas and Beach Fire Brewing.
The BIA is asking for an average of $110,000 per year for the next five years, an increase of $25,000 over last year.
Their request was granted and now property owners in the area have a month to challenge the new boundaries, if they want.
The Downtown BIA will pay the City a one-time setup fee of $5 per parcel and an annual administration fee of two per cent of the amount granted for its budget each year.
Under the council initiative method, the city will notify property owners within the prescribed area. Qualifying property owners will have 30 days to petition against the initiative. Only property owners of BC Assessment Class 5 (Light Industry) or Class 6 (Business and other) properties may petition against a business improvement area.
The proposal will be defeated if the city receives a petition against the initiative that includes 50 percent of the property owners, who must also hold a majority of the assessed value of the land and improvements within the specified area.
