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BID Assessment Increase Approved

A public hearing was held by the New York City Council Finance Committee in mid-November that considered a local law which authorizes an increase in the annual amount to be expended in the Flatiron/23rd Street Partnership Business Improvement District (BID). The assessment increase, along with that of 13 other New York City BIDs, was approved and became law on December 14th.

The Fiscal Year 2019 (FY19) budget, approved by the BID’s Board of Directors in April, 2018, included a proposed assessment increase of roughly 4.5 cents, from 11 cents per commercial square foot to roughly 15.5 cents per commercial square foot, to be phased in over three fiscal years. The total assessment for FY19 was anticipated to be $2.75 million, which included a 2-cent increase over the fiscal year 2018 assessment of $2.2 million. This takes the assessment from roughly 11 cents per commercial square foot to roughly 13 cents per commercial square foot for the current fiscal year. Over the period of three years, the BID may phase in the total increase, taking the assessment budget up to $3.25 million by Fiscal Year 2021.

The Flatiron/23rd Street Partnership currently has one of the lowest assessment rates of all Manhattan BIDs. The assessment increase is only the second increase for the BID since its inception in 2006. While the BID continues to operate as efficiently as possible, rising operating expenses – specifically related to the mandated increases in minimum wage – coupled with expanded programming and public improvement projects, compelled the BID to seek the increase in order to maintain the high level of service which has proven to be so vital to the success of the Flatiron District. The BID realizes that any increase in billing is significant, but the board felt it was more important than ever to create a cleaner, safer, more beautiful and vibrant district in an effort to ensure the stability and growth of the BID in the years to come. 

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