What is the BID?
Commercial and nonprofit landowners in the district will pay an annual assessment of 9 cents per square foot, of either the lot or building size, whichever is greater, plus $4.95 per linear foot of lot frontage. Residential property owners with townhouses or condominiums would pay a flat annual fee of $150 per unit.
After establishing the controversial downtown Business Improvement District, the Chattanooga City Council now has to consider how the district will assess its fee.
Here’s what you need to know about the upcoming discussion:
– The BID, which has been spearheaded by local economic development nonprofit River City Co., passed through the Chattanooga City Council in late July after failing earlier in the summer, despite claims from property owners that the reintroduction of the ordinance violated state law.
Now, the management board is set to collect around $1 million annually from the 196 property owners within the district to contribute toward safety and visual improvements to the central Chattanooga district.