Property Owners to Vote on Biz District
TALK
Property Owners to Vote on Biz District by Lacey McLaughlin
words: 855
Image: Downtown Photo or Map of new district John Gomez said he would send on Tuesday)
Credit: Jerick Smith
Caption: In order for a 66-block Business Improvement District to continue its existence 70 percent of property owners must approve the plan.
Now that property owners have approved a plan for Jackson’s Businesses Improvement District to expand, Downtown Jackson Partners must obtain 70 percent majority vote from property owners to prevent the district from dissolving.
“The vote has historically been very, very close,” Downtown Jackson Partner President Ben Allen said in an e-mail to residents May 20.
Last week, 17 downtown Jackson property owners approved a plan that would expand the Downtown Jackson Partners’ Business Improvement District and maintain assessment rates at 10 cents per square foot.
In 1996, the Mississippi Legislature passed a bill that created Business Improvement Districts and allowed cities to levy an assessment on all taxable property in those districts. The law allows for DJP to collect 10 cents on each square foot of buildings and "unimproved" real estate on properties located within the district. The district must go undergo a reauthorization process every five years.
The Hinds County Tax Collector's office collects the BID fees along with the property owner's property taxes. The city of Jackson then distributes those funds to Downtown Jackson Partners. In September 2010, Jackson City Council members renewed the district for the current year and $1,028,613 the BID generated to Downtown Jackson Partners. The funds, however, do not qualify as public funds because the city only approves and funnels the fees to DJP.
The plan approved last weeks expands the district to the second block of the Farish Street Entertainment District, which includes Peaches Restaurant, the Alamo Theater and F. Jones Corner. The Jackson Redevelopment Authority owns the majority
Property Owners to Vote on Biz District by Lacey McLaughlin
words: 855
Image: Downtown Photo or Map of new district John Gomez said he would send on Tuesday)
Credit: Jerick Smith
Caption: In order for a 66-block Business Improvement District to continue its existence 70 percent of property owners must approve the plan.
Now that property owners have approved a plan for Jackson’s Businesses Improvement District to expand, Downtown Jackson Partners must obtain 70 percent majority vote from property owners to prevent the district from dissolving.
“The vote has historically been very, very close,” Downtown Jackson Partner President Ben Allen said in an e-mail to residents May 20.
Last week, 17 downtown Jackson property owners approved a plan that would expand the Downtown Jackson Partners’ Business Improvement District and maintain assessment rates at 10 cents per square foot.
In 1996, the Mississippi Legislature passed a bill that created Business Improvement Districts and allowed cities to levy an assessment on all taxable property in those districts. The law allows for DJP to collect 10 cents on each square foot of buildings and "unimproved" real estate on properties located within the district. The district must go undergo a reauthorization process every five years.
The Hinds County Tax Collector's office collects the BID fees along with the property owner's property taxes. The city of Jackson then distributes those funds to Downtown Jackson Partners. In September 2010, Jackson City Council members renewed the district for the current year and $1,028,613 the BID generated to Downtown Jackson Partners. The funds, however, do not qualify as public funds because the city only approves and funnels the fees to DJP.
The plan approved last weeks expands the district to the second block of the Farish Street Entertainment District, which includes Peaches Restaurant, the Alamo Theater and F. Jones Corner. The Jackson Redevelopment Authority owns the majority