Res. No. 564
Title
Resolution concerning the increase in the annual expenditure for the Steinway Street, Graham Avenue, Lower East Side, Fashion Center, Grand Street, 125th Street, Lincoln Square, Madison/23rd/Flatiron/Chelsea, Queens Plaza/Court Square, Bay Ridge 5th Avenue, Court-Livingston-Schermerhorn, Park Slope Fifth Avenue, Chinatown, and Westchester Square Business Improvement Districts, and the setting of the date, time and place for the hearing of the local law increasing the annual expenditure for such districts.
Body
By Council Member Dromm
Whereas, Pursuant to Chapter 4 of Title 25 of the Administrative Code of the City of New York or the predecessor of such Chapter (the "BID Law"), the City established the
Steinway Street, Graham Avenue, Lower East Side, Fashion Center, Grand Street, 125th Street, Lincoln Square, Madison/23rd/Flatiron/Chelsea, Queens Plaza/Court Square, Bay Ridge 5th Avenue, Court-Livingston-Schermerhorn, Park Slope Fifth Avenue, Chinatown, and Westchester Square Business Improvement Districts in the City of New York; and
Whereas, Pursuant to Local Law No. 82 for the year of 1990, the City Council assumed responsibility for adopting legislation relating to Business Improvement Districts; and
Whereas, Pursuant to Section 25-410(b) of the BID Law, an increase in the amount to be expended annually may be adopted by local law, provided that the City Council determines, after a public hearing, that it is in the public interest to authorize the increase and that the tax and debt limits prescribed in Section 25-412 of the BID Law will not be exceeded; and
Whereas, The fourteen Business Improvement Districts wish to increase the amount to be expended annually beginning on July 1, 2018 as follows: Steinway Street, $520,000; Graham Avenue, $250,000; Lower East Side, $1,300,000; Fashion Center, $13,000,000; Grand Street, $324,360; 125th Street, $1,240,462; Lincoln Square, $3,200,000; Madison/23rd/Flatiron/Chelsea, $3,250,000; Queens P...
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