HOW IS THE BID FUNDED?
The BID is financed by annual fees collected from property owners. The Newmarket BID fee structure will be a tier of fees based on the assessed value of each commercial property. The proposed tier of fees is as follows:
- Assessed value up to $10 million -> .0045 x Assessed Value
- Assessed value of $10 million to $20 million -> .004 x Assessed Value
- Assessed value over $20 million -> .002 x Assessed Value
Properties that are owner-occupied residential, owned by a non-profit organization, or owned by the city or state are exempt from fees, though they may choose to pay into the BID of their own accord.
HOW IS THE BID MANAGED?
It is anticipated that the Newmarket Business Association’s executive director and staff will become the initial administrative arm of the BID. The NBA has promoted the interests of the Newmarket area for decades, and is well-versed in both understanding the needs of the community and the channels through which to achieve the District’s aims. A board of directors representing property owners, businesses, residents, city and other key stakeholders within the District will make program and budget decisions and will hold management accountable to the needs and desires of the community.