First hearing on Janesville BID set for Monday
Janesville's Plan Commission will soon hear from downtown property owners about a Business Improvement District (BID), a project that could dramatically change the city's downtown.
City Development Specialist Al Hulick says the BID is intended to begin the process of stabilizing downtown improvements, ensure those improvements continue and that there's a funding source. Part of the funding source is an assessment to downtown property owners within the district. Each assessable property owner within the BID is assessed $2.80 per $1,000 assessed value, with a $275 minimum and $3,500 maximum assessment. Hulick says there are 82 existing BIDs within Wisconsin, with Beloit's district seeing success for nearly 20 years.
Hulick says the Janesville BID comes forward for City Council review on September 22nd. If the council chooses to adopt it, it would come into play on the tax rolls January 1, 2009.
The first public hearing is set for Monday's Plan Commission meeting.