BID Assessment Increase Goes to City Council For Approval

On April 30, 2013, the board of directors of the DUMBO Improvement District held its board of directors meeting and the board voted overwhelmingly to approve the fiscal year 2014 operating budget.

The total assessment was anticipated to be $550,000, which included a 10% increase over the fiscal year 2014 assessment. Further, the board of directors approved additional increases of 9% for fiscal year 15, for a total assessment of $600,000 and 8% for fiscal year 16 for a total assessment of $650,000 for fiscal year 16. The total increase to $650,000 annually requires the approval of the City Council.

The City Council Finance Committee will hold a public hearing in consideration of this and other Business Improvement Districts’ assessment increases on November 26th, 2013 at 10:00 a.m.  The hearing will be held at City Hall, Committee Room, 2nd Floor, New York, NY 10007.