HomeMy WebLinkAboutExhibit CIMPBUSs IMPROVEMENT
DISTRICT
WVNWOOD
Exhibit C
Proposed 2023-2033 Proposed Wynwood BID Assessment Methodology:
The Wynwood BID will not assess self -standing residential homes; neither will it
assess live- work folios) defined as 50% or more floor space dedicated to living
space). The Wynwood BlDshall assess work -live space (defined as space that
dedicated 50% or more of the floor space to work area).
Based on the use classification above, assessment methodology will include three
categories of assessment:
1. Square footage of first floor adjusted footage will be assessed at $0.31 cents
psf.
2. Upper stories of adjusted square footage will be assessed at $0.16 cents psf.
3. Any vacant square footage of property or vacant area used for parking will be
assessed at $0.16 cents per square foot. To ensure an educated vote, the
assessment methodology, amount of assessment, and BID objectives will be
provided toeach folio owner prior to such vote.
In any given year, and in ensuing years, the Board of Directors of the Wynwood BID
will have the authority to increase the assessment over the previous year's rate by (a)
one cent for the first -floor adjusted footage and (b) by one half -cent for upper stories,
additional land that is not built upon on ground floor, and vacant land.
The Wynwood Business Improvement District Board of Directors must make this decision in a
time -sensitive manner prior to the submission of the assessment level for the County Trim
Notice. In any given year, the Board of Directors, at their discretion, may alternatively not elect
to add an additional rate increase for upcoming fiscal year.
During the ten-year tenure of the Wynwood BID, those properties that are subsequently re-
classified from residential or other, to commercial will be assessed at the rates that were
approved by the original vote on October 20, 2022 with the addition of any incremental
increases that have been enacted by the Board of Directors in compliance with the initial
conditions of the Wynwood BID vote.
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