HomeMy WebLinkAboutExhibit 3Assessment Footnotes
Note: There will be a gradual incremental increase each year in the categories of retail, restaurant and office
assessments, and related adjusted square footage. They will start in Year One at .26, Year 2 go to .27, Year
at .28, Year 4 at .29, Year 5 at .30, Year 6 at .31, Year 7 at .32, Year 8 at .33, Year 9 at .34, and Year 10 at
.35.
** Note: In Year 6, the .05 rate will increase by one cent to .06. This same .06 rate will remain in effect in
years 6 through 10.
*** Note: In Year 6, the .15 rate will increase by two cents to .17. This same .17 rate will remain in effect
in years 6 through 10.
*"** Note: hybrid condo hotels cannot be included in the BID because they are largely privately owned by
individuals or entities other than the hotels proper. Because the hybrid condo hotels themselves do
not actually own the property, they do not have the authority to cast votes to join the BID. For the
remaining hotels, a rate has been set based on the rates used in comparable hotels in the
neighboring Coral Gables BID. The Grove BID assessment has been capped at a lower amount than
is paid by hotels in the Gables BID. It is entirely at the discretion of the hotel whether it wishes to
pass the cost of the assessment through to its guests (for example, as a fifty cent business
improvement district fee per occupied room night), but this fee cannot be described as a tax.
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