HomeMy WebLinkAboutExhibit C SUBBUSINESS
IMPROVEMENT
DISTRICT
WVNWOOO
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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.
13696 Exhibit C SUB
\\I M auSRINOT
6ENT
DISTRICT
WYNWOOD
SUBSTITUTED
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 tha
dedicated 50% or more of the floor space to work area).
Based on the use classification above, assessment methodology will in ude four
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 a essed 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. • ensure an educated vote, the
assessment methodology, amount of ass: sment, and BID objectives will be
provided toeach folio owner prior to su vote.
In any given year, and in ensuing years, e Board of Directors of the Wynwood BID
will have the authority to increase the - sessment 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 upoon ground floor, and vacant land.
The Wynwood Business Impr. ement District Board of Directors must make this decision in a
time -sensitive manner prior • the submission of the assessment level for the County Trim
Notice. In any given year he Board of Directors, at their discretion, may alternatively not elect
to add an additional rate ncrease for upcoming fiscal year.
During the ten -yea tenure of the Wynwood BID, those properties that are subsequently re-
classified from r-.idential or other, to commercial will be assessed at the rates that were
approved by t - original vote on October 20, 2022 with the addition of any incremental
increases thhave been enacted by the Board of Directors in compliance with the initial
conditions •f the Wynwood BID vote.
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