Tuesday, May 17, 2011

Chinatown BID Hearing May 26th 10:am PUBLIC HEARING

On behalf of

The City Council, by resolution adopted on May 11,2011, set May 26,2011 as the date, 10:00 a.m. as the time, and the City Council Hearing Room, 16th Floor, 250 Broadway, New York, New York 10007, as the place for a public hearing (the "Public Hearing") to hear all persons interested in the proposed legislation which would establish the Chinatown Business Improvement District (the "District") in the Borough of Manhattan. The District shall be established in accordance with a district plan (the "District Plan") on file at the Office of the City Clerk.

The City Council has authorized the Chinatown BID Steering Committee to mail, on its behalfl this notice of the Public Hearing containing the information required by Section 25-406(c) of the Administrative Code of the City of New york and summarizing the resolution adopted.

The District Plan provides that the proposed District shall include properties in an area generally bounded by Broome Street to the north, Broadway to the west, Allen Street to the east, and Madison and Worth Streets to the south. Services in the District shall include, but not be limited to sanitation, holiday decorations, marketing, transportation management
and parking, advocacy, administration ofthe District and additional services required for the enjoyment and protection of the public and the promotion and enhancement of the District (hereinafter "services").

Pursuant to the District Plan, capital improvements (hereinafter "lmprovements") may include, but shall not be limited to: streetscape improvements;
sidewalk amenities such as lighting and street furniture; trees and plantings; open space enhancements and traffic calming improvements; and new trash receptacles. The Improvements shall be implemented on an as-needed basis.

During the existence of the BID, the maximum cost of the lmprovements, if any, shall not exceed $6,500,000. The District shall be managed by the chinatown District Management Association, Inc.
To defray the cost of Services and Improvements provided in the District, all real property in the District shall be assessed in proportion to the benefit such property receives from the Services and Improvements. Each property shall be assessed at a rate, determined annually by the Chinatown District Management Association, Inc., to yield an amount
sufftcient to meet the District's annual budget. The annual budget for the District's first year of operation is $1,300,000.
Those properties within the District which are devoted in whole or in part to retail, commercial or professional use, or mixed used with commercial and residential components shall constitute Class A properties and shall be assessed in accordance with the following formula:

Rate l: 0.5 xBudget-(TotalAssessmentsofClassB andC+Total$200&$5.000Assessments)
Total Class A, D, E, (0.5*F) & M Linear Front Feet (FF) Rate2: 0.5 xBudeet-(Total Assessments of ClassB andC +Total $200 & g5.000Assessments) Total Class A, D, E, (0.5*F) & M Assessed Value (AV)

Individual Assessment: (Rate I x Individual Property FF) + (Rate 2 x Individual Property AV)
For Class A property, there shall be a minimum assessment of $200 per annum. In addition, there shall be a maximum
assessment calculated as follows:
Maximum Assessment: Current Year Assessment Budget x $5.000
FY 2011 Assessment Budset For the first contract year, Rate I shall not exceed $15 per individual property linear front foot, and Rate 2 shall not exceed 0.0015 per each dollar ofindividual property assessed value.

Those properties within the District devoted in whole to residential uses shall constitute Class B properties and shallbe assessed at one dollar ($1.00) per tax lot per year.

Govemment and not-for-profit properties within the District devoted entirely to public or not-for-profit use shall constitute class C property and be exempt from District assessment. Govemment or not-for-profit owned property devoted in part to commercial or for-profit uses shall constitute class A property and the portion ofthe property devoted
to commercial/for-profit uses shall be assessed in the same manner as those properties listed in class A.

All vacant properties within the District, without structure or any commercial use, shall constitute Class D properties and shall be assessed at the Class A rate until such time as they receive a temporary certificate of

All properties within the District. used as parking lots shall constitute Class E properties and shall be assessed in the same manner as the Class A property.
All properties devoted in whole or in part to retail, commercial or professional use, or mixed-used with commercial and residential components, and located on one tax lot and within two business improvement districts, shall constitute class F properties and shall be assessed at 50-percent ofthe class A property rate.

All properties within the District devoted in part to commercial use and in part to residential condo or coop use shall constitute Class M propefty. The proportion ofthe property devoted to residential use shall be assessed at one dollar ($1.00) per annum. The proportion of the property, as determined by the Finance Department, devoted to commercial
use shall be assessed at the same rate as the Class A property.

The amount, exclusive ofdebt service, assessed and levied in any given year against benefited real properly within the District may not exceed twenty percent (20%) of the total general City taxes levied in such year against such properties.
Copies of the resolution adopted by the City Council, which include a copy of the District Plan, are available for public inspection from 9:00 A.M. to 4:00 P.M. Monday through Friday at the Office of the City Clerk located at 141 Worth Street, New York, New York 10013. In addition, copies of the resolution are available free of charge to the public at the Office of the City Clerk.

Any owner of real property, deemed benefited and therefore within the District, objecting to the District Plan, must file an objection at the Office of the Cif Clerk, on forms made available by the City Clerk, within thirty (30) days of the close of the Public Hearing concerning the establishment of the proposed District. If owners of at least fifty-one percent
(5 1%) of the assessed value of benefited real property situated within the boundaries of the District proposed for establishment, as shown on the latest completed ass€ssnieiit roli of the Ci6r, or at least fifty-one percent (5104) of the owners of benefited real property within the area included in the District proposed for establishment file objections with
the City Clerk, the District shall not be established.

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