SPBID Increases Assessment for 2025, Includes Condo Assessment

     The South Park Business Improvement District (SPBID) assessment for 2025 will increase five percent as approved by the SPBID Board. The assessment is the funding source for the SPBID. The assessment is a property-based assessment. All property owners pay the assessment including condo owners and businesses within the district.

The BID was renewed in 2022 by a vote of South Park property owners. The renewal allows for a zero to five percent increase in the assessment each year for the next seven years when the BID will be up for renewal again. The assessment was raised five percent for 2024 and will go up five percent for 2025.

         The SPBID budget for 2025 includes:

Revenue                                 $4,114,254.37

Expenses

·      Clean & Safe                 $2,826,274.43

·      Marketing &

District Identity              $710,168.48

·      Administration &

         Management            $577,811.40

By Debra Shrout