The Tacoma City Council approves the assessment rates, budget and work plan proposed by the Downtown Tacoma Business Improvement Area Board of Directors (BIA Board) annually. For the 2009-2010 fiscal year, beginning May 1, 2009, the City Council will hear the first reading of the ordinance for approval on March 3rd, 2009. The second reading of the ordinance will occur on March 10th, 2009.
Proposed 2009-2010
Budget Summary
|
$ (approx.) |
% change |
| High Rate |
0.1039 |
- 5% |
| Low Rate |
0.0508 |
-5% |
| Income |
778,900 |
-7.18% |
| Expenditures |
842,300 |
0.3% |
| Use of Reserves |
63,400 |
103% |
Given the economic challenges facing both property owners and tenants, the BIA Board seeks to provide some financial relief to ratepayers. In January, following the ratepayer hearing, the BIA Board voted to reduce assessment rates by 5% for the 2009-2010 FY.
This action will decrease the rate paid by commercial and residential properties from 10.94 cents per square foot to 10.39 cents per square foot. The rate for vacant properties and parking lots will be reduced from 5.35 cents per square foot to 5.08 cents per square foot. In developing the budget the Board was cautious to keep expenses low while continuing to provide the high level of service that ratepayers, tenants and downtown users have come to expect.