The 7-year-old BID, which is funded by property owners, gained approval from the Los Angeles City Council to continue operating for another five years. The group will now remain in force through December, 2008. BID officials say that 85% of the 210 property owners who fund the organization voted in favor of the renewal, "establishing the Hollywood Entertainment District as one of the more heavily supported BIDs in the Los Angeles area."
The entertainment district BID was formed in September 1996. The 210 property owners who fund the group are assessed $2.25 million yearly to pay for security, maintenance services and marketing activities. Since the formation of the group in 1996, the property owners have assessed themselves more than $12 million. Business leaders cite the BID as one reason that developers are now more willing to commit to projects in Hollywood—even in areas that are actually outside the boundaries of the BID.
The Los Angeles City Clerk's office, which monitors the BID program in Los Angeles, administered the final election and reported the results of the balloting among property owners.
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