The new BID becomes the 27th in the city. The Chinatown BID willbe governed by a board of local property and business owners,including developer George Lee.
The BID's initial budget will be $1,175,223. Opponents of theproposed district, which passed 56 to 43, said it would "doubletax" property owners.
Backers of the idea countered that attempts to revitalize thearea on the north end of Downtown have failed, resulting in highvacancy rates and a decline in an area once popular with touristsand locals alike.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
