X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

HOLLYWOOD, CA-The Hollywood Entertainment District business improvement district (BID), which has played a key role in encouraging development in this business neighborhood, has renewed itself for another five years.

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.