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Consideration of Wauwatosa Village Business Improvement District 2025 Operating Plan, Budget and Proposed Assessments
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Submitted by:
John Ruggini, Finance Director on behalf of the Business Improvement District
Department:
Finance
A. Issue
Annual approval of the Wauwatosa Business Improvement District 2025 Operating Plan, Budget and Proposed Assessments for inclusion on the 2024 Property Tax Bills for affected properties
B. Background/Options
As required by municipal ordinance, the Village of Wauwatosa Business Improvement District (BID) has submitted their 2025 Operating Plan and Budget for approval. Representatives from the Business Improvement District will be available to provide an overview and answer any questions.
Approval of the Business Plan allows the City of Wauwatosa to add the BID special assessment to the Village business' property tax bills. The Financial Affairs Committee only has the ability to approve or disapprove the Plan, as the Business Improvement District is a separate legal entity and its budget is approved by its own Board of Directors.
The BID is proposing the following assessment rates:
|
Total Assessment |
$78,589.58 |
|
Minimum |
none |
|
Maximum |
$4,500 |
|
Rate |
$.95 per $1,000 |
C. Strategic Plan (Area of Focus)
Priority Area One: Economic Development and Financial Resilience
D. Fiscal Impact
No impact on the City of Wauwatosa’s budget
E. Recommendation
Approval of the Wauwatosa Business Improvement District 2025 Operating Plan, Budget and Proposed Assessments for inclusion on the 2024 Property Tax Bills for affected properties