There are 466 tax lots in the Fashion Center Business Improvement District in nine whole and sixteen partial blocks. The total assessed value of the commercial properties in the district in May 2001 was $1,156,196,420. From this figure, the FCBID District Assessment charge was set at 0.0025947 of the total District Assessment. The rate for 2002–2003 will be higher or lower, depending upon the budget approved by the City, as well as the higher or lower total district property assessed value. Residential properties pay a $1.00 per lot charge, and government and tax-exempt properties are not assessed for the District charge.

The FCBID charge for the upcoming year, 2002–2003, is set at the end of May and is based on the City’s final assessment roll published at that time. There is no provision in the State law for rebates of the District charge to owners who, through certiori proceedings subsequent to the end of May, successfully reduce their properties’ assessed values for the current year or for any period of years prior to the end of May of the current year. A reduced District charge to an individual property with reduced assessed value is reflected in a lower District charge for the budget year immediately following. The FCBID adheres to this principle and follows precedent set by the other New York City and State Business Improvement Districts.

The FCBID works to supplement its assessment income by applying for grants and seeking corporate partnerships.

The 2002–2003 budget, is being presented with $4,000,000 as anticipated expenses. This reflects a $1,000,000 increase in the assessment. It is important to note that the FCBID has not had a budget increase since its formation in 1993. Although the FCBID Board of Directors and membership have approved increases for the past three years, the previous City Hall administration’s policy has precluded approval of them.

We have retained a contingency fund for use in the event of an unexpected interruption in cash flow. The contingency fund is $1,000,000, which is approximately 3 months of operational expenses.