Business Improvement District in 9 whole and 16 partial blocks. The total assessed value of the commercial properties in the district for our Fiscal Year 2003-2004 was $1,335,213,070. From this figure, the BID District Assessment charge was set at .0029958 of the total District assessment (and applied to individual property valuations) to fund a $4,000,000 budget.

The rate for 2004 - 2005 will be higher or lower, depending upon 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 Fashion Center BID charge for the upcoming year, 2004 – 2005, 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 assessed value 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 Fashion Center BID adheres to this principle and follows precedent set by the other New York City and State Business Improvement Districts.

The Fashion Center BID works to supplement its assessment income by applying for grants and seeking corporate partnerships. The 2004 - 2005 budget, which is shown herein, is being presented with $4,000,000 as anticipated expenses, as was our budget this past year.

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

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