News
July 3, 2008
Council To Consider Establishing Hillsborough Street BID
At its July 15 meeting, the Raleigh City Council will consider a resolution establishing a business improvement district (BID) on Hillsborough Street. The objective of the BID is to help revitalize areas along Hillsborough Street.
BIDs are a funding mechanism used to provide revenue for a variety of services that enhance existing municipal services in the business improvement district. Additional revenue collected from special assessments on property owners in a BID are used for maintenance, business recruitment, advocacy, management, marketing, security and other services. The special assessment for the Hillsborough Street BID is proposed to be 0.10 cents per $100 of assessed property valuation. The special tax rate would take effect on July 1, 2009.
The Hillsborough Street BID would run east-to-west along the street from St. Mary’s School to Meredith College. The BID’s southern boundary would follow the railroad right-of-way that crosses the N.C. State University campus. The northern boundary is generally areas one block north of Hillsborough Street. The proposed BID contains 123 acres of land and more than 2 million square feet of built space. There are approximately 210 businesses in the proposed Hillsborough Street BID.
The City of Raleigh has worked with neighborhood residents, business owners and other property owners in studying the establishment of a BID along Hillsborough Street. Leading the City’s Hillsborough Street BID Formation Study is a volunteer steering committee which consists of Hillsborough Street property owners and others with an interest in the area. The City hired Downtown Professionals Network to manage the BID study.
Prepared by:
John Boyette
Public Affairs Specialist
Public Affairs Department
For More Information Contact:
Mitchell Silver
Director
Planning Department
One Exchange Plaza, Suite 304
Raleigh, NC 27602
919-516-2626
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