FOR IMMEDIATE RELEASE
October 18, 2005
MAYOR BLOOMBERG SIGNS LEGISLATION EASING BURDEN ON SMALL BUSINESS IN THE METROTECH BID
Remarks by Mayor Bloomberg at a Public Hearing on Local Laws
"The next bill before me today is Introductory Number 692, sponsored at the request of the Administration, by Council Members Weprin, Comrie and Yassky. This bill amends the district plan of the Metrotech Area Business Improvement District to change the method of assessment upon which the district charge is based.
"The City's Business Improvement Districts - also known as BIDs - supplement city sanitation and public safety services, promote businesses through marketing initiatives and public events, enhance the city's physical environment through streetscape improvement projects, and engage the local community through youth internship programs. In addition, BIDs, in partnership with City government, help create jobs, improve the quality of life for New Yorkers and visitors, enhance the city's tax base, and strengthen the local economy.
"In recent years, several large Class A properties have moved into the Metrotech area. This has led to a large imbalance in fees paid to the BID by the various property types. Intro. 692 would authorize a change in the assessment formulas to assess all properties based solely on assessed value. This change will make the assessment system fair and alleviate the current burden on small commercial properties.
"I would like to thank Rob Walsh, the Commissioner of Small Businesses Services, his staff, and the City Council for their work on this bill."
Edward Skyler / Robert Lawson (212) 788-2958
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