FOR IMMEDIATE RELEASE
October 7, 2009
MAYOR BLOOMBERG SIGNS LEGISLATION CHANGING THE METHOD OF FEE ASSESSMENT FOR THE TIMES SQUARE ALLIANCE
Remarks by Mayor Bloomberg at a Public Hearing on Local Laws
"The final bill before me today is Introductory Number 1058, sponsored at the request of the Administration by Council Members Weprin, Comrie and Jackson. Introductory Number 1058 changes the method of assessment upon which the Times Square Alliance district charge is based, to include a new class for properties located in two Business Improvement Districts.
"The new Bank of America Tower is located on a property just outside of the boundaries for two of the City's BIDs boundaries, on the corner of 42nd Street and 6th Avenue and the company requested that their new headquarters be included in both the Bryant Park BID and the Times Square Alliance so that they could support the economic development of New York City. Earlier this year, the Bank of America Tower, located at One Bryant Park, was included in the Bryant Park BID, and later this year it will also be made part of the Times Square Alliance. An assessment change is necessary in order to include a business that occupies more than one tax lot which has been combined and that exists within the boundaries of more than one BID.
"Business Improvement Districts, also known as BIDs, are voluntarily formed community organizations that promote business development and improve the quality of life in neighborhoods across the City. Established by local law, BIDs are self-funded by local property owners and are overseen by the City's Department of Small Business Services.
"I would like to thank the Commissioner Rob Walsh of the Department of Small Business Services and his staff for working with the BID and Bank of America to make Times Square an even greater destination for tourists and native New Yorkers alike. I would also like to thank the City Council for approving this legislation."
Stu Loeser/Evelyn Erskine (212) 788-2958
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