Borough Council restores BID budget
BID provides a 5-1 investment return to the Borough.
December 12, 2012
West Chester, PA -- The West Chester Borough Council has proposed a revised budget for 2013 that will now include full funding for the West Chester Business Improvement District (BID) budget.
Working from a memo from the Borough Manager's office with updated information that demonstrated surplus funds, the Borough Council Finance Committee voted unanimously to restore what would have been a $45,000 cut to the BID budget. The Borough budget will remain balanced with no tax increase.
John Manion, Chair of the Finance Committee, thank everyone who took the time to contact Council members over this matter.
Ray Ott, Chair of the BID Board of Directors, and Richard May, Past-Chair, each thanked the Council for reconsidering the budget.
"The West Chester BID is ranked number one in the state," said Ott. "And your decision will help West Chester and its downtown remain that way."
A final decision on the budget will be made by Council on December 19, 7:00pm.
The West Chester BID receives $85,000 annually from the Borough to perform economic and community development activities. The fee is part of a five-year plan agreed on between the Borough Council and downtown commercial property owners as part of the BID re-authorization that occurred in 2010.
In 2013, the Borough fee will be matched by about $263,000 from downtown commercial property owners plus $13,000 in other income for a total budget of about $360,000.
Since 2001, the BID has provided a cumulative economic return of 5-1 on the Borough's allocation ($4.7-million return on $945,000 invested). Further, a major portion of the economic benefits, notably increased parking revenue and tax revenue on new construction, recur each year.
2011 Annual Report
Wouldn't it have happened anyway?
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contact: Malcolm Johnstone