File #: Int 2458-2021    Version: * Name: Authorizing an increase in the amount to be expended annually in two business improvement districts.
Type: Introduction Status: Enacted
Committee: Committee on Finance
On agenda: 11/23/2021
Enactment date: 1/9/2022 Law number: 2022/026
Title: A Local Law to amend the administrative code of the city of New York, in relation to authorizing an increase in the amount to be expended annually in two business improvement districts
Sponsors: Daniel Dromm , (by request of the Mayor)
Council Member Sponsors: 1
Summary: This bill would authorize two existing business improvement districts (“BIDs”) throughout the City to increase the amount they expend annually. The BIDs intend to increase their budgets as follows: Lower East Side BID, from $1,300,000 to $2,000,000; and Hudson Yards BID, from $3,000,000 to $6,000,000.
Attachments: 1. Summary of Int. No. 2458, 2. Int. No. 2458, 3. November 23, 2021 - Stated Meeting Agenda with Links to Files, 4. Hearing Transcript - Stated Meeting 11-23-21, 5. Committee Report 12/9/21, 6. Hearing Testimony 12/9/21, 7. December 9, 2021 - Stated Meeting Agenda, 8. Int. No. 2458 (FINAL), 9. Fiscal Impact Statement, 10. Hearing Transcript - Stated Meeting 12-9-21
Date Ver.Prime SponsorAction ByActionResultAction DetailsMeeting DetailsMultimedia
1/10/2022*Daniel Dromm City Council Returned Unsigned by Mayor  Action details Meeting details Not available
1/9/2022*Daniel Dromm Administration City Charter Rule Adopted  Action details Meeting details Not available
12/9/2021*Daniel Dromm City Council Sent to Mayor by Council  Action details Meeting details Not available
12/9/2021*Daniel Dromm City Council Approved by CouncilPass Action details Meeting details Not available
12/9/2021*Daniel Dromm Committee on Finance Hearing Held by Committee  Action details Meeting details Not available
12/9/2021*Daniel Dromm Committee on Finance Approved by CommitteePass Action details Meeting details Not available
11/23/2021*Daniel Dromm City Council Referred to Comm by Council  Action details Meeting details Not available
11/23/2021*Daniel Dromm City Council Introduced by Council  Action details Meeting details Not available

Int. No. 2458

 

By Council Member Dromm (by request of the Mayor)

 

A Local Law to amend the administrative code of the city of New York, in relation to authorizing an increase in the amount to be expended annually in two business improvement districts

 

Be it enacted by the Council as follows:

Section 1. Subdivision a of section 25-428.1 of the administrative code of the city of New York, as amended by local law number 223 for the year 2018, is amended to read as follows:

a. The city council having determined, pursuant to subdivision b of section 25-410 of chapter four of this title, that it is in the public interest to authorize an increase in the amount to be expended annually in the  Lower East Side business improvement district beginning on July 1, [2018] 2021, and the council having determined further that the tax and debt limits prescribed in section 25-412 of chapter four of this title will not be exceeded by such increased expenditure, there is hereby authorized in such district an annual expenditure of [one million three hundred thousand dollars ($1,300,000)] two million dollars ($2,000,000).

§ 2. Chapter 5 of title 25 of the administrative code of the city of New York is amended by adding a new section 25-485.1 to read as follows:

§ 25-485.1 Hudson Yards business improvement district; increase in the amount to be expended annually. a. The city council having determined, pursuant to subdivision b of section 25-410 of chapter four of this title, that it is in the public interest to authorize an increase in the amount to be expended annually in the Hudson Yards business improvement district beginning on July 1, 2021, and the council having determined further that the tax and debt limits prescribed in section 25-412 of chapter four of this title will not be exceeded by such increased expenditure, there is hereby authorized in such district an annual expenditure of six million dollars ($6,000,000).

b. The amount of such expenditure to be levied upon each property in the district

shall be determined in accordance with the method of assessment set forth in the Hudson Yards business improvement district plan.

§ 3. This local law takes effect immediately and is retroactive to and deemed to have been in effect as of July 1, 2021.