BIA Funding

The BIA will be funded through a proposed levy rate 0.66 per $1,000 of assessed value on commercial properties within the district boundaries (subject to refinement by City finance dept’). A final levy rate will be confirmed during Council approval after updated assessments are received for the 2026 taxation year. An example of how this rate will be applied: a property with an assessed value of $1,000,000 would pay a $660 levy in the first year of operations. Property owners generally pass this amount down to businesses during lease negotiations. The amount per business would depend on the percentage of leasable square footage in the building and the size and type of business involved.

This will provide an operating budget of $725,000 for the CLBIA to undertake the proposed programs and services.