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Downtown BID finalizes nonprofit formation steps, clears assessment banking documents
Summary
The Downtown Business Improvement District confirmed its 501(c)(3) status, outlined assessment allocations for services and operations, and approved banking/collection documents to begin receiving assessment funds once signatures are complete.
The Downtown Business Improvement District in Laredo on Nov. 18 confirmed that the group’s nonprofit has received federal 501(c)(3) recognition and moved to complete administrative steps needed to start collecting assessment revenue.
Board members said the organization will begin filling nonprofit board seats in the coming weeks and pursue grant-writing and fundraising from state, federal and private foundations to support downtown…
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