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Unexpected sales-tax revenue to BID could restore holiday events and fund downtown projects, staff says
Summary
Staff told Council that county revaluation and state distribution rules have produced unexpected sales-tax receipts for the downtown Business Improvement District (BID). Staff proposes recording that revenue in the BID fund to restore holiday events and the AVL Arts Grant program and to explore use of remaining funds for downtown priorities including public safety or rate reduction for businesses.
Tony McDowell, finance director, reviewed the Asheville Downtown Improvement District's finances and said the BID ad valorem levy generates about $1.3 million today under the existing 8.77-cent levy. He told Council the county's ad valorem distribution method and a state update produced approximately $177,000 in BID-related sales-tax receipts so far during the fiscal year and staff projects annual sales-tax receipts in the BID fund of roughly $400,000'$500,000.
McDowell and other staff recommended recording that…
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