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BID staff present 2027 operating plan amid projected assessment shortfall
Summary
Staff presented the 2027 BID operating plan and told the board projected assessment revenue is down (about $111,000), citing property value decreases and two lost buildings; the board voted to move the plan forward for public input and City Council review.
Staff (John, BID/City staff) walked the board through the proposed 2027 operating plan and the timeline for public input and council adoption. The packet was described as roughly 75% similar to last year; staff noted assessment calculations in the packet show an estimated total revenue at about $111,000, a decrease from the prior year attributed to value decreases on several properties and the loss of two buildings on South Main Street. Staff explained one manufacturing property is not included until state data arrive in November and that could change assessments.
After discussion of possible boundary expansion to include a nearby apartment/retail parcel (Titletown) and questions about equity in distributing banners and improvements, the board moved to direct staff to move forward with the operating plan as presented and schedule an open forum in September before city council hearings. "It's that time again where we start our process for the bid operating plan," staff said, and the motion to proceed carried on a voice vote.
