Res 0627-2024

WHEREAS, Pursuant to Chapter 4 of Title 25 of the Administrative Code of the City of New York or the predecessor of such Chapter (the "BID Law"), the City established the Times Square, 34th Street, North Flatbush Avenue, Madison/23rd/Flatiron/Chelsea, Bayside Village, Fulton Street, Hudson Square, Atlantic Avenue, and SoHo Business Improvement Districts in the City of New York; and WHEREAS, Pursuant to Local Law No. 82 for the year 1990, the City Council assumed responsibility for adopting legislation relating to Business Improvement Districts; and WHEREAS, Pursuant to Section 25-410(b) of the BID Law, an increase in the amount to be expended annually may be adopted by local law, provided that the City Council determines, after a public hearing, that it is in the public interest to authorize the increase and that the tax and debt limits prescribed in Section 25-412 of the BID Law will not be exceeded; and WHEREAS, One of the 9 Business Improvement Districts wishes to increase the amount to be expanded annually retroactive to July 1, 2024, as follows: the 34th Street Business Improvement District, $14,300,000; and WHEREAS, Eight of the 9 Business Improvement Districts wish to increase the amount to be expended annually beginning on July 1, 2025, as follows: Times Square Business Improvement District, $17,200,000; North Flatbush Avenue Business Improvement District, $350,000; Madison/23rd/Flatiron/Chelsea Business Improvement District, $9,000,000; Bayside Village Business Improvement District, $430,000; Fulton Street Business Improvement District, $800,000; Hudson Square Business Improvement District, $5,850,000; Atlantic Avenue Business Improvement District, $637,000; and the SoHo Business Improvement District, $1,757,934; and WHEREAS, Pursuant to Section 25-410(b) of the BID Law, the City Council is required to give notice of the public hearing by publication of a notice in at least 1 newspaper having general circulation in the districts specifying the time when and the place where the hearing will be held and stating the proposed amount to be expended annually; now, therefore, be it RESOLVED, That the Council of the City of New York, pursuant to Section 25-410(b) of the BID Law, hereby directs that: (i) December 19, 2024, is the date and the City Council Committee Room, 2nd Floor, City Hall, is the place and 10:30 AM is the time for a public hearing (the "Public Hearing") to hear all persons interested in the legislation that would increase the amount to be expended annually in nine Business Improvement Districts; and (ii) On behalf of the City Council and pursuant to Section 25-410(b) of the BID Law, the District Management Associations of the Times Square, 34th Street, North Flatbush Avenue, Madison/23rd/Flatiron/Chelsea, Bayside Village, Fulton Street, Hudson Square, Atlantic Avenue, and SoHo Business Improvement Districts are hereby authorized to publish in a newspaper of general circulation in each district, not less than 10 days prior to the Public Hearing, a notice stating the time and place of the Public Hearing and setting forth the proposed increase in the amount to be expended annually in each of the 9 Business Improvement Districts. 2 - 2 - #14866229v1 SR/TL