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BID Restructure Options <br />Current Assessment Proposed Restructure Options <br />Location / Type Factor / <br />Amount Current Factor / <br />Amount Option 1 Option 2 Option 3 <br />On Main Street 2 x <br />Minimum: <br />$50 <br />Maximum: <br />$350 <br />3 x <br />Minimum: <br />$100 <br />Maximum: <br />$700 <br />Minimum: <br />$125 <br />Maximum: <br />$750 <br />Minimum: <br />$125 <br />Maximum: <br />$800 <br />Main Street <br />Upstairs 1.5 x 2 x <br />Side Streets 1 x 1.5 x <br />Annual Fee <br />Eligible $200 $450 <br />Other Businesses Varies Varies <br />BID Assessment Totals <br />(estimated)$72,687 $129,917 $140,565 $145,265 <br />PDA Recommendation – Option 2 <br />The Advisory Board recommends Option 2, which consists of the following modifications: <br />ƒBusinesses located curbside, downstairs on Main Street, are assessed at a rate <br />of three times their business license; <br />ƒBusinesses with a Main Street address located upstairs, or not curbside, are <br />assessed at a rate of two times their business license; <br />ƒAll other businesses (those located off Main Street) are assessed at a rate of one and <br />a half times their business license; <br />ƒThe minimum assessment increased from $50 to $125,and the maximum increased <br />from $350 to $750. <br />ƒThe annual charge paid by any business exempt from the City’s business license tax <br />pay $450, increased from $200. <br />ƒAssessment be subject to an annual escalator, tied to the CPI. <br />Page 171 of 264