After Plano City Council approved a downtown public improvement district in October, council members approved the service and assessment plan for the district in its regular meeting Nov. 24.
Starting in January 2015, the district will collect 15 cents per $100 of a property owner's taxable value based on 2014 assessment values that will fund a variety of improvement projects to bring crowds downtown to shop and dine. Those affected involve properties only within the district, which covers an area between Municipal Avenue and H Avenue and between 14th and 16th streets.
The district's executive advisory board, comprised of the three largest property owners by value and five other property owners within the district, met together to determine the budget for the PID's services. Bonnie Shea, chairwoman of the executive advisory board, outlined the services:
- PID management
- city administrative services
Shea said one of the advisory board's goals is to promote the annual downtown Feastival event, and she anticipates adding events around McCall Plaza and J Place throughout the year.
"[The advisory board] would definitely like to make [those events] something people can count on and [they will] bring a lot of people downtown," she said.
The budget overview presented to City Council covers a period of five years, which is required by the state. However, the city allows the PID to run for a term of three years, after which property owners can petition to have the PID extended.