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Return

TO:

Honorable Mayor and Members of the Common Council

FROM:

Kelly Nieforth, Director of Community Development

DATE:

November 12, 2024

SUBJECT:

Res 24-566 Approve 2025 Business Improvement District Operating Plan and Budget ($269,300.00) (Business Improvement District Recommends Approval)

BACKGROUND

The Downtown Oshkosh Business Improvement District (BID) is required to develop an annual operating plan and budget which includes a calculation of assessment according to the statutory formula. The contents of the plan are mandated by State statutes and have been approved by the City Attorney as consistent with statutory requirements. The Common Council’s role is to review and approve or deny the operating plan and budget as presented. Any suggested changes or alterations to the plan or budget must be referred back to the BID Board for their consideration.

ANALYSIS

The proposed assessment for 2025 remains unchanged from 2024 at $140,610.00 The minimum and maximum assessments will not be increased for 2025. As a whole, the assessed property value of the BID is currently $59,613,900. The BID has also committed to raising additional funds from sponsorships and intend to receive event income that can be applied to the 2025 budget. The BID will also use $50,000 of ARPA funds that were allocated by the Common Council this summer to their 2025 budget. The BID received $50,000 in 2024, and will receive $50,000 in 2025 and $50,000 in 2026 for a total of $150,000.

FISCAL IMPACT

The BID is a self-assessing entity and receives no direct City funding for their operating budget but does receive in-kind services from various City departments.

RECOMMENDATION

The BID Board recommended approval of the 2025 Business Improvement District Operating Plan and Budget at their October 22, 2024 meeting. The Common Council approves the 2025 Downtown Oshkosh Business Improvement District Operating Plan and Budget.

Attachments

RES 24-566

2025 BID Operating Plan and Budget