Our Proposal

Friends of Rhode Island Avenue and our partners conducted a BID feasibility assessment to understand the financial and operational opportunity for a BID in our neighborhood. Starting in March 2018 our team will be reaching out to stakeholders to understand their needs and receptivity to a BID. Before becoming a BID, DC law requires signatures of support from commercial property owners accounting for 51% of area assessed property value and 25% of the number of eligible commercial properties.

 

We believe that a BID is the right type of economic development support structure for this neighborhood. We propose that the BID assess commercial properties, multifamily rental residential properties with more than ten units, hotels, industrial properties, parking lots, and vacant land. Properties exempt from BID assessment include single-family residential such as townhomes, multifamily rental residential buildings with less than ten units, multifamily rental residential properties with 20% or more Section 8 units, age-restricted housing, government-owned property, and properties designated as religious uses. Our proposed assessment rates are derived from best practices for BIDs in the District and are based on standard rates across the city.  

Property Type

Commercial

Industrial

Rental Residential

Hotel

Vacant

Parking

Proposed Annual Assessment Rate*

$0.15 per $100 of assessed property value

$0.15 per $100 of assessed property value

Eligible properties with 50% or less income-restricted units: $120 unit

Eligible properties with more than 50% income-restricted units: $500 per building

$90 / room

$0.15 per $100 of assessed property value

$0.15 per $100 of assessed property value

* Assessment rates are subject to change