The City Council has approved the establishment of the Hollywood Media Business Improvement District (BID) to enhance economic activities and local business environments in the Hollywood area. The ordinance, adopted following a successful ballot tabulation where 88.655% of weighted ballots were in favor, authorizes the levy of assessments on properties within the BID boundaries for a period of ten years, with a total estimated assessment of $22,462,781.09. The BID will implement programs such as Clean, Safe and Beautiful Programs, Improvements and Marketing, and District Management and Administration, aimed at increasing the attractiveness and economic vitality of the district.
This decision is crucial as it facilitates targeted economic development in the Hollywood area, directly benefiting local businesses and enhancing property values through organized and funded improvements and programs. It will also maintain a clean and safe environment, further boosting the area's appeal to visitors and investors.