The North Hollywood Transit Business Improvement District (BID) has been established to enhance the business environment in North Hollywood by implementing a range of services such as clean and safe programs, communications, and management/office activities. The ordinance confirms the levy of assessments on properties within the BID as outlined in the Management District Plan. The BID will be in effect for six years with an estimated total assessment of $6,112,987.67. The first year’s total assessment is $854,570, with potential annual adjustments not exceeding 7%.
The establishment of the North Hollywood Transit BID is important for improving the overall environment and economic vitality of the area by providing enhanced services funded by property assessments, promoting business growth, and maintaining cleanliness and safety.