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PUBLIC TESTIMONY

Testimony by Matthew Bauer, President of Madison Avenue BID on BID Assessment Cap Increase and Formula Change

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5 min

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      Matthew Bauer, President of the Madison Avenue BID, testified before the NYC City Council Finance Committee to request approval for an increase in the BID's assessment cap and changes to its assessment formula. He provided an overview of the BID's area, its significance as a shopping destination, and the proposed changes to their funding structure.

      • The BID is seeking to raise its assessment cap by 20% from $2,100,000 to $2,520,000, to be phased in starting July 2025.
      • They propose changing the assessment formula to include residential square footage at a reduced rate and to assess vacant land within the district.
      • Bauer emphasized the community support for these changes and the lack of objections received during their outreach process.