Winston-Salem Council Approves Downtown Business Improvement District

The Winston-Salem city council approved a downtown business improvement district that could cost property owners nine cents for every $100 of assessed value. From the Winston-Salem Journal:

The district won’t go into effect until July 2014, the beginning of the 2014-15 fiscal year. The area will be called the Downtown Winston-Salem Business Improvement District.

The district consists of about 61 blocks downtown roughly bounded by Church Street and Patterson Avenue on the east, Martin Luther King Jr. Drive and Sixth Street on the north, Broad and Spruce streets on the west and Business 40 on the south. The district excludes such historic residential neighborhoods as Holly Avenue and West End.

The council did not approve a tax rate for the district – that won’t happen until next summer – but proponents have advocated a rate of 9 cents for every $100 of taxable property. The tax could bring in about $470,000 per year, according to estimates.