Assessment Increase Proposal Approved by City Council
On Tuesday, October 31, the New York City Council approved an increase in the East Midtown Partnership's annual assessment from $2,200,000 to $3,500,000. The measure now goes to Mayor de Blasio for final action.
After more than a year of careful study, the East Midtown Partnership Board of Directors voted to increase the organization's annual assessment at its April, 2017 meeting. This increase will have been considered to take effect on July 1, 2017, and the pro rated amount of the increase will be retroactively billed to commercial property owners when tax and BID assessment bills go out in the fall.
The Board of Directors and staff do not take this matter lightly, which is why this is our first assessment increase in a decade. That is why we went above and beyong legal requirements and undertook extensive outreach to our community throughout the lengthy process.
We are happy to discuss this (and will discuss this) in greater detail, but for a snapshot of our FY 2018 budget, compared to our FY 2017 budget, please visit the Financial Statement page on this website.