ATTENTION PROPERTY OWNERS: Did you receive a notice regarding the King Street BID?
You can sign up for the virtual information session (Monday, May 2 at 5:30 PM) here.
If you plan to object to the assessment on your property, please complete this survey: https://www.surveymonkey.com/r/kingstreetbid. (Please note that this does not qualify as an official objection. Staff will contact you to answer any questions and explain how to move forward with an official objection.)
What is a BID?
The Municipal Improvements Act of 1999 enables cities and towns in South Carolina to establish Municipal Improvement Districts (MIDs). A MID is an area in which a special fee may be assessed to property owners in addition to their normal property taxes. Money generated by a MID may only be spent within the same MID area on improvements.
A Business Improvement District (BID) is a type of MID that focuses on a particular business district. Unlike other MIDs, BID funds are often administered by a non-profit organization that represents the members of the district. There are 100s of BIDs around the country, with the closest example being Columbia, SC's Main Street District.
What properties are included in the King Street BID & what will they pay?
Existing owner-occupied residential units and zero-tax assessment parcels (i.e., houses of worship, government buildings, etc.) will not be assessed.
All other parcels which have any frontage on King Street between Line Street and Broad Street will be billed no more than $0.0113 per dollar (per $1.00) of assessed value annually over a period of 10 years. This includes air rights parcels (condo units) which are above a ground parcel that has King Street frontage.
Example: Charleston County Tax Assessor’s Office has parcel assessed value for “ABC” King Street at $1,000.00. That property would be billed $11.30 for the BID each year. If the assessed value stays at $1,000.00 for the 10 years of the BID, this property owner would be billed a total of $113.00.
All of King Street itself and the associated right of way between Line and Broad Streets, including sidewalks and intersections, is also included in the District.
How much money will the BID generate & how will it be spent?
The BID is authorized for a 10-year term with the following budget:
Estimated Total Costs
Street Services/Ambassador Program
Overhead Management Costs
These services will be performed in addition to, not in place of, existing services performed by the City. The City will continue to maintain its current level of service delivery.
It is estimated that roughly 55% of the budget (approximately $5,995,000 over the 10-year term or $600,000 annually) will come from the special assessment, while the remaining will come from:
Contributions from other parties, including other governmental entities and private parties
Contributions from owners of parcels in the District that are exempt from real property taxes
April/May 2021: Request for Proposals & hiring of a consultant to assist with the creation of a BID, especially with regards to ordinance documents
07/20/21: Memorandum of Understanding (MOU) with Charleston Downtown Alliance (CDA) to assist in the facilitation and creation of a BID to provide enhanced services to King Street approved by City Council; Summer/Fall 2021: Property & Business Owner Outreach was conducted by CDA per the MOU, resulting in over 51% of property owners prior to bringing further action to City Council.
11/09/21: Resolution Regarding Improvement Plan & Establish a Date for the Public Hearing approved by City Council
12/07/21: Public Hearing for Ordinance Creating BID & Assessment Roll information held at City Council
12/21/21: 1st Reading of the Ordinance Creating BID & Assessment Roll Information at City Council
01/05/22: King Street BID Tenants Information Session hosted by Charleston Downtown Alliance
01/11/22: 2nd & 3rd Reading and Ratification of Ordinance Creating BID & Assessment Roll Information at City Council
4/1/2022: Mailing of Notices for Hearing of Objections
5/17/2022: Hearing of Objections held at City Council
Spring 2022: Memorandum of Understanding with the Charleston Downtown Alliance for Management of the District to be considered by City Council
Summer 2022: Assessment Roll provided to Charleston County