The chair of Lexington’s first property tax business improvement district says the organization expects to see relatively flat revenues this year.
Jim Frazier outlined the Downtown Management District budget to Lexington Council members last week. Frazier said the board is proposing more money go for public art.
“We had budgeted last year 25 hundred, spent five, and this year we’re proposing a budget of 18,000. So, that’s a substantial increase in the re-allocation of our funding,” said Frazier.
The DMD’s mission is to use collected property taxes to foster economic development and ultimately improve property values in the inner downtown core. The city council is required to vote on the Downtown Management District budget. That vote is expected the end of this month.
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