DSP renewed for another 10-year term
With nearly 90 percent ballot support from local property owners, the Downtown Sacramento Partnership (DSP) was renewed for another 10-year term during a public hearing at a City Council meeting last month. This marks the Downtown Property and Business Improvement District’s (PBID) third renewal since its inception as the state’s first PBID in 1995.
Over the past 20 years, DSP has been a driving force in advancing downtown forward and plays a vital role in public policy reform, economic development, public space management, and public safety. DSP represents downtown interests on public policies and advocates for initiatives that stimulate economic growth for the 176 property owners and over 400 retail businesses located within the 66-block district.
“The high approval rating from our owners is a testament to what DSP has accomplished,” said DSP Board Chair Kipp Blewett. “We’ve been an effective voice for the business community, a leader in economic development in the core, and a nationally-recognized PBID. Owners also recognize that DSP is more critical than ever to ensuring we capitalize on the investments we have made and the opportunity before us.”
Over the past decade, private and public investors have poured approximately $1 billion into downtown. With new developments like the arena and the 700 Block of K Street, additional investment is anticipated.
“Our role has always been to galvanize the voices of downtown property owners, to push the community to think bigger, and set the stage for change,” said DSP Executive Director Michael Ault. “There is so much momentum building downtown. We’re seeing investors who have sat on the sidelines step up their game, and more suburban companies are migrating here to be closer to the action.”
As a PBID, DSP is required by state law to seek approval from its contributing owners to renew. The first step involves collecting petitions of support from at least 50% of all owners in the district. On February 10, DSP presented City Council with petitions of support from nearly eighty percent of owners within the downtown district; City Council unanimously approved the DSP’s resolution of intent to renew the PBID for a 10-year term.
The City then issued ballots to renew the PBID on behalf of DSP to property owners who then had until April 14 to submit ballots to the City of Sacramento to renew the PBID. The final count took place at the April 14 City Council meeting, with nearly 90 percent of owners voting in favor, far exceeding the required minimum amount of 50 percent for renewal.
On April 23, City Council The PBID now has legal authority to operate from January 1, 2016 through December 31, 2025.