City Council Approves DSP Renewal Balloting
SACRAMENTO, CA (February 10, 2015)— Buoyed by support from eight in ten downtown property owners within its boundaries, the Sacramento City Council unanimously approved the Downtown Sacramento Partnership’s (DSP) resolution of intent to renew for a 10-year term on February 10.
“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.”
As a property-based improvement district (PBID), DSP is required by state law to seek approval from its contributing owners to renew. Owners authorize renewal through a two-step process. A PBID must first collect petitions of support from at least 50% of all owners in the district. This evening DSP presented petitions of support from almost eighty percent.
Under the second step, the city sends ballots to owners in the district, and if 50% of all votes cast are in favor, the PBID is renewed. The City will issue ballots for DSP this week, and the count will occur on April 14, 2015. If the DSP succeeds, it has legal authority to operate from January 1, 2016 through December 31, 2025.
DSP was the first PBID in the State of California and was established by owners as a proactive, private sector initiative to enhance street level services and economic development within the urban core. Since its inception in 1996, downtown property owners have renewed the PBID twice—in 2000 and again in 2005.
Over the past decade, private and public investors have poured approximately $1 billion into downtown. With new developments like the arena, 700 Block of K Street, and Sports Basement underway, 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.”
The PBID oversees the maintenance, safety and revitalization, and advocacy programs financed by the 66-block management district, which encompasses H Street to the north, 16th Street to the east, N Street to the south and the Sacramento River to the west.
Click here for for details on the Downtown Sacramento Partnership.