Submitted by: At the Request of the City Administrator
Submitting Department: Community & Economic Development
Agenda Section: Presentation
Item Title:
title
Hyattsville Crossing Business Improvement District Feasibility Assessment
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Suggested Action:
recommendation
Presentation Only.
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Summary Background:
The purpose of this cover memorandum is to provide the City Council with a summary of the findings Hyattsville Crossing Business Improvement District (BID) - Phase I Feasibility Study.
In June 2021, the City of Hyattsville commissioned HR&A Advisors, and its sub-consultant Brick & Story, to perform a two-part feasibility to assess the creation of a Business Improvement District (BID) to support land areas around the newly renamed Hyattsville Crossing, formerly Prince George's Plaza.
The first phase of assessment was to (1) assess market conditions, (2) perform stakeholder interviews, (3) develop boundary recommendations and (4) perform a financial analysis.
The consulting team will be presenting the attached findings and recommendations at the May 2, 2022 City Council meeting and will be available to answer questions, both during the meeting and via email follow-up as necessary.
The project team anticipates commencing Phase II in June with additional comprehensive stakeholder interviews of the balance of property owners and businesses owners to form a steering committee. Phase III is an implementation action which will include a BID application, public hearings and related actions necessary to inform legislative requests to the State of Maryland for the 2023 Legislative Session.
Next Steps:
No additional actions are required.
Fiscal Impact:
Phase II activities are funded by the Maryland-National Capital Park & Planning Commission through an MOU with the City and are included as a request in the FY2023 City Budget.
City Administrator Comments:
N/A
Community Engagement:
Phase II of the feasibility analysis will require additional pub...
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