Fleetwood BIA has an annual budget for community programs including safety & security, beautification, events, and for marketing and promotion which all benefit the Fleetwood district. All BIAs are funded through a special levy based on assessed property tax values. The levy rate is the ratio of the annual BIA budget to the total assessed value (in thousands) of the properties within the BIA boundary. This rate is multiplied by the assessed value of the property to arrive at the per-property amount. These funds provide an important investment in the business community.
How does this translate for property owners?
Property owners, in turn, may elect to pass all or part of these costs onto their respective tenants. While the City of Surrey would be responsible for collecting the levy from property owners, how those monies are used will be up to the BIA itself. You as a Fleetwood business or property owner would have a say.