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(a)(1) Each BID shall have an initial term that shall end on the last day of the 5th full fiscal year of the District during which the BID has been registered pursuant to § 2-1215.06(h). A BID may be extended for successive 5-year terms if:
(A) The BID notifies the Mayor at least 180 days before the end of the BID's term that it desires to extend its status as a registered BID for a subsequent 5-year term;
(B) The BID submits a plan for the next 5 years of BID operations to the Mayor; and
(C) The Mayor holds a public hearing in accordance with this subsection and subsequently issues a notice of BID re-registration.
(2) Notice to the public shall be made no fewer than 21 days before the hearing.
(3) The Mayor shall:
(A) Publish the notice of the public hearing along with the notice of preliminary finding in the District of Columbia Register;
(B) Ensure that the notices are published in at least 2 sources of local general interest print or electronic media; and
(C) Hold the public hearing no earlier than 120 days before the end of the fiscal year, and no later than 30 days before the end of the fiscal year.
(a-1) If, at the end of the fiscal year, the BID has requested an extension and the Mayor has not issued an order revoking the registration or denying an extension, the BID shall be deemed to be re-registered for a subsequent 5-year term.
(b) The Mayor shall issue an order revoking the registration of a BID at any time if:
(1) By a 2/3 majority vote of the Board, the Board elects not to seek re-registration of the BID;
(2) Not more than one year and not less than 90 days before the end of each 5-year period, the owners of at least 51% in assessed value of taxable property and at least 25% in number of taxable properties within the BID elect to dissolve the BID effective as of the last day of the then applicable 5-year term;
(3) The Mayor determines that there has been unlawful conduct by the management or Board of the BID, which conduct has not been remedied within 30 days of notice thereof;
(4) The Mayor determines that the conduct of the BID has jeopardized the ability of the BID to carry out the purposes of this subchapter, which conduct has not been remedied within 30 days of notice thereof;
(5) The BID corporation is voluntarily or involuntarily dissolved in accordance with law;
(6) The operations of the BID cease for any reason for at least 60 consecutive days at any time after the initial organizational period of 120 days; or
(7) A BID corporation voluntarily files for bankruptcy protection, becomes insolvent, or has a receiver appointed for all or substantially all of its assets, or any such proceeding is instituted against the BID corporation and is not discharged within 60 days.
(c) Within 60 days of dissolution, the Board shall adopt a plan to timely distribute funds and dispose of assets to satisfy all creditors in the order of their priority, if any. Any surplus funds, including the proceeds of the sale of all real and personal property, shall be returned to the owners in proportion to their obligation to pay BID taxes within 30 days of adoption of the plan of distribution.
(d) The Mayor may designate the Department of Small and Local Business Development to perform the functions described by this section.
Cite this article: FindLaw.com - District of Columbia Code Division I. Government of District. § 2-1215.18. Term of BID; extension; termination and dissolution. - last updated January 01, 2020 | https://codes.findlaw.com/dc/division-i-government-of-district/dc-code-sect-2-1215-18/
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