2024-25 Budget Report

Description

Lincoln Road Business Improvement District Operating Budget Fiscal Year 2024/2025 - 1 - Lincoln Road Business Improvement District Operating Budget Fiscal Year 2024/2025 Table of Contents I. LR BID Members II. Introduction III. 2023/2024 Annual Report IV. Budget Summary V. Operating Budget VI. Organizational Chart - 2 - Board of Directors Lyle Stern, President Mindy McIlroy, Vice President Alan Khoudari, Treasurer Howard Herring, Secretary Andrew Rosenberg, Member at Large * David Herzberg, Board Member * Melvyn Schlesser Greg Galy Peter Saliamonas Maria Stead Arturo Vinueza Ex-Officio Freddie Peterson Executive Director Anabel Llopis City of Miami Beach Liaison Elizabeth Miro * Andrew Rosenberg resigned on June 12, 2024. Lyle Stern appointed David Herzberg to the Executive Committee at the LR BID Board meeting on July 18, 2024. One seat on the Board remains vacant, with elections scheduled for November 2024 - 3 - Introduction The Lincoln Road Business Improvement District (BID) is organized and operated as a business league within the meaning of Section 501(c)(6) of the Code. Its purposes are be to stabilize and improve the Lincoln Road retail business district, which is located within a nationally recognized historic district, through promotion, management, marketing, and other similar services, by (i) representing and advocating for the property owners and business owners located within the boundaries of the BID; (ii) promoting and encouraging the continued development of a diverse, vibrant and pedestrian-friendly Lincoln Road mixed-use neighborhood, thereby providing a dynamic setting for businesses, the visiting public, arts and entertainment, as well as area residents; (iii) serving as a cultural and civic hub for the community and fostering a spirit of cooperation and maintenance of high standards of quality among its members; and (iv) bringing transformative projects into the District. In furtherance of this purpose, the BID will work toward creating a favorable environment which will increase commercial and cultural activity within the district. The BID will encourage a spirit of cooperation and maintenance of high standards among its members. This proposed budget will enable the BID to accomplish those goals. Questions about the Lincoln Road Business Improvement District and its programs may be directed to the Lincoln Road BID at 1620 Drexel Avenue, Suite 100, Miami Beach, Florida 33139. - 4 -