2013 Annual Report - LA Fashion District

L A Fashion District
Business Improvement District 2013 Annual Report
2013 was a landmark year for the LA Fashion District Business Improvement District (BID)
Thanks to support from Property Owners the BID Clean & Safe Services were successfully
renewed for another 5 years with an 89% approval vote from district property owners.
The LA Fashion District BID was formed in 1996 by a group of dedicated property owners who wanted to help preserve property values
and the business community with Clean & Safe services. The focus remains the same and so does the transparent process of how we deliver services.
15-member Board of Directors, comprised of Fashion District property owners, oversees all service & program expenses.
 Board Members are elected by property owners in an annual election.
An annual audit/financial statement is published yearly and posted on the website at www.fashiondistrict.org
There will be a 2.4% assessment reduction in 2014.
All meetings are open to the public. Meeting times are posted on our website.
Absolute (Total) Assessment percent Increase for same parcels and CPI
Percent Increase (1999 to 2/28/2014)
2014 Board of Directors
BID Staff
Jorge Flores, BID Board Chair/Sale Trust
Kent Smith, Executive Director
Mark Cohen, ANJAC Fashion Buildings
Jason Deibler, Ace Hotel
Ramin Haverim, Haverim Properties
Steve Hirsh, Cooper Design Space
Hilda Jimenez, California Flower Mall
Darlene Kuba, American Florist Exchange
Jaime Lee, California Market Center
George Lintz, Bellaire-Downtown LLC
Bradley Luster, Major Properties
Laurie Rosen, Academy Award Clothes
Elena Safaei, Legend Real Estate Management
Brian Taban, JADE Enterprises
John Van Den Akker, 1127 Maple LLC
Suzette Wachtel, Wachtel Properties
BID Assessment Revenue Increase* 0.6%
Inflation 1/1/1999 to 2/28/2014** 47%
NEW MAP GUIDES & PARKING APP
Social media promotions attracted thousands of shoppers and
wholesale buyers to the Fashion District. The district also
received increased media attention from local and national
media.
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NBC Today Show
Univision
CBS Channel 2
KCAL 9
Telemundo Channel 52
ABC Channel 7
KTLA Channel 5
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Fox Channel 11
NBC Channel 4
HGTV
Apparel News
LA Business Journal
Racked LA
Curbed LA
Joanna Cheatham, Admin Assistant
Ariana Gomez, Public Information Coordinator
Jose Gonzalez, Finance Manager
Lynn Myers, Managing Director
Elmer Pacheco, Field Supervisor
Jacqueline Sanchez, Operations Coordinator
Randall Tampa, Operations Director
Chrysalis – Cleaning Services
Universal Protection Services – Safety Services
2013 Financials
LA FASHION DISTRICT BID
Summary of Audited Financial Information
LA Fashion District BID
119 E 9th Street A-1175
Los Angeles, CA 90079
As of December 31, 2013 and 2012 *
2013
ASSETS
Total Current Assets
Investments - Other
Net Property and Equipment
Total Assets
LIABILITIES AND NET ASSETS
Current Liabilities
Unrestricted Net Assets
Total Liabilities and Net Assets
BID REVENUES
Assessments - Current Year
Assessments - Collection of Prior Years' Unpaid
Assessments - Collection of Penalties & Interest
Other Revenue
BID Revenues Sub-Total
$
$
$
OVERLAYS REVENUES
North Santee Alley Overlay
South Santee Alley Overlay
Overlays Revenues Sub-Total
1,149,218
996,000
136,664
2,281,882
159,495
2,122,387
2,281,882
3,141,683
69,671
52,385
116,085
3,379,824
2012
$
$
$
1,508,271
498,000
82,658
2,088,929
144,794
1,944,135
2,088,929
Address Service Requested
3,139,859
57,239
28,967
132,829
3,358,894
288,360
250,560
538,920
288,360
250,560
538,920
TOTAL REVENUES
3,918,744
3,897,814
BID EXPENSES
Cleaning
Safety
Administration
Special Projects
Image and Communications
Provision for Uncollectible Assessments
BID Renewal
Depreciation & Amortization
City & County Collection Costs
Parking Signage Grant Expenses
BID Expenses Sub-Total
1,449,317
1,058,501
200,349
169,181
159,811
107,196
41,219
28,593
24,102
5,000
3,243,269
1,408,481
1,052,174
210,967
163,677
152,554
127,569
43,563
35,494
24,089
5,000
3,223,568
246,663
250,560
497,223
284,788
250,560
535,348
3,740,492
3,758,916
LA Fashion District
Business Improvement
District
2013 Annual Report
Our Mission since 1996
OVERLAYS EXPENSES
North Santee Alley Overlay
South Santee Alley Overlay
Overlays Expenses Sub-Total
TOTAL EXPENSES
INCREASE IN NET ASSETS
213-488-1159
www.fashiondistrict.org
$
178,252
$
138,898
* A complete copy of the audited 2013 and 2012 Financial Statements is available on our website www.fashiondistrict.org
The LA Fashion District
Business Improvement District
is dedicated to making our community a
Clean, Safe, and Friendly place to work, shop,
do business and live.