Issue link: https://newsleader.uberflip.com/i/121369
Sarasota News Leader April 12, 2013 Page 37 mands Business Improvement District, which The BID's status at present is uncertain, becan raise and spend property tax revenue in- cause its chairman thinks the ballots went to dependent of the central city government. the wrong addresses. (See the related story This particular district is of interest because it in this issue.) The city auditor and clerk diswas voted out of existence earlier this month. agrees. If the district is dissolved, that would But it still may owe a substantial debt equal to occur on Sept. 30 — or about two weeks beabout one-year's worth of tax revenue. fore the note comes due. Under "Note 7," the auditors wrote, "The The audit identified issues with the city's unSt. Armands Business Improvement District (BID) obtained an unsecured bank line of funded pension liabilities as well. For the credit from Northern Trust Bank of Florida general employee defined benefit plan, the to be used for capital improvements and pro- shortfall between current assets and actumotional expenses. As of September 30, 2011, arial liability was $55,265,825. The figure the BID owed $300,000 on this line of credit. for the firefighters' defined benefit pension The initial interest rate was 3.25 percent and plan was $53,807,717. And for the police ofis based on changes in the lender's prime rate. On November 17, 2011, the BID repaid prin- ficers' defined benefit pension plan, the figcipal of $150,000. Principal of $150,000 and ure was $63,945,033 in "unfunded actuarial unpaid interest is due on October 18, 2013." accrued liability." % Tourists stroll past a St. Armands Circle restaurant in late March. The latest city audit points to funds the St. Armands Business Improvement District still owes the City of Sarasota. Photo by Rachel Hackney