More than 500 people pedaled through Magnolia Park Saturday afternoon, just as nearby commercial property owners are gearing up to extend a self-imposed fee that pays for events including the Magical Magnolia Bicycle Tour.
The tour brought out cyclists for prizes, bike and helmet painting and other activities. Merchants say the event is just one of the benefits of the business improvement district that landlords launched in 2006, agreeing to raise $250,000 annually to pump up prospects near Magnolia Boulevard and Hollywood Way.
With the business improvement district set to expire this year, members of the Magnolia Park Partnership are now preparing to vote in July on whether to extend it for another five years.
“We’re paying a lot yearly, but I believe it is well worth it,” Paul Long, president of Kappa Studios, said.
The district has launched events such as the vintage car show “Be-Bopping in the Park,” which drew 15,000 people last August and paid for holiday decorations, street improvements and business promotions. The district also paid for diagonal parking slots off Hollywood Way, making it is easier for shoppers to park near the busy intersection near Porto’s Bakery.