Members of the business district for Magnolia Park have voted to disband, ending a property tax assessment that brought hundreds of thousands of dollars a year for promotions and popular public events.
The Magnolia Park Partnership, which organizes annual events like Holiday in the Park and Be-Boppin’ in the Park, will dissolve at year’s end, officials said, after the vote that non-retail tenants carried.
The votes were weighted with the largest property owners getting the most influence. The vote came in 54.18% to 45.82% to not renew the district for another five years.
Property owners in the district pay 12 cents per square foot as part of an annual property assessment by the county, which then gives the money to the partnership. In addition, owners of ground-level properties pay an extra 5 cents per square foot.
The district generated $250,000 for the Magnolia Park Partnership last year.
Ira Lippman, chairman of the business district board, said he was disappointed with the outcome, saying the revenue helped promote the shopping area.