Section 7. By formal approval of a BID, the local municipal governing body shall adopt the district fee structure for the financing of items submitted in the improvement plan for the BID; provided, however, that the total fees assessed in any one year may not exceed one-half of one percent of the sum of the assessed valuation of the real property owned by participating members in the BID district.
The basis of such district fee may be determined by a formula utilizing any one or a combination of the following:
(1) different levels for varying classifications of real property;
(2) benefit zones;
(3) assessed valuation;
(4) square footage;
(5) street frontage; or
(6) any other formula which meets the objectives of the BID.
The BID, through its improvement plan, shall have the option to limit or cap the maximum annual fee derived from individual properties or the total annual revenue generated by the BID.
The formula for determining the district fee structure shall be set forth in the original petition as required by section three.
In addition to receiving funds from the district fee, the management entity shall be authorized to receive grants, donations or gifts on behalf of the BID.