In 2015, a petition signed by more than 50% of downtown property owners resulted in the creation of the Downtown Lexington Management District (DLMD) for an initial five-year period. Next year DLMD is up for renewal and another petition process was recently launched to show support for extending the District through 2025. To date, there has been an enthusiastic response to the renewal launch with over 80 initial properties representing nearly $200,000,000 in value committed to the renewal.
Management districts are private sector initiatives that manage and improve the environment of a defined area, with services financed by a self-imposed assessment based on property value. The assessment is similar to a common area maintenance (CAM) charge found in shopping malls and office parks. Management District funds may only be spent within the district boundaries, ensuring that properties within the district are directly and solely investing in themselves. The median amount for DLMD property owners is $125 and there are 484 assessed properties.
Over the last five years, Lexington’s DLMD has provided enhanced services to downtown’s core, creating a foundation for growth and vitality, and providing a return on property owners’ investments. Some of DLMD’s accomplishments include:
Jim Frazier, Chair of the DLMD, says, “You can see the impact our programs and services are making in the management district. A much safer and cleaner Downtown core, increases in Downtown property values, and higher levels of occupancy are the most obvious benefits resulting from the programs and services implemented by the DLMD in the last three years. All provide significant returns on investment for our property owners, who are our stakeholders.”
DLMD is governed by a 15-member board appointed by the Mayor and approved by LFUCG Council. DLMD contracts with Downtown Lexington Partnership (DLP) to manage DLMD’s programs and services.
If you have questions regarding the renewal process, copies of property petitions, or DLMD you may reach out to Ethan Howard at[email protected]. Open information sessions for property owners and interested parties will also take place. The next round of informational meetings are at McBrayer, 201 E. Main Street Ste. 900, on October 16, 2019 at 9:00 a.m., 11:00 a.m., and 5:00 p.m.
About DLP and DLMD
The Downtown Lexington Partnership (DLP) is the non-profit umbrella Downtown organization formed in 2017 to provide a single point of contact and accountability and a coordinated approach to Downtown revitalization and management. DLP encourages responsible economic development, produces events, addresses issues on behalf of stakeholders and promotes downtown Lexington. DLP has over 350 members and produced more than 60 events for the public in 2018 including Central Bank Thursday Night Live, Mayfest Arts Fair, Lexington’s Fourth of July Festival, and more. DLP manages the programs and service of the Downtown Lexington Management District (DLMD) on behalf of its board of directors.
Downtown Lexington Management District (DLMD) is a property-assessed business improvement district created in 2015 to enhance and manage downtown’s physical environment and to foster economic development and Downtown revitalization by: