MID BIA Renewal:
gET tHE fACTS
WHY SHOULD I CARE? ...
LEARN MORE ABOUT THE CONCERNS... (click here to expand)
HOW DOES THE CURRENT ASSESSMENT CEILING MODEL WORK?
The Thompson Hotel (158 Rooms) and Sequel Apartments (93 Units) are assessed a single rate at the Hotel Ceiling totaling $15,382 in 2022.
The assessment excludes 93 apartment units that would be subject to a 2022 Residential Ceiling rate of $14,147
How does this assessment methodology align with the rest of the MID BIA?
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eXAMPLE ASSESSMENT ALIGNMENT ERRORS
Section 3.5 of the MID BIA Bylaws (adopted and updated in 2013) states that Board members serve three (3) year terms with a two (2) consecutive term limit. N.B. 8 current RAB members have exceeded this limit.
Multi-family residential Rateapyer assessments (21.72% of 2021 figures) are woefully underrepresented by holding only 11.5% of RAB positions. Furthermore, owners and managers of multi-family residential housing (multi-billion dollar REITs, the CWD Group, etc.) do not represent market-rate apartment tenants, low-barrier and/or rent controlled unit tenants, nor condominium unit owners.
Business owners, nonprofits and voluntary Ratepayers and others hold 25.7% of RAB positions yet pay 0.38% of the assessments.