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Governance

Governance

Strong and predictable governance of the OTB-BISD will be provided through the following:

  • Established and functions in compliance with the law (Code of Virginia Section 15.2-2400);
  • A well-defined mission statement;
  • A well-defined scope of services, with a target annual budget for each service, all corresponding to a predictable and consistent source of annual funding;
  • Old Town Business, a registered 501(c)(6) organization (non-profit), will transition to become the entity whose sole function shall be the management of the OTB-BISD;
  • The OTB-BISD shall be:
    • Led by an experienced and locally knowledgeable executive team;
    • Bound by articles of incorporation and legally established by-laws;
    • Overseen by a thirteen-to-fifteen member board of directors made up of key stakeholders;
      • Board members to represent business operators located within the OTB-BISD and owners of property within the BISD, and will include either one or two appointees by the City;
      • All initial board members shall be approved by City Council;
      • Future board members shall be recommended by a nominating committee (of existing board members) and shall be approved by the board;
      • The board will also include two additional non-voting members appointed by Visit Alexandria and Alexandria Economic Development Partnership, respectively;
      • The board will also include two additional non-voting members representing residents within or near the OTB-BISD boundaries;
      • The board expects to utilize advisory groups that represent the diversity of business types, locations and demographics of the OTB-BISD;
      • Board meetings will be open to the public and will include the opportunity for public input.

Additional constraints on the operations of the OTB-BISD will include: (i) a not to exceed annual tax rate limit (see rate above), (ii) annual City Council approval of the BISD’s service plan and budget; and (iii) a formal, legally binding procedure for a supermajority (support from owners of sixty percent of the parcels paying the OTB-BISD tax) to dissolve the OTB-BISD.