It was roughly 10 years ago when property owners took a symbolic leap of faith by approving the creation of the Downtown Santa Monica Property-Based Assessment District (PBAD). The passage of this new assessment brought forth enhanced maintenance and hospitality services, a comprehensive marketing program and advocacy to ensure the district remains a vibrant destination for residents and visitors. The life span of the PBAD would be 20 years. However, property owners built into their framework a rather uncommon clause - that after 10 years, owners would have the opportunity to reaffirm their support or decide not to move forward for the remainder of the term. Fast-forward a decade to present-day, and the 10-year affirmative vote is officially in the books.
On Thursday, March 23, an independent body tabulated the 221 ballots submitted by property owners and the result was 91.1% in favor of preserving the PBAD. The number of ballots returned represented 66.8% of total assessment dollars. In accordance with the outcome, DTSM, Inc. will continue to provide the award-winning maintenance, hospitality, and marketing services to all properties within the original PBAD, Colorado Overlay Zone and the Lincoln Boulevard Zone. Throughout this process a few property owners voiced concerns related to homelessness and public safety, as well as the need for infrastructure upgrades on the Promenade. DTSM, Inc. board members and staff will remain vigilant in working to address these key issues.
"We're committed to working closely with the Downtown community to protect and enhance the vitality of Downtown Santa Monica and Third Street Promenade," said Julia Ladd, DTSM, Inc. Board of Directors chair, "Input from property ownership is pivotal to the process, and we're thankful for their feedback, participation, and support."
It's been a dynamic, destination-making decade for Downtown Santa Monica. The district has expanded to include new zones and businesses to encompass a thriving urban space that now welcomes over 16 million people annually. It's been DTSM Inc.'s responsibility to guide this period of unprecedented growth. Over the course of 10 years, the PBAD has implemented, sharpened, and maintained its core services while continuing to drive successful homegrown events such as Ice at Santa Monica and create original programming for locals and visitors.
"Downtown Santa Monica is recognized around the world only by way of the diligent work and care of its community," said Kathleen Rawson, CEO of DTSM, Inc. "As the district continues to evolve, it's important for its people to recalibrate and validate a shared mission of promoting economic stability, growth, and community life."
DTSM, Inc. and the City of Santa Monica are working together on a series of capital improvements for Third Street Promenade that will reinvigorate the beloved destination, beginning with a renovation of the iconic dinosaur fountains this spring. A series of public meetings to discuss a larger list of infrastructure improvements and design upgrades will take place in April and May (April 18, May 1, and May 15 from 6:30 p.m. to 8:30 p.m.). For more information visit the Promenade 3.0 Community Workshop event page at http://promenade.workshops.eventbrite.com