City cuts Corona del Mar business district funds
The Corona del Mar Business Improvement District will be getting more than $10,000 less this fiscal year from city's matching funds, according to city sources and online B.I.D. budget documents.
The city will be giving the Corona del Mar B.I.D. $38,000 this year compared to last year's $49,500. In 2008-09, the city's matching funds to the group were $40,560.
The matching funds come from a pool of $100,000 that the city distributes among four business improvement districts, said Kathlyn Bowden, economic development coordinator for Newport Beach.
"In the past, staff distributed the funds to each B.I.D according to a formula based on the amount of levy collected by the BIDs," she said. "When the Restaurant Association increased their levy in 2009, the old formula would have decreased the amount of funds available to the other three B.I.D.s, including Corona del Mar."