King of Prussia Business Improvement District (KOP-BID) was founded in 2010 as a private not-for-profit organization under the Commonwealth of Pennsylvania's Neighborhood Improvement District legislation. The KOP-BID officially began operations in January 2011 with overwhelming support from the 262 commercial property owners within its boundaries.
KOP-BID's revenues are derived from special assessment fees on these commercial properties. The District is approximately 1,900 acres and includes the retail area encompassing the King of Prussia Mall and The Village at Valley Forge (former Valley Forge Golf Course), the Business and Industrial Park bounded by First Avenue, Allendale Road and Route 23, the Route 202 commercial corridor, the Henderson Road corridor and the South Gulph Road corridor.
The assessment rate is .00089 mils of the County Assessment or approximately 4% of total real estate taxes paid. Total revenues for 2011 are projected to be $1.035M. A 2% discount is offered to early payments received prior to February 28. After May 1, payments are subject to a late payment penalty of 10%.
Revenues are used for programs and services designed to improve the business climate in King of Prussia. KOP-BID is currently working on plans for new gateway signage, landscaped medians, banners, a website, market research, the extension of the Route 100/Norristown High Speed Line, a zoning, land use and taxation study and a feasibility study for a possible KOP shuttle bus system.
