The King of Prussia District is planning to expand the geographical area it covers and add industrial and multifamily properties to the commercial ones it already assesses, writes Natalie Kostelni for the Philadelphia Business Journal.
Upper Merion officials have approved both the proposed changes and the renewal of the organization for another five-year term.
King of Prussia District was formed nine years ago as a business improvement district for the Upper Merion community.
As a nonprofit, it is annually financed through a special assessment of the owners of commercial properties with real estate in its territory.
The district has so far included Moore Park, the Village at Valley Forge, King of Prussia Mall, Route 202, South Gulph Road, and Henderson Road within its borders. This latest expansion adds Renaissance Corporate Park and MLP Ventures’ Discovery Labs and related facilities to the area it already covers.
Meanwhile, industrial and apartment buildings with more than 100 units in this area will also be assessed.
As a result, the organization will now involve 434 property owners, up from the previous 306.
Read more about the King of Prussia District in the Philadelphia Business Journal by clicking here.