BID Parking Abatement Fund

There is established as a special fund the BID Parking Abatement Fund (“Fund”), which shall be administered by the Mayor in accordance with subsection (c) of this section. An allocation in the amount of $120,000 from the Fiscal Year 2016 approved budget and financial plan shall be deposited in the Fund. Money in the Fund shall be used to abate parking fees for a Business Improvement District (“BID”), as that term is defined in § 2-1215.02(7), that applies and is approved to reserve a public parking space within the BID for use by pedestrians; provided, that no more than 70% of the money available in a fiscal year shall be distributed to a single BID. The money deposited into the Fund, and interest earned, shall not revert to the unrestricted fund balance of the General Fund of the District of Columbia at the end of a fiscal year, or at any other time. Subject to authorization in an approved budget and fiscal plan, any funds appropriated in the Fund shall be continually available without regard to fiscal year limitation.