South Street business leaders say the long-suffering nightlife quarter is primed for a renaissance — a comeback that has been imperiled by a quietly unfolding financial crisis at the South Street Headhouse District (SSHD). Known as a “business improvement district,” the group is one of many empowered by City Hall to play a key role in the city’s provision of public services, collecting small — but mandatory — fees from hundreds of commercial property owners in its borders to fund sanitation, beautification and marketing efforts. But the district, which includes eastern South Street, Headhouse Square and nearby Fabric Row, has been wracked by a mismanagement crisis — as a new director seeks to right the ship amid mounting challenges. For years, SSHD did not pursue businesses that weren’t paying their fees. As of December, the organization had only $20,000 in its bank accounts, an unusually low figure for an organization that runs on a $930,000 annual budget. The district was operating without a formally approved budget for most of last year. Read more in the Inquirer.
Source: Philadelphia Inquirer; 4/2/2024