BIDs have a significant positive impact on commercial property values. On average, the value of commercial property within a BID increases by approximately 15% more than properties in the same neighborhood but outside the BID.”
–Furman Center, New York University
A Business Improvement District (BID) provides improvements and activities – such as sidewalk cleaning, trash collections, graffiti removal, security, marketing, and events – to a commercial district. Its purpose is to supplement, not replace, government services. BID's are based on a benefit assessment model whereby property owners in a given area agree to assess themselves additional revenues that will be used for services in that area. These revenues are not managed by the city, but by the property owners themselves. The International Downtown Association estimates that there are more than 1000 property based business improvement districts (BID) currently operating throughout the United States and Canada.
Some of the advantages of a BID are:
• A BID allows a wide range of service options, including security,
maintenance, marketing, economic development, special events,
parking improvements, access improvements, etc. in addtition
to what the city offers, not instead of what the city offers.
• It is designed and created by those who will pay the assessment.
• It is governed and implemented by those who pay...through a
non-profit, private sector, management organization that manages
the day-to-day operations.
• It is established through petition and ballot support from property
owners who will pay the proposed property assessments.
• Provides for a set term of existence for a BID and requires a new petition
process by those who pay to renew a district.
• A BID provides a collective voice for property owners.