What is a BID?
A Business Improvement District (BID) is a formal organization consisting of local property owners and commercial tenants who are dedicated to promoting business development and improving the neighborhood's quality of life. There are currently over 60 BIDs in New York City.
Who pays for a BID?
Property owners within the BID receive an assessment on their tax bill each year. The assessment is based off a formula and takes into account the property's size and commercial frontage.
What will the BID do for me?
Commercial tenants and residents benefit from having a cleaner, safer, and more inviting community. For commercial tenants, this can result in more people out on the streets and more customers. For residential tenants, this means a nicer community in which to live. Property owners within the BID frequently see property values rise at a fast rate than nearby areas without BIDs
Who runs the BID?
All decision making related to the BID is made by a local Board of Directors. The board is elected by members of the district and must include property owners, commercial tenants, residents, and publicly elected officials. The Board decides how the BIDs budget is spent and who is hired to execute BID initiatives.
What services does the BID offer?
The services offered by a BID depends of the needs of the community. The needs assessment conducted by the BID steering committee determined that Court and Smith’s biggest needs are Sanitation and Maintenance, Beautification and Greenification, Street-scaping and Decorations, Community & Business Marketing & Promotion, and Public Safety & Advocacy. These focuses can change with time and in-response to community feedback.
Will we still receive the same services supplied by the city?
BIDs receive the same services already supplied by the city. The services provided by the BID are supplementary to the city’s services.
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