A BID is a self-imposed and self-governed taxing authority that must be supported by private sector business and property owners. It is estimated that more than 1,000 BIDs have been formed in the US and Canada. The services and activities of BIDs are tailored to meet the specific needs identified by the local business community that funds them. Benefits from BIDs, which can stretch beyond their boundaries, include:

 

  • Creating a cleaner, safer, and more attractive business district

  • Ensuring a stable and predictable resource base to fund supplemental services and programs

  • Providing non-bureaucratic and innovative management of a business district

  • Responding quickly to market changes and community needs

  • Helping to maintain and increase property values, improve sales, and increase occupancy rates

  • Developing a stable environment and distinct identity for a business district, making it more competitive with surrounding retail and business centers

  • Leveraging other resources, including money, services, and people

 

A BID works in much the same way as a common area maintenance (CAM) provision found in many tenant leases within suburban shopping malls and office parks. When a shopping center tenant pays a CAM charge, he/she is paying an extra fee for an enhanced level of services within the common areas of the mall. These services often include extra maintenance crews, mall security patrols, and cooperative advertising in local media. A BID is a CAM charge for our neighborhood. Unlike a shopping mall, our commercial corridors have multiple ownerships, making the lease covenants more difficult. A BID provides a mechanism by which all property and/or business owners must pay an assessment to support services in the common areas of a business district. These services usually include uniform cleaning of sidewalks, extra security patrols, and collaborative marketing and events.

What Would a BID Mean for Our Community?