FOR IMMEDIATE RELEASE
Thursday, May 9, 2019
Contact: Catherine Tenuta, SBS Press Secretary - email@example.com, 212-618-8768
CITY ANNOUNCES BUSINESS IMPROVEMENT DISTRICTS INVESTED NEARLY $159 MILLION IN NYC NEIGHBORHOODS DURING FY 2018, BOOSTING OVER 93,000 BUSINESSES
New Report Details Success of BIDs in Improving Neighborhoods in the Five Boroughs and Providing Socially Responsible Solutions to Quality of Life Concerns
New York - NYC Department of Small Business Services (SBS) Commissioner Gregg Bishop today announced the City’s Business Improvement Districts (BIDS) invested over $158.9 million in New York City neighborhoods during fiscal year (FY) 2018, boosting over 93,000 businesses. The announcement is part of a new annual report highlighting the significant impact of BIDs, including projects providing socially responsible solutions to quality of life concerns. Over $40 million of the BIDs’ investments were raised from external sources, including more than $1 million in grants administered by SBS. BIDs are voluntarily-created, community-based organizations that partner with local stakeholders to deliver supplemental services that revitalize neighborhoods and foster vibrant commercial corridors.
“Business Improvement Districts are working daily to help build safer, cleaner, and more vibrant neighborhoods across our city,” said Gregg Bishop, Commissioner of the New York City Department of Small Business Services. “With this report, we want New Yorkers to know that Business Improvement Districts are strong partners dedicated to building a better city for us all.”
The new report highlights the significant daily impact of BIDs on neighborhoods, businesses, and residents. In FY 2018, BIDs provided the following services in their districts:
New in FY18, this report also highlights the collective impact of BIDs in each borough and showcases how BIDs support public spaces and industrial districts across New York City.
BIDs also developed and launched projects to address local and citywide challenges this past year. Some of these projects include:
The SBS FY18 Business Improvement Districts Trends Report also features comparative expenditure data and details sources of BID revenue.
To view the full report and learn more about the local impact of BIDs, visit nyc.gov/site/sbs/neighborhoods/bids.
About Business Improvement Districts
Business Improvement Districts (BIDs) create vibrant, clean, and safe districts. BIDs deliver services and improvements above and beyond those typically provided by the City. These services can include street cleaning, public safety, marketing and events, capital improvements, beautification, and business development. BIDs help to brand their districts and market small businesses on their corridor. They facilitate networking among merchants, host community events, and advocate for improvements to the district. BIDs also serve as a liaison between local businesses and stakeholders and the City government. In doing so, BIDs provide a collective voice for the neighborhood and help inform City policy based on their unique local knowledge. BIDs are authorized by local law and primarily funded by a special assessment billed to property owners within a district.
SBS provides oversight and support to the City's existing BIDs and to communities interested in creating new BIDs. For more information, visit nyc.gov/bids.
About the Department of Small Business Services (SBS)
SBS helps unlock economic potential and create economic security for all New Yorkers by connecting New Yorkers to good jobs, creating stronger businesses, and building vibrant neighborhoods across the five boroughs. For more information, visit nyc.gov/sbs, call 311, and follow us on Facebook, Twitter, and Instagram.