The community must initiate the creation of a BID. The effort can take a long time and involves the hard work of property owners, businesses, and other local stakeholders. A BID is one of many ways to improve a commercial district. We can help communities understand what exactly a BID can do and whether it is the best option for them.
Once a BID is identified as the best option for a community, a group of local stakeholders form a Steering Committee to lead the formation effort. The Steering Committee decides the key details of the BID plan: the boundaries, services to be provided, annual budget, and assessment formula.
We serve as an advisor and resource during the BID formation process, guiding these groups through the planning, outreach, and legislative phases of the BID formation process, and then through the start-up of the newly established BID. Before beginning this process, groups interested in creating a BID should first contact us for more information.
First ask – what are the needs in the area and can BID services or programs help meet those needs? Next, ensure the benefits of the BID outweigh the cost of funding it.
Commercial properties pay the bulk of the special assessment that funds the BID. Therefore, there must be enough commercial properties to sustain a BID.
BIDs are most successful in areas with vacancy rates less than 20%. Areas with high vacancy rates or unstable local economies may consider other economic development strategies. We can assist with identifying the best option for your area.
Relationships and trust between area stakeholders are essential for a successful BID formation process. An effective way to establish a history of collaboration and shared investment is to initiate a local organizing effort among merchants, property owners, and/or neighborhood stakeholders. A merchants association is one example.
A BID cannot be created without the support of local elected officials, the community board, and other community leaders. It is important you meet with them early to ensure they understand what BIDs do and how they can best meet the needs in your district.