What can BIDs do for you?
BY SCOTT BURK, ESQ.
It’s a question a lot of property owners and commercial tenants have regarding Business Improvement Districts (BIDs). This is especially true in New York City, which has 67 BIDs across its five boroughs – the largest such citywide network in the world.
So what is a BID? Each BID is a partnership between private property and business owners and the public district in which they are located. Much like the communal maintenance programs in malls and shopping centers, owners pool their resources to enhance the image and value of their specific commercial area. Property owners are levied with a special assessment scaled to fit their property type based on factors such as frontage, square footage, and corner locations (tax exempt and residential owners typically pay a nominal $1 annual fee). Once collected, this assessment goes toward paying for additional services that develop, maintain, and promote that commercial district beyond those municipal services provided by the city.