Business Improvement Districts: Everything you need to know
The holidays are still a few months off, but when they arrive and you find yourself dazzled by glittering lights strung along the light poles of a bustling commercial strip, there’s a good chance a small organization of business boosters is responsible. That organization is known as a BID.
BIDs, or Business Improvement Districts, are complicated, quasi-governmental organizations that help direct millions in city funding to commercial corridors. But they also fly under the radar for most city dwellers, so here’s a quick guide to understanding what they are, how they’re funded and — if you pine for holiday lights on your own shopping strip — what it takes to get it going (spoiler: it ain’t easy).
What is a BID?
According to the New York City Small Business Services website, a BID is a “geographical area where local stakeholders oversee and fund the maintenance, improvement, and promotion of their commercial district.”