Increased demands and lack of funds can limit the effectiveness of the downtown organization and force the staff into a perpetual state of fund-raising. More and more downtown areas are looking to Business Improvement Districts as a source of relief.
Business Improvement Districts provide multi-year funding through an assessment on properties within the district, which ensures a predictable revenue stream. Thus, BIDs can relieve persistent and common financial problems as well as provide a source of new energy and funding for implementing downtown plans.
With these thoughts in mind, the editorial team at the Downtown Development Center sought to document best practices in setting up and operating a Business Improvement District.
A useful primer for anyone considering, or reconsidering, a Business Improvement District, the report provides:
- A clear definition of the Business Improvement District
- Examples of the services most-frequently provided by BIDs
- A review of research on the benefits of BIDs
- An eight step process for district formation