Business Improvement Districts empower property owners within the district to make improvements that increase the value of their properties and improve the quality of life in their communities. As public-private initiatives, BIDs create funding for programs and activities through self-imposed assessments. Governed by those who benefit from their effects, BIDs have already proven successful in over 1,200 North American communities.
The formation of a BID is a proactive approach to implementing changes that directly benefit property owners, tenants and the entire community. They focus on providing services and making improvements above and beyond those provided by the City. Improvements and activities funded by a BID may include:
Increased public safety
Area maintenance
Street beautification
Transportation and parking management
Consumer and investor marketing
Special events
Identity development and image enhancement
Business recruitment and retention
Community service coordination
With a thorough understanding of the BID formation process, Hormann & Associates has worked on the development of over 15 BIDs worldwide in the last three years. Strong communication with all parties involved in the process and the ability to develop a plan that effectively addresses their concerns has yielded impressive results.