A Business Improvement District is a defined area where local businesses collaborate to improve the overall environment and economic conditions. Typically, BIDs are formed in commercial or mixed-use areas and are funded through an additional levy on property owners within the district.
So, what exactly do BIDs do? They work towards enhancing the area’s attractiveness, cleanliness, safety, and overall appeal for both local residents and visitors. BIDs often undertake initiatives such as street cleaning, landscaping, public safety enhancements, promotional campaigns, and hosting community events.
Wondering how BIDs are governed? Each BID has its own management structure, typically consisting of a board of directors or an executive committee. The members, often business owners or representatives, work collaboratively to make decisions and implement strategies aligning with the BID’s goals.
By actively engaging in the improvement of the district, businesses within a BID have the opportunity to create a supportive and thriving environment for their own success. Additionally, BIDs have shown to have positive effects on property values, attracting more visitors, and fostering local economic growth and a vibrant area. That is what we are trying to accomplish in Downtown Parker.