QUESTION
How are Business Improvement Districts (BIDs) funded?
0:14:38
·
32 sec
The Deputy Commissioner explains that Business Improvement Districts (BIDs) are primarily funded through assessments, donations, grants, and a specific small bid grant initiative.
- BIDs' budgets are majorly funded through assessments.
- Some BIDs receive donations and raise money through grants.
- A small bid grant initiative was introduced to support smaller BIDs without impacting their budgets.
- This initiative enables smaller BIDs to amplify their work along commercial corridors.
Oswald Feliz
0:14:38
So how are bids funded?
0:14:40
Assessment, donations, elected officials, what else?
Calvin T. Brown
0:14:45
So you you name the basics, like, through assessments that helps to fund bids budgets.
0:14:50
They do get some bids get the nations.
0:14:52
They raised money through grants.
0:14:54
But like I mentioned in my testimony, this year, we were able to support the smallest of our bid network to our small bid grant, which allows them to amplify the work that they've been doing along their commercial corridors without any impact to their SMS.
Oswald Feliz
0:15:10
Okay.