The BID cultivates and advocates the economic growth of downtown Troy by creating an inviting, dynamic, and sustainable community that celebrates the city’s history while building towards its future. The BID is dedicated to improving the quality of life within the District to further enhance and make our community a vibrant, attractive destination for visitors, businesses, residents, property owners, the daily workforce, and students.
FOUR MAIN AREAS OF FOCUS
The Downtown Troy BID has four main areas of focus including business development and retention, public services and beautification, marketing and member services, and special events. Each area of focus has a special committee open to the public which meets monthly.
MARKETING & MEMBER SERVICES
The Downtown Troy BID attracts thousands of visitors to the district each year through marketing and advertising campaigns reaching new audiences every day. Targeted marketing with the Shop . Dine . Explore campaign is utilized throughout the year with billboards, print news, magazine, and digital ads, along with local press.
The Downtown Troy BID also provides marketing of the district through creation, printing and distribution of annual walking guides (20,000 copies printed annually), directional a-frame signage located throughout the district, printed materials such as brochures and tear of maps, e-newsletters, email correspondence, online presence at DowntownTroy.org, and use of social media platforms including Facebook, Instagram and Twitter.
The Downtown Troy BID offers many free, family friendly events throughout the year including Troy Night Out, Free Fitness in the Park, Restaurant & Craft Beer Week, the Troy Makers Market, Troy River Fest, Rockin' on the River, Troy Pig Out, Troy Chowderfest, and the Collar City Kilt Fest.
Each of these events bring thousands of visitors and residents to the streets of Downtown Troy where they are encouraged to shop, dine, and explore. These events encourage patrons to return by introducing them to the many shops, restaurants and services located within the district. These events aim to raise the quality of life for those living and enjoying downtown Troy, while raising funds to support the initiatives of the Downtown Troy BID.
BUSINESS DEVELOPMENT & RETENTION
The Downtown Troy BID offers many programs to retain and attract businesses to the city. Events include the bi-monthly Meet & Greets and educational programming for small businesses, the annual For Rent event (May), annual Discover Troy event (May) and support for the annual City of Troy Small Business Summit.
The Downtown Troy BID also works with interested business owners to facilitate placement within the district and offer support to those looking for information on how to start a business, or resources available to small business owners.
The Business Development and Retention Special Committee also focuses on tourism with monthly meetings to discuss tour boats, the marina, possible yearly conventions, business attraction events such as walking tours and historical talks, and finding ways to connect through capital district transportation and accommodations.
Last but not least, the Downtown Troy BID helps facilitate community meetings and neighborhood action as there are currently no neighborhood associations within the district. They cover issues such as safety and security, upcoming city infrastructure projects, connecting members, and more.
PUBLIC SERVICE & BEAUTIFICATION
The Downtown Troy BID offers a wide range of beautification services for the district, including the employment of a street cleaning team with one to three employees seasonally. The employees clean the district of trash and debris five days per week, and water flower pots and basket which are purchased by the BID annually.
The beautification special committee also keeps track of issues such as graffiti, lighting, walking hazards, attractiveness and appeal of the district, manages beautification fundraisers and facilitates public art.
WHAT IS A BID?
A BID is a special district created by a local municipality to focus on promoting business activity and furthering the revitalization in a downtown or commercial area. A BID is a specific geographic area in which a variety of improvement activities and services are undertaken. A BID is managed by a district management association, which is incorporated under the state not-for-profit law. Its board of directors is made up of property owners and tenants within the BID, with a majority of the board being comprised of property owners from the district. View the BID organizational plan here.
WHY FORM A BID?
The purpose of a BID is to improve business conditions in a specific area, attract and retain businesses, generate jobs and improve the quality of life for those who use the district. A BID enables stakeholders to decide which services to provide to meet the district's unique needs.
WHAT SPECIFIC SERVICES CAN A BID PROVIDE?
NY State Consolidated Law outlines services a BID can provide. These services include:
- Streetscape Beautification
- Sidewalk cleaning
- Tree and flower planting
- Seasonal decorations
- Capital improvements such as trash receptacles, signage and planters
- Special events
- Public relations
- Business development and retention programs
The BID's services are meant to enhance and complement the services already provided by the City of Troy.
Properties comprising the Troy BID include all vacant parcels and properties in commercial use, and residential properties that are comprised of three or more dwelling units, whether or not they are owner-occupied.
HOW IS THE DOWNTOWN TROY BID FUNDED?
The Downtown Troy BID (the “BID”) is partially funded through the tax assessment which the City of Troy collects on behalf of the Downtown Troy BID. This is a calculation of 5% of the City tax at a rate of .698004 of the assessed value of each included property, based on the current tax rates for 2018. This tax calculation applies to benefited properties within the district boundaries which pay into the City tax. The projected assessment for 2018 is $130,478.66, though this amount varies depending on taxes paid.
By illustration, a property owner paying $1,000 per year in City taxes, will pay $50 per year to the BID; a property owner paying $2,000 in City taxes would pay $100 per year to the BID.
This tax assessment is leveraged through sponsorship and special events, to round out an expected annual budget of approximately $515,000 for 2018.
Special Events make up aprox. three fifths of the annual Downtown Troy BID budget with approximately $285,000 raised annually.
Sponsorships are solicited and collected by the Downtown Troy BID Foundation in support of charitable endeavors of the Downtown Troy BID with fundraising of approximately $100,000 annually.