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.
WHAT IS A BID?
A Business Improvement District, or BID, is a public/private partnership in which property and business owners elect to make a collective contribution to the maintenance, development and promotion of their commercial district. BIDs are grass roots, community driven organizations that require legislative authorization to be established. View the BID organizational plan here.
HOW IS A BID FUNDED?
BID programs and services are underwritten by a special assessment collected from property owners in the defined boundaries of the district. The assessment is levied on the property-owners, who may then pass it on to their tenants, if their lease contains such a provision. The assessment is billed and collected by the City and then disbursed to the District Management Association who in turn delivers the district's services.
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.