What is a Business Improvement District (BID)
A Business Improvement District (BID) is a unique funding tool which allows property owners in a specific boundary to pool their financial resources by assessing themselves to pay for certain district-wide activities and improvements that are above and beyond what the city pays for. These improvements are decided on and managed by a non-profit board made up of a majority of property owners within the district.
There are over 200 PBIDs throughout California and upwards of 2,000 throughout the country. PBIDs have been found to be the most effective and fair method to fund business district programs.
How does a BID benefit me?
Business Improvement Districts help reduce crime, increase public and pedestrian safety, support small business and improve an area's quality of life. BIDs provide property owners, renters and workers enhanced services above and beyond what the city provides. The creation of a BID empowers property owners with a unifed voice to work in conjunction with local government and hold them accountable if necessary.
The District will provide continued activities in three program areas including: Marketing/Events, Business Support and Advocacy/Administration. Each of the programs is designed to meet the goals of the District which are to advocate at city level for downtown initiatives, to increase building occupancy and lower vacancy rates, to encourage new business development and attract customers to existing businesses for assessed parcels within the District.
Why a BID for Downtown Torrance?
While Downtown Torrance is quaint and clean, it is also not widely known about. Store front vacancies, limited pedestrian traffic, and parking are a few of the other issues the community has been discussing and thinks contributes to the slow economic environment of the neighborhood. Aproximately 110,000 potential customers live within 15 minutes of Downtown Torrance and choose to spend their money in other commercial areas such as the Del Amo Fashion Center and Riviera Village. Downtown Torrance needs to become a destination. A Business Improvement District (BID) can fund programs that bring customers to Downtown Torrance and improve the economic and environmental vitality of the neighborhood. A BID can help fund projects that are above and beyond what a city is responsible for, such as events, marketing, economic development, and many others. BID’s are the driving force behind most of the neighborhood revitalization happening in Los Angeles, California, and across the country.
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