“The value I have experienced as a commercial property owner in Leimert Park in being a member of that BID is that it provides a vehicle for us property owners to mobilize in using our combined financial resources more effectively to keep our properties clean and safe, but also the ability to use the BID to advocate and demand the types of change we want to see from our city council and city departments. Having an organized means to do these things as members of the BID has been much more impactful than us pursuing those goals individually.”
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.
“Property value in CBD/BIDs has increased at a rate higher than the citywide average. Since 2017, the average percentage increase in property value for CBD/BID areas is 15% compared to the citywide average of 10%. Between 2017 and 2021, property value increased by 73% compared to the citywide increase during the same period, which was 46%.”
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.
“No one wants to give up hard earned money, but the way this country used to work is long gone as you see through our media almost every day. Our choice was to give up or fight and unfortunately, fighting cost a lot of money but it is well worth it in the long run. Over the years, I was president, vice-president, and treasurer and through this, I saw the interworking’s of these BID’s and the real need for the business owners to take control of their areas. Over the years, the changes to the various districts were night and day as businesses grew, visitors and customers came back again and almost all stakeholders saw benefits to a BID with a new clean and safer area.”
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