FACTS ABOUT THE KINGSBRIDGEWhat is a Business Improvement District?
BUSINESS IMPROVEMENT DISTRICT
A Business Improvement District (BID) is a designated geographic area in which property owners and businesses agree to assess themselves to provide extra services that can improve the local business climate. The BID’s services do not replace NYC services, they only add to them. By law, NYC cannot reduce existing services in BID areas. Property and business owners within the BID decide which services and programs to provide.
How are Assessments Collected?
NYC collects the BID assessments in a separate bill sent with real estate tax bills. NYC takes no fee for collecting the assessments; every dollar collected is returned to the BID to pay for BID services.
What Services does the Kingsbridge BID Offer?
Kingsbridge provides supplemental services in these areas:
Who Controls the BID?
- Area Maintenance and Beautification includes daily sidewalk and curb sweeping, emptying of trash baskets, and graffiti removal. Tree planting and regular maintenance of tree pits is ongoing.
- Holiday Lights and Seasonal Banners cover the business district throughout the holiday season and at other times of the year.
- Marketing and Promotion is done for the BID area through advertising, banners, calendars, shopping guides and maps.
After a BID is approved by the NYC Council and signed into law by the Mayor, it is formally established as a tax-exempt non-profit corporation. A District Management Association (DMA) oversees the administration of the BID. The DMA Board of Directors represents all members of the BID, sets the budget, determines the services and hires the service providers and staff. The Board is fully accountable to the BID members: it issues annual reports, provides annual audited financial statements, and holds an annual meeting to adopt the budget, elect Directors and other proposals.Who Elects the BID Leadership?
Property owners and commercial tenants within the BID boundaries elect their respective representatives to serve on the BID’s Board of Directors. By law, the majority of the Board members must be commercial property owners, plus three commercial tenants and one residential tenant. Representatives of the following elected officials also serve on the Board: NYC Council, Bronx Boro President, NYC Comptroller, and NYC Mayor. The Kingsbridge BID Board of Directors meets every few months and an Executive Committee meets more often to handle important decisions for the BID.
Who Pays for BID Services?
All property owners within the District contribute their fair share to finance the BID programs and services through a BID assessment. This assessment is mandatory. Like a real estate tax, all or some of the cost of the assessment may be passed along to commercial tenants, subject to the terms of their lease.How are Assessments Determined?
Every BID determines its own assessment according to a formula that it selects for their District. The formula for assessing district properties is based on a factor of real property, such as front footage, square footage, assessed value or a combination of these factors. In developing an assessment formula, the basic idea is to match as closely as possible the level of assessment with the level of benefit received.Where is the Money Allocated?
The money goes directly to fund the BID programs and services, which are selected by BID members. This is the FY 17-18 approved budget of the Kingsbridge BID
Pruning & Planting, etc. ………......157,475.
Marketing & Other Programs.......…....11,000.
Administration………………………129,907.Total Budget $ 328,382
The Kingsbridge Business Improvement District has an office and a District Manager responsible for daily activities.
District Manager: Katherine L. Broihier
Asst. Manager: Jennifer Sproull
Office: 3109 Kingsbridge Ave, 2nd Floor
Bronx NY 10463
Ph: 718-432-6935 Fax: 718-432-6937