The BID assesses commercial property in nearly all of RiNo to generate funding for advocacy, placemaking, affordability and marketing the district. In 2016, the BID will raise approximately $550,000 to support RiNo. These funds are dedicated towards projects and programming in four key areas: Advocacy, Placemaking, Marketing and Branding and Support for RiNo’s Artists and Creatives.
What is a Business Improvement District (BID)?
A BID is a special district financing tool used to help stakeholders collectively plan, fund, and implement services and improvements to their neighborhood.
A few key facts about BIDs:
- BIDs fund special services in a defined area through an assessment on commercial properties (residential properties are not assessed in a BID).
- It is up to district stakeholders to establish an area for the BID, set priorities for what the BID will fund, create a budget and assessment rate, and develop a plan.
- BIDs are established through majority support of property and business owners in the district, and cannot be imposed upon an area.
- All the money raised through the BID comes back to the district. A Board of Directors representing those paying assessments manages the BID funds.
RiNo Art District Annual Report 2016/17