The Business Improvement District (BID) is a financial tool created by the State, allows municipalities upon the request of the private sector to establish special assessment districts in downtowns and along neighborhood business in order to generate funds for the development, management, operation and maintenance of the area.
The BID is a private sector initiative for maintaining and enhancing the appeal of the downtown area. The Business Improvement District will undertake projects on a private, collective basis in areas traditionally not addressed by municipal government.
Funds generated by the special assessment fund activities defined in an approved development plan. The program is reviewed and the budget developed on an annual basis.
A BID allows business people to take initiative in planning for the future of their economic environment. BID's provide business people and property owners with the ability to determine for themselves what their needs are and permits them to raise capitol to fulfill those needs. The fact that the BID is an assessment insures that all beneficiaries of BID programs participate in the funding of the programs.
* An attractive business area brings people, people bring business.
* Increased property values.
* With declining public revenues, public/private partnerships are
absolutely
necessary in the redevelopment of business districts.
Your business, your property in the center of "the place to be . . "
To maximize the economic value of downtown for the citizens of Lake Geneva.
George F. Hennerley
Telephone
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