Frequently Asked QUestions

What is a Business Improvement District (BID)?

Business Improvement Districts (BIDs) are 501(c)(3) nonprofit economic and community development organizations serving commercial corridors by offering supplemental services. This comes in the form of sanitation, beautification, promotion, advocacy, and event hosting. 

The Grand Street BID alongside 75+ other city-wide organizations annually invest a total of $162.7 million into our neighborhoods’ economies through supplemental services. We exist as part of that network of neighborhood-based organizations cleaning New York City and creating a favorable environment where our businesses and communities can thrive. To learn more about BIDs you can read the BID Trends Report produced by the NYC Department of Small Business Services.

How are bids funded?

BID programs and services are funded by a special assessment billed to property owners within a district. Assessments are unique to each BID and decided upon by the BID's stakeholders. The City of New York assists with the collection of the special assessment, which in turn, is distributed directly to the BID. Additionally, as a non-profit, the BID can fundraise, bringing a multiplier effect to those assessment dollars. Last year, for every dollar of assessment collected, the Grand Street BID raised an additional 50 cents, stretching the impact of our stakeholders’ investment.

Who manages the BID?

BIDs are managed by an elected, volunteer board of directors who are property owners, business owners, residents, and public officials. Boards then hire an Executive Director and additional staff who run the day to day operations and report to the board or directors.

How can I learn more information?

If you would like to be involved or would like more information, please contact expansion@grandstreetbk.org.