What is a BID?

A Business Improvement District (BID) is a public/private partnership in which property and business owners elect to make a collective contribution to the maintenance, development, and promotion of their commercial district. The result is a cleaner, safer, and more welcoming environment for shoppers, residents, and visitors. 

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How is the BID funded? 

BID programs and services are funded by a special assessment billed to property owners within the district. Assessments are unique to each BID and decided upon by the BID’s stakeholders. In total, the BID assessments plus any additional revenue raised through grants and sponsorships equal the yearly BID budget, which is used to fund the program of BID services and improvements. The City of New York assists with the collection of the special assessment, which in turn, is distributed directly to the BID. The BID receives 100% of the money collected. 

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Why a BID in Coney Island? Why Now? 

The BID offers a model that incorporates a sustainable revenue stream to support programming and services for our commercial corridors, including supplemental sanitation, events, collective marketing, holiday lights, and more. Grant funding is never guaranteed, and we need to sustain commercial revitalization services for years to come. 

 

New developments, including housing and additional commercial space, bring additional opportunities to the district. A BID leverages the impact of this investment to provide the services and events the neighborhood needs, while also ensuring the neighborhood's history and culture are preserved. 

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Who is driving the effort to form a BID in Coney Island? 

The BID formation effort is driven by the BID Formation Steering Committee, a diverse group of long-time local property owners, business owners, residents, and community members with decades of shared history investing in and advocating for the Coney Island neighborhood. Many Steering Committee members are active members in the Alliance for Coney Island, Community Board 13, and other groups dedicated to the betterment of the neighborhood. 

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Who will pay the BID assessment? 

A BID is funded by commercial property owners and commercial tenants within the BID geography. Residents within the district will pay a token $1.The City collects the BID payments and returns the monies in its entirety – 100% – to be used for the services and improvements. 

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Why is an “assessment” different from a “tax”?

A tax comes out of your pocket and goes to the government, which gets to decide how your money gets spent. With an assessment, the money you pay comes directly back to the Coney Island community, where it gets invested in the collective good of the commercial corridor. The ability to control funds at the hyper-local level means more flexibility in resource allocation from the exact people who know local conditions and can respond more quickly to issues and concerns. YOU have the opportunity to be an active participant in the BID, and control how the money is spent! 

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Who will run a Coney Island BID? Who controls the funds? 

YOU will — with the assistance of paid professionals.

 

A BID is a not-for-profit organization governed by a volunteer Board of Directors made up of local stakeholders who are elected by members of the district. The Board must include a majority of property owners and representatives of merchants, residents, and local elected offices, including the Mayor, City Council, Comptroller, and Borough President.

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The Board is responsible for making key decisions about the BID’s programs and services, budget, goals, policies, and staffing. It decides how the BID’s budget is spent and who is hired to carry out BID initiatives. The Executive Director oversees the BID’s day-to-day operations and implements the priorities established by the Board.

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A Coney Island BID is run by the local community, with the community’s representatives making decisions about how BID funds are used.

 

What are the priorities of a Coney Island BID? 

The Coney Island Business Improvement District will:

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• Improve Safety and Cleanliness: We prioritize safety and cleanliness initiatives, including increased security presence, graffiti removal, and sanitation services, to ensure that Coney Island remains a safe and inviting destination for all.

• Enhance Infrastructure and Streetscape: We work collaboratively with local authorities to improve streets, sidewalks, lighting, and signage, creating a welcoming pedestrian-friendly environment for all.

• Promote Economic Development: By implementing targeted marketing strategies, events, and promotional campaigns, we will attract new businesses, support existing ones, and stimulate economic growth within the district.

• Foster Community Engagement: We are committed to fostering a sense of community pride and ownership through outreach programs, events, and initiatives that celebrate Coney Island's unique identity and heritage.

• Advocate for Policy and Investment: We will serve as a unified voice for Coney Island businesses and residents, advocating for policies and investments that benefit the community and promote sustainable development​

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