BUILDING OUR BID
Recently, a group of downtown property owners, commercial tenants, and residents joined forces with representatives from city government and other key local stakeholders to explore bringing a business improvement district to Downtown Poughkeepsie. By applying the strategies that have led to the successful creation of more than 90 BIDs across New York State, the group embarked on a strategic planning process to develop the roadmap toward building an organization that not only meets the needs of Poughkeepsie’s commercial core at this current moment, but will be an effective tool to support its growth and success for years to come.
By working collaboratively to establish a sustainable funding source where 100% of the money is directly reinvested into Poughkeepsie’s downtown, the Downtown Poughkeepsie BID will give local citizens control over how to best disburse these funds for maximum public benefit.
BID AREAS OF FOCUS
The Downtown Poughkeepsie Business Improvement District will focus on providing services that impact four key areas: beautification, safety and security, business climate, and downtown identity.
Beautification includes things like on-street garbage pickup, adding additional litter receptacles to the district, planting new trees and maintaining current trees/tree pits, hanging baskets of flowers and blooming planters throughout the district, and offering power washing/graffiti removal services.
Focusing on safety and security means working to purchase and install additional on-street cameras and lights, forming a downtown Ambassador corps, and advocating for additional walking patrols from City police.
Supporting the business climate is about advocating for ordinance enforcement and changes to parking, working to attract commercial real estate tenants and fill vacant storefronts, organizing community volunteer days, monitoring, and improving Civic Center Plaza parking deck, finding a partner to establish trolley service downtown, and working with community stakeholders to provide additional support services for the unhoused.
It’s also important that the BID works to create an identity for the commercial core, establishing and hosting signature events, installing light pole banners and other branding throughout the downtown, and commissioning additional public art and murals.
PROJECTED BUDGET
Preliminary revenue projections project a gross income of $320,328 in year one, inclusive of $270,328 in income from the BID assessment and base fees, with an additional $50,000 from sponsorships, events, and donations. The committee anticipates additional funds available via grants on a project-specific basis, and believes it can run lean via partnerships with other organizations. Business owners, residents, and other stakeholders will be invited to support the BID via an optional “membership” program, where contributions will directly benefit the district.
Known year-one expenses for which the committee is seeking pricing include legal counsel and assistance establishing a 501c3 district management association, hiring an executive director, hiring “street team” beautification staff, hiring a part-time/freelance bookkeeper to manage the finances, and starting a fund balance for general operating expenses.
With the remainder funding the non-administrative lines, the BIDs first board of directors will determine how to allocate toward beautification efforts, business climate priorities, safety and security, and district identity. All BID funding and activities are in addition to city services. Establishing a BID does not reduce municipal services in the district in any way.
PROPOSED ASSESSMENT
To fund the BID, each taxable parcel inside the BID boundaries will contribute a $250 base fee plus $125 for every $1,000 of annual city tax liability (city tax does NOT include school, county or library tax). No property will contribute more than 0.005% of the total district tax base each year, which currently amounts to approximately $9,000. By law, the disbursement of every dollar raised by the BID assessment is overseen by a board of directors comprised of property owners, commercial tenants, and residents from the district. Every dollar raised by the BID will be spent to directly benefit the BID district.
There are a total of 225 parcels in the BID district, with 173 on the tax rolls. This includes 19 vacant lots, 16 apartment buildings, 10 homesteads, and 4 parking lots. The total tax base of the proposed district is currently $1,900,437. Projected annual BID assessment and fee revenue is $273,159. The average assessment is projected to be $130 per month. The median assessment is projected to be $74 per month.
BID assessments are not optional and are paid by property owners within the district. If you own property in the proposed BID and would like to know your proposed assessment, please contact us.
BID ASSESSMENTS AT A GLANCE
If you pay $1,000 per year in city taxes, your BID assessment is $375 per year or $31.25 per month ($250 base fee, plus $125 assessment).
If you pay $3,000 per year in city taxes, your BID assessment is $625 per year or $52.08 per month ($250 base fee, plus $375 assessment).
If you pay $5,000 per year in city taxes, your BID assessment is $875 per year or $72.91 per month ($250 base fee, plus $625 assessment).
If you pay $7,500 per year in city taxes, your BID assessment is $1,187.50 per year or $98.95 per month ($250 base fee, plus $937.50 assessment).