PURPOSE
To create a focused, funded organization that will work to support and improve business conditions in downtown Edmonds, business owners are proposing to form a Downtown “Business Improvement District” (BID) that will ensure our downtown stays lively, attractive and prosperous.
ABOUT BUSINESS
IMPROVEMENT DISTRICTS
BIDs are special assessment areas established under the Revised Code of Washington (Chapter 35.87.A) to maintain and enhance specific business districts. BIDs are a local funding mechanism whereby businesses assess themselves to fund programs designed to help fulfill goals related to activities such as marketing, promoting special events, security, beautification, parking, clean-up and administration of the BID.
COMMERCIAL BENEFITS
A prosperous district is a crucial component to a successful business environment. Commercial areas like downtown Edmonds compete for customers within the greater Puget Sound area. Establishing a business improvement district is an answer to keeping the area healthy and viable. A BID Board will be responsible for administering activities that the business owners themselves decide are important.
RESIDENTIAL BENEFITS
An attractive and thriving downtown is also a crucial component to a vibrant residential community. People want to live in neighborhoods where public areas are beautiful, streets are clean, and where businesses prosper. A BID can provide services that will communicate to residents that downtown Edmonds is where they want to shop, eat, find professional services and conduct business.
BID ASSESSMENT STRUCTURE
The assessment
structure has two categories: one for “open door” businesses (restaurants,
retailers, banks, etc.), and one for “by appointment” (hair salons, doctors,
lawyers, nail salons, insurance providers, counselors, financial advisors, and
others). It assesses retail establishments at a higher rate than service and
professional businesses.
The following
table shows the annual assessment for both categories of business based on their
square footage with the Edmonds BID.
|
Square footage
|
Assessment for
"Open Door"
|
Assessment for
"By Appointment"
|
|
0-499
|
$360 annual ($30 per month)
|
$120 annual ($10 per month)
|
|
500-999
|
$420 annual ($35 per month)
|
$180 annual ($15 per month)
|
|
1000-1999
|
$480 annual ($40 per month)
|
$240 annual ($20 per month)
|
|
2000-4999
|
$540 annual ($45 per month)
|
$300 annual ($25 per month)
|
|
5000 and over
|
$600 annual ($50 per month)
|
$360 annual ($30 per month)
|
Assessments cannot be increased once a Business Improvement District is
created. BIDs are bound by the laws of Washington State Revised Code of Washington
(RCW) Chapter 35.87A, and once established, the boundaries and fee structure
cannot be changed.
A SELF-GOVERNING
STRUCTURE
The downtown Edmonds BID will be governed by a ratepayers’ advisory board made up of representatives of those who pay the assessments. The businesses within the BID design, create, govern and implement the BID budget.
Members of the board and its committees will oversee all BID operations and finances which will be handled by a paid administrator. The board will include a balanced group of Edmonds' businesses; big and small, retail and service. The budget will be developed
PARTNERS The BID ratepayer’s advisory board will include some ratepayers who are alsoaffiliated with the Downtown Edmonds Merchants Association and the Greater Edmonds Chamber of Commerce. While these organizations are separate, the overlap of membership will ensure continuity and coordination of downtown enhancement efforts.
|