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What is a BID?
A BID is a special district that allows for a property assessment to commercial property owners to finance services and improvements in a defined area. Colorado has had special district legislation since 1988. BIDs are common in commercial districts throughout Colorado (and the U.S.) and have proven to be an integral part of economic vitality in a variety of business districts.
Examples of services the Five Points BID can provide:
1. Enhanced Maintenance - To improve cleanliness along the Welton Corridor.
2. Marketing & Promotions - To attract more visitors, customers, and patrons to the area.
3. Physical improvements to create a more attractive and appealing environment.
4. Safety - Keeping the district safe and inviting.
5. Create a unified voice for the Welton Street Corridor.
6. Create a reliable source of funding.
7. Broaden private sector control and accountability.
8. Leverage the positive energy and new investment in the district.
How much will it cost?
The special assessment being proposed to commercial property owners for a Five Points BID is
10 mils
on the taxable value of the commercial property.
For example:
"Property X" on Welton Street - Total assessed Value: $100,000
Special Assessment: $1,000 per year, $83 per month, $3 per day.
Examples of successful BIDs in Denver
Yes there are numerous BIDs existing thoughout the city in places such as the Brighton Blvd Corridor, East and West Colfax Corridors, the Santa Fe Arts District, Downtown Denver, Cherry Creek North, and others. They have been able to make significant impacts on the economic health of their districts.
How is the BID legally formed?
The BID effort will only move forward if the majority of business and property owners support it. If petitions are signed by more than 50% of property owners (weighted by value and acreage), the BID proponents will ask the Denver City Council to form the BID by enacting an Ordinance. A TABOR election will follow in November.
Who will govern the BID?
Policies, budgets, assessments and annual operating plans will be developed and monitored by a BID Board of Directors consisting of 5 electors, all of whom shall be owners of commercial property and pay a BID assessment. The BID board will be chosen by BID proponents and the slate of proposed directors will be sent to the Mayor for his approval.
How long will be BID be in place?
BIDs in Colorado may be perpetual. However, the Five Points BID is recommended to have a 10-year term. If the BID is deemed successful, the BID will request that the City Council renew the BID by ordinance ater the initial period. If the BID is not consideed to be successful, it will sunset at the end of the term.
BID funds can be used only along the Welton Corridor from 20th to 30th Streets. BID services do not replace existing city services, but are in addition to existing city services.
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