On December 8, 2008, Council Member James hosted a meeting at the Fort Greene Senior Citizens Council to bring members of the community and business owners together to discuss the proposal for the Fulton Street Business Improvement District (BID).
The Fulton Street BID would extend from Rockwell Place to Classon Avenue on the south side of Fulton Street, and from Rockwell Place to Classon Avenue on the north side of Fulton Street. The plan was funded through the Pratt Area Community Council, and is a public-private partnership that is modeled on a shared maintenance program model of business. The advantages of a BID would include increased property values, a reliable source of funding for services, quick and organized response from the business community, a decrease in commercial vacancy rates, and a stronger business community. This would greatly benefit the roughly 207 businesses operating within the BID’s boundaries. Additionally, the BID would include security services.
The projected budget for the first year of the BID is $300,000 (although this is an early projection), as proposed by the Fulton Street Steering Committee, not exceeding the City Council cap of $400,000. BIDs have been generally successful vehicles for business throughout New York City.
Council Member Letitia James put forth Res. 1618-2008, which supports a Fulton Street BID, and she has written the following letter:
I wish to make you aware of the reasons I strongly support the creation of a Fulton Street Business Improvement District (BID).
This BID will be able to fund additional improvements along Fulton Street from Rockwell Place to Classon Avenue. With the imminent completion of the Fulton Street reconstruction project, this retail strip will be ready to make a comeback, and a BID will provide coordinated marketing efforts to benefit all merchants.
The Board of Directors for the BID, consisting of merchants and property owners, will make the final allocation on how to spend the annual budget for those services they decide will be in the best interests of all the merchants and property owners. It is premature at this time to make predictions on how much will be spent on the following services: marketing, public safety, maintenance and graffiti removal, landscaping, capital improvements, business development, or community services.
I ask you to look at Myrtle Avenue as the most recent local example of a local commercial street that has been strengthened and improved by the efforts of a BID. The same success will happen on Fulton Street with your support.
Please join me in supporting the future Fulton Street Business Improvement District; let’s work together for a brighter future for all of our small businesses on Fulton Street.
Member of the City Council
If you're interested in learning more about the Fulton Street BID, please see this link:
http://www.fultonstreetbid.bravehost.com. Please let teamtish know how you feel about the BID, by leaving your comments in the comment section of this post.