What is a Business Improvement District (BID)?
A Business Improvement District (BID) is a private-sector initiative to manage the improvement of Albuquerque’s Downtown environment, financed by a self-imposed and self-governed assessment on commercial property within the boundaries on the map (see other side).
The funds for BID services are managed by the property owners through the Downtown Action Team (DAT). DAT acts as the mechanism for management, administration and operational support.
The Downtown Action Team is a private, non-profit membership organization dedicated to the revitalization of Downtown Albuquerque as the best mid-sized Downtown in the USA. DAT’s advocacy for Downtown puts good will ambassadors on the streets, provides maintenance, promotional programs and sponsors events, as well as fosters public and private cooperation for quality growth and investment in Downtown development.
A BID provides for Downtown improvements and services, including:
BID services enhance – and do not replace – basic City services. Funds raised by a BID are governed by property and business owners through the Property & Business Owners Committee, ensuring accountability and control by those who pay.
While there are more than 1,200 BID’s throughout the country, Albuquerque is the first and currently the only BID in the state of New Mexico. In creating Downtown Albuquerque’s BID, 60% of the Downtown commercial property owners signed a petition agreeing to the concept.