What are the benefits to property owners within the BID boundaries?
The special BID assessment will create a City-matched funding mechanism for public and private improvements within the BID that will benefit property and business owners. This is the only assessment that property owners will ever pay that is matched dollar to dollar and returns value directly into your property and businesses. It also provides opportunities for the public and private sectors to form partnerships and agreements for specific developments, which would otherwise not be allowed because of the State of NM’s anti-donation laws. BID improvements include initiatives to improve the business climate, physical appearance, sense of welcome, and overall marketability of downtown to attract new businesses, consumers and visitors. Improvements will contribute to security, convenience, efficiency and comfort for business owners and employees as well as local residents and visitors. The BID members will gain from beautification, improved access and parking, lighting, traffic calming, joint marketing campaigns for Downtown, PR capacity and tools, and a Director, who can coordinate events, activities, and happenings.
What other incentives are possible for property owners in the BID?
Establishing Arts and Cultural Districts and/or State/National Historic Districts. An Arts and Entertainment District can provide property tax abatements, sales tax exemptions, and sales tax option funding. Federal tax credits up to 20 percent of the rehabilitation costs would directly impact a property owner in a Historic District—and a state tax credit of up to $25,000 (and 50 percent of approved expense) would also apply. The rehabilitated building must be a certified historic structure that meets National Parks Service (NPS) standards.
Have there been other successful BIDs?
Western cities that have used BIDs successfully to help revitalize their downtowns include Austin, Denver, Phoenix, Sacramento, Portland, Durango and Albuquerque.
What other incentives are possible for property owners in the BID?
Establishing Arts and Cultural Districts and/or State/National Historic Districts. An Arts and Entertainment District can provide property tax abatements, sales tax exemptions, and sales tax option funding. Federal tax credits up to 20 percent of the rehabilitation costs would directly impact a property owner in a Historic District—and a state tax credit of up to $25,000 (and 50 percent of approved expense) would also apply. The rehabilitated building must be a certified historic structure that meets National Parks Service (NPS) standards.
Have there been other successful BIDs?
Western cities that have used BIDs successfully to help revitalize their downtowns include Austin, Denver, Phoenix, Sacramento, Portland, Durango and Albuquerque.
