P.U.M.A. is a leading place management consultancy specializing in the creation and renewal of business improvement districts (BIDs). Since 1994, the firm has created more than 75 BIDs that collectively generate more than $85 million annually to help maintain, secure, market and manage downtowns and business districts. Our experience includes working with many types of improvement districts, development authorities and urban renewal in a variety of urban and community development contexts.
What is a Business Improvement District (BID)?
A business improvement district (BID) is a private sector initiative to manage and improve the environment of a business district with services financed by a self-imposed and self-governed assessment. Similar to a common area maintenance (CAM) charge commonly found in shopping malls and office parks, a BID can help a business district increase its competitiveness in the regional marketplace. Services financed by a BID are intended to enhance, not replace, existing city services.
Benefits from BIDs, which can stretch well beyond their boundaries, include:
Creating and maintaining a cleaner, safer and more attractive business district
Ensuring stable and predictable revenues
Providing innovative management
Responding quickly to market changes and community needs
Helping to increase property values, sales and occupancies
Promoting a distinct identity
Maximizing accountability to stakeholders who pay into the district
Creating a unified voice to increase a district’s influence