Interested to learn what a "Business Improvement District" is and what they do? We've summarized the areas of focus that our team contributes to in Downtown Troy making it easy to understand!
ABOUT THE BID
Downtown Troy is an engaged and inclusive neighborhood that provides a unique collaborative environment for all people to live, work, play and thrive.
We foster an attractive and inviting environment for businesses to prosper, a community for residents to grow, and a destination for visitors to continually explore.
We encourage business owners, residents and visitors to work together to build a better community.
We recognize and protect our rich history, support our unique institutions, & thrive because of our collective creativity.
We are committed to fostering a diverse and caring community.
We embrace the proud history of our riverfront community as a foundation for continued evolution.
We celebrate and support the innovative entrepreneurial spirit.
We draw on the assets and talent available to us throughout our community.
HOW WE WORK
• WHAT IS A BID?
• OUR SERVICES
• BENEFITED PROPERTIES
• HOW IS THE
• WHY FORM A BID?
A Business Improvement District (BID) is a special district created by a local municipality to focus on promoting business activity and furthering the revitalization in a downtown or commercial area. A BID is a specific geographic area in which a variety of improvement activities and services are undertaken. A BID is managed by a district management association, which is incorporated under the state not-for-profit law. Its board of directors is made up of property owners and tenants within the BID, with a majority of the board being comprised of property owners from the district. View the BID organizational plan here.
NY State Consolidated Law outlines services a BID can provide.
These services include:
Tree & Flower Planting
Capital Improvements ie: trash receptacles, signage & planters
Business Development & Retention Programs
The BID's services are meant to enhance and complement the services already provided by the City of Troy.
Properties comprising the Troy BID include all vacant parcels and properties in commercial use, and residential properties that are comprised of three or more dwelling units, whether or not they are owner-occupied.
Commercial Property Owners are considered Class A members. These are owners of record of assessed real commercial property in the Central Business District, or such other persons as are registered with the City of Troy to receive real property tax bills for property located in the District
Tenants of Commercial Property are considered Class B members. Tenants, who are an individual, sold proprietorship, partnership, corporation, limited liability company or limited liability partnership, and who are occupants pursuant to leases of commercial space within the Central Business District.
The Downtown Troy BID is partially funded through a special assessment on taxpaying commercial buildings located in the central business district. The assessment averages roughly $160,000 annually, or 30% of the BID’s operating budget. The BID’s grant writing, fundraising, sponsorship and special event activities are responsible for generating an additional $100,000 per year to fund the activities of the organization.
The purpose of a BID is to improve business conditions in a specific area, attract and retain businesses, generate jobs and improve the quality of life for those who use the district. A BID enables stakeholders to decide which services to provide to meet the district's unique needs.
SUPPORT THE BID
YOU'RE INVOLVEMENT COUNTS
THE MANY WAYS TO CONTRIBUTE
2023 Sponsorship Package
For more information regarding our sponsorship package please email email@example.com.
Make A Donation
Any donation goes really far for a non-profit, local,
DOWNTOWN TROY FOUNDATION
• WHAT DOES THE FOUNDATION DO?
The Downtown Troy Foundation is a charitable organization created to catalyze transformative growth within the Downtown Troy Business Improvement District and serves as a means for donors to support the activities and promotion of events and community development work in our historic, walkable urban core.
The Foundation oversees fundraising initiatives of the Downtown Troy Business Improvement District in the form of fundraising, annual sponsorship, advertising agreements, project based funding, and event sponsorship.
Jody Brooks | River King Development
Kerry Fagan | Innovative Wealth Management
Jamie Magur | Troy Grooming Co.
Lauren Groff | Groff Networks
Charlotte Guyton | Bard & Baker
Margie Sheehan | Seasons Cafe and Tea House
Jesse Tranvaag | Berkshire Hathaway Home Services