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Business Improvement Districts from public finance perspective and its case study - Research Paper Example

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Business Improvement district is basically a defined area on which businesses pay an additional premium that fund improvements in the district’s boundaries. There are various ways in which this can be done. Grant funds that cities get for special programs and various other…
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Business Improvement Districts from public finance perspective and its case study
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Download file to see previous pages There is another type of district similar to Business Improvement District. It is called the Community Benefit District. It is pretty much like Business Improvement District only that property owners have to pay any additional taxes. Business owners do not vote to pay any additional taxes in Community Benefit Districts. In a gist, Business Improvement Districts are very lucrative. They offer services such as cleaning and cleansing of streets, provision of security, capital improvements, streetscape enhancement, pedestrian construction and marketing the area. All aforementioned services are offered to ensure that the district retains its attractiveness. These services are supplemental to those already offered by the municipality.
The paper will be a rationale paper discussing Business Improvement Districts in the context of New York city. It will discuss various financing tools and the economic impact created by business districts. Why they are important? Why do they attract attention? Why kind of economic advantage do they bring with them? All these questions will be answered in the context of BIDs of New York. More-over there will be some more insight into un-even service delivery outside the district and eventually there will be a discussion on one district within NYC. That district will be thoroughly district in terms of ways in which it raises money and the services provided by that district. That district will be used as a case in New York City.
The economist Magazine projected Business Improvement Districts as “ the best hope for getting parts of America’s cash strapped cities working again” . These districts if properly identified and worked upon give that vicinity a new lease of life and face all together. Business Improvement Districts have attracted tremendous amount of interest. They have triggered a great deal of excitement amongst city governments and urban policy makers world over. They have started looking into Business ...Download file to see next pagesRead More
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