A Business Improvement Designation (BID) is being eyed for a large section of downtown Chattanooga.
Officials at the River City Company said BIDs "are common tools (over 1,000 in North America) that allow downtown property owners, including homeowners, to decide if they would like to receive and fund enhanced services. Most BIDs provide heightened cleaning and beautification services along with safety initiatives. BIDs can also provide a variety of other services including, but not limited to, capital improvements, retail support, marketing assistance, special events and programing."
River City, which has hired a BID expert to explain the process here, said, "Chattanooga is one of the largest cities in the country without a BID and the largest market in Tennessee without one; Knoxville, Memphis and Nashville all have BIDs in place. As we look how to keep our city competitive, the concept of a BID keeps coming up both from locals and from those in other markets doing work in Chattanooga as a viable tool to address needs."
River City listed Key BID Facts:
"BIDs are self-imposed. The organization of a BID is through a petition process that has to be signed by a majority of property owners (over 50 percent) representing two-thirds of the ...