Fayetteville Downtown Partners (FDP), under the guidance of the Downtown Master Plan, is undertaking the task of investigating the viability of an assessment district in downtown Fayetteville. FDP is encouraged to pursue a downtown BID because of the huge potential benefits of the funding of specialized services and programs. The overall goal of a BID is to keep downtown competitive with the growth of NW Arkansas. Services to stay competitive can mean many things: support for the creative economy, better promotion and public relations, business recruitment and retention programs, advocacy, street/sidewalk maintenance, security, holiday décor, parking and transportation, signage, special events, redevelopment, capital improvements, design review staff, public art, etc.
The most important aspect of establishing and maintaining BIDs is that they must be created, supported, and governed by those who pay for them. Ultimately, the property owners as stakeholders in the district will decide the fate of the BID. FDP is acting to introduce and facilitate the process; the success of a BID depends on a ‘grass roots’ effort supported by those property owners directly affected by the special assessments. We are creating a BID Steering Committee to help identify the types of services a BID could provide. It is open to all downtown property owners and those Fayetteville citizens that would like to offer their own feedback on the services to be provided. This could be an important revenue opportunity to support our creative economy, so it is important for artists and arts supporters to participate in the process.
FDP has hired Urban Place Consulting (www.urbanplaceconsulting.com) to help guide our community through the process of establishing this potential funding opportunity.
Some of the advantages of a BID:
- Brings a wide range of service options, including security, maintenance, marketing, economic development and special events.
- Designed and created by those who pay the assessment.
- Established by those who pay through petition support from property owners representing a majority of those who will pay.
- Governed by those who pay through a property and business owner board that oversees operations and submits an annual budget and implementation plan.
- Implemented by those who pay through a non-profit, private sector management organization with a dedicated private sector staff.
- Renewed by those who pay by providing a set term of existence usually three to 10 years, which requires a new petition process to renew the district.
A PDF of the BID Feasibility Report is available.
