WHAT IS A BID?
A Business Improvement District (BID) is a public/private partnership in which property and business owners elect to make a collective contribution to the maintenance, development and promotion of a commercial district. There are many similar downtown management organizations throughout the Washington Metropolitan Area and across the country. The International Downtown Association is an excellent resource to learn more about Downtown Management Organizations.
HOW IS THE NATIONAL LANDING BID FUNDED?
Upon establishment of a BID, property owners within the established BID boundary are subject to an additional tax assessment that funds the work plan approved by the organization’s governing body. The National Landing BID is funded through a community tax assessed on properties within the BID boundary of 4.3 cents per $100 of assessed value. For FY2019, the National Landing BID budget is approximately $2.6 million.
HOW IS THE NATIONAL LANDING BID GOVERNED?
The National Landing BID is governed by a board of directors elected by the property owners within the BID boundary at the annual meeting. The board of directors is responsible for general organizational governance including approval of the annual work plan and budget as well as general fiscal oversight. Members of the board of directors can be property owners, business representatives, tenants, and other individuals with an interest in the trajectory and success of the organization and the area.