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Not only will Denver-based Progressive Urban Management Associates (PUMA) report back in the spring on recommendations for the Center City Action Plan (CCAP), it will also weigh in on the feasibility of a business improvement district (BID) for Covington. At Thursday's monthly luncheon for the Covington Business Council, the BID process was discussed more in-depth by PUMA's Brad Segal who gave two presentations on Wednesday promoting the intent of the CCAP. "Brad literally wrote the book on business improvement districts," said Pat Frew, Executive Director of the CBC. "We have the best person and the best organization to make this happen. The city is to be applauded for hiring him."
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"We're looking at Downtown Covington as a real estate asset," Segal said. Segal and PUMA have worked on analyzing BIDs across the country, recommending that fifty cities proceed with the program and that fifteen not proceed. The team hopes to return to Covington with a recommendation in the spring.
"We're looking at Downtown Covington as a real estate asset," Segal said. Segal and PUMA have worked on analyzing BIDs across the country, recommending that fifty cities proceed with the program and that fifteen not proceed. The team hopes to return to Covington with a recommendation in the spring.
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For Wednesday's story on the CCAP presentation
click here: Window Open for New Era in Downtown Covington
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WHAT IS A BID?
The business improvement district would be a designated part of the city in which a majority of property owners have decided to levy a tax on themselves (usually around 10% of property tax) to use in a pool for various areas of concern such as beautification, safety and marketing. A similar program is already in place called the Urban Partnership, though that is being handled by the CBC through 2012 at no cost to property owners. Cincinnati's Downtown Cincinnati, Inc is an example.
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Segal said that between the two CCAP sessions and the BID presentation on Wednesday were seen by 140 people. Most questions involved economic development, such as filling store fronts and solving parking issues. These types of concerns would be addressed in a BID, which by law last for five years (but can be renewed) and can only enhance services offered by the city (such as frequency of trash removal or tree trimming).
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If a BID is recommended for Covington and the property owners decide to enact one, there would be an appointed board of directors to handle the funds. Segal compared the process to that of a common-area maintenance requirements of a strip mall. The cost for property owners was brought up at Thursday's discussion. "We will price this in a way to enhance real estate but not put added stress on your leases and your tenants," Segal assured the roughly one-hundred people at the CBC luncheon.
If a BID is recommended for Covington and the property owners decide to enact one, there would be an appointed board of directors to handle the funds. Segal compared the process to that of a common-area maintenance requirements of a strip mall. The cost for property owners was brought up at Thursday's discussion. "We will price this in a way to enhance real estate but not put added stress on your leases and your tenants," Segal assured the roughly one-hundred people at the CBC luncheon.
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Those in attendance were asked to participate in a survey by ranking nine areas of concern for a potential BID: marketing & image, economic development, enhanced maintenance, public safety, special events & festivals, capital improvements, parking & mobility, cosmetic improvements, parking & mobility, cosmetic improvements, and advocacy & education. The results of that survey along with data gathered from Wednesday's presentations will be released to the public soon.
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"This town should be thirsty for this (BID)," Segal said. "They offer immediate services, they're visible, tangible, and immediately valuable."
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Next month's CBC luncheon features Cincinnati economic development director and former CBC leader Patrick Ewing to discuss economic development during a rough economy. Thursday, December 15.
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