"Mayor Zohran Mamdani announced on Sunday the establishment of the Coney Island Business Improvement District (BID), aiming to bolster small businesses with a $1 million investment. The investment will include a "variety of sanitation and beautification efforts," enhanced marketing materials, additional greenery, and power-washed communal spaces. Mamdani said at Sunday's press conference announcing the BID that "for far too long, the city and state have failed to invest in Coney Island in a meaningful way.""
"BIDs in New York City are areas where "local stakeholders oversee and fund the maintenance, improvement, and promotion of their commercial district." While not replacing city services, BIDs aim to "deliver services and improvements above and beyond those typically provided by the city." Not-for-profit organizations run BIDs, and board members must include property owners, merchants, residents, and representatives of local elected offices. BIDs are funded by fees applied to property owners in the designated area in addition to philanthropy and grants."
A Coney Island Business Improvement District (BID) will be established with a $1 million investment to support small businesses. The funding will target sanitation and beautification efforts, enhanced marketing materials, additional greenery, and power-washed communal spaces. BIDs operate as not-for-profit entities with boards that include property owners, merchants, residents, and elected representatives. Funding typically comes from property-owner fees, philanthropy, and grants and supplements city services. Coney Island continues to show Hurricane Sandy damage, faces rising living costs, and has a poverty rate of 26.3% among over 100,000 residents. An executive order aims to cut small-business fees and fines within six months.
Read at Brooklyn Paper
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