By Forum Staff
Mayor Eric Adams and City Small Business Services Commissioner Kevin Kim on Monday announced a series of new investments and programs to support and cut red tape for Business Improvement Districts and community-based organizations.
Adams specifically announced nearly $7 million in investments that will drive tourism and economic impact, support eligible BIDs with rising insurance premiums, and help develop public realm vision plans.
The City’s Fiscal Year 2025 Executive Budget includes $5.3 million in grant funding to help drive visitors and New Yorkers alike to commercial corridors, storefront businesses, and neighborhood institutions. Specifically, Mayor Adams’ executive budget invest in three programs: Merchant Organizing, BID Formation, and Small BID grant programs. These grants — launched for the first-time in FY23 — support economic vitality in small and underserved commercial corridors.
“Small businesses and commercial corridors are the lifeblood of New York City’s thriving economy,” said Mayor Adams. “Since the start of our administration, we have invested more than $27 million in BIDs and other community development organizations through SBS, and today, we are investing almost $7 million more. As we celebrate New York City Small Business Month, we’re proud to strengthen our decades-long partnerships with New York City BIDs, make our commercial corridors more vibrant and safer, and drive economic opportunity across our communities.”
The City has also created a “Trusted Partner” program to cut red tape for BIDs and ensure they can focus on delivering vital quality-of-life services to New Yorkers every day, Adams said. This program will make it easier for BIDs to operate by streamlining and removing many cumbersome requirements. The program makes the City’s responsibilities clear, helping to reduce frivolous litigation where BIDs are clearly not responsible. The City will also consolidate and clarify multiple agreements, making it easier for BIDs to operate.
The City will establish a first-of-its-kind $500,000 grant program administered by SBS to help offset insurance costs for smaller BIDs or those facing financial hardships. SBS will also offer technical assistance to BIDs that are struggling to obtain insurance.
Additionally, the City is piloting a new program model to build the capacity of under-resourced BIDs, specifically as it relates to reimagining their public spaces. The “Connected Corridors” program — a unique partnership between the city, the Urban Design Forum, and the Association for Neighborhood & Housing Development — will provide funding and technical assistance to BID partners in under-invested corridors to develop districtwide public realm vision plans, lighting projects, and other activations, and plan both near-term activations and longer-term improvements.
“Our 76 Business Improvement Districts play a vital role in promoting the vibrancy of our neighborhoods,” Assemblywoman Jennifer Rajkumar (D-Woodhaven) said. “Each year they invest over $170 million uplifting local businesses, beautifying our streets, providing security, and hosting beloved community events. Today’s latest investments for our BIDs will provide even more support to advance their incredible work, while slashing any red tape impeding them. Our support includes the new ‘Trusted Partners’ Grant Program to lower insurance costs, and the ‘Connected Corridors’ Program that will revitalize public spaces in our underserved communities. These targeted investments will drive commercial activity, bring new energy to our blocks, and accelerate our unprecedented economic growth.”
