Little Tokyo BID Q & A
What is a BID?
It is a district created by local business owners and/or property owners who decide to assess themselves to raise funds to directly improve their area. The assessments are collected by the city, and returned to the non-profit entity created to oversee the BID.
Who will determine how the money will be spent?
All businesses and/or property owners in the Little Tokyo BID will be members of the BID. This means that every member will be eligible to vote for and serve on the Board of Directors, participate in committee activities, and help determine how the funds are to be spent. Thus, the control of the funds will be in the hands of the business community and/or property owners themselves.
Aren’t I already paying taxes to the city?
Yes, all business and property owners pay taxes. Nevertheless, the city will only do so much with the funds collected. Businesses have very little say in how the city will spend the money collected from their area. Yet, these funds which are raised from the extra assessment will be returned to the BID, and the BID will determine how the money should be spent to directly meet the needs of the Little Tokyo business community.
But I already donate funds to the Little Tokyo Businss Association and the Little Tokyo Public Safety Association, why should I spend more?
The LTBA and the LTPSA are doing a great job in addressing certain aspects of Little Tokyo’s needs, such as in the area of special events, marketing, and improved security. It is proposed that a majority of BID funding will help support the important activities of the LTBA and LTPSA. But the BID, similar to the case with the city, will go over and beyond what these organizations do. The BID can help to expand marketing efforts to bring more people to Little Tokyo, establish more special events, and improve the public safety efforts which have helped our community so much.
Once established, can we abolish the BID?
Yes. A property owner based BID, which is funded by the assessment of property owners, will need to be renewed every 3 to 5 years. The business owner BID, funded by assessment of the business owners, will need to be renewed annually. If you’re unhappy with the work of the BID, you can oppose it’s renewal and stop its work.
Once established, can the BID boundaries and activities be changed?
When the BID is up for renewal (every 3 to 5 years for a property owner based BID; annually for a business owner based BID), the BID Committee comprised of the area business owners and/or property owners will make any necessary changes in the program and budget. That is what is so great about the BID - people benefiting from the BID will be the people making the decisions, for they will best know what is needed for the Little Tokyo community.
[ Little Tokyo News * Volume 2 Issue 2 ]