Funding public-realm revitalisations with private resources: Different approaches in New York City’s small, medium and large business improvement districts

Yuxiang Luo
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Yuxiang Luo: James Lima Planning + Development

Journal of Urban Regeneration and Renewal, 2022, vol. 15, issue 4, 360-370

Abstract: Business improvement districts (BIDs) link the economic self-interests of property owners to public goals of open space management, economic development and urban revitalisation. New York City is home to more than 70 BIDs. This paper selects three representative case studies among New York City BIDs to analyse how the size of a BID relates to the roles it plays in funding and governing public-realm improvement initiatives. Specifically, by dissecting how small, medium and large BIDs deploy and generate resources for both recurring expenses and long-range capital projects, this comparative study argues that the relationship between budgets and capacities is not always linear. As the case studies demonstrate, although budgets lay the foundation for setting different operating priorities, it is the difference in governance factors, including stakeholder makeup, board representation, management and leadership, human capital and neighbourhood context, that charts different paths along which BIDs go beyond the limits of their annual income to lead long-term, consequential physical changes.

Keywords: business improvement district (BID); governance; funding and financing; public realm (search for similar items in EconPapers)
JEL-codes: R00 Z33 (search for similar items in EconPapers)
Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:aza:jurr00:y:2022:v:15:i:4:p:360-370

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