Jan 31, 2024 | Buckner
CHICAGO— State Rep. Kam Buckner, D-Chicago, is spearheading a measure to support growing businesses by creating “Business Improvement Districts,” or “BIDs.” BIDs would raise more revenue than existing economic development tools, while allowing affected businesses to have more control of how the money is spent.
“Chicago’s economy is already vibrant and growing, as those of us who live here know,” Buckner said. “But it’s important that we continue the important work of ensuring that our world class companies and workforce have room to run.”
Buckner’s House Bill 3303 would permit Chicago to establish BIDs by ordinance after being petitioned by a set percentage of the business or property owners in the proposed area. Businesses and property owners within the district would be assessed a district charge and would also have a say in how the combined money is spent.
Examples of projects that BID money could fund would be beautification and the creation or maintenance of street level services to promote consumer engagement in an area.
Only businesses and properties within a given BID would be assessed district charges for that BID.
“BIDs will help ensure that the Magnificent Mile and other centers of commerce throughout Chicago remain vibrant and prosperous for generations to come,” Buckner said. “Keeping our consumer economy firing on all cylinders is one way we can keep Illinois moving forward.”
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