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What is a business improvement association (BIA)? The formal designation as a BIA provides a forum for business member participationthrough the board of directors and its committees. It also allows for a planned program to be developed with an annual budget contributed to by all its members. The cumulative effect of BIA activities will attract and maintain customers, clients and shoppers to the commercial area as well as attracting new businesses to the market. BIA funds may be used for the implementation of a strategic plan for marketing an area for economic growth. For example, the funds can be used to improve the physical environment, to start a public awareness campaign, to help coordinate and execute an advertising campaign for retail business, or to initiate any number of other projects that are designated as priorities in the commerical area. Efforts such as these improve public awareness, establish a positive image for the area, increase customer traffic and attract new businesses. The BIA legislation provides for a special charge to be levied on each commercial and/or industrial property within the designated area. There are several ways BIA's can assess property and designate the contribution. The most commonly used methods are assessment (mil rate percentage) or frontage (fixed sum per linear front footage). For example, in assessment, each property owner's share of the annual BIA budget is proportionate to their property's share of the total taxable commercial value of all the properties within the BIA's boundaries. In other words, if an owner owns 1% of the total taxable assessed property value, the share will be 1% of the budget. Most landlords pass all of part of this cost to their business tenant(s) pursuant to lease agreements. |
Downtown Quesnel will welcome the 2010 Olympic Torch on January 29, 2010
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