Let's say you own a historical building on Main Street in Stevens Point. Your building is well-maintained and the City has assessed your property at $200,000. Every year, you pay about $4,976.00 in property taxes (this includes the City, County, School District, and Technical College property tax levy). When a BID is established, the BID Board is able to levy additional money on your property for the purposes described above. For example, if the BID were to levy $1.00 per $1,000 for BID purposes, your property taxes would increase by $200. In return, the BID provides the following (for example):
- Promotes Downtown Stevens Point through marketing and promotions
- Manages events located downtown (holiday parade, corn on the curb, concerts, wine walk, etc.)
- Installs and maintains wayfinding signage and new downtown lighting
- Hires a private contractor to remove snow, maintain grass and flower beds
- Encourages reinvestment, business recruitment, and business retention within the District
- Provides financial assistance to property owners to fix and update the exterior of their properties
Several BIDs in Wisconsin hire part-time or full-time BID managers to assist with the above examples.
Money that is levied for the purposes of the BID MUST be utilized in the BID. The City would be the "caretaker" of the funds and would assist in the management and disbursement of those funds consistent with the BID Board of Director’s directive.