Establishment of BID in Bedford- Stuyvesant appears successful. On February 11, 2009, the City Council’s Finance Committee held a hearing on the Department of Small Business Services’ plan to create a new Bed-Stuy Gateway Business Improvement District for 357 tax lots and 267 property owners. The BID’s boundaries would extend along Brooklyn’s Nostrand Avenue, from Halsey Street to Atlantic Avenue, and on Fulton Street, from Classon to Troy Avenues. The BID’s first year budget would be $675,000, and the median annual BID assessment would be approximately $99 per month for a typical 20-ft. wide storefront.

At the Committee hearing, Council Member Albert Vann, whose district would include the BID, stated that there had been many failed attempts over the past twenty years to create a BID in Bedford- Stuyvesant. He credited the leadership of the Bedford-Stuyvesant Restoration Corp. for working with the Fulton-Nostrand United Merchants Assoc. to garner support for the BID. As of Nov. 19, 2008, the BID had obtained support from 98 percent of the assessed value property owners. (read more…)