EDC bids for more outer borough BIDS
THE New York City Economic Development Corp. has tapped organizations to create four new Industrial Business Improvement Districts in the outer boroughs, including one in the Bronx, officials announced Tuesday.
The city already boasts 65 Commercial Business Improvement Districts, with nine in the Bronx, that are funded by landlords and shopkeepers who pay a special property tax to the city and clean, patrol and promote shopping corridors.
EDC President Seth Pinsky said the goal is to help firms “work collectively” and thrive.
In the Bronx, the South Bronx Overall Economic Development Corp. (SOBRO) will work to create an Industrial BID in the Eastchester section of the East Bronx. The BID will only be formed if and when 50% of landlords in the zone agree to pay the special tax. It would cover 15 blocks and about 50 businesses east of Dyre Ave.
The New York City Industrial Development Agency on Tuesday awarded four organizations $300,000 for the effort.
Some property owners have opposed BIDS, claiming the fees hurt mom-and-pop stores.
But Eastchester landlords and business owners want to pool their resources to make green infrastructure improvements, market their services and save money on purchases, said Lourdes Zapata, SOBRO senior vice president.
The push is a response to the decline of industry in the city, officials said. The sector is shrinking 8% annually and the city lacks modern building stock, according to a recent policy review.
But offshore labor costs are rising and the city still boasts a competitive work force. Industry accounts for 23% of all private jobs in the outer boroughs, and such jobs pay $67,000 a year average.