Palm Bay Approves Business Improvement District
At the December 20th Council meeting, Palm Bay City Council voted to approve Ordinance No. 2018-66, creating the City of Palm Bay Business Improvement District.
The first of its kind in Palm Bay, the Business Improvement District is intended to advance economic conditions along the commercially-dense Palm Bay Road corridor between Babcock Street and RJ Conlan Boulevard. Through the application of special levies on the improvement district, the City hopes to help business owners get increased equity out of their tax dollars by refocusing spending in the area. Sometimes described as "collaborative capitalism", Business Improvement Districts allow business owners to pool resources to effect change and improvements in their operating area that they would be unable to achieve as individuals.
The Business Improvement District will be overseen by a governing board with representative input from the business owners involved. Improvements and initiatives will be reviewed and implemented throughout the area as determined by the board. Possible uses for the funding include, but are not limited to, capital improvements, business recruitment and retention tools, marketing, beautification and maintenance, parking and transit services.
Spearheaded by Councilman Harry Santiago Jr., The Business Development District aims to accelerate business development within Palm Bay.
"Recent growth in our local technology and manufacturing industries has spurred growth potential for Palm Bay businesses," said Councilman Santiago. "It is my hope that additional attention and resources focused on the northeast commercial district will foster continued success and growth for many of our local businesses."