BID Organization & Governance
Once a BID has been signed into law, the work of getting the organization up and running begins. The proposed BID for SoHo’s Broadway follows the requirements of the BID Law and the requirements of the NYC Department of Small Business Services in forming a District Management Association (DMA), a not for profit 501c3 organization that implements the BID program. The NYCSBS BID Start-up Checklist outlines the “to do” list for the new BID, including:
- Elect an interim Board of Directors which functions as the main decision-making body for the BID until the first Annual Meeting is held. The Interim Board is often formed from members of, and is elected by, the BID Steering Committee.
- Develop by-laws, voting and management procedures for the organization.
- Issue Requests for Proposals (RFPs) for services.
- Hire staff to run your organization.
- Establish a committee structure that supports the organization’s work.
Prospective BID Area Member? Interested in joining the current BID Committee and/or being considered for the Interim Board of Directors? Email firstname.lastname@example.org