Corktown Informational Meeting: Business Improvement Zone

Event Information

Share this event

Date and Time

Location

Location

IBEW lu 58

1358 Abbott Street

Detroit, MI 48226

View Map

Event description
The Corktown Business Association is exploring the possibility of creating a Business Improvement Zone (BIZ).

About this Event

The Corktown Business Association is exploring the possibility of creating a Business Improvement Zone (BIZ).

We would like to invite you The Corktown Business Association is exploring the possibility of creating a Business Improvement Zone (BIZ).

We would like to invite you whether you're a property owner, business owner, or community stakeholder to attend one of two informational sessions to learn what a BIZ is, how it works, how it would impact Corktown, and what the process is.

You will be able to share your feedback and ideas through a survey at the sessions or on our website corktowndetroit.biz/improve. Refreshments will be provided.

You will be able to share your feedback and ideas through a survey at the sessions or on our website corktowndetroit.biz/improve. Refreshments will be provided.

What is a BIZ?

BIZ stands for Business Improvement Zone (also sometimes known as a Business Improvement District or BID). All commercial property owners in the zone are required to pay a special assessment along with their property taxes. The assessed money goes into a special fund that can be used for a wide array of improvement projects and programs in the zone area.

Are there limits on how a BIZ can spend its money?

Michigan State law is very open-ended, allowing for BIZs to “Engage in activities with the purpose to enhance the economic prosperity enjoyment, appearance, image, and safety of the zone area.” Many BIZs spend their money on things like beautification, security, and marketing, but the possibilities are vast.

Why establish a BIZ?

• Stable and sustainable: A BIZ provides consistent funding for ten years, and is easily renewable in additional ten-year increments.

• Everyone contributes and everyone benefits: In most business districts, some owners invest heavily in improving and maintaining the overall district while others contribute nothing while benefitting from the investment of others. A BIZ helps ensure that all property owners pay their fair share.

Is this a new concept?

No, in fact BIZs have been around since the 1970s and exist in most major cities in North America. New York City alone has 68, with at least one in each of its five boroughs.

There are currently two BIZs operating in Detroit:

1. W. Vernor & Springwells established a BIZ in 2007, and generates around $200k

per year.

2. Downtown Detroit established a BIZ in 2014, and generates around $4 million

per year.

For a full FAQ visit: corktowndetroit.biz/improve

Date and Time

Location

IBEW lu 58

1358 Abbott Street

Detroit, MI 48226

View Map

Save This Event

Event Saved