Buckner Bill to Bolster Chicago Economy with Business Improvement Districts Signed into Law

CHICAGO, Ill — A measure backed by state Rep. Kam Buckner, D-Chicago, was signed into law today to support growing businesses by creating ‘Business Improvement Districts,’ or ‘BIDs.’ BIDs would raise more revenue than existing economic development tools, while allowing affected businesses to have more control of how the money is spent.

“Opening the door to business improvement districts will help many Chicago small businesses join the city’s already-thriving economy,” Buckner said. “BIDs provide a vital structure for business owners to have the funding to improve their neighborhoods and pave the way for a more prosperous future.”

Buckner’s Senate Bill 3679 will permit Chicago to establish BIDs by ordinance after being petitioned by a set percentage of the business or property owners in the proposed area. Businesses and property owners within the district would be assessed a district charge and would also have a say in how the combined money is spent.

Examples of projects that BID money could fund would be beautification and the creation or maintenance of street level services to promote consumer engagement in an area. Only businesses and properties within a given BID would be assessed district charges for that BID.

“Ensuring continued growth for areas like the Magnificent Mile and commercial centers, while lending a hand to stabilize developing areas, is the key to sustained progress for Chicago,” Buckner said. “By enshrining this measure into law, we are paving the way for generations of prosperity for this city.”