What is a BID?
A BID, or a Business Improvement District, is essentially an assessment on property within a defined geographic boundary. Revenues are directed back to the defined area to finance enhanced services, which may include security, maintenance, marketing, economic development, and special events. BIDs create vibrant, clean, and safe districts. They deliver services and improvements above and beyond those provided by the City. Working with the City and community, BIDs are a powerful voice for their districts.
What does the Colfax Ave BID do?
The Colfax Ave BID is dedicated to cultivating a clean, safe and friendly environment on Colfax. We provide enhanced services to the business corridor such as trash removal, street cleaning, security, streetscape improvements, marketing and promotional services as well as liaising with surrounding community groups. The BID also works closely with Denver Police, the Office of Economic Development, the Department of Public Works, Community Planning & Development, and other organizations to represent the needs of area business and property owners.
I’m a business or property owner. How does the BID benefit me?
In addition to providing the above services, BIDs have been proven to help increase property values. Studies have also shown that BIDs significantly reduce crime and increase occupancy rates, public perception, lease rates, retail sales and pedestrian counts. For example, similar to improvements one would make to their home like a new kitchen, more efficient appliances, or a sprinkler system, the addition of tree canopies and creating/improving public space increases commercial property values up to 20%. Encouraging compact form development increases the density of patrons and can therefore increase property values up to 25%. Improving the “walkability” of a commercial street makes it easier for the 25,000 residents within a 10-minute walk of Colfax to access the businesses, linger longer, and spend more. Studies show improved walkability increases land values up to 300%.
What does the BID do to improve safety on Colfax?
Safety is something the BID and our businesses take very seriously. This past year, we dedicated $30,000 of our overall budget to safety efforts on Colfax. We have added pedestrian lighting and HALO cameras to improve visibility and safety along the corridor. In 2016, we used BID funds to launch a pilot program which increased bike patrols in the area. The Denver Police saw the need for and benefit of the added patrols and allocated additional bike patrol teams to Colfax. In 2017, the BID facilitated the formation of the Colfax Safety Coalition. You can read our most recent safety update here.
How does the BID address homeless/transient issues on Colfax?
Homelessness is a concern for all Denver neighborhoods. There are many organizations and establishments along Colfax that provide services for the homeless, so many are along the corridor to accept those services. We are working with the city on both short-term solutions to make sure these services are working as intended and long-term solutions to get people off the streets in general. The BID also gives support to businesses who are being affected by individuals whose behavior presents challenges.
How does the Streetscape Plan communicate our vision of Colfax in the future?
The Colfax Ave BID’s Streetscape Plan outlines a strategy for Colfax improvements that includes maintaining the character of our historic main street. Overall, the plan seeks to: 1) Improve Safety – from a pedestrian and traffic standpoint, as well as crime; 2) Improve Appearance – by implementing streetscape beautification enhancements and placemaking features; 3) Improve Development – by acting as a “blueprint” for developers, property owners and all other future infrastructure investments. View the Streetscape Plan in its entirety here.