Mayor Adams unveils $7m investments to energize neighborhood economies, enhance public spaces

In a move to invigorate New York City’s commercial corridors and bolster Business Improvement Districts (BIDs), Mayor Eric Adams, alongside Small Business Services (SBS) Commissioner Kevin D. Kim, announced a comprehensive series of investments and initiatives totaling nearly $7 million.

These strategic measures aim to drive tourism, spur economic development, and alleviate administrative burdens hindering the growth of local businesses.

Mayor Adams highlighted the significance of these efforts in celebrating “NYC Small Business Month” and the second-annual “NYC BID Day,” dedicated to fostering economic opportunity and community engagement across neighborhoods.

“Small businesses and commercial corridors are the backbone of New York City’s economy,” Mayor Adams emphasized. “Since the start of our administration, we’ve committed over $27 million to support BIDs and community development organizations. Today, we’re adding almost $7 million more to strengthen these vital partnerships, enhance our commercial districts, and foster economic growth in every corner of our city.”

Deputy Mayor for Housing, Economic Development, and Workforce Maria Torres-Springer echoed this sentiment, recognizing BIDs’ pivotal role in driving local economies and fostering community vibrancy. “Our ongoing collaboration with BIDs is essential to our economic recovery and long-term prosperity,” she noted.

Commissioner Kim underscored the importance of BIDs, which oversee 300 miles of commercial corridors and provide crucial support to over 24,000 storefront businesses. “BIDs play a critical role in enhancing our neighborhoods,” Commissioner Kim stated. “Today, we’re not only celebrating 40 years of partnership with BIDs but also expanding their impact through innovative programs.”

Key Investments and Initiatives

Grant Funding for BIDs and Community-Based Organizations

The FY25 Executive Budget allocates $5.3 million in grant funding to empower BIDs and community-based organizations. These funds will drive visitors to commercial corridors, support BID formation, and bolster economic vitality in underserved neighborhoods.

Trusted Partners Grant Program

To alleviate financial burdens on BIDs facing rising insurance premiums, a new $500,000 “Trusted Partners” grant program will be established. This initiative aims to streamline operations and remove bureaucratic obstacles for BIDs, enabling them to focus on delivering vital services.

Public Realm Design Support

Through a groundbreaking public-private partnership, over $1 million will be allocated to develop districtwide public realm vision plans for underserved commercial corridors. This initiative, known as “Connected Corridors,” will foster community-led improvements in public spaces, enhancing safety and vibrancy.

Celebrating BIDs’ Impact

A newly released report by SBS underscores the economic significance of BIDs, which invested $194 million in neighborhood enhancements in FY23 alone. From cleaning streets and maintaining public safety to organizing events and supporting local businesses, BIDs play a multifaceted role in strengthening communities.

The Adams administration’s proactive approach to supporting BIDs aligns with broader efforts to revitalize commercial corridors, attract visitors, and spur economic recovery. By fostering collaborative partnerships and cutting red tape, the city aims to create a more inclusive and dynamic urban landscape.

The innovative “Connected Corridors” program exemplifies the city’s commitment to equitable development and community engagement. Leveraging private-sector support, this initiative will empower BIDs to reimagine public spaces and promote cultural and economic vibrancy.