As the 30-day voting period on the creation of a Business Improvement District (BID) for Farmingdale is under way, the Farmingdale Chamber of Commerce has asked property owners within the district to keep the following in mind.
1. The BID Budget must be voted in each year in order for the BID to continue.
2. The BID is passed by a negative vote, as required by the State of New York law. The New York state law requires that 51 percent of property owners vote "no" to defeat a BID.
3. BID monies are collected by the Village as an assessment, not a tax. All monies collected must be spent on BID activities.
4. Farmingdale currently has 21 vacant storefronts, and that is not including vacant office and professional space within the BID area.
BIDs do work and have reduced vacancy rates in Port Washington and Glen Cove by as much as 75 percent. The 42nd Street Partnership and 34th Street Partnership have made those areas in NYC a vibrant, thriving retail environment.
-Port Washington's vacancy rate was 30 percent in 1994-95. After the BID their current rate is only 15 percent.
-Westbury started their BID four years ago with 41 vacancies, and currently only has 12.
-Great Neck, Long Island's oldest BID, had over 40 vacancies, and now only has 12.
5. The residents within the BID area represent a combined assessment of only $1,038, compared to the $61,500 total budget.
6. We can do the Business Improvement District or do nothing to help revitalize Farmingdale's downtown area.
7. The BID Board of Directors is made up of tenants, property owners, and village officials to make sure everyone's best interests are met. Every property owner will be able to be a nominee and all property owners can cast a vote for their choice.
8. BIDs can be eligible for grants, corporate sponsorship and other funds, such as that of Hofstra University's "Operation Downtown."
9. A vote against the BID is a vote against improving Farmingdale.
10. Your vote can be rescinded by going to Village Hall and asking for your negative vote back.
11. The amount of money you are assessed will not increase in the future unless the assessed value of your property increases.