BIA for Newtonbrook
What is a BIA?
A Business Improvement Area (BIA) is an association of business people within a specified district, who join together, with official approval of the City, in a self-help program aimed at stimulating local business.
It serves as an economic and social anchor, helping to stabilize and revitalize the local community.
There are currently 80 BIAs established in Toronto, including the recently established Willowdale BIA.
What are some of the benefits?
•Capital Cost-share Program
•Financial assistance for mural projects; commercial façade
improvements and streetscape master plans.
•Street and sidewalk maintenance and capital improvements
•Promotion of the BIA through the City as a business, employment,
tourist or shopping area
•Hosting neighbourhood festivals and events (i.e. Taste of the Danforth)
•Advocate on behalf of their membership as a unified voice
How does it work?
Once a BIA is established, the Board of Directors will decide upon a budget for the upcoming year in order to meet its goals to benefit the community. Funds for the budget are collected as a levy to all property owners residing in the BIA boundaries. The amount each property owners contributes is based on their property value, multiplied by the budget and divided by the total commercial assessment which currently sits a around $2.2 billion.
Most Korean businesses are currently tenants of these property owners, so once passed this levy will most likely be included in your monthly rent.
Have your say!
Are you a business owner and concerned about the costs of the program or how the money will be used? Join us! The KCBA is currently looking for Korean business owners operating between Bishop Ave and Steeles to share their ideas and concerns. There is also an opportunity to run for the future board of director positions. As a board member, you will be able to make key decisions on the budget, allocation of funds, and marketing of the BIA.