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The government is looking to legislate formal rules for Business Improvement Districts (BIDs), whereby entrepreneurs within a particular precinct would be required to pay membership fees to an association that will run events and activities to enhance their area’s vibrancy, increase footfall and generate more revenue for businesses.
According to the Urban Redevelopment Authority (URA), the goal of this is to address a free-rider problem wherein businesses not contributing are also benefitting, as participation and contributions in existing groups are mostly voluntary.
In the meantime, the government is inviting local businesses to form more pilot BIDs, revealed National Development Minister Lawrence Wong at the launch of the “Making Places Great” exhibition at The URA Centre on Tuesday (5 September).
“Interested precincts can submit a formal expression of interest (EOI) with a proposal outlining broad ideas to bring vibrancy to the precinct over four years, preliminary support from key stakeholders, estimated membership fees to be collected and other funding sources to sustain the business model,” said the URA.
Based on the merits of their proposal, including a detailed business plan, groups that have secured at least 51 percent support from their members will be permitted to form pilot BIDs.
“To help pilot BIDs kick-start their place management efforts, the government will provide dollar-for-dollar matching for the collected membership fees at a cap of $500,000 per year for the first four-year pilot BID programme.”
Interested precincts and business groups may submit their EOIs until 31 March 2018.
Meanwhile, the public can learn more about Singapore’s history of place management at the “Making Places Great” exhibition being held at the main entrance of The URA Centre until 28 September 2017.
Aside from exploring the possibility of adopting the BID framework here, the event also showcases over 100 ideas submitted for the third edition of “My Ideas for Public Spaces: Pop-up Projects” competition, including six winning proposals and six merit award ideas.
The URA is considering to implement the winning ideas, but associations and community partners are also welcome in making them a reality.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
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