5 Bond Street
Great Neck, NY 11021
Bruce Bent – President
Jay Corn – Vice President
David Eshaghoff – Treasurer
Board of Directors
Great Neck Plaza Property Owner Directors
Dr. David Nathanson
Great Neck Plaza Merchant Directors
Gelber & Mundy
Village Representative Directors
Hon. Lawrence Katz, Trustee
Hon. Michael DeLuccia, Trustee
Hon. Siu Long (Alex) Au, Trustee
What is a Business Improvement District?
A Business Improvement District, commonly referred to as a BID, is a specific geographic area established in accordance with New York State law. A dedicated tax, called a BID tax, is assessed on properties within that district. These tax funds can only be used for programs and services designed to stimulate, enhance, promote and support the economic development of the businesses within the specified geographic area. Services and programs funded through BID taxes can only be those not normally provided by the local government.
What services and improvements can a BID provide?
The Board of Directors of a BID determine the BID budget, and the programs and services to be offered by the BID. BID taxes, by law, can never exceed 20% of the general municipal tax levy of the sponsoring local government. In Great Neck Plaza, BID tax revenue amounts to $154,000. The Great Neck Plaza BID Board has not increased revenue raised from the BID tax for over 15 years.
BIDs across Long Island offer a variety of programs and services. For example, BIDs have undertaken supplemental security and sanitation programs, marketing and promotion, business recruitment, street beautification, and in some cases, capital improvements. Services and improvements undertaken by BIDs must always be in addition to, not a replacement for, normal and customary local municipal services.
Who pays the BID assessment?
The BID tax is an assessment against properties within the BID area. In most BIDs, as with the Great Neck Plaza BID, only commercial properties are assessed – residential properties are exempt.
Who controls the BID?
The BID is governed by a Board of Directors. By law, the Board’s composition consists of six property owners, two merchant/tenants, and three members who are appointed by the local municipal government. Day-to-day operations of the BID are typically performed by an executive director hired by the Board.