VISION

Downtown Troy is an engaged and inclusive neighborhood that provides a unique collaborative environment for all people to live, work, play and thrive.

MISSION

We foster an attractive and inviting environment for businesses to prosper, a community for residents to grow, and a destination for visitors to continually explore.

VALUES

Collaboration
We encourage business owners, residents and visitors to work together to build a better community.

Culture
We recognize and protect our rich history, support our unique institutions, and thrive because of our collective creativity.

Inclusivity
We are committed to fostering a diverse and caring community.

Pride
We embrace the proud history of our riverfront community as a foundation for continued evolution.

Innovation
We celebrate and support the entrepreneurial spirit.

Resourceful
We draw on the assets and talent available to us through our community.

WHAT IS A BID?

A BID is a special district created by a local municipality to focus on promoting business activity and furthering the revitalization in a downtown or commercial area. A BID is a specific geographic area in which a variety of improvement activities and services are undertaken. A BID is managed by a district management association, which is incorporated under the state not-for-profit law. Its board of directors is made up of property owners and tenants within the BID, with a majority of the board being comprised of property owners from the district. View the BID organizational plan here.

WHAT SPECIFIC SERVICES CAN A BID PROVIDE?

NY State Consolidated Law outlines services a BID can provide. These services include:

• Streetscape Beautification

• Sidewalk cleaning

• Tree and flower planting

• Seasonal decorations

• Capital improvements such as trash receptacles, signage and planters

• Marketing

• Special events

• Public relations

• Fundraising

• Business development and retention programs

The BID's services are meant to enhance and complement the services already provided by the City of Troy.

BENEFITED PROPERTIES

Properties comprising the Troy BID include all vacant parcels and properties in commercial use, and residential properties that are comprised of three or more dwelling units, whether or not they are owner-occupied. 

Commercial Property Owners are considered Class A members. These are owners of record of assessed real commercial property in the Central Business District, or such other persons as are registered with the City of Troy to receive real property tax bills for property located in the District

Tenants of Commercial Property are considered Class B members. Tenants, who are an individual, sold proprietorship, partnership, corporation, limited liability company or limited liability partnership, and who are occupants pursuant to leases of commercial space within the Central Business District.

HOW IS THE DOWNTOWN TROY BID FUNDED?

The Downtown Troy BID is partially funded through a special assessment on taxpaying commercial buildings located in the central business district. The assessment averages roughly $160,000 annually, or 30% of the BID’s operating budget. The BID’s grant writing, fundraising, sponsorship and special event activities are responsible for generating an additional $300,000 per year to fund the activities of the organization.

WHY FORM A BID?

The purpose of a BID is to improve business conditions in a specific area, attract and retain businesses, generate jobs and improve the quality of life for those who use the district. A BID enables stakeholders to decide which services to provide to meet the district's unique needs.