The Cary Town Council approved the establishment of a business improvement district (BID) in the downtown area as part of its downtown redevelopment plan. To help advance the timing of potential private investment in the downtown core, the Town will use the BID to mitigate development fees for three years for new private development in the downtown area beginning July 1, 2012.
Map and Included Property Listing
The BID area is focused in the center of downtown and extends out approximately one-quarter mile. It predominantly includes properties already zoned as high-density, mixed use. View a map of the area and the specific property addresses included.
Purpose of BID
A Municipal Service District (commonly referred to as a Business Improvement District or BID) is authorized by North Carolina General Statutes and is used to define special service areas where projects or activities are provided to a greater extent than throughout the entire jurisdiction. Per state law, BIDs can only be formed at the beginning of a fiscal year.
While BIDs are typically used to generate funds, the Town - at the recommendation of the UNC School of Government - will use the BID designation to encourage development by reimbursing itself for development fees associated with improvement permits that private developers would normally have to pay for a period of three years: July 1, 2012 and June 30, 2015. The tax rate for property owners in the BID will remain the same as that of the rest of the Town of Cary.
Director of Economic Development
Town Manager's Office