Submitted by: Holly Simmons
Submitting Department: Community & Economic Development
Agenda Section: Presentation
Item Title:
title
Hyattsville Crossing Business Improvement District (BID) Phase III
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Suggested Action:
recommendation
Presentation Only.
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Summary Background:
In June 2021, the City of Hyattsville commissioned HR&A Advisors, and its sub-consultant Brick & Story, to perform a feasibility to assess the creation of a Business Improvement District (BID) to support land areas around the Hyattsville Crossing area. A BID is an economic development tool that allows for targeted investment in a geographic cluster of primarily commercial properties with the purpose of increasing economic vitality through services such as placemaking, marketing and branding, increased 'clean and safe' services, and the attentions of a dedicated Executive Director managing operations, coordination, and advocacy.
The first phase of assessment was to assess market conditions, perform stakeholder interviews, develop boundary recommendations and perform a financial analysis. HR&A Advisors briefed the City Council on the Phase I findings on May 2, 2022.
Phase II occurred from June 2022 to March 2023. This phase included drafting State enabling legislation to align the requirements for establishment of a BID in Prince George's County more closely with the requirements for establishing a BID in Montgomery County; additional comprehensive stakeholder outreach and interviews of property and businesses owners to form a steering committee intended to guide the formation of the BID; and a December 2022 Formation Steering Committee kick-off meeting.
Currently, Phase III is underway. The State enabling legislation drafted in Phase 2 was adopted on May 8, 2023, and comprehensive property owner and stakeholder outreach continues through individual interviews, Formation Steering Committee meetings, mailers, and tabling events. To date, Formation Steering Committee meetings have a...
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