Frequently Asked Questions
You have questions, we have answers. We've made this section to answer the questions that we get asked all the time. So read on, curious one!
Why a BID?
It just makes sense!
Yorkton Business Improvement District represents business and the interests of business within the YBID district boundaries. The primary goal of YBID is to improve the opportunity to conduct and grow business within the district! The secondary goal is to improve the overall quality of life of all citizens of Yorkton.
Why participate in Yorkton's BID ?
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Promotion and advertising will extend your trading area reach.
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Planning, proactive, organized, focused, progressive & self-directed; all of which attract strong retailers, strengthening the BID by association.
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Creates a positive & enthusiastic atmosphere.
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Participation in City Planning.
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Promotions bringing customers to the area year round.
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YOU have a choice and a voice of defining your community.
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A BID is a PARTNERSHIP with property and business owners within the district and the local municipal government.
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Funding is by a special levy on BID property owners which are matched by municipal dollars. This funding represents a small portion of the tax dollars collected from the district. The BID or their projects are not funded by the general civic population, even though the project(s) may benefit them.
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There are many successful BID districts in Canada and the U.S. Our BID is considered to be very successful given the size of our community and the diversity of our BID members
How is the BID administered?
The formal designation as a BID provides a forum for business member participation through a Board of Directors and its committees. Pursuant to the Cities Act, the YBID board consists of up to 11 representatives who are nominees of businesses which operate within the YBID, or YBID district Commercial Property owners.
Board members are elected at the YBID annual meeting, serving a minimum term of 1 year. Board members are eligible for re-election annually. Once elected, The Board shall elect a Chairperson, Vice Chairperson, and other officers it may deem necessary to conduct its business. The Board will be required to keep proper minutes and records of every meeting and will make them available to all members of the Board and any operator of a business upon request. Additionally, the Board will be required to adopt sound accounting practices that are acceptable to the business community and the City of Yorkton. This will include the preparation of regular statements as well as an annual budget and a year-end financial audit.
In addition to the Board, the District will have a Manager/Executive Director, who will administer the day-to-day planning and operations of the organization. This will significantly increase the capacity of the business community to create projects, develop marketing initiatives, organize special events and projects, and prepare communications to businesses within the District at the direction of the Board.
What is YBID for?
The three primary goals of the YBID which were established by the original Downtown Business Association Executive as part of its Strategic Plan were to:
1. Increase the value of businesses and properties via street-scaping, decorative lighting, brickwork, landscaping, new construction and reinvestment in vacant properties.
2. Enhance the appearance of the area by continuing beautification, supporting community events and partnering with other local groups.
3. Increase business activity via business attraction and retention, marketing initiatives and property development strategies.
How is the YBID charge calculated?
The charge is based upon a flat $200 fee plus 0.65 mills of total tax assessment.
For example, the charge for a property assessed at $100,000 would be calculated as $200 + ($100,000 x 0.00065) = $265.
Click this breakdown to learn more.
Based upon the above formula the YBID generates approximately $100,000 in revenue per year from our membership. The City of Yorkton provides matching (capped) grant dollars of $100,000 per year, which will amount to $200,000 in total annual YBID revenue