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URA invites stakeholders to form pilot Business Improvement Districts

THE Urban Redevelopment Authority (URA) is inviting stakeholders to form pilot Business Improvement Districts (BIDs) - a formalised place management framework through legislation - to empower stakeholders to take greater ownership of their precincts.

Minister for National Development and Second Minister for Finance Lawrence Wong announced the initiative on Tuesday at the launch of "Making Places Great" exhibition at The URA Centre.

The pilot is to further assess stakeholders' support towards such a framework, which is commonly adopted overseas.

To help pilot BIDs kick-start their place management efforts, the government will provide dollar-for-dollar matching for the collected membership fees at a cap of S$500,000 per year for the first four-year pilot BID programme.

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Interested stakeholders can express their interest with URA. URA will help to facilitate initial stakeholder engagement to guide precincts through the process of forming a BID.

Interested precincts can then submit a formal Expression of Interest (EOI) with a proposal outlining broad ideas to bring vibrancy to the precinct over four years, preliminary support from key stakeholders, estimated membership fees to be collected and other funding sources to sustain the business model.

EOI submissions will close by March 31, 2018.