Bill > S174

This bill improves the management of Business Improvement Districts (BIDs), which are special areas where property owners collectively invest in local improvements and services. The bill modifies two key aspects of existing law: First, it establishes a mandatory 5-year renewal process for BIDs, requiring the board of directors to call a meeting to review the district's history, propose an updated improvement plan, and vote on continuing the BID. At this renewal meeting, the BID can be continued if a majority of participating property owners who are current on payments vote in favor. Additionally, after the initial renewal, the board can opt for renewal terms of up to 10 years. Second, the bill strengthens transparency by requiring BID corporations to comply with public charity reporting requirements and mandating that these reports be made available to the public either in municipal offices or on the municipal website. These changes aim to increase accountability, encourage long-term planning, and provide greater public access to information about BID operations.

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https://malegislature.gov/Bills/194/S174