URA moves to improve place management
By Timothy Tay
/ EdgeProp |
On September 5, the Urban Redevelopment Authority (URA) announced it is inviting stakeholders to form pilot Business Improvement Districts (BID).
The move was made under recommendation by the Committee on the Future Economy to formalise Singapore’s place management framework through legislation. The intention is to create opportunities for businesses to take greater ownership of their precincts, and initiate ground-up efforts to respond to rapid changes in the economic environment.
Place management is currently undertaken by precinct associations like Singapore River One and Orchard Road Business Association; they are formed by stakeholders who voluntarily contribute membership fees to run events and activities to enhance their precincts. But they are often limited by a free-rider problem, and the inability to sustain long-term business plans.
Adopted by countries like Canada, the US, Australia, New Zealand, and the UK, BIDs are legislated frameworks where stakeholders vote to form a BID based on a business plan drawn up in consultation with stakeholders. If there are enough votes, the legislation would require every eligible stakeholder in the BID to contribute funds to enhance the precinct.
This helps ensure funding certainty to sustain long-term improvement plans, as well as encouraging greater stakeholder ownership and participation.
To help pilot BIDs kick-start their place management efforts, the government will provide dollar-for-dollar matching for collected membership fees at a cap of $500,000 per year for the first four-year pilot BID programme.
Interested stakeholders can express interest with the URA, who will guide precincts through the process of forming a BID, interested precincts can then submit a formal EOI. EOI submissions will close by March, 31, 2018.
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