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The first BID was the Bloor West Village Business Improvement Area, established in Toronto in 1970 as an initiative by local private business. [2] The first BID in the United States was the Downtown Development District in New Orleans established in 1974, and there were 1,200 across the country by 2011. [3]
BID formation varies on a state-by-state level, and are also referred to as neighborhood improvement districts, special improvement districts, [7] or local improvement districts. [ 8 ] [ 2 ] Depending on state statute, business improvement districts can be funded a variety of ways, including through a tax assessment or mill levy or Tax ...
A real estate transaction is the process whereby rights in a unit of property (or designated real estate) are transferred between two or more parties, e.g., in the case of conveyance, one party being the seller(s) and the other being the buyer(s). It can often be quite complicated due to the complexity of the property rights being transferred ...
Since the 1970s, the following factors have led local governments (cities, townships, etc.) to consider tax increment financing: lobbying by developers, a reduction in federal funding for redevelopment-related activities (including spending increases), restrictions on municipal bonds (which are tax-exempt bonds), the transfer of urban policy to ...
In an economic context, land development is also sometimes advertised as land improvement or land amelioration. It refers to investment making land more usable by humans. For accounting purposes it refers to any variety of projects that increase the value of the process .
Real estate development, or property development, is a business process, encompassing activities that range from the renovation and re-lease of existing buildings to the purchase of raw land and the sale of developed land or parcels to others.
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The definition of a slum was classed by the Federal Housing Act of 1937 as "any area where dwellings predominate which, by reason of dilapidation, overcrowding, faulty arrangements or design, lack of ventilation, light or sanitation facilities, or any combination of these factors, are detrimental to safety, health or morals".