Chicago, IL, July 02, 2024 (GLOBE NEWSWIRE) — The Magnificent Mile® Association and Chicago Loop Alliance (CLA) are thrilled to announce that Illinois Governor JB Pritzker recently signed Senate Bill 3679 into law. This landmark legislation paves the way for the creation of Business Improvement Districts (BIDs) throughout the state.
“I am very proud to have signed SB 3679, a major win for economic development and community engagement,” said Governor JB Pritzker. “This bill will ensure that The Magnificent Mile – and districts just like it that anchor communities across the state – remain active and thriving so businesses, locals, and visitors can share in their prosperity.”
BIDs: Empowering Businesses to Shape Their Communities
BIDs are defined geographic areas where property owners contribute funds through a special assessment. This investment directly benefits the district by providing enhanced services beyond what local government typically offers. BIDs are a powerful tool for businesses to take a proactive role in shaping their local environment.
BIDs can provide a variety of benefits, including:
- Enhanced security and cleaning
- Marketing and promotional campaigns
- Streetscape improvements like planters and lighting
- Organization of district events and festivals
Collaboration Leads to Success
The passage of Senate Bill 3679 represents the culmination of a collaborative effort spearheaded by The Magnificent Mile Association and Chicago Loop Alliance.
“We are incredibly grateful to Governor Pritzker for supporting BIDs in Illinois, and for State Senator Sara Feigenholtz and State Representative Kam Buckner for their leadership in sponsoring this critical legislation,” said Kimberly Bares, President & CEO of The Magnificent Mile Association. “We also extend our thanks to the co-sponsors and industry partners, including the Building Owners and Managers Association (BOMA), the Chicagoland Chamber of Commerce, the Illinois Retail Merchant Association (IRMA), and all those who championed the legislation throughout the process.”
A Brighter Future for Illinois
“Business Improvement Districts will help Chicago neighborhoods reach new heights through a more flexible and efficient model, delivering improvements and services that benefit everyone, fostering economic vitality and community engagement,” said Michael Edwards, President & CEO of Chicago Loop Alliance. “This pivotal achievement is a testament to the collaborative effort of engaged local businesses, associations, government officials, property owners, and residents.”
With the signing of Senate Bill 3679, Illinois businesses now have a powerful new tool to revitalize their communities and drive economic growth. The Magnificent Mile Association and CLA are proud to have played a key role in securing this important victory.
About The Magnificent Mile® Association
The Magnificent Mile Association is a private, non-profit membership organization with a mission of preserving, promoting and enhancing one of Chicago’s most unique, multi-use neighborhoods. In addition to international marketing and planning popular consumer programming year-round, the Association also serves its members with district planning and beautification and incomparable networking opportunities. Members include real estate properties, retail shops, hotels, restaurants, entertainment establishments, institutional and residential properties and various professional services. For more information, please visit TheMagnificentMile.com.
About Chicago Loop Alliance
Chicago Loop Alliance (CLA)’s mission is to lead the community by creating and supporting inclusive programs that attract people and investment to the Loop. CLA is a membership organization as well as the sole service provider for Special Service Area#1-2015, and the Chicago Loop Alliance Foundation produces public art projects and events. For more information, please visit LoopChicago.com.
- The Loop, Chicago
- The Magnificent Mile®, Chicago