A Business Improvement Area (BIA) is a geographically defined urban area that contains primarily non-residential buildings.
The ZAA concept allows landowners and business owners to work together to manage the downtown core as a preferred resource and business destination. Promotional campaigns, beautification, political lobbying, cost-shared advertising, cleanliness and safety programs, and parking and transportation issues are some of the areas of interest for a ZAA.
How is a Business Improvement Zone managed and financed?
An incorporated corporation (Downtown Moncton Downtown Inc. – DMCI) is established to manage the affairs of the ZAA. A DMCI Board of Directors is elected at its Annual General Meeting (AGM). All owners and tenants operating within the ZAA (to pay a membership fee) are entitled to vote at the AGM. They can appoint someone to headquarters or sit on the board. During a fall meeting, the council presents a budget to be approved by the members by describing the funds required for the implementation of the annual plan. Once the plan is approved, the City of Moncton must approve the plan and apply to the Province of New Brunswick to add the tax assessment to non-residential property owners within the ZAA. The province transfers to DMCI afterwards all funds raised during the year. As of December 31, the contributions due are transferred to DMCI and from this point on, the DMCI is responsible for the arrears.