The mission of the Hyannis Main Street Business Improvement District is to promote the community and economic development of the Main Street, Hyannis district as a desirable place to live, work, invest, and visit. The Hyannis Main Street Business Improvement District (HMSBID) is a private nonprofit organization that was established in 1999 in response to the need to carry out a Hyannis Renaissance. Business Improvement Districts (BID) across the country have been successful in revitalizing downtowns because they are funded by the property owners within the district who provide a dependable revenue stream. BIDs are special assessment districts, enabled by Mass. General Laws Chapter 40 (0) and sanctioned by the local legislative body; fees are binding.
While there are more than a thousand BIDs throughout the United States, the Hyannis Main Street BID is one of only seven in Massachusetts. BIDs also speak with a unified voice for their districts and are solely focused on the implementation of the Improvement Plan voted on by the members. The 12-member Board of Directors is composed of property owners and tenants who are geographically distributed and represent the 100 property owners and all business aspects of the district. Yearly revenue from assessments is approximately $140,000.