What are TIDs?
A Tourism Improvement District (TID) is similar to a Business Improvement District focusing in cities with tourism potential. Under the Entrepreneurship program the AADF has supported the creation of three BID/TID areas in the city of Korca, Shkodra, Berat and Kruja. Whereas in October 2014 the Albanian-American Development Foundation (AADF) Board of Trustees approved the TID project for the Old Bazaar in Korca.
• Increase in property values
• Better maintained and cleaner neighborhoods.
• Increase in business revenue due to the improved image of the district
• Improved visitor experience in the area
• The district becomes more attractive through joint marketing and events.
AADF Co-CEO Aleksander Sarapuli and Martin Mata / Minister of Culture Mrs Mirela Kumbaro / Minister for Urban Development Mrs. Eglantina Gjermeni / Mayor of Korca, Mr. Sotiraq Filo
Korca Project Activities and Plans
Key data on the Project in TID Korca:
• The AADF has currently committed $7 million in improving the city centers in Korca, Shkoder, Berat and Kruja.
• Korca is one of the most important cities in Albania. .
• The overall AADF budget for the Korca Bazaar is $1.9 million, whereas the Government of Albania has allocated $3 million for additional works in area.
• This project includes the design and restoration of 7 blocks of building in the heart of the Old Bazaar of Korca such as roofs, facades, lighting and signage.
• The AADF will provide a management plan for the area as well as provide business advisory services and business grants to businesses operating in the area.
• A TID association will be created by the AADF, Ministry of Culture, Municipality of Korca and business/owners representatives from the Bazaar. Its objective will be to promote as well as managing the TID area.
• The old Bazaar is one of the most distinguished historical sites in Albania.
• Promotional activities will also be carried out for locally produced food and other goods in and around the city.
• This is the second intervention from AADF in the city of Korca following the success of the reconstruction of the pedestrian area and creation of the BID Association in Boulevard Shen Gjergji with a total AADF investment of $1.1 million.
The AADF intervention phase for the restauration of 7 blocks of buildings is expected to start in April 2015 and complete in December 2015.