What is a BID?
A Business Improvement District (BID) is a business-led initiative where businesses and organisations, within a defined area, are invited to work together to make decisions and to take action.
A BID is a means by which these businesses and organisations have the power to raise funds collectively to use for local initiatives with the aim of improving their trading environment. It is an investment scheme where businesses also take decisions collectively, agreeing on their priorities and how to invest their money to benefit themselves, their staff and their customers.
These priorities for action are identified through consultation with businesses and organisations in the town, and their plan sets out how to tackle them. Towards the end of the process in developing this BID proposal all eligible business ratepayers within the defined area will be entitled to vote on the proposals in the plan.
To go ahead the proposal must meet two tests:
- More than 50% of the number of voters must be in favour of the BID proposal; and
- More than 50% of the combined Rateable Value of voters must be in favour.
If the vote is successful then the proposals in the plan will be implemented and funded by a BID Levy that is charged in addition to standard business rates.