A Business Improvement District (BID) is a business-led and business-funded body formed to improve a defined commercial area.
In each BID’s designated commercial area, a levy is charged on all business rate payers in addition to the business rates bill. This levy is used to develop projects which will benefit businesses in the local area.
There is no limit on what projects or services can be provided through a BID. The only requirement is that all services should be additional to those provided by local authorities. Improvements may include, but are not limited to, extra safety/security, cleansing and environmental measures.
The benefits of BIDs are wide-ranging and include:
- Businesses decide and direct what they want in their area
- Businesses are represented and have a voice in issues affecting their trading area
- BID levy money is ringfenced for use only in the BID area
- Increased footfall and spend
- Improved staff retention
- Reduced business costs
- Enhanced marketing and promotion
- Looking at infrastructure, pollution and movement
- Guidance in place-shaping vision activities
- Facilitated networking opportunities with neighbouring businesses
- Assistance in dealing with the Council, police and other public bodies