Business Improvement District
A Business Improvement District (BID) is an influential, independent voice representing the interests of businesses.
Businesses within a defined BID area vote in a ballot where they agree to pay an additional levy on top of their business rates to fund projects which promote the BID area and contribute to business benefits and support. The levy paid per business is based on a small percentage of their rateable value.
BIDs are business-led and business-funded not-for-profit organisations. They provide a wide range of additional services to BID members but do not replace existing council-funded services.
These extra benefits are aimed at vastly improving the quality of the area for the businesses, visitors and employees within it as well as improving attractiveness to new investors.
This can include projects such as hanging baskets and street cleaning as well as crime reduction programmes, events, marketing, networking and inward investment initiatives. These services are paid for and directed by the businesses within the designated area.
Every five years businesses in the BID area vote for the continuation of the BID and if they vote yes, any occupiers within the BID become members for the duration of the next 5-year term.