What is a BID

What is a Business Improvement District.(BID)

A BID allows non-domestic ratepayers to improve their commercial potential by funding additional management projects and services within a clearly defined geographical area of a town.

Non-domestic ratepayers vote to invest collectively in local improvements, in addition to those delivered by the statutory authorities. They are often, though not exclusively, a partnership arrangement through which the local business community and the statutory authorities can take forward projects that will benefit the local economy.

A BID is not a substitute for central or local government expenditure. Instead it provides additional investment to strengthen the local economy. BID's are developed, managed and paid for by non-domestic ratepayers (whether they pay rates or not) by means of a compulsory levy, which the non-domestic ratepayer within the proposed BID area must approve in a ballot before the BID can be established.Each business liable to contribute to the BID will be able to vote on whether or not the BID goes ahead. The criteria for a successful BID requires at least 25% of the businesses in the BID area to vote and at least 50% of the votes cast and 50% of the total rateable values of those voting within the BID area to be in favour of the proposal.

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