A Business Improvement District (BID) is a business-led initiative where businesses and organisations, within a  defined area, work together to make decisions and to take action which will benefit the members of the area.

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A BID is a not for profit organisation where local businesses and organisations have the power to raise funds collectively through a BID levy. If a BID is established a levy is charged to all premises with a rateable value of over £3000 and is equivalent to 1% of the premises rateable value. These funds are used for local initiatives with the aim of improving the town, supporting local businesses and boosting the local economy.

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For a BID to be established a ballot has to be taken and all eligible business ratepayers within the defined area are be entitled to vote. In order for a BID to be established:

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• 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.

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If the vote is successful then the BID will be established and funded by a BID Levy that is charged in addition to standard business rates.

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The day to day operations of the BID are ran by a board of unpaid volunteer directors from local businesses in the BID zone area alongside a BID manager.