What is a BID?
A Business Improvement District is a defined area where business rate payers agree to pay a levy into a fund for a fixed period. Specific agreed initiatives are then delivered to improve the area for businesses.
A BID is commenced when an independent ballot has been conducted. To be successful there must be both a simple majority of the number who vote and a simple majority of the aggregate rateable value represented by those who vote.
A BID cannot deliver services that the council currently delivers.
BIDs in the UK
There are over 280 BIDs in the UK, which generate more than £80m each year to invest in their local areas.
BIDs are successful, around 85% of initial proposals achieve a Yes vote at ballot. Their value to businesses is such that at each subsequent ballot the percentage that vote in favour almost always increases.