The Bid Concept

A Business Improvement District (BID) enables local businesses in a clearly defined area to form a partnership with public and private sector stakeholders to implement improvements which will benefit the trading environment of that area.

The sole purpose of a BID is to encourage the revitalisation of a defined area and to deliver benefits to the companies operating within its boundary.

The businesses themselves decide on the local issues that need to be addressed, the amount of funding to be raised and the services they want to implement and these must be agreed upon by a majority of ratepayers in the BID area via a ballot.

The ballot has to pass two tests: Firstly a simple majority (51%) of those voting must be in favour of the BID and, secondly, those voting in favour must represent a majority (51%) by rateable value.

If approved, all tenants will be required to pay the BID levy via their business rates. This levy is then passed back to the BID Company and used to improve the area.