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 of time. Specific agreed initiatives are then delivered to meet the businesses’ priorities.
First estimates suggest that £5 million would be raised over the five year BID term.
A BID begins 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.
If the businesses vote in favour of the BID, all eligible businesses, irrespective of how they voted, would have to pay the levy.
A BID provides added value; it cannot deliver services that the local authority currently provides.
There are already two very successful BIDs operating in Bristol City Centre. Both were implemented and are run by Destination Bristol. For details please visit Bristol City Centre BID and Broadmead BID.
There are now over 320 BIDs in the UK, with the number increasing year on year. For more information on BIDs in the UK please see here.