BIDs are an opportunity for businesses to stake a formal claim to the area in which they operate and to generate funding for its long-term economic development. All investment is in addition to services provided by the local authority, as set out in a binding baseline agreement. Governance of a BID is ultimately regulated by the Business Improvement District (BID) Regulations (2004) and at a local level by an Operating Agreement with the local authority.
What is a BID?
A Business Improvement District (BID) generates revenue via a levy paid by all businesses in the area. This investment is subsequently 100% ring-fenced for projects that benefit local businesses and improve trading conditions.