A Business Improvement District (BID) is a defined geographic area or zone. Within that area, the businesses provide funding to deliver a series of projects that they have chosen to be the most important to help improve the area.
A BID is created out of consultation and the wants and needs of the local businesses. All the businesses who are within the potential BID area (with a rateable value over a certain level) are asked about what really matters to them and their business. This information is used to create a BID business plan.
The business plan is given to all businesses to vote upon in a formal ballot. A ballot runs for 28 days and every business is given the chance to vote via a ballot form.
If the businesses vote yes the BID Company has up to five years to deliver the services it outlines. At that point, businesses are once more asked if they would like to keep their BID Company or halt the services. This is done by another ballot.
A BID has a dual key voting system – it has to have a majority by number AND by rateable value.
Just as towns and cities have evolved, so has their management. The need for private sector engagement is crucial to ensure that business voice is considered when important decisions and changes to the place are planned. BIDs provide this voice.