A BID is a way for businesses in a defined area to decide and agree
collectively on projects and initiatives that they want to be
delivered to help their business thrive.
To decide what those projects should be, a thorough programme of
consultation is carried out, including questionnaires, newsletters,
surgeries, one to one meetings and open meetings.
Following that consultation a business plan is written which includes
those suggested priorities. The BID Business Plan varies from BID to BID
according to the needs and priorities of each BID area. When the
Business plan or proposal document has been agreed, all eligible
businesses in the area have the opportunity to vote ‘For’ or ‘Against’ the
BID in a formal ballot.
For The BID to proceed, there must be a majority vote in favour both by
number and rateable value. I.e. a majority of those businesses that vote
(the turnout) must vote in favour (a YES vote), and the total rateable
value of those businesses that vote in favour must be greater than the
total rateable value of those that vote against the scheme.
If the BID achieves this vote, the BID becomes a statutory obligation on
both the BID proposer (the BID company) and the BID voters. The BID
Company is obliged to deliver the scheme for the lifetime of the BID
(max 5 years), and there is a statutory charge on all the eligible premises
within the BID areas to pay an annual levy to fund the BID payable by the
ratepayer.
BIDs work on a very simple principle where every business involved
benefits and contributes equally. Smaller businesses pay less, and larger
businesses pay more but each contributes the same percentage.
Together a fund is created to deliver a Business Plan which has the
power to make a real difference.
By ensuring everyone contributes, BIDs eliminate the free-loader effect,
which tend to make other schemes fail. BIDs are fair and they have also
proved to be highly effective. If the majority of businesses vote YES, the
BID business plan becomes a legal document and all businesses will
contribute (even if they voted no at the ballot). Each year the BID
Company is legally obliged to publish an audit of its delivery against
targets of the BID plan. Voters have the right to see this and hold the
company to account.
THERE ARE NEARLY 300 BIDS IN THE UK.
A BID can be set up anywhere there is a collection of business premises and owners that want to make a difference. These include: Industrial Centres,
Trading Estates, Businesses Parks, City Centres, and town centres of all types.
The great majority of BIDs are voted in for a first term. Of all the BIDs that have gone to ballot for a second term over 90% have been approved for a
further term by an increased majority, and a handful have now entered a third term.
NEW
NOV 2018
DEC 2018
A BID is a way for businesses in a defined area to
decide and agree collectively on projects and
initiatives that they want to be delivered to help their
business thrive.
To decide what those projects should be, a thorough
programme of consultation is carried out, including
questionnaires, newsletters, surgeries, one to one
meetings and open meetings.
Following that consultation a business plan is written
which includes those suggested priorities. The BID
Business Plan varies from BID to BID according to the
needs and priorities of each BID area. When the Business
pla n or proposal document has been agreed, all eligible
businesses in the area have the opportunity to vote ‘For’
or ‘Against’ the BID in a formal ballot.
For The BID to proceed, there must be a majority vote in
favour both by number and rateable value. I.e. a majority
of those businesses that vote (the turnout) must vote in
favour (a YES vote), and the total rateable value of those
businesses that vote in favour must be greater than the
total rateable value of those that vote against the
scheme.
If the BID achieves this vote, the BID becomes a statutory
obligation on both the BID proposer (the BID company)
and the BID voters. The BID Company is obliged to deliver
the scheme for the lifetime of the BID (max 5 years), and
there is a statutory charge on all the eligible premises
within the BID areas to pay an annual levy to fund the BID
payable by the ratepayer.
BIDs work on a very simple principle where every
business involved benefits and contributes equally.
Smaller businesses pay less, and larger businesses pay
more but each contributes the same percentage.
Together a fund is created to deliver a Business Plan
which has the power to make a real difference.
By ensuring everyone contributes, BIDs eliminate the
free-loader effect, which tend to make other schemes fail.
BIDs are fair and they have also proved to be highly
effective. If the majority of businesses vote YES, the BID
business plan becomes a legal document and all
businesses will contribute (even if they voted no at the
ballot). Each year the BID Company is legally obliged to
publish an audit of its delivery against targets of the BID
plan. Voters have the right to see this and hold the
company to account.
THERE ARE NEARLY 300 BIDS IN THE UK.
A BID can be set up anywhere there is a collection of
business premises and owners that want to make a
difference. These include: Industrial Centres, Trading
Estates, Businesses Parks, City Centres, and town centres
of all types.
The great majority of BIDs are voted in for a first term.
Of all the BIDs that have gone to ballot for a second term
over 90% have been approved for a further term by an
increased majority, and a handful have now entered a
third term.
NOV 2018
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