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A BID is a business-led partnership that enables coordinated investment in the management and marketing of a commercial area. Governed by legislation to ensure fairness and transparency, a BID provides additional services to meet changing business needs. Services provided by business rates are not replaced. A BID zone or district is a single area and within this area will be the hereditaments which will provide funding to the BID through a levy. Only businesses within the district are part of the BID.
A BID zone or district refers to an agreed area within which there will be the hereditaments that guarantee funding to the BID via a levy; this levy pays for additional services to help boost an area and the businesses within it. The levy is usually a small percentage 1-2% of business rateable values with the actual levy percentage varying depending on the defined area and the cost of the activities defined in the Business Plan.
A BID is formed by an official vote, which is referred to as a ‘ballot’. For the ballot to be successful the ballot must be won on two counts: majority by number and majority by rateable value. Upon a successful ballot result, businesses in the defined BID area are charged a levy.
There are over 300 established BIDs operating across the UK and the Republic of Ireland. Locally, a very successful industrial estate BID has just been successfully voted in for a 3rd five-year term, called Witham Industrial Watch.
Check this link: www.britishbids.com
