A Business Improvement District (BID) is a designated zone in which businesses benefit from a wide range of additional services over and above those funded through the standard commercial rates and council services.
Constituted by UK law in 2004, a BID is a powerful, independent voice representing the interests of a varied community of organisations, committed to working together to ensure that the area continues to progress whilst providing the best possible trading and working environment for its occupiers.
These extra benefits are aimed at vastly improving the quality of the area for the businesses, visitors and employees within it as well as improving attractiveness to new investors. This can include physical projects such as better lighting and street cleaning as well as the creation of green spaces, crime reduction programmes, events, transport and accessibility improvements, in addition to marketing, networking and inward investment initiatives. (You can view more here).
Every five years businesses in the designated area vote for the continuation of the BID and if they vote yes, any occupiers within the BID become members for the duration of the next 5 year term. Members within the area pay a levy based on a small percentage of their rates to contribute towards these benefits and improvements.