A BID is a Business Improvement District.
BIDs are part of the Government’s long-term strategy to encourage partnership working between a local authority and the business community.
A BID is a defined area and can be developed in towns, cities and industrial estates. Rate-paying businesses within the designated area decide on new improvements to help transform that area – and then vote to agree the investment. This money is then ring-fenced to provide the improvements agreed through the BID strategy.
There are over 300 BIDs in the UK now and over 100 of these have been renewed after the initial term with more than 30 being in their third five year term. The majority had a greater turnout and an even greater vote in favour than the first time of voting. BIDs lead to improvements to business profitability and turnover which would not have happened without them.
Essentially a BID is designed to be for the businesses, controlled by the businesses.
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