Why do businesses support BIDs?
- Return on investment
- A better operating environment for businesss
- More effectively managed and sustainable districts
- Promoting destination of choice for visitors, businesses and residents alike
- Effective engagement with the wider community
A successful BID has to have 'buy-in' from the majority of those businesses who will finance it – both for a successful vote and also to ensure the partnership evolves in a positive environment.
Governed by Government legislation and regulations, BIDs are statutorily established once voted for by the majority of businesses in an area and have a maximum term of five years before returning to their electorate for renewal. Once a majority vote has been achieved, a BID levy becomes mandatory on all defined ratepayers.
For a BID to be introduced, the ballot of business must meet two conditions; a majority in number of those voting and a majority in proportion of rateable value of those voting. The BID levy is then applicable to all eligible businesses.
The BID ballot is administered by the Council Returning Officer and their electoral services staff. It is arranged in line with rules set out in the BID regulations (2004) as approved by Parliament.