A Business Improvement District involves businesses working together and investing collectively in local improvements, in addition to those delivered by the statutory authorities. These improvements will benefit the businesses involved whilst contributing to the wider aspirations of the local residential community and contribute to growing the local economy.
A BID, which is funded by the non-domestic sector, allows for partnership working with statutory authorities to deliver a wider variety of projects and services to improve the local economy. It also gives local businesses a unified voice and provides an arena for businesses and local authorities to increase their understanding of each other’s priorities. A BID gives businesses a voice in the future direction and development of their town centre.
A BID can cover almost any project or service that local businesses agree would be of benefit, as long as these are additional to services provided by the statutory authorities.