What is a Business Improvement District
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| The Business Improvement District Regulations 2004 is legislation which enables local businesses in a clearly defined area to form partnerships with stakeholders to implement improvements which will benefit their locality. |
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BIDs work in addition to existing services provided by the local authority to encourage the revitalisation of an area, addressing issues such as image, security, cleanliness or local transport. |
Businesses decide on the issues they want to address, the amount of funding to be raised and the services they want to implement. These must be agreed upon by a majority of ratepayers in the BID area via a Ballot. Approval of a BID has to meet two tests: Firstly a simple majority of those voting in the BID ballot must vote in favour. Secondly, those voting in favour must represent a majority by rateable value. |
The improvements will be funded via a supplement to the business rate billed by the local authority. These additional funds will be handed over to a BID company and used to deliver the improvements.
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