What is a BID?
A BID is a legally and geographically defined business-led partnership for area improvement and service delivery, funded by the levy-paying businesses within an agreed boundary.
Following a ballot of all the rate paying businesses above a proposed threshold in the area, in which at least half of these vote to create a BID, a BID is formed. All businesses that are eligible to vote then contribute a levy (based on a small percentage of their business rate contributions) to support the operational and delivery costs of the BID and its initiatives. BID levy money is ring-fenced for use only in the BID area, and businesses decide and direct what they want for the area.
Businesses have chosen to establish a BID in the Culture Mile BID area, the city now boasts five BIDs generating an aggregate BID levy income of around £9m per year.