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We are delighted to be involved in the process encouraging businesses on the Business Park to get together to form a Business Improvement District. Business parks can be soulless places to work and this is a great opportunity for us all to invest in our environment and turn the Business Park into a more vibrant and connected community and a much better place to spend our working lives. Money dedicated to improving the flow of traffic through the park and other projects to improve the environment more generally can only make life a lot better for us all.
We believe that the business community can achieve more when it works together. We all share common goals and aims and have the same frustrations around infrastructure and congestion. We can also benefit from knowing what each other do and how we may be able to help. We have a very distinct community and it would be good if we made more of it.
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Frequently Asked Questions
What is a BID?
A BID is a business-led partnership that enables coordinated investment in the management and marketing of a commercial area. Governed by legislation to ensure fairness and transparency, a BID provides additional services to meet changing business needs. Services provided by business rates are not replaced. A BID zone or district is a single area and within this area will be the hereditaments which will provide funding to the BID through a levy. Only businesses within the district are part of the BID.
A BID zone or district refers to an agreed area within which there will be the hereditaments that guarantee funding to the BID via a levy; this levy pays for additional services to help boost an area and the businesses within it. The levy is usually a small percentage 1-2% of business rateable values with the actual levy percentage varying depending on the defined area and the cost of the activities defined in the Business Plan.
A BID is formed by an official vote, which is referred to as a ‘ballot’. For the ballot to be successful the ballot must be won on two counts: majority by number and majority by rateable value. Upon a successful ballot result, businesses in the defined BID area are charged a levy.
Are there any other BIDs?
There are over 300 established BIDs operating across the UK and the Republic of Ireland. Locally, a very successful industrial estate BID has just been successfully voted in for a 3rd five-year term, called Witham Industrial Watch.
Who is on the Steering Group?
Check this link: www.britishbids.com