A Business Improvement District (BID) is about businesses working together and investing collectively in local improvements in addition to those delivered by the statutory authorities, which will be of benefit to the businesses involved whilst contributing to the sustainable economic growth of the local economy.
By working together businesses can reduce costs, share risks and create new platforms for growth.
A BID is not a substitute for central or local government investment but an additional investment to strengthen the local economy and give local businesses a unified voice, helping to provide an arena for businesses and local authorities to increase the level of understanding for each other’s priorities.
A BID can last for no more than five years. After the term, the BID either ceases to exist or will seek a new mandate from its members.
BIDs have become very popular throughout the United Kingdom with more than one hundred in existence. The business community has realised that in order to succeed and prosper it needs to take control of its own destiny through investment in the area in which they are located.
“The Business Improvement District (BID) initiative is growing and has a direct link to the Government’s Purpose of supporting sustainable economic growth. The BID model is particularly relevant in the current economic climate. Its flexibility enables the private and public sectors to work together and invest in improvements to the local business environment, while contributing to the wider regeneration of the local community. Businesses also benefit from the sharing of good practice across BID areas.”
Mr Derek Mackay–Minister for Local Government and Planning
Clacksfirst BIDs core funding comes by way of a levy contribution paid by the occupiers, tenants and proprietors of the properties within the BID area.
The levy contribution is aligned with the Rateable Value of each individual property within the BID area.
The Clacksfirst BID Levy contribution is calculated as follows:
- Occupiers 1.5% of the property rateable value
- Proprietors 1.0% of the property rateable value
- Owner& occupier 2.5% of the property rateable value
Members make a levy contribution on properties with a Rateable Value of between £2,000 and £1,000,000. Properties with a Rateable Value of below this figure do not make a contribution and will not be eligible to vote in a BID ballot.