WHAT IS A BID?
A Business Improvement District (BID) is a defined geographical area where business rate payers agree to pay a levy into a fund for a fixed five-year period. A BID enables businesses to join together to fund projects that address specific common problems. Agreed initiatives are then delivered to improve the area for businesses.
BIDs do not affect the level or quality of service provided by the local authority to the area, but instead provide the additional or improved services identified and requested by BID businesses.
The Broadmead BID is currently in its fourth term. This BID will continue until October 2023, delivering the initiatives outlined in the current business plan. During 2023, there will be a ballot on the continuation of the BID for a further five years.
If the ballot is in favour, then every business has to pay the levy. All businesses that benefit from the improved services of the BID contribute to the cost.
BIDS IN THE UK
The Broadmead BID is one of five BIDs in Bristol and more than 300 in the United Kingdom. Nationally, BIDs generate more than £750m, which is invested in delivering local initiatives and improvements over and above those mandated by local authorities.