A BID is a business-led and business funded body formed to improve a commercial area.
Frequently asked questions
A BID is a Business Improvement District.
BIDs are part of the Government’s long-term strategy to encourage partnership working between a local authority and the business community. A BID is a defined area within which rate-paying businesses decide on new improvements to help transform their area – and then vote to agree the investment. This money is then ring-fenced to provide the improvements agreed through the BID strategy.
BIDs see improvements to business profitability and turnover which would not have happened otherwise.
Essentially a BID is designed to be for the businesses, controlled by the businesses.
A BID normally lasts for five years but can last for less time. A BID can be renewed for future periods, but needs to go through a renewal process.
A new private limited company, which is limited by guarantee and has its own management Board, is responsible for administering the BID. This is a not-for-profit company; Board members are made up of volunteer individuals who represent the cross section of businesses and organisations across the area. BID Boards normally appoint a project manager and support staff to implement the projects identified in the plan.
The Stakehill BID has contracted the services of a specialist project management company which also provides strategic support.
Businesses from across Stakehill Industrial Estate formed a steering group to develop the BID. This group represented businesses from all business sectors, sizes and types and appointed BID specialists, Partnerships for Better Business Ltd (pfbb UK), to help test the feasibility of a BID and develop a BID in this area.
It was essential that the businesses in the area determine the activities and objectives of the BID Business Plan. A series of business interviews, workshops, surveys and other research were carried out to determine what improvements businesses in Bracknell would like to make.
Using all the input from the businesses across the area, and working with the Stakehill Steering Group, pfbb UK developed a business plan and lead local representatives and the local authority through the legal requirements to create the framework for the BID.
Improvements are made if the majority of ratepayers in a designated area approve them through a vote. This enables businesses to have a direct role in deciding what improvements should be made in their area. After five years, the businesses will vote again on whether they want the BID to continue and what they want to improve over the next five years.
The BID boundary was determined as part of the consultation process. The final decision took into account natural and discernible boundaries of the area and the potential levy to be raised. The BID Map can be seen in the BID proposal and business plan.
The BID area includes any smaller businesses located off the roads or streets that are located within the boundary for the BID area defined by the shaded are illustrated on the map or any other road or street even if they are not listed. The BID area will also include any new road or street which is developed or created during the life of the BID which is within the BID area. The key roads within Stakehill BID are as follows:
- Whitbrook Way
- Touchet Hall Road
- Finlan Road
- Bentley Avenue
- Stakehill Lane
- Boarshaw Lane
The vision and objectives of the BID was determined the businesses as part of the consultation process. They are outlined in the BID proposal and business plan that businesses had the opportunity to vote upon. The action plans drawn up during the BID’s lifetime will all relate back to these objectives.
Objective 1 – To improve access, parking and traffic flow, to, from and around the estate
Provide an infrastructure for businesses to operate and people and services to access and move around, safely, and effectively.
Objective 2 – To create a safe and secure environment
Work closely with key stakeholders & partners to create and maintain a safe and secure working environment for customers and workers on the estate.
Objective 3 – To create a Business Community
To provide a strong coordinated voice to represent the interests of the businesses and all those who work on the estate.
However, it is important to remember that the BID will not replace the existing services provided by the local authority. These are bench-marked and monitored by the BID Company to ensure that the money generated through the BID is used for the improvements voted for by the businesses in the BID.
Businesses identified the issues that needed to be tackled in the BID area. The BID will also:
- Deliver a pragmatic and business driven agenda
- Be business led
- Benefit from effective partnership with the public sector
- Deliver sustained investment to improve the area over a five-year period
- Focus on achieving positive and measurable outcomes of benefit to all businesses
The development of the BID was funded by businesses in the area and supported by Rochdale Borough Council.
Following the successful vote, the BID is now funded by the businesses in the BID and aims to be both fair and transparent. All businesses in the area which meet the levy criteria are subject to a levy based upon their rateable value. This overcomes the problem of a few businesses paying for improvements that benefit many. It is also hoped that the BID will serve as a catalyst for change and bring in more investment to the area.
The levy was based of 1.5% of rateable value (RV) for businesses within the BID area with an RV of £12,001 and above. Businesses with an RV of less than £12,001 will not have to pay a BID levy and therefore did not have a vote for these properties.
The levy is index linked as outlined in the full BID proposal and business plan.
The BID levy is a statutorily compulsory payment.
Businesses in the potential BID area were asked to vote on whether they would like it to go ahead. For the BID to proceed, those who vote in favour must represent a majority of the vote by number of votes and aggregate rateable value. The successful vote met these criteria.
Contact us to register your details to receive regular e-bulletins and updates about the BID’s progress and activities and get involved in the project group or the BID Board. A member of the BID team is happy to talk with you and discuss the ways that you can get involved.