BIDs are intended to deliver a wide range of improvements to local areas, from town centres and business parks to market towns. Benefits include:
- Improvement of existing services or facilities, or finance initiatives that will enhance a local area.
- Provision of the financial and management structure necessary to take forward projects which will be suited to each local area
- Making areas clean and safe
- Better marketing and entertainment
- Improving transport links and accessibility
- Attracting inward investment and development
- Improving tourism
Legislation enacting Business Improvement Districts (BIDs) came into force in September 2004 and covers the whole of England and Wales. The principle is that businesses agree, after a democratic process, to levy a supplementary rate on businesses within the defined area of the BID. The businesses in the area are primarily responsible for drawing up the BID proposal. This includes a business plan, an indication of the facilities or services which will be provided within the BID, the area covered and the amount to be levied on each business. A BID will be established for a period up to, but not exceeding five years, and if extended for a longer period it must be subject to a further democratic process.
Other information:
- A BID is a partnership arrangement through which local authorities and local businesses can take forward schemes that will benefit the local business community. A BID can be set up by any of the BID partners but in the majority of cases local businesses will take the lead.
- Size is not a limiting factor, but a BID can only be set up in an area where there is sufficient support from the business community to finance and implement the proposed changes.
- Legislation allows voluntary contributions to be made to BIDs by any billing authority, County Council, Parish Council, property owners and other organisations.
At May 2008 there had been 71 positive BID ballots in England and Wales. There were no proposals at that time for a BID in Leeds.