About the BID
What is a BID?
A BID is a business-led and business funded body formed to improve a defined commercial area. Businesses in
this area are consulted and listened to, which means that they have a genuine voice to decide and direct what
improvements they want for the area.
There are more than 320 BIDs already operating across the UK, with the majority focusing on town or city centres
and the benefits they have brought about include increased footfall, improved marketing, more events, better security and an enhanced streetscene – all of which lead to higher business turnover. BIDs are also proven to deliver specific benefits to businesses in many other ways.
A BID is funded by businesses paying a small proportion of their business rateable value towards the BID. This money
is then ring-fenced for use only in their BID area, unlike Business Rates which are re-distributed by Government. A BID can only be formed if a successful ballot takes place – where the majority of businesses vote to adopt the Business Plan which they have developed.
The maximum term for any BID is 5 years and, if businesses wish, a further 5-year term could subsequently be
proposed and be taken to ballot – and we believe that recent circumstances make a BID for Christchurch even
more essential for the coming years.
How a BID would help businesses
There are more than 300 BIDs already operating across the UK and the benefits which have been widely reported include:
Improved promotion & marketing
Businesses being in control of major projects
Events & activities to increase vibrancy leading to increased footfall & business turnover
A BID is funded by businesses voting to pay a small proportion of their business rateable value on a package of improvements and this money is then ring-fenced for use only in the BID area. A BID can only be formed following consultation and a ballot in which businesses vote on a Business Plan which they have developed.
Businesses in Christchurch have indicated that they would support a levy of 1.75% and any tenant of a managed centre who are subject to a service charge would pay a reduced rate of 1.3% to reflect the fact that their service charge covers some of the services which would be provided by the BID. It may also be worth pointing out that this means that 60% of all eligible businesses would pay less than a pound per day for the BID and very small businesses, with rateable values of less than £5,000 would not be liable to pay the BID levy.
The money that is generated
Detailed consultation has resulted in a proposed BID area of approximately 270 businesses, which would generate approximately £130,000 per year, and which we would also expect to be supplemented by grants and other funding sources. The BID would initially operate for 5 years, meaning that approximately £650,000 of improvements would be generated for the town.
The Christchurch BID area
Feedback has strongly suggested that the area covered by a BID should be within the area shown as follows…
DUCKING STOOL LANE
MILLHAMS STREET NORTH
ST MARGARET’S AVENUE
STONY LANE SOUTH
WICK POINT MEWS