WHAT IS THE GLOUCESTER BID?
A BUSINESS-LED AND BUSINESS FUNDED BODY FORMED TO IMPROVE A DEFINED COMMERCIAL AREA.
BENEFITS OF BIDS
- Businesses decide and direct what they want for the area
- Businesses are represented and have a voice in issues effecting the area
- BID levy money is ring-fenced for use only in the BID area – unlike business rates which are paid in to, and redistributed, by government
- Increased footfall
- Improved staff retention
- Business cost reduction
- Area promotion
- Facilitated networking opportunities with neighbouring businesses
- Assistance in dealing with the Council, Police and other public bodies
- In the UK, the majority of BIDs exist in town centres, however they are also in industrial, commercial and mixed-use locations.
- The mechanism allows for a large degree of flexibility and as a result BIDs vary greatly in ‘shape’ and size.
- The average size of is 300-400 hereditaments, with some of the smallest having fewer than 50 hereditaments and the largest at over 1,000.
- Annual income is typically £200,000-£600,000 but can be as little as £50,000 per annum and over £2 million.
- Legislation enabling the formation of BIDs was passed in 2003 in England and Wales (with subsequent regulations published in 2004 and 2005 respectively) and in 2006 in Scotland.
- The first BID in England started in January 2005.
- The first Scottish BID started in April 2008 as did the first Welsh BID.
- First established in Canada and the US in the 1960s and now exist across the globe, including in South Africa, Germany, Japan, New Zealand and Australia.
WHAT AREA WILL BE COVERED?
THERE ARE SEVERAL CONSIDERATIONS IN DECIDING THE PROPOSED BID BOUNDARY
This means finding the right balance between: