A Business Improvement District (BID) is a local, democratically established organisation that focuses on delivering specific improvements needed by local businesses and organisations in a defined area. BIDs invest in and deliver projects to improve the local trading environment, drive down business costs and raise the area’s profile. BIDs are led and controlled by those who contribute a levy payment; they are independent, not for-profit organisations with ring-fenced resources and finances. The BID is governed by a Board of Directors made up of up to 20 local businesses and organisations within the area.
BIDs operate for up to five years. Throughout the term they are accountable to their levy-payers and must demonstrate how they make a difference. After five years, a re-ballot must be held to enable the BID to continue.
The BID will generate £1.7m of investment into the Cathedral Quarter area over its 5 year term.